Parents, who want to teach their teens the importance and advantages of a budget, may want to make sure they are sticking to one as well. The fact is that many people no matter how old you are, struggle to pay their bills on time, not because they do not make enough money but because they do not understand the rules and system of a budget. The basics are simple; you don't spend money where you don't have to. But that does not mean turn off the electric and live in poverty. It also does not mean that saving $500 on a plasma television is good; rather do not buy the television all together and save all your money.
As you plan and go through your expenses for each month you need to assemble a pile of bills, each pile covers three different types; your bills that can be canceled or changed by a phone call like television, internet, cell phone, car and health insurance. Next would be your expenses like credit cards, car and home loans, and finally the utilities or things you have to pay every month based on how much you use them. For this group you simply need to find creative ways to use less and you will save money. For the ones like cell phone and internet, you need to look at the big picture; do you know what you are paying for? Call the provider and see what else they can offer you and then call their competitors and see what you get can get from them. Finally you get to your loans, these can be changed, but not without a good credit score. What a good score can do is lower interest rates and fiancé charges, saving you thousands of dollars a year.
If you have a low score and want to fix it fast you can look into credit repair. The process of credit repair is so effective it can fix any score even if it was lowered by things like; identity theft, repossession, missed payments, bankruptcy, foreclosure, law suits and anything else.
By David George
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