In this economy a lot of people are having financial problems. Most of the people are those who are on low income because their income is not enough for the things they need and wants. Even people who earn much if they don’t know how to budget their money, they were having hard time to stay out of debts and manage their money efficiently. But there is always ways, I know it is tough at first but if we try and do our best it can be done. If you we stay out of debt this will make our life easier and stress free.

Here are some tips that might help you and me to manage your money efficiently:

* Make a summary of all your debt – You need to make a list and make a priority what are important things you need to pay. You have to consider the basic needs such as food, rent and utilities when there is money left you can decide or divide the money to pay some of your debts. The best way to pay off your debt is to settle the little debt first then if you have extra income or money you can settle the huge amount. Make sure if you have credit cards or loans you should make a minimum payments. We have to use our initiative which is important and decide.

* Need to make extra money – Be creative, you need find things that will create an income. You need to use your extra time and be productive. There is always a lot opportunity out there if you search for it. Use your time, skills and ability to make money like baby sittings, delivering newspaper, selling some items that you don’t use anymore, have a garage sale or sell on flea market or you can sell that online like eBay, Amazon, Etsy and many other thing you can do. Absolutely this extra money you earn will be a great help to pay off some of our debts.

* We have to watch our budget or Cost Cutting – Not only company can do cost cutting, we can do this also. We have to stick within our budget, we buy only “what we need not what we want”. Avoid eating out if we can, eating out can over thrown our budget. If we cooked our own we can eat healthy and definitely we can also save a lot. Use coupons to shop; there is lot of coupon online that you can get for free. There are lot of ways we can save, just be smart. Don’t spend money of the things you don’t use it often.

* Make a savings – Sometimes we tend to forget to save, even a little penny or a quarter, when we save this will grow that we just don’t noticed right away. Always try to put away extra for your savings, you will surprise how savings will help you in times of need.