The first step to cut expenses is knowing where the money is going. Start tracking your expenses for 30 days. This way you will have a clearer idea of how much you spend and where can adjustment be made

2. Get on a Budget

Creating a budget can be perceived as a great challenge, but in simple words it is just separating spending and assign them an amount. To create a budget, first you will need to determine your income, your fixed bills (rent, utilities, debts) and your need (food, clothes). In this area you must also consider an emergency fund that will help you when unexpected spent arrives.

3. Evaluate Your Subscriptions

Check your monthly subscriptions such as cable TV, streaming services, weight loss programs, etc. Make a list of all your subscriptions with its own price. Now with an exact amount of how much you are spending try to eliminate the ones you do not frequently use or the ones you do not really need. Cancel those possible and cancel their subscription to emails or newsletters, this will avoid going back to subscribe.

4.  Lower Your Housing Expenses

Here are some options you can take in consideration to reduce housing expenses:

In case your rent:

• Get a roommate.
• Try to do home repairs by yourself, for a discount on the rent.
• Move to a cheaper apartment,

In case you own a house:

• Refinance your debt to get a lower rate.
• Rent a part of your house.

5. Eat at Home

Preparing your own meals at home can make you save a lot of money. This could seem hard but planification is the key. Define what you will eat during the week and stick to it. Look for some creative meal’s ideas on the web, that will make your job easier. You can prepare your meals during the weekend.

6. Shop with a List

Saving money at the grocery store can easily start with a shopping list. This good habit can cut off food expenses, promote meal planning and sticking to it can help you cut down on impulse buying.

7. Use Cash Only

Using cash-only can give you a big dose of reality to your expenses. Start month with paying all your expenses described in your budget. And use leftover cash on your irregular expenses.

Getting Started…

The perfect time to reduce your expenses in now. Taking it one step at a time will make it easier and will bring amazing results to improve your finances. At any time, you can consider reaching us to assist you during all process and give you extra tips or advise to keep you going and get effective results

The post 7 ways to cut your expenses and improve your finances appeared first on Innova Credit Counseling.

The benefits and great value offered by credit cards vs the debt free method with debit card. Make an informed decision when you use a payment method.

According to a study released in 2020 by the Federal Reserve Payment, debit cards are used almost twice vs credit cards, but in reference to money spent, credit card has a solid 30% advantage above debit card payments.

The use of credit or debit card depends on several factors, such as your level of comfort with debt, the ability to pay later and the willingness to accept certain risks in exchange for certain rewards.

Here’s a quick reference of how and when:

Credit card benefits:

Debit Card Benefits:

If you are already in a big credit card debt it is so important to discontinue the use of credit cards immediately. The responsible use of credit requires financial discipline and even sometimes disciplined users can easily get into debt problems facing rough circumstances such as the loss of a job or big, emergency expenses.

The post Credit or Debit card, when to use each one? appeared first on Innova Credit Counseling.

Different types of debt such as Mortgages, medical debts, credit cards, among other debts for personal, household or family purposes and cover in the FDCPA.

The FDCPA does not include or cover business debts and in general their regulation do not apply to the original creditor to whom you originally became indebted. FDCPA laws do regulate debt collection agencies, lawyers who regularly collect debts and debt buyers.

Restrictions when collecting a debt:

Mandatory information debt collectors must provide you if required

Any debt collector who contacts you is required by law to provide you certain information about the debt they claim. That information includes:

If the debt collector does not provide you this information in the first contact, they are required by law to send you a written notice that includes that information within five days.

The post Are there laws that control what debt collectors can say or do? appeared first on Innova Credit Counseling.

We’ve all experienced unexpected financial emergencies such as medical bills, a reduction on our income a car accident or even a damaged cellphone and it often feels like these events arise at the worst time.

Building up an emergency fund an excellent way to protect yourself to not mess up with your budget when an unexpected financial emergency arrives. By putting money aside, you will be able to re get back on track financially or a have a quicker recovery.

In this article we will review some helpful topics not only to create a emergency fund but to handle it correctly.

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