How Much Does a Dollar Cost?

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saving money

 

It’s a feeling we are all too familiar with. Saving money in one form or another can be the straw that breaks the camel’s bank! And we all have a great reason to not save…the market’s not right… I can’t justify it right now… and the list goes on and on. However we look at the situation, having to save money at the last minute is a big pressure to put yourself under, and it can make a massive impact on your wellbeing. But are there ways to help you save money in the traditional sense? There are!

 

The first place to look at is your bank account. Are you using the best possible bank account for your own spending habits? There are many banks that charge insane amounts for ATM usage, maintenance charges, or debit card fees. If you can find an account that doesn’t charge a high amount of interest, it is worth switching to them. There are some banks that charge nothing and some pay you interest that is higher than the current CD rates.

 

Consolidating your debt is a sensible approach to managing your finances. The devastating effect bad credit can have on your ability to get a loan, or a mortgage could be due to the amount of debt you have amassed. The first thing to do is, if you are borrowing from many different institutions, placing all the debt onto one credit card, or use one loan to pay off the outstanding balance, it means you have a lot less interest to pay off if you had multiple amounts of debt.

 

Another thing to think about is measuring your money earnings in time as opposed to the monetary value it is. To explain, if you work a job that pays you $15 an hour, and you go shopping for an item of clothing, but see the item costs $60, that means you will have had to work 4 hours to pay for it. Based on the amount of work you’ve had to put in, is that item of clothing worth 4 hours? It’s your attitude to money that may need to change, as opposed to the amount you actually earn. It’s like when you mowed the lawn for a measly dollar, but the idea was to teach you the value of hard work.

 

If you really are in a jam, then the final option is to declare bankruptcy. While it may ring alarm bells for many people, there are reasons why you should and why you shouldn’t declare bankruptcy. Some people view it as a fresh start, and there are bankruptcy law firms that can help you with the process and give you the information on whether it is suitable for your own situation. But as people who file for bankruptcy may view it as a whole new beginning, it does cause an effect on your credit rating, but it does give you financial breathing space.

 

What’s a dollar worth? It changes from person to person, but there are ways to make sure that you understand the importance of it when you need it the most.   


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