How to Improve Your Financial Situation

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This is a guest post by Nancy Evans, a freelancer who enjoys writing about frugality and finances.

In today's economy, it is extremely easy to lose control of your finances. Fortunately, even if you are having financial trouble, there are steps you can take to re-build your finances, pay off debt, and save for the future.

Refinancing Your Home:
If you are looking to save a bit of money, refinancing your home can be a fantastic solution. When you refinance your home you can change your monthly payments, increase the equity in your home, positively influence your credit score, and you can also change the type of mortgage loan you have to adjust interest rates. Whether you want lower monthly payments on your mortgage loan or want to increase your payments to pay off your mortgage faster, refinancing your home can be a smart decision in order to save money.

Pay Attention to Your Credit Card Spending:
It is far too easy to start using credit cards for most of your expenses. Before you know it, you have maxed out your credit cards and are struggling to pay them off again. Unfortunately, this is a common occurrence for millions of Americans. With the current rates on interest, maxing out your credit card can cost you a lot of money. On the bright side, if you are struggling to pay off your credit cards, you can successfully pay them off and restore your credit.

*Keep an eye on your spending: Instead of just whipping out your credit card every time you make a purchase, try using cash instead. By doing so, you'll quickly become aware of how much money you are actually spending.
*Have a plan: While any type of payment is good for your credit card situation, sporadically making payments is not as effective as having a solid payment plan that you can rely on. By having a payment plan set up, you can ensure that you are paying your card on time and won't get hit with additional late fees. Not only that, but not paying your credit card on time can have negatively impact your credit score.
*Shop around: If absolutely need a credit card, it's best to shop around for one that has the lowest interest rates possible.
There's absolutely no reason to spend more money and hire a financial advisor. By following the above tips and being committed, you can successfully get your finances under control.

Have you refinanced your home? Has it increased or decreased your monthly payments? Why did you decide to refinance?
Are you a credit card user? Do you use one smartly, or do you have a hard time keeping your credit card spending in control? Or are you completely on a cash basis with no credit card at all?

See my disclaimer.

Penniless Parenting

Mommy, wife, writer, baker, chef, crafter, sewer, teacher, babysitter, cleaning lady, penny pincher, frugal gal

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