Three Items You Can Cut From Your Budget Now

Nothing seems harder than cutting back. But if you want to apply for a personal loan with bad credit, a cutting a few extras can help you achieve solid financial footing.

1. Stop eating from the snack machines at work. It’s hard to believe that your afternoon soft drink and candy bar really matters when you apply for a loan, but you’d be surprised how fast it adds up. If you spend $1 at the snack machine every work day for a year, you’ve spent around $300. Buy cases of canned soft drinks and candy on sale to save. Put the money you’ve saved into a fund for a small business loan!

2. Take defensive driving. Spending $75 and taking a day out of your life to attend these classes can provide some big savings on your auto insurance. Some insurance carriers provide a 10 percent discount for people who have taken defensive driving, and the discount lasts at least two years. If your insurance is $1,000 a year, taking defensive driving will save at least $150. Use that extra $12 to pay your car loan!

3. Cut back on dining out. An hour of planning what meals to prepare each week and keeping a grocery shopping list can save families a bundle. Instead of fast food on those nights when you’re too tired to cook, stick a frozen pizza in the oven or warm up leftovers in the microwave. A fast-food meal for a family of four would cost roughly $25. Over a year, eating fast-food twice a week would cost that family $2,600! Use that money instead to pay off a high risk loan.

Remember that cutting back doesn’t have to be punishment. Reward yourself from time to time with a special purchase with the money you’ve saved, or pay down a credit card loan!

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