What is it about the word “budget” that scares off so many people? Budgeting your money is one of the smartest, most beneficial things you can do to help yourself and your family, especially during tight financial times. If you are in dire financial straights, and stressed out, that is exactly the time when you need to know where every penny is going, especially were credit cards are involved.

Oftentimes, when you ask a person who is in debt, “where did your money go?”, they haven’t the slightest idea. All they know is that they are having a hard time, are behind on bills, and wonder how to dig out of this money pit. There is a simple answer: budgeting your money!

A budget is a written map of where your money needs to go, when it needs to go, and how much money you have available to pay. There are software programs you can use to help with financial planning. They are a great way to begin your budget. Some even will allow you to schedule automatic online payments.

There are tools you can use to stay on a budget. First, and highly recommended, is a savings account. A savings account not only provides a buffer from unexpected expenses, it is a good service to help you plan for and pay for vacation holidays, a new TV set, and other items, without bills to pay out. You gain interest, and by making savings a regular habit, the amount grows painlessly. A good plan is to pay yourself first, right into your savings account.

A balance transfer may be an answer to managing your money. Frequently you can transfer your debts and end up paying less monthly than for the old lot of credit card statements. You will, of course, be paying over a longer term, but you may actually have a lower interest rate involved. Your credit rating can benefit from having the larger number of bills paid off. There are some caveats with a balance transfer; you do not want to pay off your credit cards and then run them up again before you pay them off.

Calculate a Budget Plan
You can do your own plan for budgeting your money right now! Just get a pen and piece of paper, and your bills together. Write down on each line, every bill, the due date and minimum payment, and the total due. Then total the columns. Now you know exactly how much you need per month, and in total for all your debts. Include rent, food, gasoline, and medical expenses as well as credit cards and loans. Then do the same type of listing for all income monthly.

FREE BUDGET WORKSHEETS FROM:

If your debt load is higher than your income, you have a debt problem and need to reduce payments, or refinance to where you are able to make all payments monthly. Once you develop your monthly budget of income and expenses, you will begin to feel better psychologically and become more confident that you can manage your own finances.

Balance transfer credit cards offer some great incentives when you want to switch your credit card while consolidating credit card debts, it allows you to transfer all credit card debt from your current credit card, your new credit card with a low interest rate generally gives you 6 months to repay before charging interest. By choosing a credit card with a great balance transfer features, you can save on interest repayments and repay your debt sooner. Why not swap your current credit card balance and start getting ahead on repayments. Some credit cards offer extra features that could save your money in other ways like with discounts on fuel or cash back programs.

There are some situations where Balance transfer credit cards might be more beneficial, if you have a large amount owing on your credit card a credit card balance transfer can reduce your debt by allowing you to make repayments with no interest. Calculate the difference between your credit card interest and balance transfer credit cards interest free offers, you will be saving on all interest repayments within the balance transfer period.

Many people assume that credit cards are the root of all debt evil. This is actually not the case. The main reason people have trouble with their credit cards is simply because they are having issues with debt control in general.

Credit cards can actually be your answer to debt management control. With debt consolidation credit cards, which are specifically made for those who have spiraled out of financial control, you can consolidate your debt into one easy monthly payment, reduce the stress and the bills, stop credit card penalties and interest from piling up and finally gain control of your financial future.

Things to Look For in Consolidation Credit Cards:

There are three things that credit cards designed for debt management should have:

• A low to balance transfer interest rate.  Many credit cards will not charge interest to consolidate your debt and transfer your other credit card debts into one credit card account.
• Long balance transfer period: at least for first six months to a year which will give you time to get your finances in control.
• Low annual fee: a lower credit card usage fee will also help get your credit card debt under control sooner.

Your Top Three Credit Card Choices:

Most Australian financial institutes offer a consolidation or credit card debt management option.  Below are three of the best interest rate and balance transfers:

• St George’s Vertigo MasterCard
  0% interest balance transfers for first six months; 10.99% annual interest, $55 annual fee
• Citibank Clear Platinum Card
  0% interest balance transfers for first six months; 10.99% annual interest, $85 annual fee
• AMZ Low Rate MasterCard
  0% interest balance transfers for first six months; 11.74.% annual interest, $55 annual fee