Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Budgeting Tips: Increasing Income and Reducing Expenses

In order to have a budget that works, you have to make it all it can be. So, take a look at your situation and determine if any of these options could increase your income.

Earned Income Tax Credit. Check with a tax professional to see if you are eligible for this tax perk. It could add enough money to make the difference.

Government Programs. If you qualify, unemployment compensation, food stamps, and other assistance programs through the government could save you some extra dough.

Social Security or Disability Benefits. If you are over 62 or have been injured and can't work, these programs are designed to provide you with assistance.

You've increased your income--but how can you reduce your spending? Look at these tips for saving your cash (and your budget!)

Eliminate the temptation. If you know you overspend on every trip to Target or buy anything you see near the checkout counter at your grocery store, it is time to change your scenery.

Don't rent-to-own. You could end up spending twice or three time as much as the value of what you are buying.

Open a bank account. By opening a bank account, you can save money when you cash checks or get money orders. But be careful--look for free checking accounts and minimum balances that you know you can keep.