Beyond a Budget: Seven Personal Financial Fixes for Right Now

You've taken the first step and done what nearly three-quarters of Americans claim they do: live within a budget. You're watching income and spending, tracking your pennies, stopped the restaurant meals and coffee runs and cleaned up the overdraft charges and the late payment fees. Yet you're not moving forward in your financial life, even with these changes. Your savings aren't increasing, you don't have the funds for fun things like a vacation, or necessary purchases like a new car, or much of an emergency fund.

What's next? How do you do more than watch your money move in and out and still see your life move on towards greater stability?

From stagnation to restoration: seven post-budget money moves

Set financial goals

Once you understand your money flow, set goals for your savings; create different accounts for different wants and needs, such as an emergency fund, vacations, new vehicles, music lessons or a pool. A reason for saving specified amounts of money keeps you on track to continue saving, rather than spending without a cause.

Know your employment benefits

If your company offers savings plans, take advantage of them; it's a painless way to save money directly from your paycheck before you spend it. Compare the cost of your employer-provided health insurance with insurance offered on the open market. Depending on the level of coverage you need, you may find a significant savings with one over the other. Challenge yourself if your employer offers health incentive payouts or insurance discounts for quitting smoking or weight loss programs. And even though retirement seems like it's never coming, it is, so invest money in a retirement account, either the one offered by your employer or start your own.

Know your employment benefits

Shop for credit

Credit is a good tool when used wisely; building a positive credit profile is essential for buying a home, cars and secondary real estate. Prospective lenders judge your ability to pay back loans based on your credit history. When choosing a credit card, shop for the lowest possible interest rates and repayment terms. Check with your bank or credit union first to see if they offer a credit card with excellent member rates. Use credit cards with the understanding that it's never free money, and it's more expensive money if you make late payments.

Pay yourself first — automatically

Put your savings and your bills on auto pay; you'll never forget about your bills or be late with payments, and never incur those late fees again. And your savings will grow without excuses or interruptions to spend elsewhere.

Work smarter, not harder for more money

Everyone can use more cash, and one way to get more is finding a higher-paying job. But if that's not possible, or you love your current job, reinvent yourself as a more valued employee. Increase the chances of a raise by accepting more responsibility and additional training.

Be a good friend, but don't cosign or lend

Your increased financial understanding will draw the attention of friends and family who appreciate your money savvy and want to take advantage of it by asking you to cosign loans. Don't ever cosign for anyone's loans. This becomes part of your credit profile; if the cosigner stops paying, you're responsible. And don't loan money you cannot afford to lose. Chances are excellent you will never see loaned funds again, no matter how many good-faith promises are made to pay it back with interest.

Learn to say "no" (or at least "wait")

No one wants to deny themselves a long-awaited desire, or even a short-term impulsive splurge. But stopping to think before you spend, whether it's on yourself or your kids, isn't about denial. It teaches self-control and the actual value of how money adds up on all those impulses. Control teaches kids that although they can have everything their peers have, the reality is that they either must do without or earn and save their own money for what they want.