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(ARA) – The economy’s recent rollercoaster ride may make you feel like shouting “I want to get off.” But while you can no more seize control of the national economy than you can exit a rollercoaster car mid-way through the ride, it is possible to take control of your personal economic situation.

“In the face of national economic uncertainties, getting a handle on your own personal finances can be both financially and emotionally empowering,” says Stephen Semprevivo, president of LowerMyBills.com. “There are many steps you can take, both great and small, to stabilize your personal economic situation.”

Here are five simple steps that can help you take control of your finances.

1. Track Your Spending.

If you really want to stabilize your finances, it’s essential to have a clear picture of where your money is going.

Start out by writing down every cent you spend for one month – from your daily cappuccino to your mortgage or rent and utility bills. At the end of the month, you’ll have a snapshot of your spending habits. Armed with this knowledge, you can look for ways to trim your expenses and put more money into savings.

2. Get out of Your ARM.

Even if your adjustable rate mortgage (ARM) is currently at a comfortable monthly payment, it may still be to your advantage to get out of it. By definition, the interest rate on your ARM will reset eventually. The new rate will almost certainly be higher than what you paid at the inception of the loan. Having such a loan can make it difficult to predict and stabilize your monthly expenses. A fixed-rate mortgage, by contrast, remains constant for the duration of the loan and can, therefore, provide a greater sense of stability and predictability. It may also save you money in the long run.

When you’re ready to shop for refinance rates, sites like LowerMyBills.com can connect you with mortgage providers who will then compete for your business by offering competitive rates and terms.

3. Buy a House.

Homeownership can help you stabilize your monthly expenses as well as help you build your long-term wealth.

If you rent, there is a good chance you’re paying your landlord more this year than last year, and may pay even more next year. With home prices on the decline, now may be a good time to buy your own house or condo. If you can lock in a fixed-rate mortgage, your payment will be the same every year until the loan is paid off. What could be more stable than that?

4. Use Public Transportation.

At this time last year, did you ever imagine gas would cost $4.00 a gallon? Now, it’s not hard to imagine prices topping $5 or more per gallon. No one knows for sure whether gas prices will drop, stabilize or continue to rise. Instead of reworking your budget every time gas prices change, consider using public transportation or riding a bike.

Public transportation costs are historically slow to increase. So you’ll know month-to-month what your expenses will be – and they will almost certainly be lower than what you would have spent on gas. Plus, you’ll be doing something good for the environment by taking one more car off the roads.

5. Investigate Your Rates.

Look at your cell phone, Internet, insurance and credit card bills. Are you getting the best rates available to you? If not, you’re likely spending more money than you need to for those services – money that could be put into savings or allocated to other areas of your budget. Take control of these recurring monthly expenses by comparison shopping for rates and terms. Sites like LowerMyBills.com can help you search across multiple service providers to find low rates on these and other monthly bills.

“Taking control of your finances can positively impact both your wealth and your stress level,” Semprevivo says. “You can’t control the stock market or the price of oil, but you can take specific steps to stabilize your personal financial landscape and increase your savings.”

To learn more about how to save money on your monthly bills, visit www.LowerMyBills.com.

Courtesy of ARAcontent

The articles written inside Smart Start Guide's Smart Money section have been prepared for educational and informational  purposes only. They are not legal advice or legal opinions on any specific matters. Internet subscribers and online readers should not act upon this information without seeking professional counsel. The opinions expressed in the articles found in The Smart Mag are those of the author(s).