Managing your money does not require a degree in finance. All you need is some common sense and a few strong financial management ideas to get you on the right path.
In this economy, it’s best to have multiple savings plans. You could put some funds into a savings account and some into checking and also invest in stocks or gold. Explore all your options to keep your hard-earned money safe.
You should write down every penny you spend to find where you are blowing the most money. If you put your notes in an obscure location, though, it may be too easy to forget about it. Try listing your expenditures on a large whiteboard in your office or bedroom instead. That way, you see it more frequently.
Fancy Feast
One way to improve your finances is to refuse to pay full price for anything. This is not the time for brand loyalty. Buy items for which you have coupons. If you always buy Purina Cat Chow, but this week’s online coupons has a coupon for Fancy Feast, you might be able to get the Fancy Feast for less than the Cat Chow for once.
Don’t be alarmed if your credit score goes down as you begin working on repairing your credit. That doesn’t mean you’ve screwed up somewhere. Simply continue to add positive activity to your credit record, be persistent and you will definitely see improvement in your score.
If collection agencies are after you, your debt will expire after some time if not repaid. Find out if the statute of limitations on your debt has passed, and don’t pay a collector who tries to collect time-barred debt.
Try to hold a garage sale, where you can sell all of your unwanted goods for additional cash. Those who make friends easily may be able to convince neighbors to let them sell their unwanted items for just a small fee. It is easy to get creative and have a successful garage sale.
Frequent Flier
If you fly all over the world on a regular basis, then you need to take advantage of frequent flier programs. Frequent flier miles are a popular form of one of the many rewards that credit card companies provide. Your frequent flier miles will constantly increase and are redeemable at thousands of hotels or airlines across the world.
When dealing with credit cards and your finances, the safest way to stay on track is to limit your use of them as much as possible. Don’t take using your credit card lightly. You will want to think carefully before you charge anything. Think about how long you will end up paying for that item. If you can’t pay it off within a month, and you can live without it, you don’t need to purchase it.
No matter who you are, you can save money, develop a budget, and achieve financial stability. By simply using your head and following these helpful personal finance tips, you can develop a budget, reduce your debt, save money and ultimately, be in control of your finances.