Dealing with personal finances is more than just dollars and cents. It has more to do with common sense than any type of special training. You have to create a habit of managing finances, a behavior if you will. Many people do not learn this lesson by choice. Take the following tips seriously and try to implement these changes into your finances to experience a happier and stress free life.
Trust is one of the most important characteristics you should look for in a broker. Make sure they have excellent references, and make sure they are open and honest with you. Your experience is also a major consideration.
If you need the services of a broker, you should choose a professional that you can rely on. Check their references and get a feel if they are being honest with you. Your experience is also helpful when picking a broker.
If the timing is not good for you, then do not sell. If you are making a good profit on your stocks, hold on to them for the time being. You can go over the stocks that aren’t doing so hot and come up with a way to move those to more profitable ones.
In this economy, it’s best to have multiple savings plans. Spread that money to different accounts such as checking, savings, stocks, gold and other high-interest bearing accounts. Explore all your options to keep your hard-earned money safe.
Get a checking account that is free. Search local credit unions, community banks, and online banks.
Most electronics that have defects will show them within the manufacturer’s warranty for the product. You will not gain anything for accepting an extended warranty, however, the business offering it till.
Stop charging the credit cards you cannot afford. Cut down on your expenses in any way that you can, and use an alternative payment method, so you don’t end up reaching or overextending the limit on your credit card. Make sure you pay off what you owe before you use the card again.
Try not to get too much money from a student loan, unless you’re able to repay it back. If you go to an expensive school while you’re unsure of a career path, this can find you in deep debt down the road.
A garage sale is something that you can have to get rid of some things you don’t need and can make you money too. If you want, you can also charge your neighbors a fee to sell their stuff at your sale as well. Get creative with the ideas for your yard sale.
Replace old incandescent light bulbs with CFL light bulbs. Replacing these bulbs can lower your electric bill and help the environment. CFL bulbs also last much longer than traditional light bulbs. The need to purchase fewer bulbs will save you money.
People like to spend money on gambling and the lottery, but saving that money in the bank is a better way to use it. This would guarantee an increase of money over time, as opposed to throwing money away.
Obtain a checking account that does not charge any fees. Possible options to consider are credit unions, online banks, and local community banks.
Not using a credit card at all is one way to stay out of debt and to protect your personal finances. If you are about to whip out the plastic, say “Hold it!” and take a minute to rethink things. Imagine how long it would take to pay down the balance if you only pay the minimum each month. Anything you know you cannot pay in full within a month should be avoided.
Old electronics, such as laptop or a phone, can be sold to bring in that extra bit of income. You can sell it, if it is fixed, for more than you could if it was broken. Even selling one’s broken laptop is a way to get a free tank of gas or other financial benefit.
Family members who have experience in the financial industry are a great resource for learning about personal finances. If one does not know anyone that has worked in financial services, a friend or family member who is very good with their finances may be able to offer some help.
If you can make a automatic payment from your bank account to your credit card. This is a great way to be sure that you do not forget to pay a bill.
If you can set it up, have your debit card make automatic payments to your credit card near the end of every month. This is a great way to be sure that you do not forget to pay a bill.
To avoid a frantic, last minute search for your financial records, it is a good idea to maintain a filing system for these documents. All important documents, receipts and records should be kept in one central location so that you can easily lay your hands on them when tax time rolls around.
Be vigilant for mail from credit card companies that inform you about changes to your account. You legally must be notified 45 days before any changes are made. Review the changes, and determine if it is still to your benefit to keep your account. If you decide that the new terms are unacceptable, pay off the remaining balance on the account, so you can close it.
One way to save on bank fees is to only use the ATM’s at your financial institution. Many financial institutions impose fees for using ATMs of non associated banks. These fees can accrue over time and cost you.
Avoiding debt is a great way to be financially stable. A loan is necessary when buying a car or a house. However, as much as possible in your daily finances, avoid credit purchases and either pay cash or go without.
Using a credit card that earns rewards can be a good idea but be sure that the interest and fees that you pay doesn’t exceed the value of the rewards. Rewards cards are best for people who pay off their balance each month. Reward cards provide you with cash back, airline miles, and other little perks on your everyday purchases. Think about the type of rewards that would benefit you the most and compare them.
Try buying store brands over national ones. The larger brands spend a significant amount of money on advertising which goes straight into the cost of the product. Generic or store brands are usually much cheaper. Differences in quality and taste are often difficult to discern.
If your entire check is gone after paying the bills, look for non-essential places you can cut down on spending. For example, do not try eliminating dining out completely. On the other hand, if you reduce the number of times you dine out by half, you will still be able to enjoy eating in a restaurant, and you will save money!
If you find you have extra money at the end of the month, save it instead of spending it. You can stop a backslide into poor personal financial habits by sticking closely to your budget.
Debt does not have to work against you. A mortgage on real estate that will increase in value may one day turn into profit is a great investment that creates good debt. Real estate is good because, for the most part, they increase in value over time and the loan interest is tax deductible. Another good debt is college expenses. Student loans typically offer lower interest rates and don’t have to be repaid until students are done with school.
Personal finance is personal; it differs in many ways from person to person and only you know what fits your life and will work for you. You should now have a better knowledge of the things you must change to positively manage your personal finances. Make notes about your new knowledge and place them strategically to help remind you and build strong habits. Try your wallet, refrigerator and your desk. Applying the things you’ve learned will give you positive results.