When you’re in college or have recently moved out, you will find that you tend to blow your money on food and entertainment much faster without even realizing it. Be financially responsible and find ways to manage personal finances in order to avoid debt.
Don’t fall for get-rich-quick schemes or anything that promises easy, effortless riches. It is easy for Internet marketers to fall prey to these tactics. This isn’t to say that there’s no value in taking training courses. However, remember that your goal is to make money. If you’re spending so much on study materials that you don’t make a profit, you’re wasting your money.
Develop a better plan for the future by keeping a journal of all of your expenditures. If you just write this information in a place you do not look at frequently, it may not have a great effect on your behavior. Try listing how much you spend on a whiteboard set up in your office or den. That way, you see it more frequently.
Keep a small envelope in your wallet or purse. You can store receipts, business cards, and other important items in it. This will make it easier to keep a hold of them and record them. You may need them to compare to your credit card statements in the small chance that you are double charged.
Health Insurance
Include quality health insurance in your personal financial plan. Everybody is going to get sick sometimes. That is the reason it is important that you have good health insurance. Hospital bills can be more than 20K for a few days! If you aren’t insured, you will be paying a large amount of money.
A great way for frequent travelers to be rewarded for their travels is through a frequent flier plan; most airlines offer these programs. A lot of credit card companies give rewards or discounted flight tickets to be redeemed from purchases for no additional charge. Frequent flyer miles can also be redeemed for all kinds of rewards, including totally or partially discounted hotel rates.
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 is a better option because it will grow over time versus being wasted on a gamble.
You can find coupons and discount offers online that might not be available in your local newspaper. These coupons can save a large sum of money when added up over time and are a great way for anyone to take charge of their finances.
If you have a friend or family member who has some experience in the finance professions, they may be able to give you some good advice about managing your money. When one isn’t related to someone with such experience, friends and family who are simply good with money are also valuable resources.
Credit Card Balances
Credit card balances play a big role in your FICO score. The higher your credit card balances are, the more of a negative impact they will have on your score. As you start to pay off your balances, your credit score will start to rise. Try to make sure the balance stays around less than 20 percent of your available credit.
If you can set it up, have your debit card make automatic payments to your credit card near the end of every month. Then there is no chance you will forget.
If you stick to only using the ATM machine at your bank or a local credit union, you can save quite a bit of money. Many banks charge fees if you use the ATM of another bank. They will charge you every month for using other ATMs.
Maintain your income tax records on a daily basis so that you don’t have to locate or compile financial documentation at the last minute. 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.
To make saving money as easy as possible, consider having money automatically transferred from your checking account into a savings account. This may take some getting used to, but soon, you will look at it like any other bill you pay on time and the increase in your savings will be well worth it.
Start repaying existing debt and stop incurring new debts. The concept is really quite basic, though we do not always heed it. Shave off debt little by little, and do not accept any new debt! Keep working constantly, and you are going to be debt free and financially free.
You can also save money by eating at home and not eating out to improve your finances. Generally, the cost of a good meal for four people is around $30, if you cook at home. Even something as small as a pizza or takeout can pull more from your wallet than feeding a family of four!
Make a budget and stick to it every month to get your bills caught up and paid. Remember what you’ve learned here so you don’t ever have to deal with debt collectors.
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