Financial troubles can cause all sorts of physical and psychological problems. Everything from your ability to afford healthy food–or any food at all–to your social life is impacted by financial problems. Follow these tips to help you get better finances.
Keep an envelope with you in your purse so you can put receipts and cards in it. Tuck receipts and any cards you pick up from businesses you like into the envelope. Keep this information available as a record that you might need at a later date. You never know when you’ll need to contest a credit card charge after being charged twice for something.
Try setting up a savings account that automatically takes the money out of your checking. This method makes it easier to increase your savings over time. It can also be useful for when you are trying to save enough money for a major event, such as a cruise or a wedding.
When you are thinking about your finances, you should be patient. The thrill of new technology convinces many people to buy electronics as soon as they are released. But, after a short period of time, the honeymoon is over on these goods and the prices fall drastically as the retailers try to shift their stock. Money you save by forgoing cutting-edge technology can be profitably employed elsewhere.
Make a plan of what you hope to achieve financially in the future, so that you have some goals to aim for. A concrete plan can motivate and guide you, and ensure you work hard and spend money frugally.
Credit Card
When you’re having trouble getting rid of credit card debt, avoid adding new charges. Cut expenses in your budget and start using cash so that you don’t wind up with a maxed out credit card. The best thing to do would be to pay off your card before you use it again.
Credit cards can be a wonderful replacement for debit cards. If you apply and are approved for a credit card, use them on day-to-day purchases, such as gas and groceries. Some credit card companies even offer you the chance to earn rewards that can be used for cash back.
Do you do your banking online? Make sure to sign up for electronic alerts. Many banks will send you email or text message updates in the event of changes to your account. Banks will send out warnings for a low account balance or an unusual transaction, for instance. Alerts help prevent fraud.
You are going to want to have a good savings in case of emergency. You could also set a savings goal for yourself, then use the money to save for college tuition or pay off a credit card balance.
Sell an old laptop. Operational machines or easily fixable ones can bring better prices than broken machines. You’d be surprised at what old laptops sell for, it won’t make you rich, but it can put some money in your pocket.
If you do not like balancing your checkbook manually, then you can do it online. There are websites and software to make tasks such as budgeting, tracking cash flow, calculating interest, and categorizing expenses easy and efficient.
Spend Less
The fastest track to wealth is the one where you spend less money than you earn. People who spend everything they make, or consistently spend more than they make and borrow to make up for it, will never accumulate wealth, because they always spend it as soon as they have it. Simple, spend less than you earn!
If you haven’t opened an FSA yet, do so now. This money is transferred to an account before taxes are taken out.
There are debts that are bad, but there are also good debts. Some debt, like taking out a loan on a home, can be an excellent investment. Interest on real estate loans for residential or commercial properties are tax deductible and usually the property will increase in value over time. Another good debt is college expenses. There are a number of different loan programs out there designed to put the burden of repayment on the students and not the parents. These generally offer low interest rates and postponed repayment periods that do not occur until graduation has passed.
Get back in control of your life by making a plan to get your finances under control and sticking to it. Having a firm grasp on your finances gives you peace of mind and relieves stress. It allows you to focus on more rewarding areas of your life.
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