If you are not used to managing money because you have only recently become emancipated (e.g. you are a college student!) you may find yourself frittering your money away on entertainment and pizzas. Rather than behaving in this manner, make smart financial choices and organize your life so as to steer clear of debt.
Many products out there have some kind of a warranty on them, and if something should go wrong with the product, it would tend to happen during the period of the warranty. Extended warranties can end up costing you more money in the long run.
Always negotiate with debt collectors. They are likely a junk debt buyer who bought your debt for 10 cents on the dollar or less. They will make a profit even if you do not pay a very large amount. Use this fact to your advantage and negotiate a lower settlement.
Garage Sale
Make a few extra bucks by having a garage sale and clear out some space at the same time. You may even be able to convince your neighbors to contribute unused items, having you sell them for a small cut of the selling price. Be creative in your garage sale thinking.
Before credit repair can occur, debt relief must first take place. The best way to be debt free is by paying off your credit cards and any loans, and you will need to do some cutting back. Go out to eat and part less to save some greenbacks. The only way to save and repair your credit is to spend less. Going out to eat is one of the simplest things you can cut back on.
Savings Account
Don’t make the common mistake of spending your hard-earned money on lottery tickets. A better option is to put that money into a savings account. Even with today’s low interest rates, you’ll be guaranteed to have more money than you started with if you put it in a savings account, which cannot be said of the lottery.
Create a savings account that can be used for emergencies. Perhaps you have a specific aim in mind that you wish to save money for, such as attending college or a down payment for your own home.
If someone notices that they always have a left over dollar bill after paying for something, there may be a way to stretch that to have some fun and win some money. Saving up change can then be used to buy lottery tickets.
Older computers can be sold for cash if some spending money is needed to fill a gap. If it’s working, it can be sold for a decent amount of money. Even if someone sells a broken laptop, it will probably at least cover gas for a car or something in the same price range.
Your FICO score is based on the balances of your credit cards. The bigger your card balances get, the more they’ll be able to harm your credit score. Paying the balance down can make it go back up. Reducing your total amount of credit can play an integral role in improving your financial position.
You’re not alone if you make a mistake or two with your personal finances. There is a chance that your bank will wave a bounced check fee if it is the first time it has happened. This will probably only work once, though. If you have a flawless record of maintaining your balance and avoiding overdrafts, the bank might see it as a one-time mistake.
Tax Season
If you keep a good record of finances, you will not have trouble during tax season. Receipts, healthcare statements, insurance documents, and other pieces of information can be grouped together so that they can be easily found when tax season hits.
A way to save money would be to set up a withdrawal that’s automatic from your bank account, that goes into a savings account with high interest. At first you may not like doing this, but after a while it will seem like another bill you have to pay. This will allow you to save quite a bit in a short period of time.
Buy the store’s generic brand instead of opting to purchase the well-known name brand. A lot of the times a brand name is only pricey because of the advertising they have to do. You will find many quality products not advertised on TV if you shop around. Usually, there is no difference between these items.
Don’t get overwhelmed with the pile of bills every month; give yourself a budget and make shopping lists that use your money in a wise way every month. Remember what you’ve learned here so you don’t ever have to deal with debt collectors.