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. Rather than behaving in this manner, make smart financial choices and organize your life so as to steer clear of debt.
Documenting each purchase you make daily can allow you to learn where your money is going. However, if you put this into a notebook that you can just shut and put away until you deal with it later, you may find it just gets ignored. Try listing your expenditures on a whiteboard located in your room or your home office. You will glance at it often so that you can keep the message fresh in your mind.
There is a chance your credit score may drop when you are working to repair it. Don’t worry, though, you haven’t done anything wrong. If you keep up on your credit report your score will go up!
Use multiple credit cards instead of maxing out one. If you go over your limit, you will be paying a larger amount in charges than the fees on smaller amounts on two or more cards. This also won’t harm your credit score much, and it could help you improve it if those cards are used wisely.
In order to establish a nest egg, you need to deposit money on a regular basis into some type of savings account. With money in savings, you may be able to avoid getting loans, and will also be in a position to handle unusual expenses. You may not be able to put much in each month, but it is still important to save regularly.
Make some extra money by having a yard sale. You could also consider selling some of your neighbors items for them and charge a nominal fee for your services. You can be creative at your garage sale to make a little extra income.
Frequent flier programs are great for people who travel by air a great deal, whether it be for business or recreation. There are a number of credit cards that give free miles or a discount on air travel with purchases. You may also be able to redeem your miles at certain hotels to get a discount, or even a free room.
Give yourself a specific allowance so that you don’t overspend. Buy some food you enjoy, some new clothes but do not spend more than this small allowance on personal items. It’s a great way to allow yourself to have a little bit of fun without getting into your budget.
Everyone makes mistakes now and then, especially with their personal finances. Many banks offer a one time fee waiver for individuals who bounce a check the first time, so if this happens to you it is worth making the request. This courtesy is usually only extended to customers who are consistent in avoiding overdrawing their checking account, and is usually offered on a one-time basis.
It may be a little hard but it’s recommended to use ATMs that your bank owns so that you can save on fees. This can save you quite a bit in the long run. If you go to a different bank’s ATM, you may be charge an large fee.
Keep all the important documents in files to access them easily. Collect important documents, like receipts and papers related to insurance and health care, and put them all in one place where you’ll be able to find them when you need them.
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. Use these tips to avoid any of your accounts going into collections.
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