Are you frustrated by how out of control your finances feel? Unfortunately, this feeling is one that many people struggle with every month. Here we will take a look at ways you can be back in charge of your financial life.
In these volatile times, spreading your savings around into multiple areas is a good idea. Besides maintaining balances in checking and savings accounts, invest in stocks, mutual funds, gold, and t-bills. These tips are the best solution to maintain a positive financial situation.
Keeping track of all of your expenses is important towards developing a solid plan for the future. Having said that, it is useless to write this down into a small notebook that you usually keep out of your sight. Try using a whiteboard in your den or home office to document your finances. By doing this, you’ll probably see the board much more often, which will ensure it remains on your mind all day.
Always have a small envelope on your person. Your envelope should be used to store items such as business cards and purchase receipts. Keeping your receipts is a good idea, since they provide records of your transactions. They might come in handy in case you wanted to compare them with the credit card statements just to be sure you weren’t double charged.
Most products come with some kind of factory warranty. Sometimes it is only 90 days, other times it is up to year, and most problems creep up within the manufacturer’s warranty. An extended warranty is just a way to make more money.
Remember to do your taxes at a time that is right for your personal situation. If you want to get the money quickly, you’re going to want to file as soon as you can. If you will owe money to the IRS, file just before the due date which is April 15.
Health Insurance
Include quality health insurance in your personal financial plan. Illnesses can spring up suddenly. For this reason, it is important to be covered. Before you know it, a stay in the hospital, as well as doctor’s bills, can reach tens of thousands of dollars. This can wipe out your finances and leave you with a pile of debt if you don’t have health insurance.
If you know what your things are worth, you will be able to prevent someone throwing something away that is worth money. Your personal finances will most certainly improve when you choose to sell that rare antique piece of furniture, instead of donating it to goodwill.
Card Balances
FICO scores are impacted by credit card balances. The bigger your card balances get, the more they’ll be able to harm your credit score. As you start to pay off your balances, your credit score will start to rise. Reducing your total amount of credit can play an integral role in improving your financial position.
It is not uncommon for a person to slip up when managing his or her finances. If you usually do well with your checking account and have a single overdraft due to some error or problem, you can probably get your bank to waive the fee. This is possible if you have a good banking record.
Consider applying for an overdraft program at your back if your monthly paycheck sometimes comes up just a little short at the end of the month. You may have to pay a couple of dollars monthly for the service, but overdrafts can result in very costly fees.
Use a filing system that is ongoing instead of waiting until the very last second to prepare the financial documents needed for income taxes. By having all your finance-related paperwork files together, you can quickly and easily find what you need at tax time.
A good money saving tip is setting up automatic payments from your main checking account and have that go into a savings account which pays a higher 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.
Watch out for mail that may show up in your mail about changes in your accounts. The law says that they have to let you know 45 days ahead of time. Decide if the changes negate the value of having that account. If not, pay it off and close it!
If you know how to do improvements to your home, you shouldn’t hire a professional. There are plenty of do it yourself classes offered at home improvement stores, and also many articles and videos online to show you exactly the steps you need to take to do these improvements in your home.
After paying your bills, you may notice that the majority of your paycheck is gone. It is important to take the time to figure out where you could be saving money. A great example is dining out. You will more than likely not be able to eat at home forever. You will want to eat out eventually. It will probably be more effective in the long run if you cut the number of times that you dine out per month in half. In that way, you can reduce your expenses and still have the satisfaction of eating at your favorite restaurant on occasion.
As stated in the beginning of the paragraph, not having a grip on your personal finances can be very frustrating. By following the correct information, and being open to changing the way you deal with finances, it shouldn’t be a problem to get them under control. To get yourself back on your feet financially, use the tips presented here.