If you are single, your money management skills may not affect anyone other than yourself. However, if you are the head of your household, you have an added incentive to do the right thing. Read on to learn what you can do to manage your money.
The standard warranty is usually either 90 days or a year, which is plenty of time for most defective parts to quit on you. Businesses make a lot of money off of extended warranties but they are not always useful for the end user.
Patience is a valuable asset when it comes to managing your money. A lot of people splurge on buying the very latest and greatest electronics, for example. You will see prices drop significantly if you wait for the novelty to wear off. This, in turn, frees up additional cash that can be spent on other items.
If you or your spouse have less than perfect credit, the partner with the healthier credit score should apply for any loans you need. If you currently have a bad credit rating, take some time to improve it by using a credit card and paying it off on time. Keep working on restoring the credit of both spouses so that your financial liabilities can be equally shared.
If you are being contacted by a debt collector, try to negotiate. Your debt was probably purchased for a small amount of money. Even by accepting a percentage of your balance, they are still able to profit. Let them know you are aware of this and wish to negotiate a lower price.
A sale at a grocery can be a good deal, but only if you get as much as you know you will be able to use. Stocking up on items you use regularly can save a lot of money, but only if you actually eat it all before it goes bad. Be sensible and only buy a bargain if it is one that you can use.
Look for a bank that offers free checking accounts if you do not already have one. Go to your local banks or look into credit unions or online banks.
Credit Card
If you find yourself using a bank debit card, consider switching to a credit card. If you have a card that offers rewards, use it on your daily purchases, such as groceries and gas. Some credit card companies even offer you the chance to earn rewards that can be used for cash back.
Some individuals spend more than $20 each week hoping to win money in the lottery. It would be beneficial for them to save the money instead. This is a better option because it will grow over time versus being wasted on a gamble.
Credit Card
If you can make a automatic payment from your bank account to your credit card. This will ensure that your credit card bills get paid even if you forget.
To maintain good spending habits and controlling yourself from blowing too much money, allow yourself a certain amount of cash each month to spend on personal items. Use the budget to purchase things that you want. When you hit your budget limit for the month, you should understand that you are done with entertainment purchases until the next month’s budget begins. This lets you treat yourself and reward yourself without messing up your budget.
Set up automatic withdrawals from your main bank account into a type of high-yield 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.
Select cheaper and less popular brands. Many of the costs of national brands go towards their advertising costs. A more affordable option is to try products from a generic label. Most of the time there really is no difference between the two, so you won’t even notice.
As you can see by now, finances are a big concern for folks who have dependents. Instead of going into debt, you should take charge and make a budget.