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. Avoid this temptation, and take charge of your finances so you can avoid getting into debt.
In this economy, it’s best to have multiple savings plans. A savings account, check account, high interest account and stocks will help you make the most of your cash. By using some of these ideas, or even all of them, you’ll be able to safeguard your money.
Buying items on sale can add up to big budget savings. Drop your loyalty to specific brands and purchase items which you have coupons for. For example, you might consider switching from your regular brand and opting for a product that comes with a promotion or discount.
Avoid investment opportunities that have high fees attached. Brokers do collect a fee for their services, of course. When you calculate your potential profits, these charges should be part of your equation. Avoid patronizing brokers that charge high commissions, and do not invest in funds that have high management costs.
Reducing the number of meals you eat at restaurants and fast food joints can be a great way to decrease your monthly expenses. Buying the ingredients and putting meals together at home will save one money, as well as giving one an appreciation for the effort it takes to make good tasting meals.
Frequent Flier
Signing up for a frequent flier reward program is a great way to save money or be rewarded if you fly often. There are many credit cards that offer rewards for purchases that you can use to get discounted or even free air fare. You can use frequent flier miles at hotels for discounts, or even free stays.
If you use online banking, then consider signing up for the alert features that may be available. Most banks will let you know about important activity on your account via text or email. You should especially utilize security related alerts that notify you of events that could create a risk of overdraft, or be related to fraudulent activity. For example, you can set up alerts for when your balance reaches a certain minimum, or when a large withdrawal is made.
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 will let you save quite a bit of money over time instead of wasting it for no reason.
Even with careful financial planning, a budgeting crisis still can occur. It helps to know how much the late fee is and how many days you can be late. Be aware of the terms prior to signing a one year lease.
If you keep a good record of finances, you will not have trouble during tax season. Keep your receipts together, which you can even categorize for ease later. Other documents that you should be sure to save and file in the same place include insurance, sales and bank documents.
Make sure that you annually rebalance your portfolio. You can get your investments inline with your goals. Additionally, rebalancing is a way to sell your higher stocks off and perhaps buy some new, low ones.
Try signing up for a rewards card. This is a great option if you pay your credit card balances off each month. Reward cards provide you with cash back, airline miles, and other little perks on your everyday purchases. Look for a good percentage rate on your purchases and pick the card that offers the reward you like best.
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 the advice you have read in this article in order to help you stay out of debt.