Financial concerns are among the more unpleasant aspects of living. Sometimes, it seems as if your money flies out of your wallet to pay for extra expenses. Still, it is possible to handle money more efficiently.
To save both money and time, buy bulk quantities of lean protein. Buying in bulk is always cheaper when you are going to use everything you purchased. To save time, try cooking it all at once in meals that will last throughout the week.
In order to receive a nice credit report, try using more than two, and less than four, cards. If you use one card, it could take longer to build your good credit score. Using four or more cards could indicated that you aren’t efficient at managing your finances. Start off with just two different credit accounts and add new ones if and when necessary.
Once the statute of limitations passes for certain kinds of debt, collection agencies and creditors cannot legally threaten to sue you for old debts. The statutes vary by state, usually ranging from 3-10 years. Find out when your debts will become obsolete and refuse to pay back anyone who is trying to get money for an expired debt.
Try to negotiate with debt collectors who are trying to get you to make payments. Chances are that they bought your debt for a low price. So, even if you can only pay them a small piece of what you originally owed, they will probably still make a profit. Keep this in mind when you work with collection agencies to resolve your debt.
People like to spend money on gambling and the lottery, but saving that money in the bank is a better way to use it. 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.
Flexible Spending Account
If your company offers a flexible spending account be sure to put it to use. If you come across a medical expense, or have to pay something like a child’s daycare bill, you can use your flexible spending account to save money. You can set aside established amounts of money before taxes so that you will be able to manage this sort of expense. There are limits to the amount allowed to be placed in a flex spending account, so you should consult a tax professional.
Set up your debit card to pay down your credit card automatically during the last days of the month. This way, even if you forget, you will not be late.
The most logical way to get rid of debt is to pay down the debt with the highest interest rate first. It may be more psychologically satisfying to pay all of your debts equally, but paying down the highest-interest debt first makes the most financial sense. This is especially important, as credit card rates are expected to rise in the years to come.
If you keep a good record of finances, you will not have trouble during tax season. Keep all your important documents such as receipts or insurance papers in one file so you can access them easily.
Watch for mailings that will highlight changes in your credit account. Legally, you must receive 45 days’ notice before these changes take place. Read the changes when you get the notice and determine if the account is worth keeping. If you don’t like the changes, then by all means, close your account!
Tackle those home improvement projects on your own if possible. You can even take a home improvement class or find videos online to help you.
You should avoid unnecessary debt. However, there are exceptions, such as car loans or mortgages. However, individuals should not put themselves in positions where they must depend upon credit to pay for daily expenses.
Look at your portfolio once a year to see if anything needs to be changed. By reanalyzing the portfolio on an annual basis, you can ensure that any high risk investments are removed or reduced in exposure. Rebalancing also reminds a person to sell high and buy low.
After you finish reading this, you should have a better understanding of how to save money. Do not be concerned if it takes some time to get your finances in order. Your old habits will be difficult to change immediately. If you keep at it, you will soon be noticing the positive results!