You don’t have to have a degree in finance or banking to be able to control your own personal finances. With a little planning and discipline, you can live on what you make while putting some aside to grow your net worth.
Keep an envelope with you in your purse so you can put receipts and cards in it. Put store receipts and things like business cards in it. Keep this information available as a record that you might need at a later date. Your receipts can be used to compare statements in the event you are charged twice for a transaction.
Usually, if a product has faults, you will notice it within 90s, which is the length of most warranties. Extended warranties make someone a lot of money, but it isn’t you.
Consider your circumstances when filing your taxes. This will allow you to get the refund that you earned as soon as possible. If you are in a situation where you owe a great deal of money and are not going to be getting a tax refund, you can wait to file your taxes until April 15.
Health Insurance
One way to take care of your personal finances is to get a good health insurance policy. Everyone gets sick during their lifetime. This is why it is imperative to make sure you have quality health insurance. Hospital and medical bills can climb as high as twenty thousand dollars or more in some instances. This will leave a huge hole in your pocket if you do not have insurance.
Signing up for a frequent flier reward program is a great way to save money or be rewarded if you fly often. Most credit cards come with reward programs, many of them providing discounted or free airfare. Many hotels will take frequent flier miles in exchange for free or low-cost rooms.
Avoid incurring large debt through student loans, unless you are sure you can handle it in the not too distant future. If you attend an expensive college before you have decided on a major, this may put you in debt that will be impossible to overcome.
If you wish to have a credit card and are under 21, you need to realize that the rules changed. In the past, it was easy for college students to get credit cards. Now, you must have provable income or have a cosigner. Prior to application to any particular card, take a hard look at the requirements that come with it.
Credit card debt plays a big role with your FICO score. The higher balances you have, the more negative your score will be. Your score will go up as the balance goes down. Keeping a balance of 20% or less of the credit maximum is something you should try to do.
A good way to keep your credit from being damaged by late payments is to set up an automatic bill payment with your debit account. This will make sure the bill gets paid even if you forget.
Keeping your tax information well organized throughout the year will make tax time less stressful. Keep all of your personal documents together and you can find them easier.
Try to have your savings taken out of your paycheck and put into a seperate savings. It may seem painful at first, but in time, you won’t notice as much and you will love seeing your savings grow!
Set up your flexible spending account if you don’t already have one. This money is not taxed, so it’s actually a savings.
Save a bit day by day. For example, check out a couple of different grocery store circulars to see which one has the cheapest prices rather than going to the store that is closest. Don’t be afraid to switch out your favorite brands for something that’s on sale.
Do not take on any debt and pay off what you have. It is easy, even though we are all taught differently. Whittle down your debt gradually, and never incur new debt. If you are consistent, you will reach your financial goals and balance much easier.
Understand your insurance needs and tweak your policies to reduce your monthly costs. This can pad your monthly budget greatly. For example, consider money-saving options like bundled policies or eliminating services that you do not need. This can help you to save a great deal of money over time.
Financial mistakes can teach you a lot. Learn from those mistakes and the trouble it caused you. To avoid the same thing from happening, do not get yourself in the same financial mess again. If you worked for years making a lower salary than you deserved, remember that when it’s time to negotiate on a new job. As you review your history of personal finances in your mind’s eye, realize that every lesson you can learn from your experiences is worthwhile. If you are willing to learn more about managing your finances, you will find yourself in a more favorable financial situation.
The healthy, trouble-free finances that everyone deserves are within the grasp of anyone, even those of the most modest means. If you use the tips you just read and stick to your budget, pay down your debt, ans save some reserve cash, you can start your financially independent lifestyle today.
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