Guidance For Personal Finance That Can Work Today

 

Smart money management skills are important for everyone. Taking care of your finances is critical if you are supporting a family, but even if you are on your own, you need to know how to exercise good financial judgement. By reading this article, you will learn helpful tips that will enable you to manage your personal finances better.

If you find yourself with lots of dollar bills in your pockets, take a chance on luck. Use them to buy lottery tickets that can possibly win you the jackpot.

Eliminate any credit card debt that you have as fast as possible. Even if the debt owed is small, you are paying a creditor interest when you carry your debt over each month. Don’t give the banks any more money than you have to. If you can afford to, try fully paying off credit cards monthly.

Make sure you take advantage of the services offered by your bank to alert you to account information. Many banks will send emails or texts when there is activity reported on your account. Take advantage of your banks financial alerts to protect yourself from identity theft and overdrafts.

Identity Theft

You need to have a secure process for getting rid of outdated financial documents. A paper shredder is a must. If your documents are not properly thrown away, you can be putting yourselef at risk of becoming a victim of fraud or identity theft. Always shred old financial documents to protect yourself from identity theft.

You may want to consider getting a checking account that has no fees. Check out the banks in your community, and don’t forget to also look for free accounts available online or through credit unions.

It is not uncommon for a person to slip up when managing his or her finances. If you mistakenly overdraft your bank account, you can request a waiver of the fee that is charged. This is a one-time courtesy that is sometimes extended to people who keep a steady balance and avoid overdrafts.

Plan at least one calender day every month to pay bills. You will not have to spend the whole day doing it, but it is best to have the time set aside. Put it on your calendar and stick to it fiercely. If you do miss this day, it can create a domino effect.

Financial Challenges

Be honest with your friends and loved ones about your financial challenges. That way, you can avoid feeling poorly if they invite you to do things and you cannot afford it. It is easy for friends to assume the wrong thing when you make excuses about going places, simple because you cannot afford it. Keep your close relationships strong by letting friends know about your financial challenges.

Improve your finances by decreasing expenses. Stop loyal purchasing of certain brands and buy whatever you have a coupon for. If you usually buy one brand of dish soap and can save money with a coupon on another brand, go with the one that is cheaper.

Take a good honest look at your relationship with money. Take into consideration the different choices and try to improve your decision-making with your finances. List out your beliefs about having money and material objects, and look for incidents in your past that shaped these ideas. You’ll be better equipped to get past this and get into better habits in the future.

Give yourself a “pocket cash” allowance for small expenditures every month. The cash allowance can be used to treat yourself to things like books, meals out, or new shoes, but when it’s gone, that’s it. It helps you to enjoy your money on smaller things while not harming your budget.

If somebody is thinking about getting something that costs too much they may want to ask their family to help them out. If the item is something that everybody can use, then people will be more willing to give some money towards getting it.

If your employer offers flexible spending accounts, take advantage of it. This money is not taxable, which translates into big savings.

Understanding the value of a certain item can prevent a person from selling that same item for a cheap price when it is actually valuable. It can be a huge boon to your budget if you find out that your old table or chair is worth a few hundred or thousand dollars.

Take a look at your credit report on a regular basis. It is easy to find sites that will let you examine your report without having to pay a fee. Take care of this two times per year to make sure you did not incur any indiscrepencies on your report or no identity theft has happened.

Credit Card

Carry cash with you when you are making minimal purchases throughout the day. Don’t break out the credit card at every opportunity. Some credit card companies won’t allow you to make small purchases; thus, if you don’t want to be caught in an embarrassing situation where you can’t pay for your purchases, you should always carry both cash and your debit card.

As stated in the article above, managing personal finances is always more difficult when you have family to care for. Don’t spend needlessly, and don’t fall into debt. Instead, create a budget and prioritize your spending to get the most value for your dollar.

 
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01/01/2013