Don’t Worry, Be Happy: Personal Finance Tips That Work
It can be tough and confusing to keep track of your finances. By being fully aware and pro-active, while keeping your eye on where your money is going you can save a lot of frustration in the future. With newer tools such as online banking you can streamline this process pretty easily, but you still need to be aware of where exactly your money is going.
Make sure you always have a small envelope handy. Put every business card or receipt you receive into this envelope. Keeping up with these items can help you to maintain more accurate financial records. It may be helpful to use them when going over your credit card statement every month, especially if you are charged for something twice.
Have a set amount of funds automatically transferred from your checking to your savings account every month. This can be a great way to ensure that you save consistently without having to maintain rigorous self-discipline. You can also make use of this plan to save up for major purchases or expenses, such as vacations and weddings.
If married, make sure the partner with the better credit applies for loans. If your credit is poor, build it back up with a new credit card account that you use and pay off each month. When both of you get your credit score to a good level, then you’re in a position to get new loans but make sure to spread out your debt in an even way.
Credit card rules have changed recently, be wary if you are below the age of 21. Not too long ago credit cards were freely given out to college students. It is now a requirement that student applicants must prove they have an income, or have someone cosign for them. Always research the requirements and the fine print when considering a credit card.
There are coupons online not found in stores or newspapers, so routinely hunting them is a good idea. Maintaining good personal finances means using tricks like this to save money.
Left over money from minor transactions can be used in creative ways to increase finances. Use your change to buy lottery tickets or small items you need. You can also take your coins to a change machine once you have a jar full of pennies.
If balancing a checkbook isn’t an option, then get a real-time overview of your finances with online banking. Not only does your bank likely offer a free online banking interface, but there are also a number of useful money management software programs out there.
The easiest way to grow your own wealth is to live below your means. People who always spend every last dollar or always have to borrow extra cannot possibly become rich due to their poor spending habits. Find out what you make and spend far less than what you bring in.
Keep an eye out in the mail for letters pertaining to changes to your credit accounts. Current law requires credit issuers to give you at least 45 days notice of any changes. Consider the changes and decide if the account is still worth keeping. If you do not like the changes, resolve to paying off the account and closing it.
When you keep track of your spending, you can avoid many overdraft fees, and will be able to tell ahead of time if you are going to run out. You will feel more positive about your personal financial situation simply by monitoring your income and spending, instead of using the bank’s computers to manage it for you.