Here are a few quick ideas that will help you hang on to a little more of your money each month:
1. Money/Budget Wise
First, keep records and receipts of your monthly spending to see exactly how you’re spending your money.
I know that keeping track and budgeting isn’t fun, but when you do you will be amazed! You can use the information to see exactly where and what you need to cut back on and from here you can set up a realistic budget. Use the extra money to increase your savings and to pay off credit cards, as their interest rate will only go up now down.
While, most banks no longer offer free checking accounts, some still exist. Shop around for a bank that offers free checking, it will be worth the time and effort. You should check out your local banks or credit unions as they may offer a better deal than the larger national banks. While a small monthly fee doesn’t seem like much at first, they can definitely add up in the long run, so search for the best deals.
Many utility expenses must be paid every month. A quick tip is to merge your cable, phone and internet into one payment plan. There are many providers that offer discounts if you go with their company for all three of these services.
Shop around. Electronics such as computers, cell phones and even gaming systems are very expensive. You may not be able to afford new items, but you may be able to find refurbished computers and cell phones for a lot less and the quality is just as good.
Not everything has to be brand new, used items can work just as well. There are hundreds of discount stores everywhere these days and there are good deals on slightly used goods can save you a ton of money.
Be energy efficient! Electric is expensive, so cut corners by installing CFL lighting which is cost effective. Also you should try using energy efficient appliances, even if you have to buy new ones (this is actually spending but, it will save you money in the long run.) Faulty appliances use more electric because they are not working efficiently; call your electric company and inquire and they will tell you the same thing! Many appliances can be taken off your taxes, as they are energy savers.
Taking care of your personal finances is a great way to stretch your money and that means savings for you. Learning how to manage your money is never a waste a time and there is literally tons of information out there so do a little homework and it will definitely payoff.
2. Money/Budget Wise
Many people have problems stretching their paychecks, so don’t think you’re alone. Saving money and spending less, isn’t always the easiest thing to do, especially when the temptation to buy is everywhere you look.
That’s why today were going to go over a few personal finance tips that can help you fight the temptation to spend more than your budget will allow. Don’t worry, you don’t have to stop spending altogether, just cut down on those unnecessary purchases that have a way of sneaking up and sucking your budget dry.
Cutting unnecessary expenditures may not seem like it will make a big difference, but even small cuts can help you avoid unwanted financial problems going forward.
For instance, with gasoline prices as high as they are, conserving fuel is more important than ever. Keep your tires properly inflated to maximize your mileage, and make sure your engine is well-maintained. Avoid idling for long periods. Cut back on your speed, and ease up on the accelerator as you drive down hills, sounds too simple but it works.
Gas prices aren’t showing any signs of dropping. If you’re in a city with public transportation, try using the train or bus more often. Try it for a week and then compare it to the cost of taking your car. This way you will see exactly how much money you can save by choosing public transportation whenever possible.
Keep your credit card receipts and compare them to your credit card bill each month. This allows you to spot any errors or fraudulent purchases before too much time has elapsed. The sooner you deal with problems, the sooner they are corrected and the less likely that they will have a negative impact on your credit score.
Avoid using credit cards as much as possible as the interest is high. It’s very easy to end up spending more than you should when you use a credit card. If you only use cash or a debit card, you won’t have to worry about spending more money than you have, and ending up in debt.
Don’t do any Forex trading without first analyzing the market. In the world of currency trading, any attempt to trade without first examining the market is just, simply put, gambling away your money. Gambling can be fun, but eventually you will lose all of your money. So, study the market extensively before you do any type of currency trading.
If your credit isn’t as good as you would like it to be you many want to make sure that your monthly expenses don’t exceed your income. Check your credit report at least once per month and if there are any items in dispute or fraudulent charges you can file a dispute with the credit bureau and begin getting your credit back in shape.
To save on your grocery bill, don’t limit yourself to just one grocery store. Be sure to get copies of all local store ads and study them carefully. Make a list for each store, and what you will buy there based on the weekly sales ad. Cut coupons; they can really make a difference and save you money. Make sure to shop stores that are close together so that you can go to more than one store without traveling so far and saving gas too!
While making a few of these small changes may not seem like it will make a big difference they can definitely help you stretch your dollars further. Remember, a little effort goes a long way!
3. Money/Budget Wise
When it comes to managing your personal finances, it doesn’t have to be difficult. As we have discussed before there are simple things that you can do to help stretch your budget and manage your money more effectively, even in today’s tough economy.
With a little cut here and a tweak there even the tightest budget can be adjusted to ensure your financial future.
We all know that in order to manage your personal finances properly, it is crucial to establish and maintain a monthly budget. This budget should contain line items for everyday expenses and revenue streams. By analyzing where you spend most of your money, you will be better able to control your expenses and pay your bills on time.
Before you make an investment, take the time to meet with a financial planner and develop an investment policy statement. A good statement will help you avoid the pitfalls of investing, and will help you make investment choices that are right for you. If you’re educated about investing, you may be able to put together a statement on your own.
Use a credit card for small purchases each month such as groceries and gas and pay it off or pay off a majority of the balance each month. This will show creditors that you’re capable of handling your card and being responsible with the payments. Doing this on a regular basis will help to repair any possible bad credit score that you may currently have and/or raise your credit score as well. Paying your bills on time and paying a little extra will show your creditors that you take your credit seriously.
A great way to avoid being overburdened by expenses that only come around once a year is to set aside a little money out of each paycheck. To do this, divide your yearly expenses by the number of paychecks you receive in a year. The next time the expense is due, you’ll be ready for it.
Always look for ways to save. Audit yourself and your bills about once every six months. Take a look at competing businesses for services you use, to see if you can get something for less. Compare the cost of food at different stores, and make sure you’re getting the best interest rates on your credit cards and savings accounts.
To find real space in your personal finance, stop thinking about income and expenses at the same time. It is essential to track every penny of both, but if you pay attention to them simultaneously, all you end up doing is balancing your budget and not saving anything. Cap your expenses at 70% of your income and you will see the difference.
Diversify your investments using mutual funds. It’s difficult and expensive for a small investor to create a diversified portfolio using individual securities, but a no-load mutual fund can provide instant diversification at low cost. You can invest as little as $1000 in a fund that holds anywhere from 20 to several hundred securities, for an annual fee as low as 1%. Diversification helps to lower investment risk by reducing dependence on any one security to provide a favorable return.
While not all of these techniques will apply to your personal situation, by incorporating even one or two of them into your budgeting strategy you will begin to see your money grow rather than watching it disappear faster than it comes in.
4. Money/Budget Wise
Improving your credit can be difficult, but it’s not impossible. Having poor or bad credit is something that can’t be ignored especially when it comes to planning for the future. If you’re planning on buying a car, house or sending your children to college a good credit score is a must.
So today we’re going to go over a few things you should keep in mind while trying to repair your credit and bring up your score.
The first step to getting your credit repaired is to order your credit reports. You will need one from each of the three credit bureaus. If you have been denied credit recently, then you’re entitled to a free copy of your credit report.
You can do a search online for each individual credit bureau or use one of the many websites available like Freecreditreport.com to access your information. However, be careful when joining any type of credit report site because they often have hidden monthly fees that end up costing you more than dealing directly with the credit bureau.
As you begin to repair your credit, your credit score will improve also. Check your credit report at least once a month to make sure there are no problems or mistakes; if there is write a letter of dispute. Build you credit slowly (you don’t want to go into debt) and only get credit with a company that reports to the credit bureau. It is very important to build up a good credit history by paying your debts on time, and if it is at possible you may want to pay a little extra instead of the amount due at the time as this really looks good.
Go over your credit reports carefully if anything looks out of place be sure to file a dispute regarding the incorrectly reported item, be sure to include as much information as possible in your letter of dispute. The credit reporting agency needs all the information you can give them in order to settle the dispute and take is off your credit report.
If the task of repairing your own credit is to daunting there are credit repair companies that can help. However, it’s important to avoid any credit repair company that promises you a clean slate! Make sure that any company that you choose is licensed, bonded and has a good reputation.
Of course, you should also set up a reasonable budget and cut back on your spending. One more thing you can do is speak with your creditors and try to negotiate lower payment arrangements. It doesn’t hurt to ask and often time they can help you make arrangements the will work into your budget.
Remember, it has taken awhile to get your credit report in this condition and it will also take a while to repair and raise it, but it will happen with time and dedication, so be patient.
5. Money/Budget Wise
Paying bills on time is something we all should all strive to do and even though we know it’s the right thing to do many people don’t realize the negative impact that paying their bills a little bit late each month can have on their financial future.
When it comes to managing your money and planning for your financial future its importance to see the bigger picture, especially when it comes to paying your bills on time.
One of the most important reasons why you should pay your bills on time is to avoid late fees. Every place that lends money or provides a service to others has the ability to charge a late if the agreed amount isn’t paid on time. These fees are often a percentage or dollar amount you owe and can range from a meager 1% or 2%. However they’re often much higher. Some companies will charge a flat fee of $5, $10, $20 or more each time you’re late. Some companies give you a grace period before the late fee is accessed while others will apply late fees to your account the day after they’re due.
Depending on the type of bill you’re paying on each month, paying late may result in cancellation of your service. This can happen with your phone, cable, satellite and even your utilities like your water and electric bill. If your service is canceled you’ll have to pay a reconnect fee to get your service started again. It’s possible you’ll also have to pay the bill in full so it’s current before they get it started again.
A big advantage of paying your bills on time is the positive effect it will have on your credit report. Credit card companies, some utility companies, and car loans all report to the major credit bureaus.
As we discussed in your last issue a good credit report is very important when it comes to getting any type of loan including a home, car or personal loan. It also has a lot to do with the interest rates you pay on credit cards. The better your credit score the lower your interest rates will be, so it’s important to make sure you do everything you can your credit rating in good standing. It can literally help you save hundreds, maybe thousands of dollars over the life of your loan.
If a bill comes in higher than you expected it to or you’re short on cash, contacting your creditor and making payment arrangements is the first thing you should do. Don’t wait until the bill is overdue, because your creditor will be less likely to work with you.
When you pay your bills on time, your trust will go a lot further with those you’re borrowing money from. You’ll have the ability to make bigger and more expensive purchases and your credit rating will be better. All of these add up over time, but it’s important to remember when you pay your bills on time you’ll have much more than a person that doesn’t pay on time each month.
6. Money/Budget Wise
Learning how to create a budget, you can stick to it as a challenge to say the least, so today we’re going to go over some simple tips that can help you stretch your budget further than you ever thought possible.
One very simple thing you can do to help reduce spending is create a strict shopping list and include only necessary items, then stick to it whenever you go shopping. Creating a list may seem silly to some, but it can help you avoid unnecessary purchases and allow you to hold onto more of your money.
Use an automatic payment whenever possible. Most creditors and lenders offer significant discounts when you ought to have payments electronically deducted from your checking account every month. This also ensures that you don’t incur additional charges or late fees, if you forget to make your payment!
Make sure you have the right kind of insurance for your home and vehicles. If you own a home and don’t have the proper type of insurance, not only are you wasting your money your home may be at risk if something unforeseen it is that’s not covered in your policy. The same is true for any of your vehicles or other property.
As I’ve mentioned before, when it comes to credit scores, what you don’t know can really hurt you! Be sure to get a copy of your credit report every few months and study it carefully, checking for errors and so forth. It is up to you to find mistakes and request to have them deleted from your credit report. Look for such things as, old collections accounts that have been paid, as well as incorrect information and then be sure to file a dispute to have any inconsistencies removed from your report.
At the end of the day, empty out all of the change in your pockets, purse, or briefcase into a jar for savings, it really adds up. Once every other month or so, you can deposit the money into your savings account, where it will earn interest. In this way you will avoid losing out on surcharges and fees from coin-counting machines.
Save as much money as you can every month. Having a solid amount of savings on hand is very useful in case of any emergencies. It will enable you to avoid taking out loans or suffering great loss, like your car, simply because you could not afford to get that tune up when it was needed and the engine blew up! Check out your local ads for great deals on tune ups, tire rotation and so on, these deals really do save you money.
I’ve said it before and I’ll say it again, be sure to make a budget and stick to it. Many people make a spending plan for themselves, but quickly backslide on it or ignore it out altogether, when times get hard. Taking control of your finances means taking control of yourself and doing what needs to be done to stay within your means.
I can’t stress enough how important it is to track how you spend your money each month, so that you know exactly where it’s going. Spending your money wisely enables you to be responsible and enjoy life instead of constantly worrying about your finances.
7. Money/Budget Wise
Admitting you need help to get out of the hole is the first step, and here is some vital information on how you can complete the journey and improve your credit.
Not everyone makes enough money to afford the things we want or sometimes not even the things we need. That’s how so many of us get caught up in the bad credit trap. Our eyes are bigger than our wallets and before we know it, we are sucked into a hole and we dig down, instead of crawling up and out.
As we have discussed before the first step in repairing your credit is knowing what your credit score really is. When you’re denied a credit line or loan because of your credit score, you have a right to call the company that provided your score and get a free report from them. Once you know your score, you can come up with a strategy to improve it.
An important tip to consider when working to repair your credit is the fact that any credit repair agency contract can be voided within three days of signing. This is important to know in case it is found out that the company isn’t legit or if you find other means of paying off your debt which would be wonderful.
Always remember to work well with credit agencies. In some cases, these agencies are just seeking some sort of collection, whether the full price or a highly discounted amount. If you’re working well with these agencies, you could receive great discounts that could have been left out of the negotiation otherwise.
If you’re trying to repair or improve your credit score, don’t co-sign on a loan for another person unless you have the ability to pay off that loan. Statistics show that borrowers who require a co-signer default more often than they actually pay off their loan. If you co-sign and then cannot pay when the other signer defaults, it goes on your credit score as if you were the one who defaulted on the loan.
Some people have their credit ruined by factors out of their control, like an ex who was spending money during a marriage that the person did not know about and other causes, but if your problem was just reckless spending on YOUR part then I’d recommend joining Shopaholics Anonymous and getting some help.
A great tip for improving your credit rating is to use your credit card for your everyday purchases, such as food and gasoline. However, you must ensure that you don’t spend too much so that you’re able to pay off this balance each month. By doing this, you will show the credit card companies that you’re a reliable borrower, which will in turn increase your credit rating.
If you have been repairing your credit for a while and have been paying responsibly, ask your credit card company to raise your credit limit. Debt utilization, the ratio of your debt to your credit limit, is one factor that determines your credit score. If you get a limit increase, then that ratio will be lower, making you appear to be a low credit risk.
Don’t add on additional debt if you’re working on repairing your credit. Opening a new account when you have missed payments and late accounts on file sends up a red flag to possible lenders. Fix the credit problems first then try opening up any new line of credit.
Now that you know a thing or two about how to repair your credit score, you need to take action here and make sure that this bad credit becomes a thing of the past and not a burden on your future. I hope having this information will help free you from ever having a bad credit problem now or later in life.
8. Money/Budget Wise
The problem many people face when it comes to managing their money properly is that they get used to purchase things indiscriminately. Whether it’s spending their allotted bill money on unnecessary purchases or maxing out their credit cards, the majority of consumers live well above what their paychecks can afford.
Creating a budget and sticking to it is one of the only proven effective ways to avoid unwanted financial strain. However, many people struggle when it comes to accomplishing this task. The good news is creating a budget doesn’t have to be hard. In fact there are a variety of software applications that can help get you on the right track and keep you there.
Basically, budgeting software can help you keep track of your expenditures and helps you learn how to spend your money sensibly. This will you help distribute your money into various aspects and areas and will also help add to yoursavings.
Let’s quickly go over some of the advantages of using budgeting software.
– It helps you keep track of your expenses.
Money budgeting software can definitely allow you to keep track of your expenses. With this kind of technology, you get to understand your cash flow and allow you to be aware of how much money you spend and earn.
– It helps you to create some probable projections of the future.
While some people are comfortable with the usual type of budgeting on paper, utilizing a money budgeting software can give you more than what you expect. You can even make some possible projections using your integrated money budgeting software. If you want hard copies, you can even print them out for record keeping.
– It gives you control
The problem with most people who do not have a budget in place to guide them is that they usually tend to overspend what money they do have. Using software can help you gain control of your expenditures. You will be able to know ahead of time before it’s too late, and you’ve spent more than your budget allows.
The bottom line is that money budgeting software can definitely give you the kind of assurance and control that you need to keep track of your expenses. In this way, you can be surer that all of your spending activities are based on careful planning and
reasonable thought, not just sheer indulgences.
9. Money/Budget Wise
Most people experience a variety of problems when trying to balance their personal finances. They easily overspend, lose track of where their money is going and therefore end up going into debt.
Use the best financial tools for the best financial health. You can come out ahead of the curve, if you use the best products available. When considering the best products, you need to remember your time frame, your expected earnings and the tax benefits involved. If you take the time, you will find the best financial product for your personal situation.
Check your credit at least once a year. The government provides free credit reports for its citizens every year. You can also get a free credit report if you’re declined credit. Keeping track of your credit will allow you to see if there are incorrect debts or if someone has stolen your identity.
If you’re trying to save up money to go on a vacation, buy a house or retire early, you need to remain as disciplined as possible when it comes to breaking into that savings. Before you contribute to those funds, be sure to calculate exactly how much you will need to make it that month so you can better avoid early withdraw from your account.
Don’t buy a new car unless, you have several thousand dollars you would like to throw away. The typical new car purchaser loses between $5,000 to $10,000 as soon as the car is driven off the sales lot. A good used car is a much better venture. The money saved stays in your bank account.
Buying certain items in bulk can save you money over time. Items that you know you will always need, such as toilet paper or toothpaste can be bought in bulk quantities at a reduced price to save you money.
Recycle and reuse to save big bucks. Why constantly add to the environmental problems associated with manufacturing and landfills? Anything that can possibly be reused should be reused. It is practical and commendable, not just from an environmental standpoint but from a personal financial standpoint as well.
10. Money/Budget Wise
Taking care of your finances really isn’t that hard. However, in these harsh economic times, people are finding it much harder to figure out what they should be doing to get their finances in order. You can stop worrying about your finances once and for all if you use the advice in this issue.
Get a credit card that gives you rewards or cash back. If you pay your balance in full every month, then it only makes sense that you would use a card that pays you to use it, rather than one that doesn’t. Rewards are often airline miles or pre-selected merchandise.
Recognize the signs of too much debt! This is an important trait to have. Develop this trait to effectively manage your personal finances. The amount of debt you have will affect your credit score. If you see that you’re headed for trouble – quickly act on it – before you ruin your credit altogether. It is important that you’re aware of how much debt you’re accumulating.
Don’t ever cosign on a loan for a friend or family member unless you’re financially able and emotionally willing to take on the ‘entire’ amount of the debt. Being a co-signer does not mean you’re vouching for the trustworthiness of the other borrower; it means you’re taking on responsibility for the loan if the other party fails to pay.
Always make every attempt to plan for the future. Keep at least three months’ worth of income in a readily accessible savings account, in case of emergency. Many times, unexpected accidents happen, which could interrupt your regular source of income. Adequate savings allows you to pay expenses, while searching for a new source of income.
Choose your credit cards wisely. If you need to use them for everyday purchases, find the ones advertising rewards. There are lots of banks offering 1-5% cash back, airline frequent flyer miles or discounts when you buy certain products. Choose the card that matches your lifestyle and reduces your costs which is the most important thing.
Starting your kids out early and teaching them about personal financial issues, is a great way to help them in the future. Teach them the importance of saving by getting them a piggy bank, and let them understand what it means to work by paying for chores completed. Try to keep credit out of the equation.
For students dealing with big levels of debt, it is important that you start paying this off now instead of allowing the interest to accrue. At the very least, you’re going to have a black cloud looming over your head. At the most, you’ll become a credit leper that no one wants to deal with.
With all of the knowledge that you have gained from this article it is a great start towards getting your finances in check. Start applying what you learned and see what happens in just a few weeks and then, wait a couple of months to see how much of a difference it makes. You will be pleasantly surprised with the results.
11. Money/Budget Wise
You’re not alone; many people have trouble managing their personal finances. The task at hand is learning how to manage your finances. I hope the tips in this issue will help you with managing your personal finances.
File important financial documents where you can find them quickly when needed ;( I personally keep mine in a metal fireproof box). This includes loan and mortgage documents, tax returns, insurance policies, bank statements, birth certificates and so on. It is stressful enough to suddenly need one of these documents without the added anxiety of not knowing where to find it. To be extra safe you may want to keep copies of essential papers in another location, such as a safe deposit box.
Set up internet banking and online bill pay. Having your accounts and your bills online is a quick and easy way to see what you have paid and what you still need to pay, all in one quick and easy step. It takes very little time to pay and manage your bills when they are all in one safe place and you won’t lose track of things as easily.
Get a free checking account. If you have a checking account you have to pay monthly fees on, you could be wasting money. Instead, look for a checking account that does not have monthly fees or per transaction fees. You may have to set up a direct deposit with some banks to get a free checking account but it will save you money in the long run.
Read the terms and conditions from your bank, but most debit cards can be used to get cash back at the point-of-sale at most major grocery stores without any additional fees. This is a much more appealing and responsible option and over time it can save you money.
Many of the bills that you have to pay every month can be moved around the calendar. Take advantage of this fact! The ideal date for your bills will depend on your individual situation and when you get paid. You may find it more convenient to put all of your due dates close together. On the other hand, spreading them out all over the month, might suit your budget better.
12. Money/Budget Wise
Financial skills are easy to develop with a little time and effort. This issue will give you some easy tips on improving your personal financial knowledge.
If your employer offers a match to your 401K, make sure you’re contributing at least the amount they match. When an employer offers to match your funds, they are essentially giving you free money. The money you contribute will help you reach retirement goals and is tax free. It’s a win-win situation, all around.
Save money by figuring out how to make your own things. This can apply to many areas of your life, from clothing to food and home furnishings to cosmetics. Lumber scraps can make a great, inexpensive bookshelf, and baking soda and vinegar make great home cleaning products. Use the internet to find out how you can get creative and make more things instead of buying them.
One personal finance tip which has stood the test of time is diversification or not putting all your eggs in one basket. The reason for this is simple. You may have some poorly performing investments in your portfolio at any given time, but diversification should also have you invested in some well performing assets as well.
Every time, you think about paying with credit or taking out a loan, take the time to calculate what you will ultimately pay for that convenience in the long run. Credit cards typically have interest rates of around 20% while some quick, secured loans can have interest rates that will ultimately cost you two to three times the amount you’re getting in the first place. It is far better to go without in the short-term than to cripple yourself financially in the long-term.
Improving your personal finances is all about taking a real look at what you’re spending and deciding what’s important and what’s not. Bringing a lunch to work might be a great way to save money, but it may not be practical for you. Maybe giving up the expensive cappuccino and just drinking coffee in the morning would work better. You need to live within your means, but you still need to find what will work best for you.
You can save tons of money by carpooling. If you can, try to carpool with 2 or 3 coworkers. This isn’t only helpful for the environment, but it will save you and your co-workers money. You may also want to carpool with other parents, whose children participate in the same activities as yours do.
There are many levels of personal financial wisdom between total cluelessness and flawless money management. Climbing the scale of personal financial knowledge is simply a matter of learning and using individual tips and techniques.
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