You do not have to be a financial guru, in order to be in control of your personal finances. All it takes to preserve and even expand your financial assets are a little good fiscal advice and a touch of common sense.
The majority of new products include a 90-day, or even 1-year, warranty, as it is; if the item is apt to malfunction, it will likely do so during that same time frame. Extended warranties are great for businesses, but they aren’t great for the customer.
Watch out for heavy investors’ fees. Brokers that deal with long term investments charge fees for using their services. Anything you pay them in fees works to reduce your overall earnings. Avoid brokers who have high overhead or take a huge cut for themselves.
If you have a spouse who has a better credit record than you, have them apply for credit instead. Build your credit up by using and paying off your credit card regularly. This is especially important if you are trying to repair bad credit. Once both of you have good credit scores, you can jointly apply for loans that evenly share your debt.
Frequent Flier Program
Do you use air travel a lot? If so, it may pay off to sign up with an airline’s frequent flier program. It is common for credit card companies to offer frequent flyer rewards for purchases made using your card. The miles accrued through the frequent flier program can be used for free or discounted hotel rooms.
If you buy things you do not need, then a sale is not a sale. You are only saving money if you are actually using what you purchased; it doesn’t matter if it came in bulk or on sale if you waste it. So, make sure you use caution when you find a good deal on something to make sure it really does end up saving you money in the long run.
Make sure that your checking account is free. You can try banks in your area or even a credit union.
Keep your finances straight by avoiding accruing too much credit card debt. You need to keep a close eye on your credit use to avoid getting in too deep. It is important to consider every credit card charge very carefully before making a purchase. Be realistic and try to determine just how much time it will take for you to pay for these charges. Can you do without it? If so, pass. If you can’t pay it in a month, pass.
If somebody is thinking about getting something that costs too much they may want to ask their family to help them out. If it’s something that the whole family could find a use for, like a new TV, then the family may be able to be convinced to put their money together.
FICO scores are impacted by credit card balances. When you maintain a large balance from month to month, your score will be lower than it should. On the other hand, as you pay down your credit debt, your score will increase. Keep your balance below 20% of the total credit you have.
If you want to erase debts quickly, focus first on credit cards with high interest rates. Although it may see sen sible to make even payments on all your debts, the savings over the long term is greater when you target the high interest card first. This is especially important, as credit card rates are expected to rise in the years to come.
If you prefer to manage your finances through technology, use an online account management tool, instead of a paper checkbook. Many banking sites and programs allow users to quickly and easily track expenses, cash flow, and interest rates while managing budgets and savings accounts.
Make a large wall calender that maps out all of your fixed monthly payments, due dates, and billing cycles in one easy place. This way, you will still make all of your payments on time, even if you do not receive an actual paper bill in the mail. This will help you budget and keep you from incurring late fees.
No matter who you are, you can save money, develop a budget, and achieve financial stability. By simply using your head and following these helpful personal finance tips, you can develop a budget, reduce your debt, save money and ultimately, be in control of your finances.