Staying on top of your personal finances may be a hard thing for you to do. You can prevent future financial troubles by keeping a close watch on every aspect of your finances. Online banking and other new tools can make it easier for you, but you have to know how you spend your income.
In these volatile times, spreading your savings around into multiple areas is a good idea. For example, don’t put all of your funds into a savings account. Put some funds into checking or into stocks. The more diverse your investments, the safer your money is. Utilize a variety of these vehicles for keeping your money safe and diversified.
Fancy Feast
One way to improve your finances is to refuse to pay full price for anything. This is not the time for brand loyalty. Buy items for which you have coupons. If you always buy Purina Cat Chow, but this week’s online coupons has a coupon for Fancy Feast, you might be able to get the Fancy Feast for less than the Cat Chow for once.
Invest in a small accordion style envelope and always have it on hand. Store any receipts or business cards you receive in the envelope. Saving these will provide you with a record of items purchased. Although, the chance is small that you’ll be double charged, having the receipts will make it easier to see on your credit card statement.
If you bought a defective item, chances are you will notice it within a few weeks only. Businesses make a lot of money off of extended warranties but they are not always useful for the end user.
If you are in collections, then your debt will someday be written off, even if you don’t pay. There are consequences to this, however, and you need to be sure you are ready to face them. Consult a credit expert about the statute of limitations on your debt. Avoid paying on old debts.
Always put away money to save first when you get paid. It’s too easy to spend now, and forget to save later. Knowing the money is already unavailable makes budgeting easier and avoids the problem of forgetting to save the money or the huge temptation to find something else to spend it on.
Frequent Flier
Do you use air travel a lot? If so, it may pay off to sign up with an airline’s frequent flier program. Most credit cards have some sort of rewards program that allows you to redeem points for cash or gifts. Some of the major chain hotels even take frequent flier miles towards reduced rates, or even free lodging.
If you buy things you do not need, then a sale is not a sale. If you’re throwing out half of what you buy, then you’re also throwing away your money. So, to get the best deal when stocking up, be realistic and only buy as much as you can actually use.
Savings Account
Many spend over $20 weekly trying to win a lot of money from a local lottery drawing, when that amount could easily go into a savings account. When you invest your money in a savings account, you will be guaranteed a return on your investment. If you buy lottery tickets instead, however, your “investment” is likely to yield no returns at all.
If something is too costly to manage immediately, perhaps it is wise to ask family members to contribute funds if the item is something they will also use. Perhaps it is a third television, and then you can get everyone to chip in.
Try to set up an arrangement in which you use your debit card to make payments to your credit card company every month. You won’t have to worry anymore about forgetting your payment.
Depending on the situation, it may be best to allow your money to sit on one exchange for longer than you might think. Do this sparingly; do not let greed take over. It is important not to push it too far and know when it is best to take your profits and stop trading.
If might take you some more time, but it can save money by using ATMs from your bank instead of paying fees. You are often charged a big fee for using ATMS from other banks.
You have a much better chance to catch an overdraft prior to paying the fees if you keep records of where you are spending your money. When you are more in control of your finances, you will feel more financially secure, and will not need to rely on the bank so much to tell you where you stand.
