Seven Fast and Effective Personal Financial TipsPosted at by ifydcat on category Personal Finance
When it comes to money, many people are lost. Their personal finances are usually in such disarray that they struggle just to pay rent and keep food on the table. If you are one of those people in financial turmoil and you feel that now is the time to change, the following article will guide you in formulating a successful strategy and sticking to it.
1. Save. Even if you begin with a piggy bank on your night table, start saving something beginning now. No matter how small the regular savings, it will add up to more confidence, at the very least. Learning to save is a process and once you take the first step, you show yourself that you can do it. Before long, you will be automatically deducting a decent amount from your paycheck and depositing it into an interest bearing account.
2. Be timely with bills. Not that waiting an extra week to pay your phone bill is going to force the company into bankruptcy, waiting that extra will force you into paying a late fee and having seven more days of bill related stress. Anticipate your bills, prepare and pay them off at the earliest possible time. The sooner they are taken care of, the sooner you can set the rest of your plan into action.
3. Stop spending on unnecessary items. Sure, it’s cool to have the latest gadgets and we often feel that we really must have them, but in reality, you don’t. Implement a waiting period before making any doubtful purchase, say for example, three days. You will most probably find that once the euphoria has worn off, you will not buy. Write down a list of the things your resisted purchasing too, as an added confidence booster and to demonstrate the power of getting into this habit.
4. Eat in more often. One of the biggest and most wasteful expenditures is dining out or picking up take-out. Think about the difference in price between a meal you cook at home and one you order in a restaurant; the annual savings is staggering! Even if you purchase ready to eat or microwave meals, which are not ordinarily budget foods, you will be saving yourself a fortune.
5. Supplement your income. You don’t need to take on another 30 or 40 hours a week, just find some way to bring in another $50 to $100. Maybe you could tutor on Saturday, wash cars or dogs on Sunday or consult some of your expertise every Monday evening. Think small and don’t be insulted. That money could easily cover at least one bill every month, or equate to $1200 of savings each year. Get creative and try to find something you enjoy to make it even more worthwhile.
6. Sell things you don’t need or use anymore. Not only can this give you a quick infusion of cash, it keeps your spending in perspective. You can literally see where a lot of your money has been going, and judge the necessity of your purchases. You could also be helping others who are cash-challenged that cannot afford a new watch, shoes or other item you may put up for sale.
7. Cutback on car use. Especially with gas getting so expensive, minimizing the use of your vehicle could save you plenty. Consider the necessity of each trip as well and if you could either eliminate the trip, share a ride, take public transport or even grab some healthy exercise by walking instead. Reducing the amount of miles you put on your car can also bring down your insurance as well as cutting down gas and maintenance expenses.
It takes courage to make change, but where your finances are concerned, positive and permanent change is necessary for you to be able to live a decent, relaxed and worthwhile life. Having to fight to manage your money every month just takes so much out of you, and all you have to look forward to is more debt and the same battle come next month. Make the change. Use the above tips to empower yourself to set your finances straight and start enjoying life more.
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