Intimidated By Personal Finance? Not After These Tips!Posted at by PConran on category Personal Finance
Lots of people get sick when they are struggling with financial problems. Do not allow your situation to escalate to that point. No matter how deep your money problems are running, you can find a way to improve your situation and get on the right path to a sound financial future. Keep reading this article to find out how you can fix your money problems.
You should write down every penny you spend to find where you are blowing the most money. If you do write it down then put it aside until the next day, you don’t always have to stare at it and may forget about it. Try to put up a whiteboard in the office or bedroom that you can list your expenses on. It will be front and center during your daily activities and hard to avoid.
Make sure you always have a small envelope handy. That way, you have a safe place you can store business cards and receipts. Keep them around so that you have a paper trail. Try comparing credit card statements to see if they contain double charges.
Obtain a checking account that does not charge any fees. You can try banks in your area or even a credit union.
Student Loan Debt
Student loan debt has fewer consumer protections than other kinds of debt, so make absolutely sure that you can repay any student loan debt you accrue. Attending an expensive school for a major you’re unsure of may put you into serious debt.
A lot of people frequently spend over $20 a week on lottery tickets in the hope that one day they will win the jackpot. However, you would be better off investing that money in a high-interest savings account that is sure to bring you benefits instead. This is a better option because it will grow over time versus being wasted on a gamble.
Credit card balances play a big role in your FICO score. The higher they are, the more it will negatively impact your score. The score will go up when your balance goes down. The best goal to keep is limiting the balance to no more than 20% of the allowed maximum credit.
Have your credit cards paid directly through your checking account each month. That way you never forget.
Your highest interest card should be the first that you pay off. You may be tempted to make payments on all of your accounts, but it is far more cost-effective to eliminate those debts which carry high interest rates. Keep in mind that credit card rates should increase in the next few years; pay off your accounts as soon as you can.
Consider applying for an overdraft program at your back if your monthly paycheck sometimes comes up just a little short at the end of the month. This minimal fee can save you a lot of money on overdraft fees in the long run.
To avoid a frantic, last minute search for your financial records, it is a good idea to maintain a filing system for these documents. Collect important documents, like receipts and papers related to insurance and health care, and put them all in one place where you’ll be able to find them when you need them.
Each day, save some money. Instead of purchasing the same things over and over again, try to buy things that are on sale, mix it up! Try substituting food that is on sale.
You should be feeling happier and more confident now that you have some ideas about how to fix your financial situation. This should give you an idea on how you’re going to improve financially. Now that you can be more optimistic about your financial future, perhaps you know someone else who can use these tips as well.
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