Money woes can wear you down, both emotionally and physically. Start getting your finances in line with the following personal finance advice.
It may be helpful to keep a small envelope in your purse or bag whenever you go shopping. Use an envelope to put all of your cards and receipts in. Saving these will provide you with a record of items purchased. They might come in handy in case you wanted to compare them with the credit card statements just to be sure you weren’t double charged.
Purchasing bulk orders of lean protein meats can save you both time and money. Buying products in larger quantities is almost always cheaper than the smaller counterparts. A good way to save yourself time during the week is to spend one day of the weekend preparing enough meals for the week.
Do not take on debt when you are trying to balance your personal finances. Sometimes you can’t avoid debt (e.g. education loans, mortgages) however, you should avoid debt such as that created by credit cards, as it can be deadly. Loans and credit cards charge interest and fees; therefore, it is important to try not to borrow unless it is absolutely necessary.
Make sure you file your taxes on time. If you’re expecting to get a refund, you’ll want to file your return as early as possible in order to get access to your money. However, if you are expecting to owe money, you should wait to file until near the due date, which is April 15th.
Make sure that you are using between two and four credit cards to bring up your credit score. Having just one card will make it longer for you to get a better credit score, while five or more cards can make it harder to deal with finances. Consider starting with two credit cards, and slowly build your credit up with the addition of more cards.
Avoid eating out to save money. You will save a lot of money if you just stay in and eat at home.
Every time you get a check, save some money from it immediately. Saving money left when the month ends will not likely to happen. Once you put the money aside, your brain tends to see it as unavailable.
Don’t take out large amounts of student loan debt unless you expect to be in a financial situation to pay it back. You may want to go to an expensive college; however, if you have no clear career goals or majors to focus on, you could just be building debt.
Sign up for online banking alert services that may be offered by your bank. The bank will email or text you when important changes are made to your account. Alerts that let you know of a low balance or a large withdrawal will help you from overdrafts or fraud.
Even if you have not paid attention to your finances for many years, it is possible to turn things around and head towards a brighter future. The most important thing is that you do a great deal of research and ask the advice of financial advisers. Using the tips listed above will help you to make better financial decisions in the future.