Use the round up method in your checkbook to record all transactions made by checks and debit cards and build an instant savings and safety net into the account. If the check written at the gas station was for $41.03, round up to $42.00. If the cash withdrawal from the ATM was for $50.00, round up to $51.00. Even the smallest amounts add up to big money over the course of a year and always ensure there is money in your account.
Pay yourself first. When you get your paycheck, set aside a certain amount for your savings account first. Don?t pay bills, don?t buy anything, just take some money and put it aside for a rainy day. This will ensure that when a rainy day does come along, you already have a little help.
Set yourself a monthly budget and don?t go over it. Since most people live paycheck to paycheck, it can be easy to overspend each month and put yourself in the hole. Determine what you can afford to spend, including putting money into savings and keep close track of how much you have spent for each budget line.
A useful personal-finance tip is to investigate different funding sources prior to shopping for a new vehicle. Local banks and credit unions can be terrific sources for advantageous auto finance rates, often beating the manufacturers? captive finance arms. By arranging your own financing prior to visiting a car dealership, you can be certain of getting the very best rate possible.
Most financial planners agree that the most important step you can take to strengthen your finances, is to pay down your credit card debt. There is a simple and logical reason for this. If the average interest on a consumer?s credit card debt is fifteen percent, he would need to find an investment paying a guaranteed rate equal to that, in order to justify not paying that credit card off.
Have your premium payments automatically deducted electronically from your checking account. Insurance companies will generally take a few dollars off of your monthly premium if you have the payments set to go automatically. You?re going to pay it anyway, so why not save yourself a little hassle and a few dollars?
Sit down and add up all the money that you have coming in to the house each month. Then sit down and add up the amount that your monthly bills cost. Subtract the money you spend on your bills from your monthly income. The number you come up with is the amount of money you have to spend on everything else ? food, clothing, medicine, luxury items, etc. Don?t go over this amount. This will insure that you have enough money to pay all of your bills and aren?t spending more than you?re earning.
If you are going through Chapter 7 bankruptcy, re-affirm key debts so that you can keep property associated with secured debts. The default assumption going into a Chapter 7 proceeding is that all secured property, including houses and cars, will be repossessed. If you have enough money, you can keep paying on these debts to avoid this.
Use your calendar as a tool that helps you manage your finances. Every upcoming bill should appear on your calendar, so that it?s harder for you to miss them. In order to ensure that you pay on time, the date you mark should be the date you intend to pay, rather than the due date. This gives you a built-in safety net.
Always push ?~credit? when paying with your debit card. Banks often charge processing fees that can really add up over the course of a year. By using your debit card as if it were a credit card, you can save quite a bit of money without much extra effort at all.
Teach children early about saving money. When giving them an allowance, encourage them to set aside a portion of it. Help them to determine not only long-term goals for their savings, such as college, but also some short-term goals, such as a new bicycle, or even ice cream. As they reap the benefits of saving for their short-term goals, they will begin to understand the importance of it, and it will motivate them toward their long-term goals.
Stay away from white or beige colored fluffy carpets when you rent. They may be stylish and nice to look at during the first few months, but it is almost impossible to clean them perfectly. At the end of the lease period it will look much worse than it looked when you rented the place, which may cause you to lose some or all of your security deposit.
Radio talk show host Neal Boortz once advised when it comes to saving money that you should never spend an one dollar bill. You should put that dollar bill in a coffee can and never spend it, and every time you get one, put it in there. You would be surprised at how many one dollar bills you save by not getting this little item or that.
Saving more isn?t just a matter of willpower, as you can see. You have to take the time to look at your finances and decide which changes you want to make. Now that you?ve read this article, you should have a better idea of which changes you should make first, in order to improve your financial situation.
Alva Mccubbins possesses a local store that carries Debt Free Canada
Source: http://showbed.com/uncategorized/2012/08/02/personal-finance-tips-you-may-not-know-about/
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