In order to survive, you need to learn about money. Back when our parents and grandparents had to learn about money, they had to learn the hard way. This taught them how to live with what they could afford and be grateful for it. Most of us do not live that way anymore. Using this advice, you can make your money last longer.
If the time isn’t right then do not sell. If a stock is making you money, and increasing in value, avoid selling it too soon. Take a look at all your stocks and consider doing something with the ones that aren’t doing so good.
Keeping a written notebook on your daily expenses can be a real eye-opener into where your money is going. However, if you put this into a notebook that you can just shut and put away until you deal with it later, you may find it just gets ignored. This is why you should install a white board into your bedroom, kitchen, or even your office so that you can write out your expenses. This serves a more visible reminder and will help you to stay on track.
Have a little envelope with you at all times. Use it to preserve any receipts or business cards you receive. Keeping your receipts is a good idea, since they provide records of your transactions. You may need them to compare to your credit card statements in the small chance that you are double charged.
Most products come with some kind of factory warranty. Sometimes it is only 90 days, other times it is up to year, and most problems creep up within the manufacturer’s warranty. Extended warranties can end up costing you more money in the long run.
It is a good idea to always file your personal taxes when they are due. If you are anticipating a refund, then file as soon as possible. If you will owe money to the IRS, file just before the due date which is April 15.
Credit Score
It is definitely possible to see a drop in your credit score while working to fix your credit. It doesn’t mean that you’ve made a wrong move. Your credit score will rise as time goes on if you continue to add quality information.
Instead of having a credit card close to its limit you can use more than one credit card. You will pay less interest on two payments than one maxed out card. This can help you build your score and not hurt it if you manage your credit lines the right way.
To gain financial stability, you need to have a savings account that you contribute to on a regular basis. Doing so will let you get the loan you need, even in hard situations. If your savings are great enough, a loan may not be required at all. You may not be able to save a ton each month, but save what you can.
If a debt collector is asking you for money, try negotiating with them. They are likely a junk debt buyer who bought your debt for 10 cents on the dollar or less. A collections agency is still making a profit if you pay just some of your balance. Use this knowledge to your advantage to avoid paying debts in full.
Reducing the number of meals you eat at restaurants and fast food joints can be a great way to decrease your monthly expenses. Buying the ingredients and putting meals together at home will save one money, as well as giving one an appreciation for the effort it takes to make good tasting meals.
Put aside money from every paycheck as soon as you get it. If your plan is to save the money you have leftover once the month is over, chances are, you won’t have any left. By budgeting a set amount for saving, you can see that you need to reduce other aspects of your budget.
Try not to get too much money from a student loan, unless you’re able to repay 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.
If you have a friend or family member who worked in the financial sector, ask them for advice on managing your finances. If there aren’t any family members that have finance experience, close friends are also a good choice to turn to.
Everyone needs to know about personal finance. You should keep track of your expenses and save a certain amount weekly. If you follow your financial goals, you will set yourself up for a financially sound life.
