Develop a sound plan with these personal finance tips
1. Develop A Sound Plan With These
Personal Finance Tips
by imjetred | on April 8, 2013
http://www.empowernetwork.com/imjetred/
2. It’s very important to carefully think
about where your money is going
“The way you spend your money and take
care of your finances may not affect others
if you’re living by yourself, but if you have
others to worry about then it’s very
important to carefully think about where
that money is going.”
3. Too much credit can work
against you
• Too much credit can work against you and
give you a bad personal credit history.
Taking out more credit than is necessary is
sure to cause harm to your credit score,
which in turn can trigger higher interest
costs on future loans.
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4. • Eat less fast food or eat out less
• If you eat less fast food or eat out less in
general, you can save a lot of money. By buying
the needed ingredients and cooking meals at
home, one is going to learn to appreciate the
effort that it takes to prepare a meal at home for
oneself.
• track all of your expenses
• To be aware of how your money is spent, track
all of your expenses during a set time period. A
thorough understanding of what you are
spending money on, can give you a much better
and more accurate idea of the areas of spending
5. • Automatically deduct money from each
paycheck
• The best way to save money is to automatically
deduct it from each paycheck. This method
simplifies the savings process because you
never have the money in your possession. It is
however incredibly beneficial should you need it
for any unforeseen reason, including
emergencies.
• Have a high credit score
• Having a higher credit score can get you further
when trying to apply for a loan. You can either
take a small loan and pay it back quickly or get
one or two credit cards and always pay them on
6. • Put your expenses into categories
• Sit down and actually put your expenses into
categories. Put all your necessary expenses in
one section and your unnecessary expenses in
another. Having your expenditures listed will
help you to adhere to the budget you create.
Knowing exactly what you need for everything
will make things simpler.
• Do not need to purchase an extended
warranty
• Many products out there have some kind of a
warranty on them, and if something should go
wrong with the product, it would tend to happen
during the period of the warranty. You lose out
7. • Make out your weekend budget
• The night before you get paid, make out your
weekend budget. Don’t touch your payday
check! That way, you will still have money on
Monday, when you’re in the proper mindset.
This will prevent you from spending money
rashly or unwisely.
• Let your profits run but don’t overuse this
technique
• Letting your profits run is one key to success in
Forex trading. However, using this technique
shouldn’t be overused. Once you are happy with
the profit that you have made on a trade, you
8. • Have a little envelope with you all times
• Have a little envelope with you at all times. It will
come in handy for storing business cards,
receipts, and other small documents. You’ll need
these later for your records. It’s useful to have
your receipts if you ever see double charges for
a purchase on your credit card statement.
• As we said before, personal finances are very
important for people with families. Instead of
plunging yourself straight into debt or buying
items you do not need, you must come up with a
budget so you can make your money last.
Click here to read more of personal finance
articles.
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