It is not necessary to become a financial wiz to take control of your own personal finances. A bit of common sense and money management will let you make the most of your income and make more money as well.
Most new products already come with a 90 day or one year warranty, and if your item is going to mess-up, it probably will within that time frame. The only one who benefits from an extended warranty is the warranty company, not you.
Try to live your life using as little debt as possible. Some debt is normal, such as education loans and mortgages, but try your best to avoid bad debt such as credit cards. The less you borrow, the more you save yourself from paying high interest and high fees.
Always know when to file your income taxes with the IRS. Instead of waiting until the last minute, file your taxes as soon as possible to get your return even earlier than usual. If you owe the IRS money, file as close to April 15th as possible.
Use two to four credit cards to enjoy a satisfactory credit report. Having just one card means slower accumulation of good credit, but having five or more cards can add unnecessary complexity to your finances. If you want to build credit, keep two cards and don’t add others unless necessary.
Spread your purchases across several credit cards instead of using one that is nearing your credit balance limit. Interest on multiple cards with lower balances should be lower than the interest on a maxed-out card. This can help you build your score and not hurt it if you manage your credit lines the right way.
Every time you get a check, save some money from it immediately. If you wait until you have paid bills to save money, it is far less likely to happen, as your next round of bills will be approaching shortly. Once you put the money aside, your brain tends to see it as unavailable.
Don’t make the common mistake of spending your hard-earned money on lottery tickets. A better option is to put that money into a savings account. When you do that, that money will still be there when all is said and done.
The rules for an under-21 year old getting a credit card have changed recently. Previously, credit cards were given out like water to college kids. Currently, you will need to prove that you have a source of income or have someone cosign with you instead. Research a card’s requirements before applying for one.
Left over money from minor transactions can be used in creative ways to increase finances. If one uses the left over dollar bills for scratch-off lottery tickets, they stand a chance to win much more than they spent.
Let your profits Run if you want to be successful in trading on the foreign exchanges. Use this strategy moderately and don’t let greed cloud your decision making ability. Set profit goals for the money you invest and be ready to get out of the market when you reach them.
If you want to manage your finances better, you can do it. Use your head and remember these tips so you can follow a budget and decrease your debt.