In this consumer-drive society, it can be tough to resist the urge to “buy, buy, buy” and save money instead. Promotions and marketing devices are on TV and in every store you visit, and they are hard to overlook. The article that follows will give you some good advice regarding personal finance that will help you make ends meet and even build a little nest egg.
In these volatile times, spreading your savings around into multiple areas is a good idea. Put some money into a standard savings account, leave some in your checking account, invest some money in stocks or gold, and leave some in a high-interest account. Explore all your options to keep your hard-earned money safe.
Big lifetime purchases include buying a car and a home. The principal and interest amounts for your home and car will comprise the largest lines in your budget. Try to pay them off quickly by making extra payments or applying your tax refund toward the principal.
Instead of using a single maxed-out credit card, aim to use two or even more cards. If you go over your limit, you will be paying a larger amount in charges than the fees on smaller amounts on two or more cards. This should not hurt your credit score; you might even be able to increase it if you always pay your bills on time.
Taking advantage of a sale is not a wise move if it causes you to buy a product or quantity that you do not plan to use. If you’re throwing out half of what you buy, then you’re also throwing away your money. Use common sense and take advantage of bargains, but don’t go overboard.
Most banks offer online alert services as a part of your checking or savings account. Many banks will notify you when changes are made to your account, often through text or email messages. Banks will send out warnings for a low account balance or an unusual transaction, for instance. Alerts help prevent fraud.
Some people spend $20 to $30 each week in lottery drawings hoping to ‘win it big.’ Instead, invest that same amount of money in a savings account. That way, you are certain to grow your money rather than flushing it down the toilet.
You may find it helpful to discuss your personal finances with someone who has experience in the financial industry. If one doesn’t know any finance professionals, a good substitute is a friend or family member who is especially good with their finances.
Selling an older laptop is a way for individuals in difficult financial situations to make a little bit of extra cash. You can sell it, if it is fixed, for more than you could if it was broken. If it’s broken, it can still be sold for some extra change. Remember, getting a little bit of money is a lot better than getting nothing.
You’ve already seen how hard it can be to save money. But, learning to live within your means is possible, as you have discovered here. Keep these tips in mind and use them to help you save money and become financially independent.
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