Tag Archives: budget

Brief Lessons On How To Manage Your Money

4 Dec

It’s important for all of us to learn personal financial skills, but many of us aren’t taught about money as children. If you are lacking in knowledge about personal finance or just want to better the skills you have, take heart! You can turn your personal finance education up to 11 right now. Here are a few easy ways to do so.

People like to spend money on gambling and the lottery, but saving that money in the bank is a better way to use it. When you invest your money in a savings account, you will be guaranteed a return on your investment. If you buy lottery tickets instead, however, your “investment” is likely to yield no returns at all.

Be vigilant for mail from credit card companies that inform you about changes to your account. They are required by law to contact you 45 days prior to any changes taking effect on your account. Read the disclosure of changes and see if the changes make it worth your while to maintain the account. If you do not like the changes, resolve to paying off the account and closing it.

Thrift store shopping is no longer just for those with low incomes. Save money while finding items you like, including furniture or books at a thrift store near you. Children can find affordable school clothes, shoes, toys and sporting goods. The best selection is often available earlier in the day!

Credit card balances play a big role in your FICO score. Your score may be lower if your credit cards have a high balance. Fortunately, you can start increasing your score rapidly by paying off your cards. Try keeping the balance below 20% of the total allowed credit.

There is a chance your credit score may drop when you are working to repair it. Don’t worry, though, you haven’t done anything wrong. Once you consistently add some positive info to your credit record, your score will begin to increase little by little.

You should keep at least three months worth of income in this account. Take 10 percent of your income and put it into a high-yield savings account.

If someone notices that they always have a left over dollar bill after paying for something, there may be a way to stretch that to have some fun and win some money. Saving up change can then be used to buy lottery tickets.

Look into getting a checking account that is better for you. Although people have checking accounts that charge them costly monthly fees, they still stick with them. Take note of the fees that your bank charges and seek an account that doesn’t charge you as much.

While a new job may come with a larger salary, it could also come with a move to an area that has higher living expenses. Be certain you research prices of rentals, houses, utilities, groceries and other things so there are no surprises.

If you don’t already have one, consider setting up a flexible spending account. Flexible spending accounts can be great for covering medical expenses and daycare expenses. With such an account, you can deposit money directly, before it gets taxed. Consult a tax professional to find out what kind of expenses qualify for this account.

If balancing a checkbook isn’t an option, then get a real-time overview of your finances with online banking. There are websites and software to make tasks such as budgeting, tracking cash flow, calculating interest, and categorizing expenses easy and efficient.

Being sensible with cash is a good hallmark of a mature and reliable individual. This trait can personally be cultivated easily. Anyone can develop and improve their personal finance skills with just a little effort. Your financial acumen can be approved greatly with tips like this.

Some Ideas To Help You Make More Money

4 Oct Ideas to help you save more money
Ideas to help you save more money

Pressure on the piggy bank?

We’re all looking for ways to make more money. In this article I’ll show you ways you can increase your income. Not all of these will be relevant to you – just pick the ones that suit.

And in some cases, the best option is not to make more money, but to reduce what you spend!

Also, remember that it doesnt’ matter how much you earn – if you have poor money management skills, you’ll still wasted your money no matter how much you earn.

  • Do you have an extra room that isn’t being used that can be rented out, perhaps to a boarder or student?
  • Can you trade tasks with other people. For instance, do you have a skill that’s valuable to someone else. I know of people who do babysitting in exchange for receiving something else of value (a lawn being mowed).
  • Do you have skills that can be used to create extra income? Can you cook, or do gardening or odd jobs for your neighbours?
  • Can you get a part time job so you work at nights or on the weekends? A friend of mine parks cars (in addition to his day job).
  • Are you paid adequately for what you do? No matter what job you do, check to make sure that you’re being paid fairly for what you’re doing. Could you negotiate a pay rise from your current employer, or get a job somewhere else that will pay more>
  • Can you work overtime at your job to earn more money?
  • What about a garage sale? We’ve all got stuff laying around the house that we don’t use any more. Could you hold a garage sale and sell a lot of your junk to make some extra money?
  • Check all the bills and statements you receive. We recently found a discrepancy in our electricity bill that had resulted in us being charged around $300 more than we should have. Needless to say we got this fixed and reversed.
  • Are you eligible for any government allowances? Many people are unaware of what they’re entitled to. Remember, the rules change all the time so even if you weren’t eligible in the past, you may be able to claim something now.
  • Can you stop waste? I think we’re all guilty of having more than we need. Are there areas you can cut down on in order to reduce your spending?
  • Along the same lines, consider planning your meals a week in advance. Only buy the groceries that are necessary for the week and stop any impulse buys. And don’t shop on an empty stomach – that always ends up costing you more!

These are just a few ideas to help you get ahead and improve your financial position. Remember, when it comes to financial planning, the little things add up over time and become big things, so even if you start small, it’ll still be a help in the future.

You may not like some of these ideas, but in some cases they may be necessary. If you simply can’t reduce your expenses and find yourself spending more than you earn, the only other option available to you is to earn more. And if the only option there is to find a part time job, then you need to do it!