As young adult or someone who is in college it can be very tempting to blow a lot of money on dining out and other forms of entertainment such as going to clubs. Learn to spend wisely, be responsible and avoid going into debt whenever possible.
A lot of people frequently spend over $20 a week on lottery tickets in the hope that one day they will win the jackpot. However, you would be better off investing that money in a high-interest savings account that is sure to bring you benefits instead. When you do that, that money will still be there when all is said and done.
Make arrangements with your bank for an automatic payment that will clear the balance of your credit card bill each month. This will make sure the bill gets paid even if you forget.
Work hard to obtain a high credit score. If you want to take advantage of low interest loans and credit cards, a good credit score is very important. A low credit score can hamper your chance to rent a house and it will be harder for you to get a cell-phone plan and other utility services. If you are smart with your credit, you can keep your FICO score high.
Start saving as soon as you can to better your personal finances. Make saving money top of your list, do not keep putting it off. You should look at the money you put into savings as a bill you have to pay. Pay yourself first, and you will begin to accumulate a financial cushion.
There is good debt and bad debt. An example of a good debt is a real estate investment. Often times, commercial property and houses go up in value and you can write off the interests as tax deductibles. Educational debt is also considered good debt. The typical student loan has a very low interest rate and is not required to be repaid until a student has graduated. These generally offer low interest rates and postponed repayment periods that do not occur until graduation has passed.
Make sure that your checking account is free. Credit unions, local community banks and online banks are all possible options.
One of the most sensible ways to pay down your debts fast is to target credit cards with the highest interest rates first. This saves you big money and will leave you with the smaller interest rates to deal with. Keep in mind that credit card rates should increase in the next few years; pay off your accounts as soon as you can.
While debt may eventually expire when it isn?t collected, it is advisable to get advice on repayment of old debts. Seek expert advice on the statute of limitations on debt. If a debt collector is trying to collect on an expired debt, don?t pay!
Swap out your old incandescent light bulbs with the highly-efficient new compact florescent lamps. They?re better for the environment, and will save you money on your electric bill. As an added bonus, your CFL bulbs will last longer than the average incandescent bulb. This will allow you to save money, as you will be replacing your light bulbs less frequently.
You can automatically have a set amount of money moved to your savings account via your checking account as often as you choose. This will force you to save money. This can also help tremendously if you need to save for a future event like a wedding, vacation or other event down the road.
You may not be happy with your current job, but remember that you are making some money and that is better than no income at all. Don?t quit your job until you have another one lined up.
Be mindful of when you ought to file your income taxes. This will allow you to get the refund that you earned as soon as possible. However if you owe the IRS money, it is best to file near the due date.
Thrifty shopping is not just for poor people now! Go to different thrift stores and you will see that many people are getting quality items at low prices. Make shopping a family activity: your children will love looking for items in these original stores! Try to arrive early so that you find the best selection.
By writing down a budget that keeps you from spending more than you earn, you can avoid piling up debts and unpaid bills. Remember the tips in this article, so that you can stay in the black and avoid calls from debt collectors.
To read more articles like this one, Go to the ?Personal Finance? Category
Source: http://loanstop20.com/2012/08/12/personal-finance-advice-that-will-make-sense/
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