If you have just become an independent person, or if you are a college student, it is tempting to take all your money and spend it at the club or out to eat. Do the right thing and escape debt by properly managing your finances.
It is important that you establish some structure to ensure the security of your financial future. The use of a plan will provide motivation, as well a logical reason to put money in certain places, rather than following your impulses at random times.
Replace all of your old light bulbs with new, efficient CFL bulbs. This will help you save the environment money on your electric bill. CFLs also last longer than traditional light bulbs. The need to purchase fewer bulbs will save you money.
If your company offers a flexible spending account be sure to put it to use. If you have medical bills or daycare bills a flexible account can help save you money. Having these accounts will help you build a savings of pretax dollars to pay for these expenses. However, as there are tricks to using this type of account, it is best to seek clarification from an accountant before entering into one.
The balance you have on your credit cards make a big difference in your credit score. The more you owe, the worse your score will become. As you start to reduce your balance, your score will rise. Try to keep the balance at 20% or less than the maximum credit allowed.
To get rid of your debts quickly, pay off all of your credit cards as soon as possible. Although it may see sen sible to make even payments on all your debts, the savings over the long term is greater when you target the high interest card first. Long term strategy is important, and you want to preserve your low interest accounts for future use.
Consider applying for an overdraft program at your back if your monthly paycheck sometimes comes up just a little short at the end of the month. Yes, it is a few extra dollars every month, but just one unprotected overdraw can cost you $20 or more in fees each time that it happens.
Don’t become overwhelmed by debt. Avoid having unpaid bills and create a shopping list that fits within a good budget to help improve your monthly expenditures. Use the information in this article wisely and you can stay out of debt forever.
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