You don’t need to be a money whiz to get your financial life under control. Using a little common sense and some great money management tips, you will be able to live within your financial means and increase your wealth at the same time.
To improve your personal finances, stop paying the retail price on your purchases. You might want to change from the usual brands you buy and only get them when you have a money off coupon. If you’re used to buying one kind of detergent but now you have a coupon that saves money on a different brand, go with this other product.
When you are out and about, bring an envelope with you. Use an envelope to put all of your cards and receipts in. Keep this information available as a record that you might need at a later date. It is always a wise idea to compare your receipts to the bills that you receive to rule out any errors or overcharges.
Purchasing bulk orders of lean protein meats can save you both time and money. Buying product in bulk is usually much cheaper if you actually use what you purchase. A lot of time can be saved by cooking a week’s worth of meals all at once.
Usually, if a product has faults, you will notice it within 90s, which is the length of most warranties. Extended warranties can end up costing you more money in the long run.
You can’t repair your credit without getting out of debt! You’ll need to cut back your spending so that you can completely pay back all your debts. Consider cooking your own food or limit hanging out on weekends. Make a serious commitment to credit repair by saving as much money as you can, and keeping food costs and discretionary spending down will help immensely.
Sign up for online banking alert services that may be offered by your bank. You can have alerts set up to notify you through an email or text when changes happen in your account. This type of alerts will stop you from overdrawing your account and you will be informed right away in case of fraud.
Credit Card
If you want to apply for a credit card, but are under 21, understand that rules have changed lately. In the past, it was easy for college students to get credit cards. Your income has to be verifiable, or perhaps you will need a cosigner. Always research the requirements and the fine print when considering a credit card.
Open a flexible spending account and use it. Using the flexible spending account to pay down medical bills or daycare can actually help you save money in the long run. These accounts allow you to put a certain amount of pretax dollars aside to pay for such expenses. Speak with a tax pro to see what kind of conditions are involved.
As has been shown in this article, it is quite possible for someone to live comfortably, increase their wealth and have healthy finances. You have to come up with a plan to reduce debt and save money by coming up with a budget.
