Managing your money does not require a degree in finance. With just a moderate amount of logical thinking and some smart money management ideas, you can simultaneously stay within budget and add to your wealth.
To maintain control of your money, avoid incurring debt at all costs. While some debt is inescapable, such as mortgages and education loans, you should work hard to avoid toxic debt like credit cards. The less you have to borrow, the less hard-earned money you will lose to interest and fees.
If your debt has been turned over to a collection agency, keep in mind that if the debt is not collected, it will eventually expire. Talk to a professional about the timeline for your debt to expire. Know these deadlines and never pay out to collection agencies that attempt to collect expired debt.
Make some extra money by having a yard sale. You can even sell items for neighbors on consignment. Using creativity, the possibilities are endless when it comes to garage sales.
Switch out your old incandescent bulbs in favor of new, energy-efficient bulbs. This will help you save the environment money on your electric bill. The lifespan of CFL bulbs is much longer than the traditional bulbs. You will end up purchasing fewer bulbs and therefore saving money.
Everytime you receive a check, always save some money. You will never have any money left for savings if you choose to wait to see what is left on the last day of the month. If you know that the money isn’t available, it will help you create a budget, and will curb the temptation to spend.
Frequent Flier
A program you can enroll into if you’re traveling by air a lot is a frequent flier mile program. A number of credit cards feature rewards programs that allow you to cash in your points or other rewards for discounted, or even free, plane tickets. You can use frequent flier miles at hotels for discounts, or even free stays.
Avoid disaster by saving money for emergencies before those emergencies happen. Another incentive of saving money is that you can put away for a special gift for yourself, like a trip.
As this article has shown, you have the capability of raising your net worth, living within your means, and achieving a healthy and enjoyable financial state. By using these financial tips and your heap, you can make a budget, save money, reduce debt and control your money.
