It is not necessary to become a financial wiz to take control of your own personal finances. 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.
With this recession, having multiple spending avenues makes sense. Spread that money to different accounts such as checking, savings, stocks, gold and other high-interest bearing accounts. Using a variety of strategies will help you protect the money you have.
If collection agencies are constantly contacting you about your unpaid debts, it is important for you to know that debts eventually expire if they remain unpaid for a specified period of time. Talk to an expert about your collection debt, and don’t pay anything until you are sure that it is yours.
Debt Collector
If you are being contacted by a debt collector, try to negotiate. The debt collector company has bought your debt and will work with you to get at least some of your payment. You could end up only paying a fraction of your debt. Making a reduced payoff is a good way to put old debts to rest.
Get rid of unwanted items and make a little money by having a yard or garage sale. If you want, you can also charge your neighbors a fee to sell their stuff at your sale as well. A person can be as imaginative as possible when holding a garage sale.
Taking advantage of a sale is not a wise move if it causes you to buy a product or quantity that you do not plan to use. It makes good sense to stock up on things that you use the most, but you shouldn’t buy more than you can eat if it will expire before you can use it. So, to get the best deal when stocking up, be realistic and only buy as much as you can actually use.
Get a checking account that is free. You can find great options with online banks, credit unions and community banks.
Credit Card
If you want to avoid ruining your finances with credit card debt, the best method is to just avoid using them. Don’t take using your credit card lightly. You will want to think carefully before you charge anything. Think about the length of time it will take you to pay it off. Make sure you do not put any charges on your credit card that you are not able to pay off by the next statement’s closing date.
If you want to manage your finances better, you can do it. Just take these tips to heart and put them to use to build your skills to budget, pay off debt and save for a rainy day.
There are tremendous opportunities for small businesses and social entrepreneurs to support their communities through community foundations, donor advised funds and other means of giving back. Find the neighborhoods in Pittsburgh, Pennsylvania where you can make the most impact on the health of the community.
