When you are in college or on your own for the first time, it is easy to blow money on going out or partying. Rather than behaving in this manner, make smart financial choices and organize your life so as to steer clear of debt.
You can improve your finances dramatically by taking advantage of available discounts. It is not prudent to restrict your purchases to certain brands unless those brands are truly better. When you do buy brand name items, look for manufacturers’ coupons and use them! For example, if you normally buy one detergent but one has a $3 coupon, buy the one with the coupon.
Debt should be your last resort, because debt can lead to poor personal finances. Don’t let your credit cards tempt you into a mountain of debt. Loans and credit cards charge interest and fees; therefore, it is important to try not to borrow unless it is absolutely necessary.
A good credit rating will earn you a lower interest rate on large purchases, such as a home or new car. Paying the interest on these things often eats up a lot of money each month. You can pay them off faster if you add an extra payment or put any of your tax refund toward it.
Try to hold a garage sale, where you can sell all of your unwanted goods for additional cash. Your neighbors may even let you sell items for them. Using creativity, the possibilities are endless when it comes to garage sales.
Swap out your old incandescent light bulbs with the highly-efficient new compact florescent lamps. Your new CFL bulbs will significantly reduce both your carbon footprint and your energy bill. CFL bulbs have the added benefit of lasting a much longer time than traditional bulbs. This will allow you to save money, as you will be replacing your light bulbs less frequently.
By writing down a budget that keeps you from spending more than you earn, you can avoid piling up debts and unpaid bills. Use the information in this article wisely and you can stay out of debt forever.