If you are not used to managing money because you have only recently become emancipated (e.g. you are a college student!) you may find yourself frittering your money away on entertainment and pizzas. Be more financially responsible than your peers; save money and manage finances appropriately instead of spending all your money on unnecessary things and going into debt.
Writing down the amount you spend each day can be helpful in understanding where you spend your money. If you do write it down then put it aside until the next day, you don’t always have to stare at it and may forget about it. Purchase a big whiteboard and place it in a visible spot. Write down everything you spend on that. This serves a more visible reminder and will help you to stay on track.
One way to improve your finances is to refuse to pay full price for anything. Don’t be a brand loyalist and use coupons whenever possible. As an example, if Tide has normally been your detergent of choice, but Gain has a $3 off coupon available, choose the money savings.
Use from two to four credit cards to gain a good credit score. Having just one card means slower accumulation of good credit, but having five or more cards can add unnecessary complexity to your finances. Consider starting with two credit cards, and slowly build your credit up with the addition of more cards.
If you or your spouse have less than perfect credit, the partner with the healthier credit score should apply for any loans you need. If you’re suffering from bad credit, building it can be done by getting a card that you can pay on time. Once you have both improved your credit scores, you can share the debt responsibility for future loans.
Stop using your credit card if you have a hard time paying it off. Try to lower your expenses as best as you can and look for other payment methods, so that you don’t max your credit cards out. Pay down the complete monthly balance before making future purchases with the card.
Spending money on dining out can help one to save money and gain control of their personal finances. Making your own meals is cheaper, as well healthier for you.
A sale at a grocery can be a good deal, but only if you get as much as you know you will be able to use. Buying large sizes, or in quantity or bulk, can be a good deal, but not if the item will go bad before you can use it. Make the most of the bargains without wasting your money.
Perhaps the most effective way to avoid jeopardizing your current financial situation is to avoid incurring credit card debt. It is important to consider every credit card charge very carefully before making a purchase. Be realistic and try to determine just how much time it will take for you to pay for these charges. Anything you know you cannot pay in full within a month should be avoided.
Your car is very important to your life. Comparison shopping with all of the different retailers available to you is the best way to make sure you get a good price on a car. Don’t forget to look on the Internet.
Some people spend $20 to $30 each week in lottery drawings hoping to ‘win it big.’ Instead, invest that same amount of money in a savings account. This will give you a guaranteed gain, rather than losing to an overwhelmingly risky game.
Don’t become so overwhelmed by debt that the mountain of unpaid bills grows higher by the month. Start with a budget plan. Keep these tips in mind to avoid debt collection calls.