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Angelo Mantzios from Sunlife Financial joins us in-studio to discuss some tips for Canadians to consider when making New Year’s resolutions about their finan…
Life Leadership Lite: Day 1 Personal Finances
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http://www.lifeleadership.co.uk Life Leadership Lite Day 1 Personal Finances Welcome to our first daily life coaching tip. There are 70 free life coaching ti…
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Want To Improve Your Personal Finances Follow These Suggestions
Personal finance can sometimes get out of control. If you are in a bad situation with credit or debts, following the advice and tips below can help you get back on a path of secured financial responsibility. Use the advice and apply it in your life today to avoid the pressures that financial stress can bring.
Before purchasing a car, build up a strong down payment amount. Save money everywhere you can for a while in order to be able to put a significant amount of money down when you purchase. Having a large down payment will help with your monthly payments and it may make it easier to get better interest rates even with bad credit.
Stick to your budget. Make a budget for each item you need to work on, and make sure you stay within it. Borrowing between budgets is okay as long as you are willing to spend less on the other item. Keeping yourself strict will allow you to be confident in your finances, and not overspend on something you would not necessarily need in the future.
Keep in mind that a college graduate will earn more throughout their lifetime on average than a high school graduate. Invest in your education so that you can invest in your future earnings potentials. If you are already in the workforce consider attending an online school to obtain your degree.
If you are thinking about getting a mortgage, compare interest rates as well as other expenses. For instance, you can pay discount points for your mortgage payments to become cheaper over time. Take in consideration how long you will live in your house to find the best type of mortgage.
Filing bankruptcy should be your last resort when dealing with personal financial issues that have gone out of whack. First look into other things like debt consolidation before you attempt to throw your hands in the air and give up on paying altogether. Honor your commitments unless you absolutely cannot.
When buying a car, choose a used car. The first 10,000 miles on a car are the most expensive. Let someone else drive the car off the lot and then you can take advantage of the price drop when you go to buy the car. The car’s value will not have gone down much, but the price will when buying used.
Figure out what meals you are going to cook for the week. Make a list of the ingredients that you need. Bring your list with you when you shop, and check things off as you go. This will help ensure that you do not deviate from your plan, and buy too many “extras” that will break your budget.
Create a budget each month for any necessities, making sure to prioritize things like bills for rent or electricity. After that, pay back any personal debt so your friends or family won’t feel like you are taking their help for granted. Always pay back debts that you have a timeframe to pay.
Never co-sign a loan for anyone!!! No matter how much you think you can trust them, if the debt is not something you are willing to pay off, just don’t do it. If you do, and they don’t pay, the debt will be your responsibility, and you will have to fork up the money.
Unless you have no other choice, do not accept grace periods from your credit card company. It seems like a great idea, but the problem is you get used to not paying your card. Paying your bills on time has to become a habit, and it’s not a habit you want to get away from.
Instead of paying full-price for new release books, CD’s and DVD’s, consider applying for a library card at your local public library. You can return these items after you are finished and will pay next to nothing to do so. Libraries are also a great source of free entertainment for families with young children.
As you can see, these tips are easy to start and highly applicable for anyone. Learning how to control your personal finances can make or break you, in this economy. Well-off or not, you need to follow practical advice, so you can enjoy life without worrying about your personal finance situation all the time.
★ Personal Consumer Loan Story: “I Got Control Over My Finances and My Life”
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http://www.AssociationForInstallmentLending.org The Foundation for Safe and Responsible Lending Consumer installment loans, long considered the foundation fo…
Great Advice For People Looking To Manage Their Finances
You are considering a program of personal finance. What are your long-term and short-term goals? Are you planning for retirement or just for a nice vacation next summer? Once your goal is clear, you have to get very practical. How much money is coming in? What are the risks and rewards of a given plan?
When you are graduating from college make sure that you contact your student loan providers to make sure you know what your financial obligations are in relation to paying your debt. Work them into your budget every month and do what you can do pay down your student loan debt when you can.
If you are behind, as many are, when it comes to saving for retirement, get in gear and start catching up. Adding a little extra than you normally would to your retirement plan, can catch you up faster than you think it will. Especially, if it concerns your 401k, because your employer will match a certain percentage of your contribution.
If you’re trying to improve your personal budget, one easy way to get yourself in the mindset is to get your paycheck put directly into a savings account rather than checking or cash. This will help get you in the habit of saving money and not thinking of it all as disposable income.
Make paying down high interest credit card debt a priority. Pay more money on your high interest credit cards every month than you do on something that does not have as big of an interest rate. This will ensure that your principal debt does not grow into something that you will never be able to pay.
Don’t apply for credit that you have no chance of getting. Every inquiry into your credit history that is authorized by you can affect your credit score. If you are applying for what is considered too much credit, your score can be lowered and this could prevent you from getting credit that you would have otherwise qualified for.
Write your budget down if you want to stick to it. There is something very concrete about writing something down. It makes your income versus spending very real and helps you to see the benefits of saving money. Evaluate your budget monthly to make sure it’s working for you and that you really are sticking to it.
Loaning money to friends and family is something that you should not consider. When you loan money to someone that you are close to emotionally, you will be in a tough position when it is time to collect, especially if they do not have the money, due to financial issues.
If you want the best finances that last you should work to pay down on your credit lines quickly. Unless the credit has a prepayment penalty you should always pay down anything that has interest as quickly as you can. Depending on how much credit you have out, your interest rates and other factors, you can save hundreds, or even thousands of dollars.
House sitting can be a valuable service to offer as a way for a person to increase their own personal finances. People will be willing to pay for someone they could trust to look over their belongings while they’re gone. However one must maintain their trustworthiness if they wish to be hired.
Many people opt for 15-year mortgages to get their homes paid off more quickly. This sometimes puts them in a stressful situation if the payments are too high. Instead, try paying one extra mortgage payment per year. This easy trick can shave several years off your mortgage, and you will barely notice the extra yearly payment!
Be frugal with your personal finance. While having a brand new car sounds tempting, as soon as you drive it off the lot it loses a huge amount of value. Often times you can get a used car in good if not better condition for a much lower price. You will save big and still have a great car.
After reading these tips you have probably already sketched out a plan in your mind for achieving your goal. If that goal is a trip to the French Alps next summer, you will have checked out airfares and hotels. Whatever the goal, practical planning now will enable you to achieve it.