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Its time to know what investment instruments are available to retail investors like you and me. Guest: EFREN CRUZ, RFP, Chairman & CEO, Personal Finance Advi…
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Getting Personal Finance Tips Can Really Be Valuable
Organizing your personal finances can be an important part of your life. You need to do all of your research so that you don’t wind up losing a ton of money or even losing out on expenses that you need to cover. There are some tips listed below to help you begin.
Cashing in your change can be one of the most beneficial things to do. This can allow you to put away extra money to earn interest for the future. Check under couch cushions, and in your pants to accumulate all of your change. Cash this in at the bank as soon as possible.
Signing up for direct deposits eliminates the hassle of making a special trip to the bank every payday. It also helps you to avoid lost or stolen paychecks and will reduce impulse purchases that are made between the time your check is cashed and the time that it is deposited into your account.
Budgeting is one of the most important things to do with personal finance. Write down everything you spend money on for one whole week or a pay cycle. This will force you to look at what you spend money on and perhaps reevaluate it. You can then see where you can cut back or spend more with.
To maximize the money in your wallet, try not to shop on an empty stomach. When you are hungry, you are more prone to an impulse purchase, given your higher levels of stress and anxiety. Additionally, you will usually spend money on fast food, which will add up over time.
If you plan to open a bank account think about what services you need from the account. Quite often banks charge fees for various services unless you keep a minimum balance. You will have to decide if keeping your money tied-up in a minimum balance is worth the extra services.
If you are lucky enough to have it as an option consider increasing your contributions, or starting an IRA or 401k. Many employers will even match however match you put in at three or four percent, so it’s like free money.
To really save yourself some money, pay for everything in cash. Cash does not bounce, and when it is in your wallet, you always know how much money you have. Save yourself trips to the ATM though, as fees can eat up your money. Instead, get cash back at stores.
Credit card debt is a major problem in United States. Nowhere else in the world experiences it to the extent we do. Keep yourself out of debt by only using your credit card when you have money in the bank to spend. Alternatively, get a debit card instead of a credit card.
Do some research about tax deductions. There are many different items you can deduct: Any expense related to your job or business, some medical expenses, expenses linked to education or the profit you made from selling a home, for instance. Keep track of your finances and make sure you save your receipts and bills to do your taxes properly.
You can save money by finding cheap activities for your kids. Many parents think that the only way to please their children is to take them to expensive places. This is just not necessary. Bring them to the library for storytelling or take them to the park and let them play ball.
Embrace frugal living by giving up smoking. This, of course, is not easy for many people. However, in addition to the money you save by not buying cigarettes, you will also save on health-related costs. Quitting smoking cuts down on your health insurance, life insurance and long-term medical expenses.
Keeping track of your finances is a vital part of knowing where you currently stand. Apply for paperless statements, which will allow you to view all of your debits, credits and miscellaneous transactions online. This is very convenient and can allow you to maximize the organization of all of your accounts.
Organizing your personal finances can be very rewarding, but it can also be a lot of work. Regardless if you know what to do and how to organize your finances smarter, you can have a better financial future. So, do yourself a favor by doing your research and applying the above tips to your personal finances.
Personal Finance Tips Anyone Can Use
Money seems to be a hard thing to keep track of. One minute it is there, then the next minute, it is gone into oblivion. While money tends to be as slippery as a wet bar of soap, there are ways to keep track of it rather well. When it comes to keeping track of your personal finances there are numerous helpful ways to do so. This article discusses the ins and outs of keeping track of your money and allowing your personal finances some stability.
Get a piggy bank and put a few dollars in it every week and forget about it. Make that your fun money. After a few months, use it to have a nice, fun night out. That way, you won’t feel guilty about having a night of entertainment because the money was already removed from your budget and accounted for.
Don’t just accept any savings account to hold your money. You need to find an account that will protect your funds against inflation. Ideally, you need a high-yield savings account. This will allow you get a better return on your money. Just check whether the rules regarding withdrawing from the account (if you need to have access to the money at short notice), and that there is no investment risk.
What is there in your daily habits that you could eliminate from spending? A latte, pack of cigarettes or bottle of wine? These expenses are small ways of taxing yourself out of saving. If you cut out this expense on a daily basis, and put the money in a savings account instead, you could be amazed at the total by years end.
Learn to live frugally as a way of life. Consider going with only one car for your family. Your car is probably the second most expensive item in your budget, after your home. This can be a short-term strategy to help you catch up on bills and build up your savings, or an ongoing lifestyle change.
Buy an automatic coffee machine and start it brewing before you leave for work in the morning. You can save money on coffee purchases on your way to work in the morning. These can add up at gourmet coffee shops that lure you in with fancy words. Take an insulated cup and some joe from home.
If you need to rebuild your credit, set up a secured credit card with your bank or other provider. You will need to make a “deposit” to draw against initially; however, after you have spent several months drawing against this amount and paying it back, you will be able to qualify for a credit card again.
A great way to keep on top of your personal finance, is to set up a direct debit to be taken out of your paycheck each month. This means you’ll save without having to make the effort of putting money aside and you will be used to a slightly lower monthly budget. You won’t face the difficult choice of whether to spend the money in your account or save it.
Never cosign on a loan for a friend or family member unless you are willing and able to pay it in full. Even the best intentions could lead to financial ruin if something happens, and your loved one cannot pay up. This could not only strain your finances, but your relationship.
Many people think that unreasonable fees and minimum balances are a normal part of banking, but that is not the case. Most banks actually offer free checking accounts, and some offer accounts that become free if you use a debit card regularly or sign up for direct deposits. Avoiding those pesky fees will help you save money.
Cable TV is considered a necessity by many families, but it really is an optional expense, and usually comes at a high monthly cost. Over-the-air TV is free and you can get it in high-definition. Other options for movies include, subscriptions like Netflix, websites like Hulu, renting from Amazon, or wireless set-top boxes like Roku or Apple TV. Chosen judiciously, these options could save money over cable.
As we have discovered, money is not easy to keep in grasp. It seems as soon as we have money, we do not have it long. However, with the aforementioned money saving tips in this article, your money will not escape your account unnoticed. Personal finance will be a subject of ease once you apply these tips to your budget!
Personal Finance Advice That Should Not Be Missed
Finances are something that every adult deals with. Every part of your day requires that you make any number of financial decisions, so it is important that you get a handle on your finances as soon as you can. Here are some great personal finance tips to keep you going in a positive direction.
When you have the desire to spend money on something you hadn’t budgeted for, redirect the money into your savings account instead. When you’re tempted in a store to buy something you don’t really need, think about how much better it would be to use that money to pay down your debt. At the first chance you get, add the money you were about to splurge with, into your savings account.
One smart way to save money is to remember that you don’t need a brand-new car. Cars depreciate very quickly, and a used auto that’s just a few years old will cost you much less than a new one. Make sure you do your research and verify the reliability of a used car before you buy it, though.
There are a lot of things that we have become accustomed to having that are not necessary. When budgets get tight, these are the first things that need to go. Your high definition sports package, while entertaining, is not necessary for your survival. Trim the fat from your spending and reap the benefits of saving instead.
Have a plan for dealing with collection agencies and follow it. Do not engage in a war of words with a collection agent. Simply ask them to send you written information regarding your bill and you will research it and get back to them. Research the statue of limitations in your state for collections. You may be getting pushed to pay something you are no longer liable for.
When writing checks or using your debit card, always write down your purchase in your check ledger. You don’t have to do your subtracting at the very moment you make the purchase, but do make note of it. Calculate your expenses at least once a day. In this way, you will never be overdrawn.
Give money to charities. In most cases, you should be able to claim the full amount that you donated, on your taxes. Make sure that you donate your money to a charity that is recognized by the IRS. Give to charities early in the tax year because this is when non-profit organizations need money the most.
Monitor your accounts for signs of identity theft. Purchases you don’t remember making or credit cards showing up that you don’t remember signing up for, could all be signs that someone is using your information. If there is any suspicious activity, make sure to report it to your bank for investigation.
Use these tips as ways to keep your finances in order, and slowly you’ll start to find your financial situation improve. Once you have your finances under control, you’ll find that your life starts to improve as well. Make a financial plan, stick to it, and watch how your life begins to unfold in a fresh, new way.
Jack Kosakowski , Junior Achievement Discusses Teens & Personal Finance Survey
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Survey Reveals a Gender Divide in the Ways that Boys and Girls Manage their Money and Plan for College; Experts Offer Tips on How to Make Your Teen Financial…