10 Personal Finance Tips For Money Management


Many individuals appear to believe that if they ignore their financial problems that they will just go away on their own. However, that doesn’t solve the problem at all. In this guide, we are going to provide you with many useful personal finance tips for how to take charge of your finances. Start to understand how you can get your finances under control today!

  1. Skip The Extended Warranty – One way you can save money is to avoid paying extra for extended warranties. Usually expensive products have a limited warranty that comes with them to cover the item for 90 days all the way up to one year. So spending extra money on an extended warranty is not necessary.
  2. Managed Sensibly, Two Credit Cards Are Better Than One – Another tip to help you save money is instead of trying to use a credit card that is almost maxed out, trying using two credit cards instead. The interest rate will be a lot lower on the credit card payments than it would be trying to pay off the balance on a credit card that is maxed out. Another benefit to this method is that your credit score won’t be damaged as much. It may even help build your credit if you are able to manage the two credit cards wisely.
  3. Negotiate With Collection Agents – When collections agents ask for money, try negotiating with them. Most likely they purchased your debt for a lower price from the original lender. Therefore, they will still probably make a profit even if you only pay a small portion of your original debt. Use this method to get rid of debt for a lot less money.
  4. Hold A Garage Sale – Another good way to earn some extra money is to hold a garage or yard sale every once in a while to get rid of unwanted items. You could also sell items for your neighbors and charge a small fee to earn even more money. It isn’t hard at all to find creative ways to hold a successful garage sale.
  5. Shun Student Loans – Only take out a student loan if you really need it. Otherwise it could come back and haunt you later down the road. Enrolling in a private school and having uncertainty about your future could leave you in debt for quite some time. Therefore, think long and hard before you do something like this.
  6. Don’t Abuse The Plastic – The best way to keep your personal finances under control is to use your credit cards wisely and be fiscally responsible. Before purchasing anything on your credit card, think about it first. If the item isn’t a necessity and you won’t be able to pay the balance when you get the bill, don’t charge it.
  7. Take Advantage Of Alert Services – If you conduct your personal finances and banking online, pay attention to the alert services offered by your bank. Many banks will send you a notification when changes have been made to your account. This is usually done through email or text messages. Sign up to receive warnings for unusual withdrawals to catch attempted fraud within minutes along with low balance alerts to help prevent overdrafts.
  8. Pay On Time – Make sure to pay all utility bills on time. Missed or late payments can damage your credit score. A late fee might also be charged, which ends up costing you more money. It isn’t worth the added stress or extra fees to make late payments. So whenever you can, pay your bills on time.
  9. Save A Little – Every day, do your best to save some money, even if it is just a small amount. Instead of always buying items at the same grocery store every week, see if you can find cheaper alternatives. Also, stay open to buying food that is on sale.
  10. Nix The ATM Fees – Just use your own bank’s ATM to avoid having to pay ATM fees. Many banks will charge you a fee if you use their ATM and don’t have an account with them. You might also get charged by your bank for using other ATMs other than theirs.

Getting good financial advice that is right for your situation and then applying these personal finance tips can help you be more prepared than you were previously. Just take things one step at a time to improve your finances and eliminate much of the financial stress in your life.

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