Tuesday, May 15th, 2012 at 10:34 pm ?
The best way to accumulate money and saving is to make a budget for less money than you earn, and stick to it. Consumers who spend all or more money than they make tend to borrow to get the money back. This means that they will never build any wealth because they spend it before they even have it. It?s simple?spend less than you make.
Try to avoid debt whenever possible to have better personal finance. Granted, there are certain debts that are necessary. However, there is rarely suitable justification for using a credit card to make daily purchases. You won?t have to dedicate as much of your funds to paying interest and fees if you borrow less.
Do not sell if it is not the right time for you. If you own stocks that are earning fair sums of money, leave them be. You can look at your stocks that are not doing so good, and figure out if you wish to move those around.
Pay the utility bills for your home on time each and every month. Paying bills late will destroy your credit. Also, other places could charge you with late fees that could cost you a lot of money. It is not worth having a headache because you had to pay late; always pay on time
When making small purchases. always use a debit card or cash. A credit card should not be your only method of payment. Many credit companies and vendors are setting minimum purchase amounts, so you should always keep your debit card and some cash with you just in case.
Eliminate credit card debt if you are able to. Regardless of the amount that you owe, you are still giving up money that you could be using for other things. You could be using that money for other things. If you can afford to, try fully paying off credit cards monthly.
Do not take on any debt and pay off what you have. It?s easy to be tempted, but keep the bigger goal in mind. Debt is something that you will need to gradually reduce over time. If you word at this diligently, you will eventually find yourself debt-free and able to enjoy financial freedom!
Create a budget and maintain it. While you might believe that your spending is under control, you may find that you are outspending your means. Write down everything you spend, even if you only spend a few pennies or dollars on a purchase. Analyze your entire financial situation at the close of each month. This helps you see what needs to be cut.
By now, you are more informed about what it takes to manage your finances responsibly. You now have an idea of how to avoid the potential pitfalls and how to work your way through the difficult times. The time has come to seriously identify the path forward towards financial stability. It takes hard work, self-control and intelligent spending. Use what you know now to get started towards financial stability and abundance.
This article posted by Tom Morgan
Tagged with: card ? credit ? debt ? money
Filed under: Finance Tips
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