What type of relationship do you have with your money? If you’re like most people, you have a love-hate relationship. Your money is never there when you need it, and you probably hate that you depend so much on it. Don’t continue to have an abusive relationship with your money and instead, learn what to do to ensure that your money works for you, instead of the other way around!
If you are in doubt with what you should do, or do not have all of the information necessary to make a logical decision, stay out of the market. Refraining from entering into a trade that would have plummeted is much better than taking a high risk. Money saved is money earned.
Going out to eat is one of the costliest budget busting blunders many people make. At a cost of roughly eight to ten dollars per meal it is nearly four times more expensive than preparing a meal for yourself at home. As such one of the easiest ways to save money is to stop eating out.
A great way to gain more control over your personal finances is to convert from card to cash for small items, like when buying coffee or snacks, and set a weekly limit. This’ll mean you pay much closer attention to how much you’re spending on what might seem like small items, but in fact are expenses which add up really fast.
Your credit score might even go down as you work to increase it. It can happen and does not necessarily indicate that you are doing something wrong. Keep adding good information to your credit report and you will see your score go up over time.
Buying used can save you a lot of cash. Cars for example, lose up to 20% of their purchase price, just by signing on the dotted line and driving off the lot in it. Let someone else pay for that depreciation by purchasing a car that is a couple of years old. You will still have a low mileage warrantied car, but without the hit to your equity.
If you are having trouble managing all of your bills because they are coming due at the same time, you may be able to rearrange your due-dates to make things easier for you. Contact your credit card company or utility company and ask them if you can change your due-date so you have more time between each bill.
Set up an automatic overdraft payment to your checking account from a savings account or line of credit. Many credit unions and banks do not charge for this service, but even if it costs a little it still beats bouncing a check or having an electronic payment returned if you lose track of your balance.
Take advantage of student or senior discounts wherever you can. Certain stores offer the discounts every day, while others limit them to specific days of the week or one day per month. It does take a little work to find out the details of the discounts, but if you can save on the things you would buy anyway it is worth the effort.
Never take out cash advances from your credit card. Not only will you immediately have to start paying interest on the amount, but you will also miss out on the standard grace period for repayment. Furthermore, you will pay steeply increased interest rates as well, making it an option that should only be used in desperate times.
After reading this article, your attitude towards your money should be much improved. By changing some of the ways you behave financially, you can completely change your situation. Instead of wondering where your money goes after each paycheck, you should know exactly where it is, because YOU put it there.