About Personal Finance
Whether You Want To Buy A House Or Have A Baby, You Need To Know Certain Things About Personal Finances.
If you have just become an independent person, or if you are a college student, it is tempting to take all your money and spend it at the club or out to eat. Instead of doing this, do the finanically responsible thing and manage your finances to avoid debt.
With this recession, having multiple spending avenues makes sense. Keep some of your money in your savings account and some in your checking account. Invest some in gold, stocks and even in high-interest accounts. Use a combination of several of these approaches to limit your financial vulnerability.
Expensive products usually come with a limited warranty that covers them for 90 days to a year. Businesses makes a killing on extended warranties, and they don’t provide good value.
Always be aware of the best time to file your tax return. If you file for your refund with the IRS early, you will receive your money much quicker. If you owe the IRS money, file as close to April 15th as possible.
If you desire a favorable credit score, use two, three or four credit cards. Having just one card will make it longer for you to get a better credit score, while five or more cards can make it harder to deal with finances. It’s a good idea to begin with two credit cards and only get more cards if you truly need them.
Swap out your old incandescent light bulbs with the highly-efficient new compact florescent lamps. This will lower the cost of your electricity bill, and also help out the environment. Compact florescent bulbs last a lot longer than their predecessor. You will also save a lot more money because you have to buy fewer bulbs over time.
One way to improve one’s personal finances is to cut back on expensive restaurant trips and, in fact, to avoid all sorts of ready-made meals. You will save a lot of money if you just stay in and eat at home.
Change over to a checking account that is free. Local banks, credit unions, and online banks are all likely to have free checking offers.
Credit cards can be a good alternative to a debit card. Credit cards can be used for things such as groceries and gas. Some credit card companies even offer you the chance to earn rewards that can be used for cash back.
If you want to apply for a credit card, but are under 21, understand that rules have changed lately. In past years, any college student could get a credit card. Today you need to have someone co-sign on your account unless you have a verified income. Research the requirements for a specific card before applying.
Make sure to pay utility bills by their due date each month. Paying them late can damage your credit rating. Also, most utility companies charge a late fee. Late payments are not worth the additional fees and stress, so pay bill in a timely manner whenever possible.
Make a budget and stick to it every month to get your bills caught up and paid. This article will help you in your money management endeavors.