Most people don’t like thinking about their finances. If you know what to do, however, thinking about how to improve your finances can be exciting and even, fun! Learn some simple tips for financial management, so that you can improve your finances and enjoy yourself while you do it.
Check your financial assets for a down payment source. You may be able to cash out certain investment accounts and use the money without penalty, if it is for a primary residence. You may also be able to borrow against certain assets, giving you the money you need. Check with your investment professional for options.
When you go to the bank or a mortgage broker and you get pre-approved for a loan you should subtract 20 percent off of the amount that they are offering to lend you and only take that amount. This will keep you safe from any unexpected financial situations that may come up.
Instead of only using card that is about to be maxed out you can use two or so credit cards. When you’re paying towards two separate payments, your interest payments won’t be as high as they would if you were paying off a credit card that’s been maxed out. This also won’t harm your credit score much, and it could help you improve it if those cards are used wisely.
When you make note of expenses in your check ledger, always round up your numbers to the next dollar. When you make a deposit, round down. In this way, you will build a little padding into your checking account to help you avoid overdrafts. When your “slush fund” has built up enough to help you eliminate monthly fees, continue deducting them anyway. They will be set aside in your checking account and will add to your savings.
If you are trying to cut back on how much money you spend each month, limit the amount of meats in your diet. Meats are generally going to be more expensive than vegetables, which can run up your budget over time. Instead, purchase salads or vegetables to maximize your health and size of your wallet.
If you see something on your credit report that is inaccurate, immediately write a letter to the credit bureau. Writing a letter forces the bureau to investigate your claim. The agency who put the negative item on your report must respond within thirty days. If the item is truly incorrect, writing a letter is often the easiest way to have it removed.
Offering one’s services as a cat groomer and nail clipper can be a good choice for those who already have the means to do so. Many people especially those who have just purchased a cat or kitten do not have nail clippers or the abilities to groom their pet. An individuals personal finances can benefit from something they already have.
If money is tight it might be time to stop driving altogether. The cost of car ownership is extreme. With a car payment, insurance, gas, and maintenance, you can easily spend five hundred a month on your transportation! A perfect alternative to this would be the city bus. A monthly pass usually costs around a dollar a day. That’s over four hundred seventy dollars of savings!
Avoid ATM fees by using the ATM of your bank. If you go to a different bank’s ATM, you may be charge an large fee.
As you can see, finances don’t have to be boring or frustrating. You can enjoy dealing with finances now that you know what you are doing. Choose your favorite tips from the ones you just read, so that you can begin improving your finances. Don’t forget to get excited about what you’re saving!