• Excellent Personal Finance Goals Everyone Should Strive For

    Strive Quotes Quotesgram

    Strive Quotes QuotesgramStaying on top of your personal finances may be a hard thing for you to do. Preemptive actions and constant mindfullness of all that takes place in your financial realm can mean huge savings in the future. Although electronic resources make managing your finances easier than ever today, you should still have a thorough understanding of the basic principles involved.

    Stay on top of your personal finances by making concrete plans for your financial future. Having a concrete plan is effective as a motivational tool, because it gives you a specific reason to work harder or curtail other forms of spending.

    If you are currently paying for your checking account, it’s time to find a new one. Banks compete for your business, and so many offer free checking with amenities and services similar to those you used to have to pay for. Shop around and find one that won’t charge you on a monthly basis.

    If you don’t already have one, open an IRA. You can contribute catch-up funds anytime throughout the year to get your maximum interest. This is also tax deductible. So, if you need to find a few more ways to raise those deduction amounts, it’s better to pay yourself, than uncle Sam.

    Use Skype for overseas calls. You will find that it is not going to cost you much money and it is going to be much easier than messing around with calling cards. If that is not an option, use your cell phone rather than the hotel phone. You may have to pay more for minutes on your phone but you avoid being overcharged by the hotel.

    You should start a savings account for emergencies only. Most people aren’t in the habit of saving money and this is a great way to start a money saving habit. If you have a hard time saving money, have it direct deposited from your paycheck so you don’t have to do it yourself.

    When creating a budget, spread your expenses over each paycheck for the month. Add up your bills and divide by how many times you are paid each month. Through the year you will occasionally get an extra paycheck if you are paid weekly or bi-weekly. You can use this extra paycheck to pay for less frequent expenses, such as those that come yearly.

    If you are the type of person that likes to use a credit card, make sure you are using one that offers rewards. You can earn things like cash back or you can pick out items in a catalog. These can be great presents to give to people for birthdays or holidays.

    Read books about personal finance and make a point to do this consistently. Motivational books about personal finance keep you on your toes and help make you make great strides in this department. Dave Ramsey has some really great books out, and I definitely recommend his book “Financial Peace.” It is a great read!

    Pay off the debt you have and stop taking on new debt. It’s actually really simple, even though it may not feel like it at first. Debt is something that you will need to gradually reduce over time. When you make consistent payments, you will find that you are out of debt and financially stable in no time.

    Get a savings account with a higher yield. The idea is to be liquid and safe while receiving some interest. Chances are that you’ll get better rates from online banks, so start searching the web for the higher-yielding, FDIC-insured savings accounts. Bankrate.com may help. You will periodically transfer money from your emergency savings or checking into this account.

    Give you child a piggy bank. It is never too early to teach your young child about saving money. When you show a child how money can be earned and saved, he will retain this knowledge as he is growing up. This will steer him in the right direction in managing his own finances when he grows up.

    You have a much better chance to catch an overdraft prior to paying the fees if you keep records of where you are spending your money. By monitoring your finances yourself instead of just assuming your bank does it for you will make you feel much more safe and confident about your finances.

    Categories: Personal Finance

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