In today’s difficult economic times, everyone is looking for ways to improve their personal financial situation. The key to successfully managing your personal finances is knowledge. This article is jam-packed with tips and advice that, if applied correctly, will help you to get a handle on your personal finances and upgrade your life.
If you have a spouse, then see who has the better credit and use that to apply for loans.
You can improve bad credit by regularly paying down credit card debt on time. When you and your spouse both have high credit, it will be possible to get two loans so the debt is distributed.
Don’t assume you need to buy a used car. The demand for a good, low mileage used cars has gone up in recent years. This means that the cost of these cars makes it hard to find a good deal. Used cars also carry higher interest rates. So take a look at the long term cost, compared to an entry-level new car. It might be a smarter financial option.
You and your children should consider public schools for college over private universities. There are many highly prestigious state schools that will cost you a fraction of what you would pay at a private school. Also, consider attending community college for your AA degree for a more affordable education.
Find out what your credit score is. It will cost you money to get your credit score from the big three agencies but the knowledge is invaluable.
Knowing your credit score will save you money in buying a car, refinancing your home, even buying life insurance. Make sure to get a new one on a yearly basis to stay up to date.
If you want to save money, then look hard at your current spending patterns. It is easy to theoretically “wish” you could save money, but actually doing it requires some self-discipline and a little detective work. For one month, write down all of your expenses in a notebook. Commit to writing down everything, such as, morning coffee, taxi fare or pizza delivery for the kids. The more accurate and specific you are, then the better understanding you will get for where your money is really going. Knowledge is power! Scrutinize your log at the end of the month to find the areas you can cut back on and bank the savings. Small changes add up to big dollars over time, but you have to make the effort.
Car maintenance is essential in keeping your costs low during the year.
Make sure that you keep your tires inflated at all times to maintain the proper control. Running a car on flat tires can increase your chance for an accident, putting you at high risk for losing a lot of money.
Unless it’s an actual emergency, stay away from the ER. Make sure and locate urgent care centers in your area that you can go to for after-hours issues. An ER visit co-pay is usually double the cost of going to your doctor or to an urgent care clinic. Avoid the higher cost but in a true emergency head straight to the ER.
Make sure you keep track of what you are spending. This will allow you to see exactly what you are spending your money on, and you will be able to see places where you can easily save some money. For example, instead of buying a $5.00 coffee, you can just make coffee and buy a travel mug.
Be willing to shop around at banks. One bank might have a better interest rate, another credit union might have free checking that works out better for you. Don’t be afraid to have multiple accounts to take advantage of all the promotional offers that you are eligible for. But look around.
Pack your lunch for work! You can save so much money if you just plan ahead the night before and take the time to pack yourself something to eat instead of paying restaurant prices for lunch at work. You can splurge a few times a month and go out to eat with some coworkers!
A great personal finance tip that can save you money is to splurge and treat yourself when you’ve reached your savings goal. Rewarding yourself like this can keep you happy and it can help you save more money in the future because you’ll be looking forward to rewarding yourself.
As it was mentioned at the top of this article, as far as the economy goes, things are not looking particularly great right now. Many people in this country are going through financial difficulties. By studying the knowledge and information contained in this article, and applying it to your situation, you can improve your personal finances.
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