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All financial decisions and activities of an individual, this could include budgeting, insurance, savings, investing, debt servicing, mortgages and more. Financial planning generally involves analyzing your current financial position and predicting short-term and long-term needs.

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									Help for Managing Your Personal Finances

Many people have trouble managing their personal finances in our current economy. There are countless culprits
that can endanger your financial health, including credit card debt, spending beyond your means and not
keeping track of where your money is going. However, in spite of these dangers, it is still possible to
keep and even prosper in a financially injured society. Read on for some tips that will help you to
heal finances.

The number one way to get your finances under control is to create a budget. For one month, track your
spending, either on paper or a computer spreadsheet. Don't leave anything out, even down to the last pack of
gum! After a month, you will be able to see where your money is disappearing to, and begin to make some
changes. Look for areas where you can cut back on, or eliminate, over-spending. Then, create a budget based on
what bills you have to pay and what you really need to survive, such as groceries, medication and gasoline.
Stick to your budget faithfully, and you will be surprised at how much you can save.

Try to use cash or a debit card whenever you can. This way, you can only spend what you have available instead
of piling up credit card debt. Using credit cards can put you in debt for a lifetime and cost you a fortune
interest. Keep only one credit card, and pay it off each month for credit score purposes. Any potential lender
will want to see that you have been able to manage credit successfully.

Always make a shopping list, and stick to it. Many people fail at grocery shopping because they give in
impulse buying. Make menus and purchase only what you need. A great way to save on groceries is to join the
current coupon craze. You can save anywhere from ten to hundreds of dollars per month, just by clipping

Be sure to balance your checking account each month. Skipping this important task can set you up for disaster.
If you don't know exactly how much money you have available, it is easy to rack up hundreds of dollars worth
of overdraft fees just by bouncing one check. It can also help to implement an overdraft protection plan
cover yourself if you do slip up.

Limit or eliminate unneeded spending. You can save a lot of money by ignoring the impulse to purchase things
like fast food, expensive coffee drinks and restaurant lunches at work. You can even over-spend by buying
extra clothes or items that are on sale, thinking you are saving money. Remember, only buy what you need.

Anyone who wishes to have a healthy financial life should consider opening a savings account. Even if you can
only contribute 25.00 per month, you will soon have a good emergency fund in case of setbacks, such as
unexpected car repairs or medical bills. The peace of mind that saving money offers is well worth the effort!
As you can see, budgeting and saving may be difficult, but both are vital to your financial health. So,
stop paycheck to paycheck, and opt for successfully managing your finances. You will never regret it!

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