Stop Struggling With Your Personal Finances. Use These Tips!

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Stop Struggling With Your Personal Finances. Use These Tips! Powered By Docstoc
					Stop Struggling With Your Personal
Finances. Use These Tips!

                                              Sometimes, it's hard to figure out just where all your
                                              money goes. Little purchases can add up fast, and if
                                              you're already in bad financial shape, they can take
                                              your situation from bad to worse. That's why it's
                                              important to develop good personal finance habits.
                                              Keep reading to learn money advice anyone can

A good personal finance tip is to always shop around when you're thinking about purchasing a
gym membership. Lots of people often overpay for their gym membership simply because they
didn't do any research. Always ask around to find out the best deals and specials when you're
looking to join a gym.

Make a will. It is vital to ensure the protection of your loved ones in case of your death. Not only
will your assets be handled according to your directions, but more importantly a will assigns
guardianship of your minor children. Lawyers or financial planners can ensure that your will is a
valid legal document and also offer advice about tax-saving strategies.

In order to maintain good personal finances, you need to learn how to borrow wisely. It is
important that you do not get yourself into debt with credit cards that charge you 20% interest or
even more. That is like throwing your money away. Learn to only borrow money for major
purchases that you genuinely need, and understand the importance of getting the lowest interest
rate possible.

Do some research about tax deductions. There are many different items you can deduct: Any
expense related to your job or business, some medical expenses, expenses linked to education
or the profit you made from selling a home, for instance. Keep track of your finances and make
sure you save your receipts and bills to do your taxes properly.

If you have lost a prior home to foreclosure, this does not mean that you are out of home owning
altogether. You should be able to get a government-backed mortgage through Fannie Mae,
Freddie Mac and the FHA, in as little as three years after your previous home has foreclosed.

Home equity loans are tempting but dangerous. If you miss a payment on a home equity loan,
you could lose your home. Make sure that you can afford the monthly payments and that you
have a significant emergency savings built up before taking out any loans against your home.

If you write checks monthly, balance your checkbook. The easiest way to lose sight of the money
you have available, is to not know how much of it you are spending.
you have available, is to not know how much of it you are spending.
Writing checks is an easy way to lose sight. Sit down with a calculator and pencil, and keep your
checkbook organized, and balanced. Do it at least once a month.

If you have a habit of tossing change in the bottom of a drawer or leaving bills crumpled in your
coat pockets, stop it! Locate all your little odds and ends of money and get them together in one
place. Count it all up, and if it's a large enough amount, use it to open a little savings account.
From now on, put all that loose change in a piggy bank or other container and deposit it in your
savings account on a regular basis.

Even in a world of online bank accounts, you should still be balancing your checkbook. It is so
easy for things to get lost, or to not really know how much you have spent in any one month. Use
your online checking information as a tool to sit down once a month and add up all your debits
and credits the old fashioned way. You can catch errors and mistakes that are in your favor, as
well as protect yourself from fraudulent charges and identity theft.

Now, don't you feel better after reading all those tips? That was a lot of information to think and
read through, but at least now you know what to do and where to begin with your personal
finances. Also, you can always refer back to the above list of tips if you forget.

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