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Be On The Top Of Your Money Thanks To This Advice


									Be On The Top Of Your Money
Thanks To This Advice

                                             These tips should help you get on the right track
                                             when it comes to personal finances. Learn how to
                                             manage your money smartly by cutting the
                                             unnecessary expenses and investing your money in
                                             the right places. You could secure a retirement fund
                                             or put your children through college if you apply
these tips smartly.

If you want to save money when you go shopping, take out the amount of money you are going to
use beforehand and leave your debit or credit card at home. Having your credit or debit card with
you when you are shopping will just tempt you to spend more money.

In most cases, it is worth traveling a few extra miles to use an ATM machine that is in your bank's
network. Using a non-network ATM to get fast cash should be avoided as you may have to pay
additional fees to both the ATM and your own bank. You can save more than a hundred dollars
per year by using your bank's ATM.

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.

Do not buy something new when you can get something just as good used. This goes for books,
movies, and games. You can save yourself a lot of money by just shopping around online for
used items. Sometimes you can save as much as 75% off retail for these types of purchases.

As hard as it may be, try to avoid going on too many vacations, if you are hard pressed for money.
It is great for the mind to get away sometimes, but it is not good on your wallet. If you insist on
vacationing, try to find a location close to home.

Plan your spending or others will plan it for you. Know your limits. Personal finance software will
help you keep track. Research large purchases. In a store, have a clear goal and avoid browsing.
Know exactly what you want and what it costs before you enter a car dealership. When buying a
home, buy the house that you need instead of a mansion to impress others.

Make sure you pay your utility bills and house payments on time, every month. These are top
priority payments to make and you will avoid late fees by making a payment by the due date.
Utility companies are also known to report late payments to credit reporting agencies, which can
affect your credit.
The first step in managing your personal finance is to pay down your debt. Debt carries interest,
and the longer you hold on to debt, the more interest you will have to pay. You may also pay
penaties if payments are overdue. So to rein in the runaway interests, pay off your debts as soon
as possible. When you have done that, then you can start saving.

Avoid window shopping. If your personal finances are tight, or if you are trying to follow a strict
budget, avoid window shopping, as it is likely to lead to impulse purchases. Think about whether
you really need to make the purchase, and if possible, follow the 24-hour rule. Go home, and
think about the item overnight. If you still believe it's necessary, you won't feel as guilty when you
purchase it, as it's no longer an 'impulse' buy.

If you are trying to learn how to invest, you need to be very careful at the beginning, especially
with the stock market. One of the best things to do, is to first try using a trial stock market, where
you don't use any real money and have no risk.

If you need to rebuild your credit, set up a secured credit card with your bank or other provider.
You will need to make a "deposit" to draw against initially; however, after you have spent several
months drawing against this amount and paying it back, you will be able to qualify for a credit
card again.

When going through bankruptcy, don't let creditors harass you. When you file for bankruptcy, an
"automatic stay" goes into effect. This means that creditors can take no action on outstanding
debts, including calling you and filing lawsuits. Part of the bankruptcy process is a meeting of
creditors, where creditors will have their chance to get as much money from you as your assets

Avoid getting calls from debt collectors or angry friends to whom you owe money by learning how
to manage your personal finances wisely. It's important to track how you spend your money each
month, so that you can realize where you are spending too much. Remember these tips to keep
your account in the black.

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