Simple ways on how to organize your personal finances


A great personal finance tip that can help you save money is to take some of your unused clothing to a consignment shop. If you have any clothes that are just sitting in your closet, you can make a little bit of money by selling them to a consignment shop.

Always consider a used car before buying new. Pay cash when possible, to avoid financing. A car will depreciate the minute you drive it off the lot. Should your financial situation change and you have to sell it, you might find it’s worth less than you owe. This can quickly lead to economic failure if you’re not careful.

Tackle your debt by paying down the highest-interest debts first. Typically, the highest interest rates are on credit card debt. Prioritizing the repayment of high-interest debt can save you thousands of dollars in interest charges, depending on your balances. As a bonus, putting money toward your mortgage is a risk-free way to “make” money, since you won’t incur future interest charges on debt that you no longer owe!

Adjusting the temperature that you have your hot water tank set at will help you reduce your monthly utility bills. It only takes a minute, but it will save you a great deal of money over the year. It will also help to prevent burns on children that could potentially happen.

Sign up as many of your bills for automatic payment as possible. This saves you a considerable amount of time. While you should still review your monthly activity, this will go much faster by checking your bank account online than by studying a checkbook ledger or your bills themselves. The extra time you get from automatic bill payment can be invested profitably in many other areas.

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When you go into business for yourself, you need to have outstanding personal finance skills. This is undoubtedly true if you begin freelancing. As a freelancer, you will likely be wholly responsible for your taxes and social security contributions. Research these obligations at the beginning of your freelancing career. Do not put it off until tax time rolls around!

A good personal finance tip is to keep an eye on your credit score and make sure it’s always in good standing. Using a credit card when you don’t have enough money in your account can damage your credit score. Having a good credit score can make a huge difference. Read more

Start saving money for your children’s college education as soon as they are born. College is a huge expense, but by keeping a small amount of money every month for 18 years, you can spread the cost. Even if your children do not go to college the funds saved can still be used towards their future.

Use a quick payment method. Are you a sales shopper who loves to boast about the great deal you got on a new pair of shoes? Did you pay for them with a credit card? Well, consider this: a pair of shoes on sale for half price will probably cost you more than full price if you charge it and make minimum payments on the credit card! Pay cash instead, or pay-off your card each month to avoid finance charges.

If you are planning on not paying a bill this month, don’t let it be your insurance premium! In as little as two missed payments, you could find your insurance coverage canceled. If you’re already facing financial difficulties, this will NOT be the time to have to pay for any accident that happens out-of-pocket!

To improve your personal finance habits, keep track of the amount of cash you spend along with everything else. The physical act of paying with cash makes you mindful of exactly how much money is being spent, while it is much easier to spend large amounts with a credit or debit card.

Shop at thrift stores where you’ll find significant savings on clothes and household items. It’s amazing what people donate to these places! Often you can find brand new items with the store tags still attached. Other times the used items you see there are as good as new. The thrift store price is often only pennies of what things cost new.

When it comes to investing, you shouldn’t put all your eggs in one basket. The term “investment portfolio” is used for a reason! You should make a variety of investments that will be able to benefit you in some ways. This will assure that you won’t lose out on your nest egg if one market turns sour.

If your employer offers a match to your 401K, make sure you’re contributing at least the amount they match. When an employer offers to match your funds, they are essentially giving you free money. The money you donate will help you reach retirement goals and is tax-free. It’s a win-win situation, all around.

Hopefully, after reading this article, you can see that dealing with your finances is not so hard, after all. Don’t try to use all the tips at once and instead, choose a couple of suggestions that resonate with you and then, experiment with changing how you approach your finances. You won’t regret it.