Jan 222018
 

You need not be an expert in finance to get your personal finances under control. With common sense and a thorough knowledge of money management, not only will you lead a comfortable financial life, you can also increase your wealth.

Stop wasting money on get rich quick schemes that promise you a fortune. Most of these products are scams. Expanding your knowledge is important, but it is more important to actually pursue relevant and valuable experiences.

To get a better idea of what will happen to the markets you invest in, keep track of international news. Especially when trading currencies, it’s important to have a global understanding, something which many Americans take for granted. Knowing what is going on in the world helps you fine-tune your strategy and to make educated market predictions.

In these turbulent times, spreading any savings you have around multiple locations is sound strategy. Here are some of the types of accounts and investments you should consider: straight savings account, standard checking account, stock investment, high interest bearing accounts, gold investment. These are all ideas on how you can safeguard your investments and money.

If you often wonder where your money goes, try writing down your daily expenditures for a month to gain a true picture of where you are overspending. Though writing in a book that can easily be put away so you don’t see it often will allow you to forget about it and not use it. Rather than a notebook, try using a whiteboard that is set up in a room of the house that you spend a lot of time in. That way, you see it more frequently.

Invest in a small accordion style envelope and always have it on hand. Use it to preserve any receipts or business cards you receive. It’s a great way to capture these items in a safe place to record them later on. It’s useful to have your receipts if you ever see double charges for a purchase on your credit card statement.

Be very skeptical about any guarantee that your credit history can be improved. Such a practice is absolutely illegal, and these companies are likely to run off with your money before doing anything to help you with your credit score. This is a total lie, since everyone’s credit situation and different, and some are easier to address than others. There is no way to guarantee success in credit repair and if anyone says otherwise, they are being dishonest.

One simple tip for saving money is to buy discounted items. You might want to change from the usual brands you buy and only get them when you have a money off coupon. If a coupon for a brand you’ve never tried makes it less expensive than your usual brand, be both adventurous and frugal and try the new brand.

To maintain control of your money, avoid incurring debt at all costs. Obviously there are situations when you cannot avoid debt, such as obtaining a mortgage; items such as credit cards should be given a wide berth. The less money you borrow, the less you will have to pay in interest charges and other fees.

Always know when it’s time to file taxes on your income with the IRS. If you’re expecting to get a refund, you’ll want to file your return as early as possible in order to get access to your money. It’s better to file closer to the due date of April 15 if you owe money to the government.

When thinking about your personal finances, patience will save you money. It is not unusual for individuals to immediately purchase the newest electronic products as soon as they hit the market. But if you exercise a bit of patience, you will most likely see a substantial price decrease on these same items. You will be able to put the money saved aside.

Instead of using one credit card and almost maxing it out, try to have 2 or 3 cards with lower balances on them. Multiple card interest should be lower than paying back the maxed out one. This will also help protect your credit score, provided they are managed correctly.

Avoid taking out huge student loans unless you are certain you will be able to make the payments on it. You may want to go to an expensive college; however, if you have no clear career goals or majors to focus on, you could just be building debt.

You can avoid causing financial issues by staying out of credit card debt from the get go. Before using any type of charge card, take some time to think about the purchase before you hand over the plastic. Think about the time it will take you to pay it off. If you can’t pay it off at the end of the month and it isn’t a necessity, you shouldn’t make the charge.

Take advantage of automated online alerts that your bank can offer you. Most banks will let you know about important activity on your account via text or email. Alerts that let you know of a low balance or a large withdrawal will help you from overdrafts or fraud.

Pay yourself first by making a savings deposit from each check your receive, before you spend any of that money. If your intention is to just tuck away whatever dollars you still have at the back end of your pay period, your saving will never get going. If you put this money aside right away, you will not be able to spend it on something you do not really need.

Flexible Spending Accounts

Make sure you use a flexible spending account. Flexible spending accounts can help you save money on medical costs and daycare bills. Flexible spending accounts are pretax monies put aside for medical and daycare expenses. Consult a tax professional to find out what kind of expenses qualify for this account.

Obviously, anyone has the ability to increase their profits and lead a comfortable life. A little common sense and following some of the tips above will help you live within a budget, lower your debt, and build wealth. You can be the master of your personal finances!

Signing up for a frequent flier reward program is a great way to save money or be rewarded if you fly often. There are a number of credit cards that give free miles or a discount on air travel with purchases. It is also frequently possible to redeem frequent flier miles at many hotels where they may be good for a free room, or a discount on your booking.

Personal Finance: Class 2 - Budgeting

A study of personal finance topics from the consumer and societal perspectives.

Topics include the preparation and interpretation of personal financial statements and budgets, the time value of money, personal saving, financial market and investment fundamentals, the effective use of consumer credit, personal bankruptcy, insurance principles, automotive and housing decisions, principles of personal taxation, and retirement planning.

This course will provide students with the concepts and critical thinking skills to understand the effects of financial decisions on individuals, families, and society.

Learn more about Missouri State iCourses at http://outreach.missouristate.edu/icourses.htm

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