Do you know the best ways to balance your personal finances, and use your income to its best advantage? It is often easy to live outside an individual’s means and fall prey to the paycheck-to-paycheck syndrome. You don’t have to suffer through this anymore, if you make some changes, like the tips presented here, and keep balance in mind.
A penny saved is a penny earned is a good saying to keep in mind when thinking of personal finance. Any amount of money saved will add up after consistent saving over a few months or a year. A good way is to determine how much one can spare in their budget and save that amount.
Maintain at least two different bank accounts to help structure your finances. One account should be dedicated to your income and fixed and variable expenses. The other account should be used only for monthly savings, which should be spent only for emergencies or planned expenses.
Manage your finances at a bank that offers a free checking account. Even if the fees seem small, having a checking account that charges fees every month can drain hundreds of dollars a year from your account. Many banks and credit unions still offer a totally free checking account option.
If you are attending a sporting event, try to look for the signs that lead you to free parking. Even though this may require you to walk a few extra blocks, it can save you up to 20 dollars during the night. Saving small amounts over time can really add up as they can be treated just like profits.
Not only are older appliances less efficient at performing their job, but they can also be a significant drain on your monthly energy consumption. Newer high-efficiency models are a wise investment that can save you money and ensure that your home is a safe environment in which your family can eat, live, and play. Replace microwaves every decade, washers and dryers every thirteen years, and stoves and ovens every fifteen years.
Shop thrift stores to accumulate a professional wardrobe. Business clothing can be expensive. It is something we all need, however, if we are to convey the appropriate image at work. Thrift stores offer an affordable option for all of our wardrobe needs. You don’t have to tell anyone where you bought it or how much you paid!
Get yourself a credit card that pays rewards. If you pay your credit cards off each month, a rewards credit card is ideal for you. Run all of your monthly expenses, including groceries, gas and your daily Starbucks, through the card. Bankrate.com can help you find the card that pays the highest rewards for the types of spending that fits your lifestyle.
Almost everyone makes mistakes with their finances. In the event you miscalculate the available balance in your account, you may be successful in getting your bank to waive the overdraft fee. This trick can only be used by someone who has kept positive balances and hasn’t used overdrafts before.
Make sure you are carrying cash or your debit card for small purchases. You do not want to have to put small purchases on your credit card and end up paying interest on them. Some merchants also put restrictions on purchases made with a credit card not allowing you to put under 10 dollars on it.
Your paycheck doesn’t have to be something you wait for each week. This article has laid out some good advice for handling your finances, provided you take the right steps and follow through. Don’t let your life revolve around payday when there are so many other days you could be enjoying.