If you have just become an independent person, or if you are a college student, it is tempting to take all your money and spend it at the club or out to eat. Learn to spend wisely, be responsible and avoid going into debt whenever possible.
Keep a mini-envelope with you when you go out. Tuck receipts and any cards you pick up from businesses you like into the envelope. It’s a great way to capture these items in a safe place to record them later on. Although, the chance is small that you’ll be double charged, having the receipts will make it easier to see on your credit card statement.
Everyone makes mistakes now and then, especially with their personal finances. If you have only bounced one check, your bank may agree to waive the returned check fee. Reliable customers who consistently maintain a minimum balance and avoid overdrafting their account should request a fee waiver.
Today is a volatile time; it’s wise to diversify your investments. Spread that money to different accounts such as checking, savings, stocks, gold and other high-interest bearing accounts. Use a combination of several of these approaches to limit your financial vulnerability.
Look back at your past mistakes with credit. Spending years paying off debt should be a lesson in and of itself. You should strive to avoid debt in your future. If you have had a job that pays you less than you feel you are worth, look at that as a learning experience to negotiate your income more at your next job. Any lesson learned from personal finances is valuable. Do your homework and put that information to the best use, and you can improve your financial situation.
Take some time to think about everything before you purchase it. Do you wish to save $100 every month? It might be difficult, but ditch your daily trip to the coffee shop, and brew your own. Takeout coffees can cost up to $5 each, whereas you can make a cup of home-brewed coffee for less than 20 cents. To make home-brewed coffee more tasty, try adding flavored creamer and some whipped toppings. Put the beverage in a portable mug and take it with you to work.
The frequent flier program is absolutely ideal for anyone who flies often and enjoys saving money or receiving free rewards. A number of credit cards feature rewards programs that allow you to cash in your points or other rewards for discounted, or even free, plane tickets. These frequent flier miles may be redeemed at various hotels for rooms that are free, or sometimes for discounts on your stays.
Don’t become so overwhelmed by debt that the mountain of unpaid bills grows higher by the month. Start with a budget plan. If you use the tips you read here, you won’t have to deal with debt collection calls or being constantly in debt.