If you are not used to managing money because you have only recently become emancipated (e.g. you are a college student!) you may find yourself frittering your money away on entertainment and pizzas. To avoid doing this, manage your finances and try to avoid debt when you can.
On the day before payday, put away a little bit of money and resolve to only spend that money over the weekend. Once you get your paycheck, put the entire amount in the bank and leave it there, wile living on the allowance you already have on hand. On Monday, when your mind is back in a weekday mindset, you will handle the money more judiciously.
Don’t take out huge amounts on student loan debt without being in a position to repay it. If you go to a private college, you should be sure of what you want to do as a career.
Revisit your insurance coverage. You may find that you are paying too much for insurance! You could find that you no longer need certain types of insurance you’re presently carrying, or that you can get a better deal elsewhere. Get rid of these extra things so that you can use your money on other things.
Make sure you get those most out of the flexible spending account. Flexible spending accounts can be great for covering medical expenses and daycare expenses. These types of accounts permit you to allot a specific amount of untaxed dollars for healthcare or childcare expenses. However, as there are tricks to using this type of account, it is best to seek clarification from an accountant before entering into one.
Maintain a high credit score at all costs. If you want to have low interest on a loan or credit card, you will need to have a good credit score. A poor credit score will make it difficult to rent an apartment, acquire utility services and get cell-phone plans. Use any credit that you have wisely, so that your credit score will stay high.
Small daily savings will quickly add up. Instead of purchasing the same things over and over again, try to buy things that are on sale, mix it up! Make sure you are willing to purchase on-sale food.
Signing up for a frequent flier reward program is a great way to save money or be rewarded if you fly often. Most credit cards have some sort of rewards program that allows you to redeem points for cash or gifts. Many frequent flier programs allow you to redeem miles for reduced rate motel stays.
Avoid getting into debt too far by learning how to properly budget and how to spend your money properly so that you make the most out of your money. Keep these ideas in mind in order to remain solvent and free from bill collectors.