Knowing How Not To Waste Your Money
It can be tough and confusing to keep track of your finances. If you track each expense, it is easier to maintain a budget. Even though advanced tools like online banking make it easier, it is important to know everything about your finances.
Eat as though you are a local when traveling to other countries and you will save money. You will want to eat at local restaurants, instead of in overpriced tourists areas and hotels. You will enjoy better prices and a much more authentic dining experience.
You may want to put savings into a variety of places because of the economy’s instability. Keep some money in a savings account, some in a checking account, some invested in stocks, some in high-interest accounts, and some in gold. Protect your money with whichever of these ideas appeals to you.
Logging your expenditures is helpful in gaining an understanding of where your money is going. Having said that, it is useless to write this down into a small notebook that you usually keep out of your sight. Try listing your expenditures on a large whiteboard in your office or bedroom instead. When you see what you’re spending throughout the day, your finances will be on the forefront of your mind.
If you buy your protein sources in bulk, you can save hundreds over the course of a year. As long as nothing is going to go to waste, it is always more economical to purchase products in bulk. Save time and energy by dedicating one day to cooking meals for the week utilizing your bulk meat purchase.
Put money in your savings account every month by setting up a direct transfer from checking to savings. This technique works very well if you want to save a little every month. This can also help tremendously if you need to save for a future event like a wedding, vacation or other event down the road.
By having a savings account that you deposit into regularly, you will be building financial stability. This could mean that you may not need a loan, and that you can handle unknown circumstances if need be. No matter how small your monthly contribution is, it adds up and is worth the effort.
You may want to talk with a friend or family member that either currently works in, or did in the past, a financial position, so they can teach you how to manage your finances from their personal experiences. If no one known has actually worked in finance, they should consider speaking someone who is really financially savvy.
Credit Card
To make sure that your credit card payments are paid in a timely manner, try setting up automatic payments through your bank. Credit card companies would rather see you make regular payments than pay your balance off completely. If you schedule an automatic bill payment, then you never need to think about your bills or worry about being charged a late fee. Additional payments can still be made with that tax return or Christmas bonus.
Your highest interest card should be the first that you pay off. It may be more psychologically satisfying to pay all of your debts equally, but paying down the highest-interest debt first makes the most financial sense. Paying down credit card debt is particularly important because credit card interest rates are projected to increase in the next few years.
If old-style checkbook balancing sounds lame, let your computer do it for you. There are websites out there that have software programs that you can use to categorize expenses, track cash flows, and calculate interest. All of which you can use to create a reasonable budget for yourself.
Watch out for mail that may show up in your mail about changes in your accounts. Federal regulations require that creditors notify you of any changes no less than 45 days before the changes take effect. Take careful note of the changes, and determine if the account is still acceptable to you under those terms. If you decide that the new terms are unacceptable, pay off the remaining balance on the account, so you can close it.
You have a much better chance to catch an overdraft prior to paying the fees if you keep records of where you are spending your money. Monitoring your own finances, instead of depending upon the bank to keep track, can give you a feeling of pride and help you better manage your finances.