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Personal Finance Tips That Will Change Your Life

Jun 30

Personal Finance Tips That Will Change Your Life

While you may be unable to reach all of your financial goals, you'll be surprised how many are achievable. The key to making what you hope for a reality is to have a firm grasp of the basic principles of personal finance. The following tips can help you start out on the right foot.

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Unless you have no other choice, do not accept grace periods from your credit card company. It seems like a great idea, but the problem is you get used to not paying your card. Paying your bills on time has to become a habit, and it's not a habit you want to get away from.

 

In these turbulent times, spreading any savings you have around multiple locations is sound strategy. Spread that money to different accounts such as checking, savings, stocks, gold and other high-interest bearing accounts. Protect your money with whichever of these ideas appeals to you.

 

A good rule of thumb for savings, is to put away 10% of your income each payday into a savings account. Make sure that you don't have a debit or credit card linked to this account, as it is too tempting to spend it if you find something you can't seem to live without.

 

Keep in mind that a college graduate will earn more throughout their lifetime on average than a high school graduate. Invest in your education so that you can invest in your future earnings potentials. If you are already in the workforce consider attending an online school to obtain your degree.

 

Start saving money for your children's college education as soon as they are born. College is a very large expense, but by saving a small amount of money every month for 18 years you can spread the cost. Even if you children do not go to college the money saved can still be used towards their future.

 

When you invest in a house there are several new things that you need to know regarding your taxes. You are going to find that you are now eligible for some deductions that you were never eligible for in the past. You can deduct the interest on your mortgage and your property taxes for example.

 

Although you may have an intricate plan, over the years you may still run into financial issues. Find out as much information as possible about late fees and grace periods. Make sure you know all of your options before you sign a lease.

 

Buy a store brand rather than a name brand. A large part of the brand name price tag stems from the cost to advertise and market those products. Pick the generic option instead, which is always cheaper. Often, the generic brand will maintain the same quality as the higher end brand.

 

Now that you have some tips to give you sure footing, you no doubt are in a better position to achieve the goals you have set for personal finances. Your finances and household budget shouldn't be a cause of stress and anxiety. By applying the ideas you can start making what you hope for a reality!