May 21, 2012

Talk to your friends and family about your personal finances. This will help them understand why you are not going out with them as much. Failing to inform others of your situation may cause them to wonder why you do not want to take part in their lives. Clue your friends in as to your financial situation – this way they will be better able to understand what you are going through.

Set an automatic draft from your main checking account into a savings account on a regular basis. At first, this might seem uncomfortable, but after some months, you will be used to it and the money that you have will grow in no time.

Avoid debt whenever you can. While education and a mortgage are two worthwhile reasons to go into debt, there are very few other reasons why you should use credit. If you borrow as little as possible, you can avoid paying costly interest charges.

If you are able to do so then make contributions to your IRA. This can make your money easier to manage later. Individuals can open an IRA with their credit union, a brokerage firm, a bank or a mutual fund institution. This will allow your retirement to go a lot better so be sure you put money into it when you can.

Think about purchasing store brand foods over name brand foods. A lot of the time the store brand is almost the same as the original, with a lower price. Compare the ingredients of your favorite brand with the ingredients of the off brand products to see how similar they actually are. Purchasing generic food items can save you money, so give them a try.

Apply for a checking account with better benefits. Many people use checking accounts they’ve used for years even if the monthly charges are expensive. Figure out what kinds of fees you are paying and try to get an account that has less fees!

Your car is very important to your life. One way to get a great deal on a car is to spend some time looking at the dealerships to find out what the selection and prices are like in your region. You can’t have too much information. The Internet can also be helpful if you’re having trouble finding a good deal.

Create a tax strategy that improves your personal finances. If your employer offers you the opportunity to invest in certain plans with pre-tax money, do so. You may also have the chance to set aside pre-tax dollars to use for medical expenses. Many employers will match some or all of the money you put into your 401(k). Using your money wisely and allowing it to work for you makes good sense, financially.

Use a wall calendar, and write down all of your payments and the due dates. This way, you will still make all of your payments on time, even if you do not receive an actual paper bill in the mail. This makes it easier to budget and saves you from late fees.

Now, you should have some easy personal finance tips in your head. You are probably shocked by how easy handing your finances is. If the tips did not make sense to you, take a few minutes to reread them and research them to ensure you truly understand them.