May 24, 2012

Learning to cut your family’s hair, and even your own, will save you some money each month. Although professional stylists deliver outstanding results, you’ll definitely pay for it. The cut itself, combined with the tip, can be really expensive. Cutting yours and your family’s hair yourself is free!

Don’t apply for a credit card or borrow money if there is no need for you to do so. It is true that there are times when having credit will be necessary, but in the long run it is better to have no debt and to create a savings plan for any significant purchase you will need to make. People usually have to take out a loan for a car or a house.

Use store-specific generics instead of buying brand-name products. Many of the costs of national brands go towards their advertising costs. A more affordable option is to try products from a generic label. Often, the generic brand will maintain the same quality as the higher end brand.

Whenever you can, avoid debt. This will result in healthy personal finances. While you may need to get into debt for mortgages or student loans, try to stay away from things like credit cards. The less you have to borrow, the less hard-earned money you will lose to interest and fees.

Pay off your debt, and don’t apply for more. It is simple, although we often are inclined to do something else. Debt is something that you will need to gradually reduce over time. If you keep working on being debt free, you will find yourself feeling free!

Try to work from your house if you really want to save a lot of money. The truth is that working in an office can be expensive. Gas and meal expenses are two of the main expenses that you will incur when driving to work.

Don’t hang on to investments simply because they have historically done well. Monitor the returns generated by each of your investments. If one particular company consistently fails to perform, it may be time to put your money into more lucrative stocks.

Keep up with world money markets so you know what is happening. Citizens of many nations tend to ignore what goes on outside their borders, but this is disastrous if they trade currencies. If you decide to get involved in the stock market, make sure to keep up with world events.

Your FICO score is determined in large part by your credit card balances. The closer you are to your credit limits, the worse the impact on your score is going to be. If you want to lower your score, pay off your balance. Keep your balance below 20% of the total credit you have.

You may not believe this, but it is true. If you buy a house, you may be able to save quite a bit of money. Sure, you will have to pay your mortgage and other bills every month, but eventually, the home will be paid off and it will be yours. In renting, you are paying a monthly bill for something that never becomes yours.

On the day before payday, put away a little bit of money and resolve to only spend that money over the weekend. On payday, don’t touch your money. That way, you will still have money on Monday, when you’re in the proper mindset. This will prevent you from spending money rashly or unwisely.

One way to improve your financial situation is to regularly transfer some money from your main checking account to a high-yield savings account. 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.

Cut off your cell phone if you want to save extra money. This may be an unpopular suggestion, but keep in mind that until recently, people survived just fine without cell phones. Cell phones are really a convenience, instead of a necessity. If you cannot get rid of your phone altogether, at least check your usage to find out if you can get away with a less expensive plan.

Now that you have read the above article you should know good ways to save money, even when unexpected crop up. Do not worry if improving your financial situation takes time. It’s kind of like a diet–it’s impossible to see results immediately. Just stick with it and you will begin to see changes.