Many people do not deal with their financial matters correctly. How good at you at managing with your financials? If you’re not too good at it then worry not, there are help you can find online or through print. This article will help you make better decisions for you to be financially stable. It is all in the technique and the will to be financially free.
A good way to be financially free is to figure out how much can you save or is willing to save every pay day. Saving a few dollars a week is better than saving nothing. Ten dollars a week in a month is forty dollars already and even bigger in a year or longer.
Here are a few tips to save as much money as you can.
Credit cards are for emergencies only.
If it is a life and death situation then go ahead and use your credit card but if it is not then then think over and over again if you really must. Specially don’t use your credit card to make cash advances, the interest are just too high if you do. If you really must then use your credit card to purchase rather than to cash advance.
In everything you do, always think of a cheaper version. Rather than call someone when you are home or in a hotel, consider using Skype and see a difference in your bill. Especially when you are in a hotel where per minute rate is undoubtedly doubled or even tripled when you use your own line.
Track your expenses.
Write down your expenses every time you do and evaluate your spending habit at the end of the day. Decide which expenses are unnecessary and try to be better the next day. If your salary arrives monthly then do this for a month or do this in a weekly basis if you are paid every week. Doing so will enable you to make weekly or monthly budget that will make sure that your ends meet and hopefully have more for savings.
Mr. and Mrs. Combine!
If you are married then combine your income. Good communication regarding finances should result to a better saving. It doesn’t have to be his money or hers. Both income should go to the same central account and be distributed from there.
Pay your bills on time.
Every time your paycheck arrives, a portion should be saved for all the bills. Your bills will come every month so you should always expect it. Paying your bills on time saves you a few dollars; companies usually have additional charges for late payments.
How big should your emergency fund be? Your emergency fund should be as big or bigger that it could support you and your family for six months if you are jobless. Always think of the possibility that you might lose your job because of the recession or any other reason. An emergency fund good for six months should be enough for you to provide for yourself and your family until such time you find another job. Emergency fund should never be touched unlike savings where it is easy to get a little to buy something you always wanted. Remember the word emergency in emergency fund.
Plan your meals.
Your groceries might be your biggest expenses especially if you are not buying for yourself only. Maybe 70% or maybe a little bit more is food, save more and avoid buying ingredients you’ll never use by planning your meals. Doing so gives you more control on what to put in your shopping cart that you are sure you will use in a week.
The future is yours to consider, along with your financial situation. If you have not heard of the big idea mastermind review then it is probably something you should look into. There are countless people online who are now creating massive side incomes that are making their day jobs look like casual pay!
Money doesn’t have to be complicated if you know how to handle your finances better and smarter. Simplify how you spend by spending on what you need and not your wants. If you want something badly, give yourself a week first before you buy it, you might just get over it in that period.