Top Personal Finance Tips You Won’t Find Elsewhere
You do not want to waste the money you’ve worked hard for by throwing it away. You probably also don’t really know what ways there are to save money. You might not want to ask because you do not want to seem like you are not responsible, but chances are they are having issues too. This article will help you out by giving you all the personal finance advice you could ever need.
If you rent your home, make sure you get renters insurance to cover you in case of a loss, such as fire, wind damage and theft. Renters insurance is extremely inexpensive. If there is a natural disaster, the owner of your home is covered for their loss of property but you are not covered unless you have your own policy.
Talk to an investment representative or financial planner. Even though you may not be rolling in dough, or able to throw hundreds of dollars a month into an investment account, something is better than nothing. Seek their advice on the best options for your savings and retirement, and then start doing it today, even if it is only a few dollars a month.
Take a look at your investments. If it’s been a while since you did any financial shifting of assets, it might be time to do that. With the changes in the economy, what used to be a good safe bet, and what used to earn lots of interest per year, has changed.
A major indicator of your financial health is your FICO Score so know your score. Creditors use the FICO Scores to decide how risky it is to give you credit. Each of the three major credit bureaus, Transunion, Equifax, and Experian, assigns a score to your credit record. That score goes up and down depending on your credit usage and payment history over time. A good FICO Score makes a huge difference in the interest rates you can get when buying a home or car. Check out your score before any major purchases to make sure it is a true reflection of your credit history.
If you are below 21 years of age and looking for a credit card, know that there have been rule changes in recent years. Historically, credit cards were freely given to college students. You must have a cosigner or an income that can be proven. Find out what specific card issuers require before you apply.
Talking to a business professor or other teacher who specializes in money or some financial aspect can give one helpful advice and insight into one’s personal finances. This casual conversation can also be more relaxed for one to learn in than a classroom and is more personable than looking on the internet.
Your FICO score is largely affected by credit card balances. If you have high balances on your cards, your score will likely be lower than it otherwise would. As you start to reduce your balance, your score will rise. Reducing your total amount of credit can play an integral role in improving your financial position.
Before signing a lease agreement, talk to your future property management about the privacy policies. Many places require social security numbers and many other personal pieces of information, but they never explain how this information is stored and kept safe. Stolen identities are on a sky high rise in the past decade and without proper safekeeping from the management company, yours can be next.
To avoid wasting your money and splurging too much, put yourself on a cash allowance. You can use your cash allowance to reward yourself in whatever way you want, but you can’t spend more than your allowance. This will allow you to enjoy some fun stuff and not blow your entire budget.
If you are using a checking account that has fees save yourself the hassle and open a free checking account. You can save a lot of money every month by just switching to a bank that does not charge fees for transactions, etc. Shop around and find the best bank for you!
Create an up to date financial plan. This will allow you to see how you are doing in all areas of your finances. Review any insurance plans, income taxes, estate and retirement planning, investments, savings and current debts. Be specific in your goals and be realistic. For more complex financial planning, it is a good idea to seek the services of a CPA.
Now that you’ve read this article, you should have gotten some amazing insights into your financial situation. You are probably shocked, or at least surprised, that resolving your financial problems and saving money can be this easy. If there are any tips that don’t make any sense, spend a few minutes of trying to understand them in order to fully understand the concept.