It’s self managed super fund All About The Money: Personal Finance Tips
Without properly tracking your finances, you won’t be able to afford significant purchases like a new car or your first home. This article is filled with tips that will help you improve your skills.
Check your financial assets for a down payment source. You may be able to cash out certain investment accounts and use the money without penalty, if it is for a primary residence. You may also be able to borrow against certain assets, giving you the money you need. Check with your investment professional for options.
If the timing is wrong for you, avoid selling. If a stock is earning a good amount, it is best to allow it to sit a little longer. Look at the stocks which aren’t performing that good and see if you can put that money into something better.
Carry an envelope with you at all times. Tuck receipts and any cards you pick up from businesses you like into the envelope. Store these items away more permanently when you arrive back home. You never know when you’ll need to contest a credit card charge after being charged twice for something.
If a credit card is close to its limit, consider transferring portions of the balance to a different card. Having a card that is almost maxed out is a huge blow to your FICO score. Transferring part of the balance will even up the credit you have available on your cards.
For those individuals that have credit card debt, the best return on your money would be to minimize or pay off those credit card balances. Generally, credit card debt self managed super fund is the most expensive debt for any household, with some interest rates that exceed 20%. Start with the credit card that charges the most in interest, pay it off first, and set a goal to pay off all credit card debt.
Never try to rent an apartment alone if you do not have a steady source of income. This may seem obvious, but there are many people that are employed by temporary employment agencies and they look for rental properties. If their contracts end, they will not be able to make their monthly rent payments.
Study your losses and learn from them. Many people like to ignore their losses and move on, but investigating them helps you to avoid making the same mistakes again. And after all, these mistakes cost you money; consider them a mini-course in what not to do and then you move on.
In order to get the most out of the property that you own, take steps to control the cash flow in to and out of it. Keep track of what you make and what you are spending and then analyze how much you can save in your property costs. Also, create a budget, which will allow for you to allot funds to certain areas.
One of the best ways to stretch your budget is to stop smoking cigarettes. Who can afford to pay almost the equivalent of the minimum hourly wage for a pack of cigarettes that you will go through in less than day? Save that money! Stop smoking and you’ll save even more money in long term health expenses!
You can still stay on financial track during a bad economy. It’s important not to panic. If possible, continue to contribute to your savings, self managed super even if it’s at a reduced amount. Continue to pay off any credit card debt you have, starting with the lowest balance and working your way to the higher amounts. Staying steady during the hard times can help you come out on top later.
If you’re trying to save money for a big purchase, but find that it’s not easy to stick to a budget every day, week after week, here’s a different strategy. Make the effort to save money every other day. For instance, pack a bag lunch three days a week instead of buying lunch out. Put the money you save into a savings account towards your planned purchase.
Look at the fees you are paying to institutions like your bank and any bills that you pay. You may be paying for services you don’t need or that you could get for less with another company. Your bank may be charging you all sorts of fees for convenience payments, paper statements, etc. See where you can knock off just a few dollars from each bill and that can add up to a lot.
Look for a free checking account, as there is no need to waste money unnecessarily. Get something that has no minimum balance requirement, no transaction fees and no monthly fees. The majority of banks still offer free, no interest checking accounts. Others have checking accounts that can be free if you sign up for direct deposit.
As previously mentioned, you will gain the ability to accumulate money to make larger purchases in the future if you learn to manage your finances. With the advice from this article, however, you should be better prepared to make the right decisions about your money.