There is much to learn about personal finance and plenty of success that can go along with this knowledge. There is plenty of information available, however not everything you read will apply to your specific situation. We attempt, in this article, to give you some of the best tips known in regards to personal finance.
If you are plagued with credit accounts that have been turned over to collection agencies, you can save money by negotiating a smaller settlement to pay them off. Many collection agencies would rather get something for the account, than paying the high cost of attorneys and court fees trying to collect their money, especially if you have little to no assets.
Christmas is coming so put timers on your Christmas lights, that are outside and inside your home. It is amazing how much leaving one or two unneeded lights burning in the house will inflate your electrical bill over time especially if they are not fluorescent light bulbs . Additionally, children in particular, have problems remembering to turn lights off. In rooms like the bathroom, where time spent there is minimal, timers can really pay off.
If you want to save money on insurance, increase the deductible. Most insurers get irritated with people who turn in low claims anyway, which means that they are more likely to charge you more in the form of premiums after you submit something to them. They may even decide that they don’t want to have you as a client anymore – this happens all the time. Open a savings account and put money aside to pay these deductibles, if something should happen. You can keep your deductibles low by looking for discounts and not filing small claims.
Shop around. Electronics such as computers, cell phones and even game systems are an expensive, yet sometimes necessary, part of life. You may not be able to afford new items, but you may be able to find quality used or refurbished ones. Refurbished items often come with a guarantee or warranty, making them a good choice to help you save some money. Another excellent place to look for electronics is eBay, Amazon or check out Pricegrabber.
If you live in a larger home, consider renting out one or more rooms. This is an excellent option for singles or professionals. Taking on a roommate brings in hundreds of extra dollars every month and can also mean, dividing the price that you pay for electricity, water and other utilities. Something to consider.
Take a look online and see what the average salary is for your profession and area. If you aren’t making as much money as you should be consider asking for a raise if you have been with the company for a year or more. Obviously, the more you make the better your finances will be. On another note you can also get rid of your credit cards to improve your financial situation. Credit cards charge huge interest rates and their fees can be massive as well. It can also be very tempting to run up a larger balance than you can comfortably pay off each month. Instead of plastic, give cash only a try and use a debit card instead.
After you finish a meal with your family, do not throw away the leftovers. Instead, wrap these up and use this food as part of a meal the next day or as a snack during the night. Conserving every piece of food is very important in reducing your grocery costs each month. No I’m not kidding.
Make note of free financial services whenever they are mentioned. Banks often tell their customers about free services they offer at the most inopportune times. The wise customer does not let these opportunities slip away. If a teller offers the customer free financial planning services when he or she is in a rush, for example, the customer can make note of the offer and come back to take advantage of it at a better time.
In summary, there are some obvious ideas that have been tested over time, as well as some newer techniques that you may not have considered. Hopefully, as long as you follow what we suggest in this article, you can either get started with taking care of your own personal finance or improve on what you have already done.
Good Luck