Expert Personal Finance Advice You Can Use Year After Year

Expert Personal Finance Advice You Can Use Year After Year

Personal finances and everything that comes with them can cause stress and frustration. The more you know about finances, however, the easier it is to manage your money. Provided below is some sound advice that you might use to reach your money management goals.

Keep small amounts of cash on hand for small purchases and use your debit card for larger ones. Don’t solely rely on credit cards to make purchases. Now that many popular credit card providers have chosen to set minimum purchase limits, it is best to rely on your debit card or cash.

It’s never too late to take charge of your personal finances. That still gives you time to get things in perfect order by 60, which is more than you’d have if you didn’t start at all. A late start in good financial management is better than a non-existent one.

Eliminate credit card debt as soon as possible. Even a little debt can cause you to pay extra for the fact that it can roll over to the next month. That’s a complete waste of money! Make it a goal to pay off your cards in full whenever they are due.

Signing up for a frequent flier reward program is a great way to save money or be rewarded if you fly often. There are a lot of credit card companies that reward you with free or reduced airfare for making certain purchases. Your frequent flier miles add up quickly and can be used for services and products other than flights.

Your eyes may bug out in the grocery store when you see a great sale, but don’t buy too much of something if you cannot use it. You will only save by stocking up on groceries if you eat everything before it spoils. Be reasonable when hunting for ways to save money at the grocery store.

Give yourself a “pocket cash” allowance for small expenditures every month. The cash can be used for treats like coffee with friends, new music, books or a new pair of shoes, but once it’s spent, you’re done until the next allowance. It’s a way to let yourself enjoy small treats without doing damage to your budget.

Look for creative ways to decrease your expenses, such as learning to give do-it-yourself haircuts. There is no question that a trained hairdresser will do better, though that can cost you a lot. It is free to cut your own hair!

To save your money you may want to consider working from home. Traveling to your job can be costly. Almost half of your paycheck goes to food, gas and parking, and that’s before you’re even paid.

Look for ways to cut corners to save money in any way possible. Try to conserve money by paying attention to food sales and using coupons. If you find food that is on sale, you may want to look into purchasing these goods.

If you want to avoid ruining your finances with credit card debt, the best method is to just avoid using them. Take a step back and think before making purchases on your credit card. Try to figure out how much time it is going to take to pay it off. If it will take you in excess of one month to fully pay and the item is something you can live without anyway, leave it in the store.

Thrift shopping isn’t just for people with a low income. It is possible to find real savings on great merchandise including furniture, clothes and home decor at lots of thrift stores. Children can find affordable school clothes, shoes, toys and sporting goods. To get the best selection, arrive early!

Try purchasing non-brand name products in place of expensive well known brands. A lot of the big national brands cost a lot because they pay excessive amounts to advertise their products. Choose the less expensive, generic option instead. There is often no change in quality or taste of these products.

You can automatically have a set amount of money moved to your savings account via your checking account as often as you choose. This is a good way to put money away every month. This may also help you with having money for large events, like vacations or a wedding.

If you need to cut down on your monthly expenditures, consider doing away with your cell phone service. This may seem harsh, but you survived before without a cell phone, and you can do it again. While you might think your phone is essential, it is actually just a luxury. You may also want to check out other plans that aren’t as expensive.

As stated in the beginning of this article, having to manage your personal finances is often stressful. You can relieve a bit of that stress by learning what you can do to improve your personal finances. This article was created to help you be happier and more stress free as you address your financial situation.


Allan is a Certified Financial Planner, working at Wise Owl Financial, an Adelaide-based financial planning business. Allan works with people in their 40's and 50's who want to plan for their financial futures. He helps them put in place plans that will enable to them retire when they choose to, with minimal risk of running out of money during their retirement. In his spare time, he love playing guitar, reading and being with his family.

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