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10 tips for smart money
Some of us could learn more about money, most of us could learn a lot. Here are ten smart money tips we should all follow.
For many of us, managing money is not something we are taught. Even if our parents try valiantly, they probably don’t have everything covered. Maybe they didn’t know everything. There are no high school courses on credit card purchasing, Improving your credit scoreor the collapse of the tax system. That’s why these ten smart money tips will help you.
Money needs to be managed. If you do it right, you can keep more of your hard-earned money and even make it work for you. Here are the 10 best personal finance tips that will not only improve your financial literacy but also permanently change the way you view money.
1. Find interest-bearing accounts
You may have heard that the interest on savings accounts is so low that it’s not worth it – that’s not necessarily true. There are other places you can keep your money and earn better interest, but with higher interest rates is often accompanied by further reservations.
Traditional options like Money market accounts, bonds and CDs require you to keep that money locked up for a certain number of months, but these days the interest earned on so-called higher income accounts isn’t much higher than on some savings accounts.
Ask yourself whether you might need access to these funds soon, and then compare your options.
2. Use a cash-based system
Paper money feels and looks more authentic and valuable than a card you swipe. If you want to stick to a budget, Of all the money tips, the best one is to give yourself a set amount of cash each week to spend on available expenses. Then when it’s gone, it’s gone.
3. Actually create a fluid budget
Create a spreadsheet listing all of your take-home pay and bills, and set aside funds for savings, emergency funds, and available expenses. Review the budget regularly and adjust if necessary. Prioritize bills to be paid and Research ways to reduce current bills (e.g. negotiating a lower phone bill or cutting some entertainment bills). Make your budgeting digital with these 5 great apps.
4. Try to break even at tax time
Whether you’re looking forward to a big return in the spring or end up owing Uncle Sam, Rethink how you think about tax time. The goal is not to owe anything or earn a return. Returns mean you have given the government a free loan.
5. Reduce your credit lifestyle
A credit history is important. Unless you have 100% cash, you will need a credit score (and a credit history) to finance large purchases like a home. However, you do not have to show any credit. If you need help paying off existing debt, This tool is fantastic.
Adopt the philosophy, “If I can’t pay cash now, I don’t need it,” and attach small, monthly recurring payments to your credit cards to keep them active.
6. Repair, reuse, swap and try a second-hand lifestyle
Many Americans have lost the ability and mindset to repair what’s broken, choosing instead to replace it (and often with brand new products). Frugality means repairing what you can, reusing it when feasible, trading rather than buying, and opting for used options, which are often of higher quality and much more affordable.
7. Stop throwing money away
There are countless ways we waste money, from not using change to dumping goods in donation bins instead of selling them. Keep your change and use self-checkout kiosks to deposit a handful of change without feeling guilty. Sell items you no longer need or want at local consignment stores or online auctions. Find out where to find the best shopping prices and whether it’s worth the effort/distance. Take advantage of regular customer programs, discount days and other ways to save.
8. Get a financial advisor
Independent financial advisors typically do not charge fees for their time. You receive a commission when you purchase a “product”. such as life insurance. Shop around, look at online reviews and ask for recommendations.
If you prefer to have someone explain complicated financial topics rather than research online, this is a great option – if you find a professional who is passionate about helping their clients. If you need help finding a financial advisor that’s right for you, Contact our friends at GuideVine.
9. Enjoy saving
It’s not immediately gratifying, but most of us understand that saving rather than spending is better for us and our financial health. It’s crucial to find ways to treat yourself that don’t require money or expenses. These gifts can include a walk outside, a pamper at home, or an afternoon nap.
10. Learn smart money tips and leave ignorance behind
Avoiding our credit ratingWhen we look at our account balances, they are short-term “solutions” that never work. “Out of sight, out of mind” doesn’t work with money. The longer you ignore it, the worse and more expensive it becomes. Money requires daily attention to pursue a healthier path. Apps like these can help you manage your money on a daily basis right from your phone.
Even though many of us don’t learn about personal finance (even for MBA graduates!), it’s not too late to learn. You know your preferred way of learning, whether with a blog, apps, from professionals or podcasts. First, take a few minutes each day to improve your money knowledge.
Money doesn’t have to be difficult and it doesn’t have to be scary, but it does have to be at the forefront. These ten smart money tips will help you make your money a priority and that will help you achieve financial success.
This is a guest post from our friend Trevor McDonald. Originally from Pittsburgh, Trevor now lives in sunny San Diego and works as a freelance writer. In his free time, he enjoys every type of fitness activity imaginable.
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