By James Kupe
Learning about money is crucial to our survival. Tough economic times taught our previous generations the value of saving money, living modestly, and being satisfied with what they had. Usually people don’t live like that anymore. By putting these financial tips into action, you be be able to get the most from your money.
If you don’t feel comfortable selling, don’t do it. When earning some income on a stock, sit on it for a bit. Stocks that are performing poorly can be removed from your portfolio, and replaced with something that has better prospects.
Set up a bank account for emergency funds, and do not use it for any daily expenses. An emergency fund should only be used for any unexpected expense that is out of the ordinary. Keeping your emergency fund separate from your regular account will give you the peace of mind that you will have money to use when you most need it.
If you are currently paying for your checking account, it’s time to find a new one. Banks compete for your business, and so many offer free checking with amenities and services similar to those you used to have to pay for. Shop around and find one that won’t charge you on a monthly basis.
Going to stores that are about to go out of business or be turned into a different store, can often produce items that can be bought at a greatly discounted price. Getting items you need or can resell at a higher price can both benefit your personal finances.
Stay away from payday lenders and their high interest or high fee loans if at all possible. They charge ridiculous amounts of interest and can trap you into a revolving door of renewing them each time you can’t afford to pay it off. Look at all other options, including asking friends and family for help, before going for a payday loan.
The majority of your unnecessary spending will usually come on a whim, as it should be your mission to limit this as much as possible. Before you go to the supermarket, make a list so that you just purchase the items that you are there for, reducing the amount of impulse purchases.
In regards to your personal finances, one of the worst things that you can do is gamble a lot of money. Most games are geared to have an advantage, as you can lose your life savings on a bad day. If you do go to have a bet somewhere, bring a couple hundred dollars in and leave your credit and debit cards behind.
You now have the tools to begin being in control of your personal finances. Take the tips that apply to your situation and begin a new life of financial independence where you are knowledgeable and in charge. You deserve to have the peace of mind that comes from securing your personal finances.
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