Personal Finance Tips That Anyone Can Follow

You don't have to have a college degree in finance to control your own. With some money

management tips and a bit of common sense, you will learn to thrive within your means and

to increase your personal wealth as well.

find out more

Save money by giving your family haircuts and cutting your own. Yes, hairdressers do a

much better job, but they also cost a lot of money. After investing in some basic equipment,

cutting everyone's hair will not cost you anything!

If you're in any kind of debt, try paying them down after getting your tax refunds. Rather than

repaying their debts, most people go shopping with their tax refunds. They'll still remain in

debt even when the money is no more.

If your debt has been turned over to a collection agency, keep in mind that if the debt is not

collected, it will eventually expire. Talk this over with an expert, and see if you can find out

when your current debt will expire. If you can get this information, do not pay a dime to any

collection agency.

Each weekend, set aside a certain amount of money that is dedicated for your weekend

spending. Once you get your paycheck, leave it alone. That way, the money is still there on

Monday when you are back in a business mindset and unable to spend it rashly or unwisely.

Look for ways to save money each day. Rather than shopping the same market all the time

and making the same purchases, peruse the local papers to find which stores have the best

deals on a given week. Be willing to switch to food that is currently on sale.

Your FICO score is determined in large part by your credit card balance. A higher card

balance means a worse score. As soon as you pay down the balance, your score will start to

improve. Make an effort to have the card balance at no more than 20 percent.

Your portfolio should be rebalanced each year. Re-balancing can help get investments

realigned with your risk tolerance and goals. It also teaches you the value of watching your

money. It puts you in front of your investments yearly, where you can assess the importance

of sensible money management.

Over a period of a few weeks or months, monitor your expenses. When you fully understand

where your money is going, you have a better idea of where you can cut costs so that your

finances are better overall.

If you are frequently around a zero balance, it can be helpful to have an overdraft program. It

may add a fee of a few dollars per month, but the standard overdrawn account comes with a

charge of at least $20 per transaction.

Keep your important tax related documents together in an active file. Keep all your important

documents such as receipts or insurance papers in one file so you can access them easily.

These tips will help anyone understand and shape their personal financial situation into a

healthier, more productive situation. No matter whether you're starting with five dollars in the

bank or with five thousand in investments, the same principles apply, and you can use tips

like these to boost yourself into a new, better way of life.