Make Smart Money Choices With These Tips
If you’re like thousands of Americans, you probably owe a bit more than you can afford to pay out. Whatever caused your money problems, they don’t need to rule your life. If you want to get your financial life back on track, you need to take things one step at a time and focus on making small improvements that put money in your pocket.
Research the People You Do Business With
Before you work with a broker, review this person’s credentials and make sure that you can trust them fully with your lifetime savings. If the broker isn’t being open, or provides answers you don’t find satisfactory, do not hesitate to bring your business elsewhere.
Forget Brand Loyalty
If you want your money to grow with you, you need to rid yourself of brand loyalty. Loyalty to certain brand names is killing your wallet. However, brands do carry an upside. Look for coupons on the brands you like and you’ll often find them to be cheaper than you can buy them on sale most days. You can also forego buying a brand for a week or two, while the price is high, and then go back to buying your brand again when the price drops.
Cut Debt
If you can, pay more than your minimum balance in order to cut debt. Event $20 or $50 more can substantially shrink the number of months you’ll spend paying off your debt. Next, focus on borrowing less money. This will reduce the future interest rates you pay and save you thousands in wasted money.
Cutting debt is a lesson in patience, so you’ll have to get used to waiting until the things you desire drop to a reasonable price. Entertainment is where you’ll see the most gains. When movies go to a discount theater, for example, you can save more than half the cost of tickets at a regular-priced theater.
Pay Large Balances
The two largest purchases you’re likely to make in your lifetime are your house and your car. These payments, especially your house, won’t go away anytime soon unless you try and pay more than the minimum payment to reduce them. If you’re having trouble finding money in your budget for these expenses, use a portion of your tax refund.
Buying in Bulk
There are times when buying in bulk is not smart, like when you have to stick to a very tight budget, but it can be a good idea to buy certain products in bulk while maintaining your regular purchase habits elsewhere.
Banking
Find a free checking account, and see if you can put your money into a savings account with interest rates. Once you’ve developed a vessel to save money for holding your money, as opposed to losing money to brick and mortar banking institutions, your next step is to focus on cutting debt. Start looking for credit cards that offer reduced interest rates, which should be easier to find if you make your credit card payments on time.
If you make good use of the financial advice you see here, you’ll quickly find yourself on a path to accumulate wealth.