Finding time to pay your bills is hard enough these days.
Finding time to go over your spending and saving habits, in order to
find ways to save is even harder. It is a task that needs to be done
though, and the rewards can be huge, if you find ways to drastically
change your bottom line.
If a person is not using their old textbooks that they may have
from previous semesters or years of school these books can often be
returned for a nice bonus to ones personal finances. This boon of money
that came from an unused source can be a nice chunk of money to save
away.
If you have not begun contributing to your retirement, you need
to start. If you have already started, look for ways to step it up a
notch. Maximize your contributions, and if there is any way possible,
completely max out your contributions. This will help you immensely when
preparing for retirement.
Avoid window shopping. If your personal finances are tight, or
if you are trying to follow a strict budget, avoid window shopping, as
it is likely to lead to impulse purchases. Think about whether you
really need to make the purchase, and if possible, follow the 24-hour
rule. Go home, and think about the item overnight. If you still believe
it's necessary, you won't feel as guilty when you purchase it, as it's
no longer an 'impulse' buy.
To make sure your checking account isn't a drain on your
finances, take the time to find a truly free checking account. Some
checking accounts claim to be free, but have high minimum funds
requirements or will charge a fee if you don't have direct deposit. This
can put you in a bad place if you become unemployed. A totally free
checking account will allow you to make the best use of your finances no
matter what your situation is.
Look for ways to cut expenses in your budget. One of big
culprits these days is buying coffee from one of the many available
shops. Instead, prepare your own coffee at home using one of the
flavorful blends or creamers available. This small change can make a big
difference in your personal finances.
Check your financial assets for a down payment source. You may
be able to cash out certain investment accounts and use the money
without penalty, if it is for a primary residence. You may also be able
to borrow against certain assets, giving you the money you need. Check
with your investment professional for options.
Keep a journal of your expenses. Keep your receipts and your
bills, as well as, your pay stubs. Taking track of your expenses is a
good way to eliminate certain unnecessary expenses. You should think
about hiring an accountant if you need help with keeping track of your
records.
Using the ideas here, you can make a big difference in the
amount of stress that you carry around each month. Money matters are a
huge burden to most people, so taking charge and finding ways to reduce
your expenses and having more money set aside for unexpected surprises,
will have you sleeping better at night.
