Best financial tips

Practical tips to manage your personal finance effectively. Please share your suggestions with mmex community.

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cbhattarai
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Best financial tips

Post by cbhattarai »

I have come up with some great financial tips that would help you:

1. Learn Self Control
2. Take Control of Your Own Financial Future
3. Know Where Your Money Goes
4. Start an Emergency Fund
5. Get a Grip on Taxes
6. Start Saving for Retirement Now
7. Guard Your Health and wealth
8. A Financial Basis for Life
kia0205
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Re: Best financial tips

Post by kia0205 »

Tip No. 1: Hide it before you can spend it.Out of sight is out of mind. When it comes to money, out of sight means in the bank; in sight generally means in your wallet. Sign up for an automatic savings plan so that your money is automatically moved from your paycheck to a savings account.

Tip No. 2: Entertain yourself on a frugal budget
Remember that having a good time doesn’t mean spending a lot of money. Go to restaurants that offer buffets or try a BYOB (bring your own bottle) where entrees are usually less. Ethnic dining also tends to offer better bargains. And if you are going to the movies, skip the concession stand.

Tip No. 3: Pay debts forever but become the payee.Many of us have monthly loan payments, whether for a car loan, credit card debt, a mortgage, or all of the above. When you’ve finally paid off a debt, try to keep it up. But instead of sending a check to the lender, deposit the money into a savings account. You've increased your net worth by paying off the debt; now keep up the good work by building up your assets.

Tip No. 4: Use your credit card wisely.
Are you reaching for your credit card for every purchase you make? Try using cash or a debit card for everyday items, and limiting credit card usage for large ticket items only. Using the money available in your checking account will help you learn to live within your means.

Tip No. 5: Pay your bills as soon as they come.
Don’t cast your bills to the side. Pay off bills as soon as you get them, and if you can't pay the entire balance, pay more than the minimum amount due when possible.

Tip No. 6: Sign up for frequent-shopper club cards.
If you shop at a store frequently, why not sign up for its frequent shopper club cards? Many entitle cardholders to special discounts and offers.

Tip No. 7: Keep track of all your spendingTry writing down all your purchases for a week and see where you’re putting your money. Note every dollar you spend – whether it’s a candy bar or a new purse – and see if there are areas where you can spend less and save more.

Tip No. 8: Use public transportationIf you have access to public transportation, try using it. It’s less expensive and usually less stressful than driving. Check local bus and train routes and compare the costs with driving a car.

Tip No. 9: Do your homework when you travel You might save some coins if you're flexible about dates and destinations. Do your research and look for off-peak travel dates and destinations. Take advantage of weekend or mid-week deals.

Tip No. 10: Watch out for impulse shopping
Sometimes it’s hard to say “no” to that great new outfit or music CD. But if you want to save, you probably are better off without it. Many times, we purchase items because they “catch our eye" - this can lead to wasteful spending. The next time you see something that you want but didn’t plan on purchasing, ask yourself if you really need it and stick to your savings goals.
nitishtrifid
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Re: Best financial tips

Post by nitishtrifid »

Stock Tips Equity Tips
such a great tips given by both of u.. these tips are really helpful for investors
robert03
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Re: Best financial tips

Post by robert03 »

Learning self control is a very important fact that many of us should always consider to save money.
Kuznec
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Re: Best financial tips

Post by Kuznec »

The main thing is to keep health until old age, sobriety of mind and clarity of mind. And all the rest will follow.
Nickcarterz
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Re: Best financial tips

Post by Nickcarterz »

Personal finance is something everyone tought to get acquitted with. Many would have become wrecked due to bad financial management. Life may give you one opportunity to make large sums but if not well managed, such a person may end up poorer than he started. What's important is not how much you make but how well do you manage what you make for managing your money
AdilahBisar
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Re: Best financial tips

Post by AdilahBisar »

I totally believe that financial tension is one of the toughest things for any person to deal with. It can cause a huge strain on all of your connections and relations and harmfully impacts essentially everything you do. Best Professional CV Writers so financial planning is very necessary..
ruchisharma
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Re: Best financial tips

Post by ruchisharma »

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latedev
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Re: Best financial tips

Post by latedev »

1/ Negotiate bills with anyone producing them.
a) This can be looking for discounts as a loyal customer , Many times you see introductory rates for new customers and wonder why you are paying a lot more. That is because most people do not try and negotiate with the company producing the bill.
b) paying the bills on your chosen dates, to suit your cash flow, not the companies. Be reasonable
c) Do not set up direct debit. That is for the companies benefit, not yours. Yes they can save you a little money at the expense of a possible badly timed cash flow. A simple thing where a direct debit is made early and you get paid late, can cost you far more.

2/ Bank Accounts.
a) A current account that regular income gets paid into. Don't pay for these accounts if possible, most people get far less out of them than they pay in. The flip side is once you have an account of this type, you are locked into it.
b) A savings account where you can put in a regular amount that covers bills that are not regular. ie quarterly bills or even money that can be paid off credit cards. Divide your bills down over a year into regular payments, add 10%-20% to cover bill increases
c) Another savings account that you can put a regular amount into for holidays.
d) Choose savings accounts that have the best interest rates.

If you can set up a savings account at a bank that is not your regular one, all the better and make sure that you cannot access those funds on line. In bank only which means having no cash card either.
MichaelLTang
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Re: Best financial tips

Post by MichaelLTang »

cbhattarai wrote:I have come up with some great financial tips that would help you:

1. Learn Self Control
2. Take Control of Your Own Financial Future
3. Know Where Your Money Goes
4. Start an Emergency Fund
5. Get a Grip on Taxes
6. Start Saving for Retirement Now
7. Guard Your Health and wealth
8. A Financial Basis for Life
Thanks for the information.
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