No magic is needed to successfully handle your personal finances. All you need is some common sense and a few strong financial management ideas to get you on the right path.
If you do not feel comfortable selling, hold off. If your stocks are doing well, you should leave them alone for a spell. Stocks that are performing poorly can be ousted from your portfolio.
Try to set up an arrangement in which you use your debit card to make payments to your credit card company every month. By doing this you won’t forget about your credit card expenses.
Some people spend $20 to $30 each week in lottery drawings hoping to ‘win it big.’ Instead, invest that same amount of money in a savings account. This will give you a guaranteed gain, rather than losing to an overwhelmingly risky game.
Devote one specific day each month to paying your monthly bills. While paying bills won’t take up an entire day, it is still a good idea to dedicate at least one day to it. Mark your monthly calendar and pledge to keep the commitment. If you do miss this day, it can create a domino effect.
Next time you’re at the supermarket, stock up on store brands rather than choosing the more expensive name brand items. Typically, the store brand groceries are extremely similar to the name brand groceries that are much more expensive. It usually even contains the same ingredients. You may find products that you like better for a lower price. This can add up to big savings over time.
Times are tough, try having your savings in different places! For example, don’t put all of your funds into a savings account. Put some funds into checking or into stocks. The more diverse your investments, the safer your money is. Use these ideas to make sure your money is safe.
Large fees should be a sign for you to stay away. Brokers do collect a fee for their services, of course. These fees can take a big bite of your returns, though, if they are large. Stay away from brokers who make too much money off of commissions or a fund that costs too much to manage.
Clearly, it is possible for anyone to increase his or her net worth, live within his or her means and enjoy the pleasant financial life he or she craves. Exercising common sense and heeding sound financial advice, like budgeting, reducing debt, and saving, can put you in command of your money situation.