Mar
09

Build Your Nest Egg With These Tips

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Find out if you will get a discount for making your payments automatically. Many times if you mail your payment you will be charged as much as $5.00 per month. You may find that there is a nice discount for you if you set up an automatic payment through your checking account or credit card.

Instead of going to a car dealership and signing a lease for a new car, take a look at all of the used cars in the lot. Sometimes it is better to purchase an used car, as you will pay a much lower price and have resale value in the end.

To make sure you are prepared for unexpected expenses, start putting money away in an emergency savings account. One of the easiest ways to do this is by scheduling automatic savings deposits to be taken out of each paycheck. Then, the next time you have an unplanned expense such as your car breaking down you will have the money on hand to cover it.

Department stores will feed on their customers purchasing items at retail price, which can drain a bank account very quick. Instead of falling for this, go into all of your favorite stores and find the sale or clearance rack. Typically, you will find great deals on quality items in this section.

If you are traveling, but still need to save as much money as possible, ask about what is included with the price of your hotel room. Some places may have a continental breakfast or provide free transportation to the places that you need to visit. Little things can add up quickly.

Get a piggy bank and put a few dollars in it every week and forget about it. Make that your fun money. After a few months, use it to have a nice, fun night out. That way, you won’t feel guilty about having a night of entertainment because the money was already removed from your budget and accounted for.

Trade in your gas guzzler for an economical, high miles per gallon car. If you drive a truck or SUV that gets bad gas mileage, you may be able to cover the monthly payments for a new car with your gas savings. Calculate what you spend on gas now with what you would spend in a car that gets 30mpg or higher. The savings might shock you.

If you have multiple credit cards for different retailers, place them in a zippered sandwich bag filled with water, then freeze the bag in your freezer. This helps you to resist temptation by creating a number of obstacles to an otherwise impulsive spending spree. Not only will you have to wait for the ice to thaw, but you might also end up making a mess – an excellent deterrent.

Sitting down with a financial planner can be a great tool for personal finance. Sometimes budgeting can be overwhelming. They can help you lay out your goals, figure out your expenses and start a savings plan. Make sure you are up front about your finances so that you can get the most from the experience.

Eat out less often. By making dinner at home and eating there instead of at various restaurants, you can save quite a bit of money. Restaurants charge quite a bit, and you can have the same thing at home for a lot less money and a lot less calories.

If you live in a larger home, consider renting out one or more rooms. This is an excellent option for singles or professionals. Taking on a roommate brings in hundreds of extra dollars every month and can also mean, dividing the price that you pay for electricity, water and other utilities.

To improve your personal finance habits, project all of your expenses for the coming month when you make your budget. This will help you to make allowances for all of your expenses, as well as make adjustments in real-time. Once you have recorded everything as accurately as possible, you can prioritize your expenses.

As stated before in the introduction for this article, many people have trouble managing their personal finances. Sometimes people find it hard to maintain a budget and prepare for future spending, but it is not hard at all when given the proper knowledge. If you remember the tips from this article, you can easily manage your own personal finances.

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Categories : Personal Finance