If you are not used to managing money because you have only recently become emancipated (e.g. you are a college student!) you may find yourself frittering your money away on entertainment and pizzas. To avoid doing this, manage your finances and try to avoid debt when you can.
When you are out and about, bring an envelope with you. Put store receipts and things like business cards in it. This way you can ensure you have all the documents you need for your records. It is always a wise idea to compare your receipts to the bills that you receive to rule out any errors or overcharges.
If collection agencies are constantly contacting you about your unpaid debts, it is important for you to know that debts eventually expire if they remain unpaid for a specified period of time. Consult an expert about the statute of limitation laws pertaining to debts in your state; you may not have to pay anything depending on how much time has gone by.
Try using the automatic withdrawal plan at your bank so that you will automatically have money transferred into your savings account at regular intervals. This great technique forces you to save a little money each month. You can also make use of this plan to save up for major purchases or expenses, such as vacations and weddings.
Having patience can be a good money-saver when it comes to shopping. A lot of people will rush out to buy the newest model or latest edition of electronic products as soon as they hit the shelves. If they would just be patient and wait a bit, those prices will go down by up to 50%. This will give you much more money to use for other things.
Use two to four credit cards to enjoy a satisfactory credit report. Credit scores build slower if you only have a single card, but having more than four is a sign of possible credit problems. Start with two cards and build your credit by adding new cards when needed.
If you’re ready to tackle your personal finances and feel confident that you know what you’re doing, discussing your situation with your spouse will be a breeze. You will have to work hard but getting control of your finances is not an impossible task. You can do it!
