There are two things I always say to anyone who will listen, “Don’t mess with a man’s money” and “Don’t mess with a man’s women.” Unfortunately, we don’t do the right thing when it comes to our own finances so we need a little advice to get us back on track. The personal finance tips listed below will help you get back on track quickly and save money at the same time.
It is important that you consistently monitor your personal finances, especially during tough times because you never know if you’ll be fired from your job or you face an emergency where you need money right away. After reading this short article you will learn how to get the most out of your money through savings and proper spending habits.
Credit Cards and Spending Habits
You may have to cut all your credit cards in half if you’re abusing them. If you want to save money for the future, you should either learn how to use your credit cards responsibly or get rid of them for a little while. For example, Joy was a single mother who owed more than $3,000 on two credit cards.
She cut the cards in half and didn’t order new cards until she had accumulated $1,000 in savings. Joy wasn’t alone as there are hundreds of thousands of Americans that owe a lot of money on their credit cards because of their inability to effectively use the cards.
In order for to save money and control your personal finances, you should pay your credit card bills in full and on time every month. If you pay only the minimum amount due it’ll take you more than 10 years to pay the entire balance. Credit card companies don’t want you to pay in full every month because they make the bulk of their profits on interest rates. First, don’t use any of your cards until the balance is paid off. Once you have paid all your cards, consider having only one card for emergencies.
Save Money by Buying Household Products in Bulk
If you purchase your household items in bulk, you can save a lot of money on a yearly basis. The more you buy, the more you save. For example, purchase toilet paper and cleaning products in bulk and anything else that you use on a regular basis.
You can even purchase your food staples in bulk. A big bag of rice will feed your family for a few months. You can also purchase a lot of canned goods and store them in your garage or create a special place in the kitchen to store extra food products. You can also buy packs of diapers and other child products in bulk.
Learn to Buy Money Saving Generic Products
Most generic products are the same high quality as the national brands that are advertised on television. When you purchase a national brand, you are helping the company pay for those expensive commercials, not for better quality products.
Companies that sell generic products don’t advertise so they are able to charge a lot less than the expensive brands. In fact, most products come from the same manufacturer, the only difference is the label that’s pasted on the product.
Use Cash When You Go Shopping
When you go to the supermarket make sure to take cash instead of a credit card or a check. When you know that you’ll be paying with cash you’ll be more inclined to find cheaper products and you’ll stay within your budget.
You’ll also be more than willing to find and use coupons either online or in the Sunday newspaper. Coupons really add up, especially if you find a store that offers double coupon savings. Using cash will also prevent you from making impulse purchases that can really set you back.
Use the Envelope System of Personal Finance Budgeting
To save money and to stay within budget, try to use the envelope system of budgeting. It’s pretty simple. At the beginning of each month you can put a designated amount in an envelope that will be earmarked towards a certain category of spending.
The trick to following this system successfully is not spend any more money on a particular item once the envelope is empty. Once you get in the habit of spending this way, you’ll become accustomed to budgeting and you’ll realize the benefits of sticking to a budget.
These tips will help you save money so you can have a nice savings account when you retire. You’ll also have money in case of an emergency so you won’t have to borrow any money to get out of a jam. Try to remember that you have to learn how to make your money work for you.