10 Best Personal Finance Tips

| April 14, 2013 | 0 Comments

Managing finances are very important to lead live peacefully without having to very about the future. If you have not starts planning your finances then it is better late then never.

Finance Tip

Here are 10 best personal finance tips for you.

1. Get payment for what you are worth off and keep your expenditure less than your earnings.

This sounds easy however most of them miss this. You must learn your job worth at market. For this you need to evaluate skills, your job tasks etc. If you are underpaid, even hundred dollars, it will be a big amount on the long run. Irrespective of the money you get paid, you will never reach places in life if your expenditure is more than your earnings. So put in some cost cutting efforts to save big.

2. Stick to your budget

Budget is the key to proper financing. It is a small word, but has a great importance. So plan a budget and spend accordingly. Irrespective of the fact that you earn huge money or earn a few hundreds only, you need to plan your budget to channelize your money.

3. Clear your credit card debt

The credit card balance is one thing that keeps you from moving ahead financially. It is easy to swipe your credit card every time you make a purchase that is either big or small but when the time comes to pay the debt off, it gets real hard. Though we resolute strongly to pay off the credit card debts quick, it does not happen often and we just pay unknowingly more for shopping things when we use credit card than what we normally spend when using cash.

4. Start planning your retirement funds

You must sign up for the retirement plan if your employer has one today. This is the best deal you can get. If you are already a contributor then tries to increase the amount. If your employer does not have such retirement plan then consider an IRA.

5. Savings plan

If you plan on clearing all your financial obligations and then start saving money then it will be too late before you save a decent amount for yourself. So, start saving at least 5-12% from the monthly salary. It will be better if you set up for a automatic deduction from your payment and get it saved in another account.

6. Investments

If you are already contributing money for your retirement and savings, then you can still save money by placing them in other investments.

7. Increase the benefits of employment

Benefits in your job such as the insurance plan, retirement plans etc are big benefits. So maximize your benefits and take advantage of the money you can save by lowering the income tax payment.

8. Insurance coverage need to be reviewed

Many people spend a lot of money paying for disability insurance, life insurance etc. it is more apt to invest in term life insurance than complete life insurance. Life insurance also is of not much use if you have no dependants. So it is better if you have insurance enough for the dependants.

9. Write a will or update it

Most of the people do not own a will. When there are dependants on you then no matter how much money you are earning, you will require a will. Get a will written stating who your money goes to after you pass away.

10. Maintain records correctly

If you do not maintain your records correctly, then you will not be able to claim for reimbursements of income tax. So start maintaining good records and it will be easy for you to get all you need at the time of filing your taxes.

Find more finance tips at finance blogs . Also you can submit your Finance related website to best finance directories at directoryready.

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Category: Personal Finance

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