It can be difficult and tedious to track your personal finances. By planning ahead and tracking all of your financial details, though, you can head off any upcoming difficulties before they affect you. With newer tools such as online banking you can streamline this process pretty easily, but you still need to be aware of where exactly your money is going.
If you are not ready to sell, don’t. Leave your stocks alone if you’re earning money on them. If you have stocks in your portfolio that are not performing well, you may wish to change them up a bit.
This is a time of considerable economic uncertainty, so it makes sense to save your money in several different places. Keep some of your money in your savings account and some in your checking account. Invest some in gold, stocks and even in high-interest accounts. Explore all your options to keep your hard-earned money safe.
You should give careful thought to exactly when you want to send your income tax return to the IRS. If you are anticipating a refund, then file as soon as possible. If you owe the IRS money, file as close to April 15 (the due date) as you possibly can.
The best way to stay one step ahead of financial problems is to advance plan for your future. Having a concrete plan is effective as a motivational tool, because it gives you a specific reason to work harder or curtail other forms of spending.
Your car and house are very likely going to be your biggest expenses. Payments on principal and interest for these items are sure to take the biggest chunk out of your monthly income. Add more money to the payment every month or make an extra payment once a year to pay it down faster.
Rather than using a credit card that is close to being maxed out, use two or more credit cards. The interest of two different payments should be much lower than paying off a maxed out credit card. Also, this won’t damage your score and it could also help you in building it if you could manage two credit cards wisely.
Savings should be the first thing you take from each check. If your plan is to save the money you have leftover once the month is over, chances are, you won’t have any left. If you know the money is unavailable, it lessens the chance you will spend it.
A good grocery store sale isn’t so good if you end up wasting the items you bought. Buying in bulk can be great, so long as you actually use everything you bought. Shop for bargains, and don’t be afraid to buy 10 pounds of peanut butter if your family loves it, but use common sense.
Tracking your spending frequently helps avoid any overdrafts, and allows you to respond to situations faster to avoid money issues. When you are more in control of your finances, you will feel more financially secure, and will not need to rely on the bank so much to tell you where you stand.