You don’t need to be Dave Ramsey to manage your money well. All it takes to preserve and even expand your financial assets are a little good fiscal advice and a touch of common sense.
Never sell unless circumstances suggest it is wise. If you are getting money from one stock more than another, let that one stay. You can go over the stocks that aren’t doing so hot and come up with a way to move those to more profitable ones.
Avoid paying large fees when you invest. Brokers that invest your money long term will charge money for the service. Your total return will be greatly affected by these fees. Steer clear of brokers who charge exorbitant commissions for their services or pile on lots of account management charges.
Always be aware of the best time to file your tax return. If you’re expecting to get a refund, you’ll want to file your return as early as possible in order to get access to your money. If you owe the IRS money, file as close to April 15th as possible.
Take out your incandescent light bulbs and start using high-efficiency CFL light bulbs instead. If you do this you will save money on energy bills and help the Earth! CFLs also last longer than traditional light bulbs. You will save money by buying bulbs that don’t need to be replaced as often.
If you eat less fast food or eat out less in general, you can save a lot of money. You will save a lot of money if you just stay in and eat at home.
A credit card can have benefits not seen in a debit card. If you get approved for a credit card, stick to using it on essential items, such as groceries and gas for your car. Most often, credit card companies provide rewards for the use of their cards so you may see cash back on these items.
Learn about and use flexible spending accounts wisely. Flexible spending accounts can really save you cash, especially if you have ongoing medical costs or a consistent daycare bill. Having these accounts will help you build a savings of pretax dollars to pay for these expenses. Get a tax expert’s advice before setting up a flexible spending account, though, so that you understand the limitations applied to the account.
An old laptop can be turned into some extra money for one trying to supplement their personal finances. When electronics are working, or you can repair them, they sell for better money than broken. Even if the laptop is broken you can still sell it, at least it might be enough for a tank of gas.
The balances on your credit cards affect your FICO score. The bigger the balances on your credit cards are, the worse they will affect your score in a negative way. As you start to reduce your balance, your score will rise. Make an effort to limit balances to no more than 20 percent of your credit limit at any one time.
Everybody makes mistakes from time to time. There is a chance that your bank will wave a bounced check fee if it is the first time it has happened. This is for someone with a consistent record that avoids overdraft, retains balances, and will most likely only work once.
While it isn’t as convenient, only using your bank or credit union’s ATM machines can help you save a lot of money. Financial institutions like banks often charge high transaction fees when people use other ATMs, and those fees can be very expensive.
It is possible to live within your means, increase your worth and live a happy, healthy financial life. By carefully thinking things through and following the provided information, you will be able to develop a budget, lower your debt and put money in saving; ultimately gain control of your personal finances.