Money does not guarantee happiness or satisfaction, but smart money management can prevent stress and worry. Fewer monetary concerns allow us to sleep more soundly and feel less stressed. A great source of unhappiness for many people is a lack of control over their personal finances. Eliminating your money woes can make it seem like you’re buying happiness, so here are some tips to help you get your finances into shape.
To understand how you spend money, keep a journal listing every cent you spend for one week. A notebook that is easily set aside or lost is probably not the best method, as it is often soon forgotten. Instead, create a big chart or board at home and use that to list all your expenses. You will pass by it all day so it stays in your mind.
Try to avoid debt whenever possible to have better personal finance. Some debt is normal, such as education loans and mortgages, but try your best to avoid bad debt such as credit cards. The less money you borrow, the less you will waste in interest and fees.
Make sure you are aware of when you should file income taxes. If you anticipate a refund and want your money from a refund faster, you need to file your taxes as early as possible. If you owe the government money it’s better to just file near the date they’re due which is April 15th.
Get health insurance to secure you and your family’s future. Sooner or later, almost everyone needs medical care. This is why you have to be sure you’re getting the best health insurance you can afford. Very quickly, hospital and doctor bills can add up to $20,000 or more. The bills can leave you in a terrible position financially.
If you have collection agencies coming after you, you should be aware that your debt will eventually expire after a certain amount of time if it is not collected. Seek expert advice on the statute of limitations on debt. If a debt collector is trying to collect on an expired debt, don’t pay!
A helpful way of saving money is by eating out less. Someone can save money by buying the ingredients to make healthy meals and cooking them at home. It is a great way for someone to feel pride in their meals and save money at the same time.
If you want to have a credit card but are younger than 21, know that rules have changed recently. Traditionally, credit cards were provided for students who are college aged for free. These days, you must have verifiable income or a cosigner. Ensure you meet the requirements before applying.
Get the family involved in purchases that may be outside the household budget. Pooling resources to make a purchase for the entire family, can help everyone save some cash.
A person looking for a way to add a little extra to their financial resources can make good use of his or her old laptop. If it’s working, it can be sold for a decent amount of money. Though, a broken laptop can net you enough to fill up the tank!
Try to set up an automatic pay plan to pay credit card balances with a debit card every month. You can avoid late fees and penalties by ensuring the bill is paid on time.
Make sure your credit card is payed through an automatic system via your bank. You may not be able to pay off the whole balance each month, but automatic payments establish a good payment history. This looks good on your credit report. Having an automatic debit assures you won’t have late payments, and when you have extra money you can supplement the payment.
We hope this article has been helpful in learning to manage your personal finance situation. It takes time and effort, sometimes much longer for others, but it’s worth it in the end to learn how to manage your money properly and avoid the stress of living financially unstable. These two factors can help with your happiness!