Smart Ways To Manage Your Personal Finances
Personal finance is all about making choices. There are, of course, right choices and wrong choices. Sometimes, of course, a right verse wrong is dependent on the particulars of the situation. More often than not; however, when it comes to personal finance, some choices are more likely to be wrong than they are right as it is noted in this article.
Drink water from the sink. Tap water is free, as opposed to the money you pay for bottled water, juices and sodas. This can help you save a lot of money on groceries. Just make sure that your local water is safe to drink, this is particularly important if you have well water.
Carry at least ten dollars in cash or a debit card. The Dodd-Frank Wall Street Reform and Consumer Protection Act let merchants set a minimum amount for credit card transactions. The minimum amount cannot be more than ten dollars and does not apply to debit cards. Previously, some merchants inflicted minimums in violation of credit card agreements.
If you and your spouse have a joint bank account and constantly argue about money, consider setting up separate bank accounts. By setting up separate bank accounts and assigning certain bills to each account, a lot of arguments can be avoided. Separate banks accounts also mean that you don't have to justify any private, personal spending to your partner or spouse.
If you (or your spouse) have earned any type of income, you are eligible to be contributing to an IRA (Individual Retirement Account), and you need to be doing this right now. This is a great way to supplement any type of retirement plan that has limits in terms of investing.
When purchasing car insurance, be sure to ask a lot of questions and find an insurance agency that you can trust. A lower priced insurance is not always the best choice. Therefore, be sure that you are getting the complete coverage that you need. There are many discounts available (multiple car is a good example) so make sure to take advantage of those.
To really be in control of your personal finances, you must know what your daily and monthly expenses are. Write down a list of all of your bills, including any car payments, rent or mortgage, and even your projected grocery budget. This will tell you how much money you have to spend every month, and give you a good place to start when making a household budget.
Get a better checking account. Many people stick with the checking account that they've had for years, even though that account is charging them hefty monthly fees. Find out what fees you are being charged at your current bank and make an effort to find a checking account that charges you less, so that you can keep more of your own money.
Determining what is right and what is wrong is, in most cases at least, an intuitive process. This is even true in regards to personal finances. Most of us know when we are wasting money. It is sometimes a bit harder to understand when we are wisely investing it. However, we can attain that understanding using the tips noted above.
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