Wednesday, August 28, 2013

Vital Information To Help Avoid Financial Ruin

By Eric Miles


Finances can be stressful. It can seem as if you always have more and more expenses. It's never too late to turn things around. There's still time to learn how to manage your personal finances instead of letting them manage you.

Do not waste money on anything that promises to make money easily. Many people have fallen into the get rich quick schemes located on the Internet. Learn to as much as you can, but taking action is more important that spending all your money on books and courses; taking action is the only way you will actually make a profit.

Don't sell if the time is not right for you. If your stocks are doing well, you should leave them alone for a spell. If certain stocks are doing poorly, decide if you want to sell them and record it on a business accounting software.

Avoid the large fees that some brokers charge. Brokers that invest long term tend to charge fees for making use of their services. These fees can really take a chunk out of the money you make. Avoid using brokers who charge large commissions and steer clear of high-cost management funds.

Wherever you go, bring along a small envelope. This way, you have a place to store all receipts that you receive. It is important to have a system for saving these for record keeping purposes. They might come in handy in case you wanted to compare them with the credit card statements just to be sure you weren't double charged.

If you're having trouble paying the minimum on your credit card, stop using it. Cut your spending and do everything you can to avoid maxing out any of your credit cards. Pay down your balance completely before you consider using the card in the future.

Have periodic yard or garage sales to get rid of unused items and earn some additional money. You could also consider selling some of your neighbors items for them and charge a nominal fee for your services. It is easy to get creative and have a successful garage sale.

The number one way to deal with debt is to not accrue any to begin with. Before you opt to pay for a purchase with your credit card, carefully think through your decision. Figure out a time frame on paying down your debt. You should stay away from any credit card charge that can't be paid off within 30 days.

In spite of unexpected and miscellaneous expenses that often rear their ugly heads, after you read this article, you will be able to establish a modest savings plan. Be patient with improving your finances as it could take some time. It's kind of like a diet--it's impossible to see results immediately. You will see incremental changes if you simply plug away at it.




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