If you are single, your money management skills may not affect anyone other than yourself. However, if you are the head of your household, you have an added incentive to do the right thing. Read on to find out how to better manage your personal finances, so that you can benefit from them.
Keep an envelope with you on your person. Use this to store all of your receipts and business cards. If you ever need to refer to them for future reference, you’ll know immediately where they are. Your receipts can be used to compare statements in the event you are charged twice for a transaction.
Most products will come with a warranty, and if they break, they are likely going to break during this time. Extended warranties make someone a lot of money, but it isn’t you.
Most debt collectors will negotiate the amount owed on an account. Your debt was probably purchased for a small amount of money. Paying a little of what you have to pay can help them still make a profit. By taking advantage of how this system works, you can pay off old debts for less than what you owe.
Replace old incandescent light bulbs with CFL light bulbs. By replacing your bulbs, you will pay less on your electricity bills and be less of a burden to the environment. As an added bonus, your CFL bulbs will last longer than the average incandescent bulb. By purchasing fewer bulbs, you won’t be spending as much money.
Some people say that “if you don’t play the lottery, you won’t win.” In fact, the only way to win the lottery is not to play and put the money in a bank account instead. That way, you’ll increase income over time instead of throwing money down the drain.
Consider whether items you are removing from your home might have value to another person. You can have a yard sale or bring items into a consignment shop to see whether you can get some money for them. Personal finances can benefit when an old piece of valuable furniture is sold.
You can increase your money by saving up the coins that you collect in your pockets. These errant bills may be used to purchase the winning lottery ticket!
Set up payments on a monthly basis when you are paying credit cards. Credit card companies would rather see you make regular payments than pay your balance off completely. When the payment is automatically taken out, you will never have a late fee. If you want to pay more each month, you can.
As you know, managing your personal finances become a higher priority for people who have dependents to care for. Rather than letting yourself get in debt or spending money on unnecessary items, prioritize and create a budget, so that you can make the most of your income.