If keeping on top of your finances is important to you, you’ve come to the right place. Simply continue reading in order to discover 7 new finance tips to try out.
7 New finance tips to try out:
1. Start planning for your retirement as soon as possible. The earlier you start planning for your retirement, the earlier you’ll be able to retire. Many individuals make the mistake of putting all their retirement savings into their government-run retirement account or savings account. However, if you want your money to double or triple in value, over a 10 year period, you’ll need to invest part of the money, which you allocated for your retirement. As your returns from your investments will be far higher than the interest which you’ll receive on your savings accounts.
2. Choose a savings account which offers a high-interest rate. In order to increase the amount of interest that your savings account will earn you, it’s important to select a savings account which offers a competitive interest rate. If you’re unsure of what your current interest rate is, it’s well worth looking it up and comparing it with the interest rates of other banks, that you could see yourself banking with.
3. Aim to invest a predefined percentage of your monthly income. As it can be easy to make plans to invest and harder to part with your hard-earned money, it’s a great idea to decide on a specific percentage, which you’re comfortable investing each month. As an example, you may want to start off by committing to invest 20% of your monthly income.
4. Use a debit card to pay for your monthly expenses instead of a credit card. If you want to enjoy all the benefits of owning a credit card but are not thrilled about the idea of paying interest on the money which you spend, you’re far better off signing up for a debit card. As a debit card allows you to use your own income to pay for items.
5. Adjust your budget from month to month. As your expenses are likely to remain the same from month to month, if you’re the type of individual who believes in budgeting, you may want to tweak your budget from month to month. As an example, one month you may have less disposable income as a result of going on vacation or paying for your car to be repaired. Also, remember to budget for any miscellaneous items which you may have to pay for such as birthday gifts.
6. Cut down on the amount of money which you spend on dining out. You’ll be surprised by just how much money you can save by simply cutting down on the number of times which you eat out each month.
7. Aim to purchase big-ticket items on sale. Another way to save thousands of dollars each year is to shop around and to purchase big-ticket items such as electronics and household appliances on sale. As in some cases, you may be able to purchase a brand name product at a fraction of its original price.
So if being in control of your personal finances is important to you, it’s a great idea to use the 7 finance tips listed above to your advantage!