Solid Advice When Trying To Save Money On Personal Finance

You don’t have to be an expert to manage your money well. All you need is some common sense and a few strong financial management ideas to get you on the right path.

If you can afford it, try making an extra payment on your mortgage every month. The extra payment will apply directly to the principal of your loan. Every extra payment you make will shorten the life of your loan a little. That means you can pay off your loan faster, saving potentially thousands of dollars in interest payments.

Pay off your items with the higher interest before focusing on the lower or no interest debt. Paying the minimums on a high interest card can cost you hundreds of dollars more than it should. List out the interest rates of all the cards you have and pay off the highest ones as soon as possible.

When it comes to maintaining your financial health, one of the most important things you can do for yourself is establish an emergency fund. Having an emergency fund will help you avoid sliding into debt in the event you or your spouse loses your job, needs medical care or has to face an unexpected crisis. Setting up an emergency fund is not hard to do, but requires some discipline. Figure out what your monthly expenses are and set a goal to save 6-8 months of funds in an account you can easily access if needed. Plan to save a full 12 months of funds if you are self-employed.

To maximize the money in your wallet, try not to shop on an empty stomach. When you are hungry, you are more prone to an impulse purchase, given your higher levels of stress and anxiety. Additionally, you will usually spend money on fast food, which will add up over time.

If you’re looking for ways to save money, look into dropping your land line phone. If everyone in your household has a cellphone, what do you need a land line phone for? Most of the time calls from it are more expensive anyway and you don’t need to put out the money for a second phone when your cellphone will work just fine.

If you have more than one student loan, consider consolidating them. Consolidated loans can be locked in at a low interest rate, often lower than the interest rates on your original loans. You also have the option of extending your loan payoff period if need be. Contact the agency that holds your student loans to see if you qualify.

Use cheap sponges to make your own disposable paintbrushes. You can buy these sponges a dozen or more at a time at the dollar store. Cut them to the size you need and clip them to a spring-loaded clothes pin. You’ll have a perfectly functioning paintbrush that cost only a few pennies to make!

As has been shown in this article, it is quite possible for someone to live comfortably, increase their wealth and have healthy finances. Use your head and remember these tips so you can follow a budget and decrease your debt.