subject: Controlling Your Finances [print this page] The state of your finances considerably influences your lifestyle. If you live in an affluent area, or drive a fancy car, you probably have stable finances. However, if you're like many Americans who are downsizing to smaller homes and cheaper means of transportation, you may need a little help when it comes to money matters. Managing your funds properly can help you get out of a financial rut and back on the road to financial stability. Here are some ways on how you can do just that:
Many people have checking accounts, although a significant portion of those who do tend to lose money because their accounts aren't properly balanced. If you write a check that isn't backed up by ample funds, you'll be charged penalties such as a fee for insufficient funds (both by your bank and the merchant that accepted your check) or a fee for a bounced check. Start managing your checking account by keeping records of everything that goes on with it, and compare your records to your monthly statements. Keeping track of all transactions and ensuring you have enough money in your account to cover the checks you issue is one way of keeping this issue in check.
Most Americans have multiple credit cards, which can lead to a lot of money lost due to late payment fees, not to mention interest rates plus annual fees. A drastic step that helps reduce the money you lose with these is cancelling all credit cards but one or two, which you'll then use solely for emergencies. Once you've canceled all other credit cards, make your payments on or ahead of time to avoid paying penalties. In addition, try and pay more than just the minimum payment due, especially as you might be faced with a huge credit card debt in the near future.
Controlling your finances could be as easy as cutting back on a few luxuries, or as difficult as throwing out most of your credit cards. It all depends on how unstable your finances are. In the end, you'll find that wherever you stand in terms of money, you can give your funds a big boost by following these two tips.
by: Carina Smith
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