Top Tips To Improve Your Personal Finances

Have you had it with living paycheck-to-paycheck

? Managing your personal finances can be difficult, especially when you have an extremely busy schedule and no time to put together a budget. Staying on top of your finances is the only way to improve them and the following tips can make this a fast and easy exercise that will get you going in the right direction for improved personal finances.

When purchasing car insurance, be sure to ask a lot of questions and find an insurance agency that you can trust. A lower priced insurance is not always the best choice. Therefore, be sure that you are getting the complete coverage that you need. There are many discounts available (multiple car is a good example) so make sure to take advantage of those.

In order to improve your personal finances, it is helpful to keep track of your spending. One way that you can do this is to only make purchases using a debit or bank card. If you use cash, it is more difficult to track using budgeting software, whereas purchases made with bank cards can be tracked easily and help you to identify trends in your spending.

Think about the way you drive your car. Do you need to go out 5 times today to run errands, or can you do them in one trip? Do you need to drive to get groceries or can you get them delivered? Changing your driving habits can help you save money on gas.

Be careful buying that extended warranty. Unless you think you'll need it, you shouldn't spend the extra money for it. Many items already come with a warranty that allows enough time for something to go wrong. To be on the safe side, do your research on the item to see if you need a longer warranty.

In order to save money, cancel memberships for things you do not use. For example, if you have a gym membership, but you never go to the gym, why do you need the membership? All that this is doing is costing you money that could be spent on more important things.

If you really care about saving money and repairing your personal finances, you should cut up all of your credit cards. Credit cards are the number one cause of high amounts of debt. Then, pay off the credit cards as fast as you can, to save on the interest. Once you are credit card debt free, you can consider getting one card for emergencies.

Before you go out and do yet another trip to the grocery store, have a really good look in the pantry to see what meals you can make using the ingredients you already have. All too often good food is thrown away as it is past its "best before" date, yet a little more careful planning could save a fortune.

If you are an investor, make sure that you diversify your investments. The worst thing that you can do is have all of your money tied up in one stock when it plummets. Diversifying your investments will put you in the most secure position possible so you can maximize your profit.

Order your checks through the mail instead of from your bank! Banks subcontract the printing out and hike the price up so they make a profit. Mail order companies, in comparison, specialize in printing and will usually print directly for the customer at much cheaper prices than you would have to pay through the bank.

Don't just accept any savings account to hold your money. You need to find an account that will protect your funds against inflation. Ideally, you need a high-yield savings account. This will allow you get a better return on your money. Just check whether the rules regarding withdrawing from the account (if you need to have access to the money at short notice), and that there is no investment risk.

As you can see, it's really not that hard. Just follow these tips by working them into your weekly or monthly routine and you will start to see a little bit of money left over, then a little bit more, and soon, you will experience just how nice it feels to have control over your personal finances.

by: chirag savaliya

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