Monday, March 16, 2009
60 seconds Guide to Personal finance
We all are facing the slowdown phase, where everything seems to be moving very sluggishly. Economic growths are facing a crisis situation, overall demand and growth rates for every product have melted. This crisis situation has spared none of the developed countries as far as review report status is concerned. At this condition everyone is busy in guessing what is coming up next. So, being your Finance Adviser let me give you tips which will help you pave your own roadway in this crisis crunch. Devote just 60 seconds and you can damage proof your own personal finance.
0:60 Prepare a budget
Preparing a budget will help you set a realistic target for every expenses like utilities, household, medical, grocery, transportation etc. Try to squeeze something from these expenses and pay off your debt.
0:53 Keep checking your Expenditure
Keeping a constant check on the spending is extremely necessary as it gives you the ultimate scope to manage your finance properly and come out of debt by paying them off.
0:46 Avoid interest and late fees
Make payment on time to avoid any kind of late fine charges. Also understand the impact of interest which if taken any time on anything that you pay, can actually double the charges. So try to avoid it. This will also help you in being debt free.
0:35 Read the Statement carefully
Credit card statement should be read very carefully in order to make sure that it is error free and every charge taken is accurate and no duplicate or wrong charge levied on the statement. It is your hard earned money, so be extra careful while paying.
0:26 Carry just as much you need
Carrying extra cards at one time doesn’t make any sense. So carry credit cards which are in need and use. Carry one for purchase purpose and another for emergency purpose. Any more than this can actually be over killing.
0:23 Try paying more than minimum
This is a good financial habit. Keeping an urge of paying at least something more than minimum can actually help you in getting out of the debt very soon and also have a good financial fund to support during crisis period.
0:18 Consolidate your creditors
Many people have huge number of creditors to pay which is one of their debt management problems that they face. Trying to reduce the same or opting for a consolidation program would be very good financial decision.
0:13 The most expensive debt should be paid first
Any size of interest can add on the total amount of debt at any point of time. So the most expensive debt should be given first priority in case of repayment.
0:05 Co-operate with your family members
Learn to co-operate with other members of your family by managing financial needs and also encourage them in saving money and paying off little debts.
0:00 Relax and sleep tight
Try follow these tips and you will find yourself relaxing at the end. This will definitely help you achieve your mission of managing Personal Finance within minimum time of 60 secs only.
So sticking to our financial budget isn’t easy at this crisis situation but we do not have plenty of alternatives open for us also. Hence, above mentioned tips would surely help you out if implemented correctly.