With all due respect to the importance of personal relationships, one of the most important facets of a successful life is personal finance. Making money, keeping it, and growing it makes the rest of your life easier and more enjoyable. Here are some ideas to help increase your personal bottom line.
Buying certain items in bulk can save you money over time. Items that you know you will always need, such as toilet paper or toothpaste can be bought in bulk quantities at a reduced prices to save money.
Manage your career as if it was an investment. Your job and the skills you develop are the most important asset you have. Always work to learn more, attend conferences on your career field and read books and newspapers in your area of expertise. The more you know, the higher your earning potential will be.
If you are trying to repair your credit score, remember that the credit bureaus see how much you charge, not how much you pay off. If you max out a card but pay it at the end of the month, the amount reported to the bureaus for that month is 100% of your limit. Reduce the amount you charge to your cards, in order to improve your credit score.
Whenever possible, pay with cash. Carrying cash is a tangible reminder of how much or little money you have remaining, to meet your upcoming needs and expenses. Unlike debit and credit cards, cash is accepted practically everywhere and is perpetually free of annoying surcharges, fees and confusing fine print.
If you’re looking to take out a loan, make sure you shop around on interest rates, and let banks know if you’ve seen a better deal elsewhere. Banks are very competitive for business, despite often trying to seem intimidating and as though the customer is at their mercy. Turn the tables and make them compete to provide you with the best loan.
Drink water when you are eating out! Some restaurants charge almost $3.00 for a soda or glass of tea! When you’re trying to manage your personal finances you just can’t afford that! Order water instead. You’ll still be able to eat out on occasion but over the long run you’ll save a bundle in the cost of drinks alone!
Buy your staples in bulk and save big money. Instead of buying those tiny bags of sugar and flour think in terms of twenty-five pounds at a time. That might seem like a lot but the money you will save will justify the storage space it will require. Just make sure you store everything safely in tins or other rodent proof containers.
Set up your savings account in a different bank than your checking account, and don’t give yourself online or ATM access. Do all of your savings account business in person, by mail or via the night drop at your bank. In this way, you will discipline yourself to leave your savings account undisturbed and eliminate the temptation to access it except in extreme emergency.
One of the best things that you can do in order to effectively manage your cash is by saving your “pennies”. Saving small amounts of money here and there will eventually add up to big savings in the long run. If you have the discipline to save on a small scale, it will be easier for you to be able to save on a much larger scale.
These tips should have given you many ideas — and a jump-start to your motivation — to make smart money decisions. Whether it’s earning, saving, investing, or even spending, you can now face the financial world with more confidence and less intimidation. Here’s to a brighter future and your increased net worth!