Monday 30 September 2013

How To Stay In Control Of Your Personal Finances

By Eric Miles


Do you want to be a money overlord rather than a slave to your money? If you have complete control of your finances you will be taking a important step in your life. Get more bang for your buck by making the smartest money management choices.

When trading in the Forex market it is important to watch the trends. You want to buy low then sell high so always keep yourself informed. You do not want to sell during an upswing, or, for that matter, a downswing. Typically, you should wait until a trend settles unless you have a specific goal in mind.

Don't sell if the time is not right for you. If your stocks are doing well, you should leave them alone for a spell. If certain stocks are doing poorly, decide if you want to sell them and record it on a business accounting software.

Paying in full instead of getting into debt is the better option if you can manage it. While certain debts are unavoidable, like mortgages or college loans, toxic debts such as credit cards are best avoided at all costs. The less you borrow, the less you will spend on interest.

Wherever you go, bring along a small envelope. This way, you have a place to store all receipts that you receive. It is important to have a system for saving these for record keeping purposes. They might come in handy in case you wanted to compare them with the credit card statements just to be sure you weren't double charged.

If you're having trouble paying the minimum on your credit card, stop using it. Cut your spending and do everything you can to avoid maxing out any of your credit cards. Pay down your balance completely before you consider using the card in the future.

Don't take a lot of student loans out if you're not expecting to be able to pay them off in the near future. Attending an expensive school for a major you're unsure of may put you into serious debt.

The first step to credit repair is to get out of debt. You must cut back on your spending, save some money and pay off your loan and credit card debts. There are simple steps you can take to save money; for example, instead of going out to eat, dine in at home. You will have to cut back your spending and sacrifice some things if you are serious about credit repair!

As you can see by now, lots of people have trouble managing their finances. You don't have to be under educated when it comes to dealing with money. Use these tips to better control finances and to live a little more relaxed.




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