Tips to Better Manage Your Finances

Guest post today from author Jason Harter. James has an interest in finances and blogging. He is a contributing author for homeequityloan.net
Most of us go through years and years of school to learn everything we need to know, but it seems that most of us missed out on learning about personal finance management. This is one of the major reasons for the rise in bad credit and bad debt. Below are 5 tips to better manage your finances:

1. Savings Account – You work hard for your money day after day. One of the first things to do is use some of that money to build a savings account for your family and yourself. You can do it! It may take longer than you like but you can certainly get started in a small way. Begin by saving all the change you get from the gas station, grocery store or fast food restaurant you drive through. Fill a jar up with your coins day after day. When the jar gets full, take it to a bank and have it all put into your savings account. You may be surprised that in just a couple weeks you could have saved $20 or even $50. Continue doing this and your saying will grow in no time. 

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2. Paying Bills – It’s a good habit to always pay your bills on time. Your credit rating and credit report as well as credit worthiness are based on how you pay bills. Paying bills on time will keep your interest rates down low and help you avoid paying any late fees. If you have problems paying your bills on time, use a system to organize the bills and when they are due. When you have money, pay the bills from the top of the pile that are due first and work your way through the bills monthly all the way to the bottom of the stack.

3. Good Credit – When you have good credit, you want to keep it. Believe it or not, moving can hurt your credit score. If you stay in the same place for five or more years this will improve your credit. If at all possible, avoid moving when you don’t have to. Always get current copies of your credit report and check out the addresses that are listed. If you have some that are not applicable, have them taken off the report.

4. Coupons – Everyone needs to take advantage of cutting and using coupons. With today’s prices going up and up, you want to make every dime you have go a little further. Money will last longer if you use coupons on products that you use frequently or services you use often. Never clip, cut or save coupons that you would not use. Sometimes people get enticed by coupons and buy something they don’t even want or won’t use. Find the coupons for products you purchase and this will give you the best savings ever.

5. Working – Money management is the process of knowing how much money you have and how much you can spend. Working for a living is a big part of money management. If you spend more money than you make, you’re probably depending on credit cards. If you rely on cards, your payments will keep going up every month and you won’t get those balances paid down. Managing money means only spending what you earn and nothing more. If you need more, don’t rely on other people. Rely on yourself and get a second job, talk to the boss about a raise, or find something you can do at home to make more money.

When you take better control of your finances, you have better control of your life and will feel more financially stable than ever. 

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