Looking for money management recommendations to improve your financial positions and to avoid cash problems ? Millions of Americans have trillions invested in stocks, bonds, mutual funds, and other Wall Street investments, but just because you can easily make trades yourself doesn’t mean you should. “Why not do what you do best to earn money and let a trained professional invest it for you?” asks Brian Saranovitz, president of Your Retirement Advisor. “A recent Vanguard Investments study indicated that integrating proper retirement strategies can add as much as 3 percent efficient return to a retirement portfolio.” Adds Aliche, “You need to purposefully seek out knowledge. If you break a leg, you know that you need to go to a doctor. With personal finance, people got the notion that they could just fix it themselves. When it comes to investing, don’t be afraid to seek professional help.”
Understanding your credit scores and credit report is another important personal finance tip for beginners. Credit Sesame is free and doesn’t hurt your score to look at your reports. But, this can help you catch mistakes, overdue bills, info about your loans, and just overall how your score is doing. If your score is really low, start work on improving this number. It can affect you getting future car loans, mortgages, apartments, and affects what kind of interest rate you might get. I’m not necessarily a fan of how credit report companies operate, but it’s still good to have a score above 700. Discover more details at Save Money Tips.
It sounds simplistic, but many people struggle with this first basic rule. Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even a thousand dollars a year can have a significant cumulative effect over the course of your working life. No matter how much or how little you’re paid, you’ll never get ahead if you spend more than you earn. Often it’s easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in big savings. It doesn’t always have to involve making big sacrifices.
Break Down Your Income & Expenses: Credit for this one goes to user GeekLimit on Reddit – one of my favorite personal finance tips! This is an odd little trick that can change the perspective you have about your money, and help you budget better. It’s all about breaking your income and expenses down into daily values, like this: You make $2,500/month = ~$83/day. You pay $800/month for rent = ~$27/day. You pay $200/month for car insurance = ~$7/day. Everything else (food, phone, gas, etc.) comes to $750/month = ~$25/day. That means you’re left with $24/day in spending money. Want to save $1,000 for a nice vacation? You’ll have to save about 42 days worth of your spending money. That means 42 days of not spending a dime. Want to buy a new $10,000 car? That’s about 416 days worth of your spending money. This will help you see how far purchases are going to set you back and affect your spending ability. Visit: http://aspiretomoney.com/.