Have you come to a point where you know that you need to take a closer look at your finances?
When we begin to gain some ground in our personal income, we have to decide what to do. And when you look at the unstable environment in which we live, it is easy to see that you cannot take your own finances for granted.
If you are considering getting a loan, beware of the signs that could hurt your efforts. Lenders are wary when they see that someone has opened multiple accounts; it is a red flag on your credit report. Using a credit card to pay off another credit card also shows up as a red flag. Red flags are not your friend if you want a loan.
Be careful with store credit cards. Store cards may seem like a way to get good deals, but what appears to be may not be what is. If you pay your bill on time, it does not help your credit much, but if you fail to pay on time or cause your account to go into collection, it will definitely affect your credit history.
Consider paying off your mortgage early. Consider how much money you can set aside, and use it to pay extra on your monthly mortgage. You will not only pay off the mortgage sooner, but you will also save a lot of money on the interest you would have paid.
Be careful in cosigning for someone. You may have a good credit score, but if the other person does not have a good credit score, they may not pay off their debt. Just knowing that your credit is at risk will keep you on edge. And if they cannot pay, you are the person that the creditors will come after.
Though we always want the newest technological gadgets, consider not buying them when they first come out. Haven’t you noticed that the price tends to drop within the first few months after it comes out? You may not be the first, but you will definitely come out better.
Save some money – no matter what. If you allow yourself to live paycheck to paycheck, you are asking for trouble. Emergencies happen – we all know it – so plan for it just as you plan for your cellphone bill.
Don’t be impulsive. You cannot blame stores for planning their store layouts to entice buyers to buy. However, you can be smart about it. Much of our retail spending is impulsive – we see it and think we need it. Why not plan on a 24 hour cooldown period – where you give yourself some time before actually buying the object (or not).
Eat, but eat smart. Consider buying food that may not have the most popular name on it. Most of the time store-brand food is just like name-brand food (except for the price).
Your finances are your responsibility. You have to decide what you will do with what you have. You have to decide if the future is worth the effort.
Consider the following resource. We have found it to be very helpful…