Tuesday, July 21, 2015, AM | Leave Comment
Are you overwhelmed with your financial burdens? Do you ignore your budget and account simply because it adds stress or confusion? You don’t need to suffer from such a situation anymore.
All you need to understand where you’re standing financially, know the steps of making wise financial decisions and make your role easy in controlling your personal finance.
Here are some useful tips that can help you trump over your financial difficulties.
Pay down accounts
You shouldn’t maintain more than one or two savings or checking accounts with different financial institutions if you don’t really don’t need them.
Simplify your financial life and lessen the stress by consolidating your existing bank accounts to one single checking account and one savings account, and cut down on paperwork as well as tracking them.
You should learn to prioritize things. Foresee your future and select which financial goals to be focused on at this point of time.
You may find buying a new expensive car less important than creating an emergency fund. Be specific about your financial goals to accomplish and create your own customized plan to reach them. Write them down and stick to them.
As you don’t need several bank accounts for the same purpose, you don’t need to maintain multiple insurance accounts. Save your dollars as well as cut stress by simply bundling your assets that require insurance and consolidating your insurance policies.
Stick to the budget
If you want to be focused about your financial life, make sure you live within means. Creating a realistic budget is not enough; you need to stick to it.
Once you start tracking where your money is draining out, you will be shocked. You will be surprised about how much you spend in different categories. Keep your money to put it for better use.
Don’t cross your budget. For example, if your pocket permits, you can try buying a property in urban area of real estate Mumbai though you should always have a check on your spending habit.
Check your debts
Pooling your plastic is another important part towards a stress free financial life. If you have multiple credit card debts, try to transfer the balance on high-interest credit cards to a card with lower interest rate as it would help you cut down a good amount of money on interest.
Inquire about balance-transfer fees as you must take that into consideration while making transferring decision. A good credit score would help you get a good balance transfer offer.
Only keep important documents. And to do so you need to all the papers and shred those you don’t need. Streamline future fiscal records by going paperless.
Many financial institutions and banks offer this facility to let you cut down clutter and filing. Ask for paperless bills and statements; maintain folders on your desktop or laptop to help you keep a track of where your money is going and coming from.
Inventory your stuffs
Make a list of whatever you own – from clothing to furniture. You’re likely to find that you’ve much more than what you need. You may also find things that you might have forgotten about.
Sell or donate the items you don’t need or use any more to reduce your life’s clutter that would eventually reduce financial mess of your life.
Remember, the easier your personal finance is, the more likely you can stay on the top of it and be in a better financial shape.Facebook.com/doable.finance