In order to survive, you need to learn about money. Earlier generations learned their money lessons when times were lean and money was scarce. People were able to get ahead only when they scrimped and saved for a long time, frequently making personal sacrifices for the sake of their families. Until recently, younger generations had not felt the financial squeeze. Find out how to get the most return from your hard earned money with these tips.
The standard warranty is usually either 90 days or a year, which is plenty of time for most defective parts to quit on you. Extended warranties can end up costing you more money in the long run.
Be patient if you want to retain control over your personal finances. People clamor to buy the newest electronics without even thinking about the cost. However, just by waiting a little while, you will see the price drop significantly. It goes without saying that the extra money saved on these purchases can be more wisely applied elsewhere.
When collection agencies get involved in collecting a debt from you, be aware that they only have a limited amount of time to get it from you; otherwise, the debt can expire. Consult an expert about the statute of limitation laws pertaining to debts in your state; you may not have to pay anything depending on how much time has gone by.
Flexible Spending Account
If you have a flexible spending account, use it. If you come across a medical expense, or have to pay something like a child’s daycare bill, you can use your flexible spending account to save money. These accounts let you set aside a specific amount of pretax dollars for these expenses. However, be sure to discuss the conditions of this sort of account with your tax consultant.
Left over money from minor transactions can be used in creative ways to increase finances. Buying lottery ticket with a spare dollar offers the opportunity to win a much greater amount than was expended.
Create a monthly entertainment allowance so that you do not spend more than you can afford. This allowance should be used for things that you want, but after it goes away you shouldn’t spend any more money. This is a great compromise that lets you stick to your budget and still indulge yourself on occasion.
If you live paycheck to paycheck and coming up short more often than not, you should consider an overdraft protection plan at your bank. This minimal fee can save you a lot of money on overdraft fees in the long run.
Being educated about personal finance issues is invaluable. If you are able to keep track of what you earn and where you spend it, you will find it much easier to keep your finances in order. Using these tips, you can reach your goals by making the most of your money.