Personal Finance Pointers That Work

Lots of people, unfortunately, are not in control of their financial situation. A simple lack of knowledge and training is often to blame for this. Don’t worry; the article below has the information you need to avert a financial disaster.

There are generally 90 day or year long warranties on products, so usually if something is going to go wrong, it will do in within that time period. Extended warranties are just a way for the business to make an extra buck, but they’ll rarely be worthwhile for the user.

TIP! Keep detailed records of your monthly expenditures, then use those figures to come up with a budget. See where money is being wasted, and eliminate them from your budget.

Credit card balances play a big role in your FICO score. A higher card balance means a worse score. If you want to lower your score, pay off your balance. Do your best to keep your balance below the maximum credit limit by 20% or less.

Purchase local store brand items rather than well known brand items. Much of the national brand’s costs goes to funding the advertisement for their products. Go with the generic choice. Most of the time there really is no difference between the two, so you won’t even notice.

Only sign up with a broker that you trust 100%. Check their references and do a little digging. Make sure they are honest in their one-on-one dealings with you. Your own experience can help you to spot a shoddy broker.

TIP! If a healthy personal financial picture is something that you are interested in, then you want to be leery of having a plethora of credit lines. Too much credit brings down your score, impacting you in a variety of negative ways.

The number one way to deal with debt is to not accrue any to begin with. Before using any type of charge card, take some time to think about the purchase before you hand over the plastic. Think about the time it will take you to pay it off. If you can’t pay off the charge in a month, and it’s something you don’t really need, avoid it.

Read any mail that your credit card company sends you. Current law requires credit issuers to give you at least 45 days notice of any changes. Read over the changes and assess if the changes are worth you keeping the account. If the changes are not to your liking, then it’s time to dump the account.

Bad financial decisions put a lot of people in tough situations. As long as you put this article’s advice into practice, though, you will not be one of them. Be sure to use this advice to not only gain control of your finances, but to live stress free.

Taking care of your personal finance requires a specific mindset. Wall Street Journal best-selling author Orrin Woodward wrote a book called “RESOLVED: 13 Resolutions for LIFE” that offers historical lessons on elevating personal excellence, including financially, extremely well. Pick up your copy today.