Handling your finance is an essential step which if done rightly, can yield fruitful results. You must have read many articles for personal finance management tips and few of you would have tried them as well, but until you make your own personalized chart; it might not work.
There will be zillions of questions cropping up in your mind, when it comes to personal finance tips. Let’s have a glance of 50 personal finance tips, which can answer most of your questions.
The financial Move!
#1 Get started before it is late!
The first and foremost thing to do is, get started. When it comes to finance management, it’s never too late. To begin with, you need to have a workable plan and most importantly, a strategy. The time you invest on planning your money, can pay off well in future.
#2 Don’t snooze your alarm!
One of the old sayings by Benjamin Franklin, which has never turned old in its meaning: “Early to bed and early to rise makes a man healthy, wealthy and wise.”
Waking up early is not only beneficial for your health but helps you to plan things better. A clear mind can give clear ideas; if you cultivate the habit of waking up early, you can give more time towards planning your finance.
A glimpse to the basics in finance!
#3 Create a financial calendar
With the stress of today’s lifestyle, it’s almost impossible to remember everything. There are chances to forget your dues and end up paying along with late charges. Setting up appointment reminders would solve the need. Create a personalized financial calendar with every detail of monthly, quarterly & yearly dues, tax due date etc.
#4 Your net worth?
Before you proceed with your financial plans, it is important to have the figures right. Do you know what your net worth is? Your Net worth = Assets you own – debts you owe
# 5 Set a budget
The most important finance tip for anyone is to have a budget. A budget is incomplete without exact numbers. Start with the savings in your bank account; this will give you an insight of how much you have and how much more is required. Few points to note before planning a budget:
- Create a budget based on your life goals and not just numbers.
- Set categories- short-term, long-term, urgent etc.
- Set a time period based on your income and expenses. Don’t push yourself to get stressed.
#6 How App-to-date are you?
The world has app-dated their smart devices with various apps to track the day-to-day routine to setting reminder on bills & payments etc. There are millions of apps which serve different purposes & can be of great help to handle finances.
#7 The smart tools
Learn about using the smart tools like moneywiz, goodbudget, debt manager etc.
Finance Tips for – Debt handling
#8 Make a Debt card
Track down all your debts and make a card to know how much you owe.
#9 Watch out the interest rates!
Track down the debts based on interest rates ranging from high to low. Start by clearing off the ones with higher interest rates to save some extra pennies.
#10 Pay your bills on time
If you cultivate the habit of paying the bills on time, you can save a lot which can be used for other purposes. The late payment charges can be avoided which is actually an unnecessary expense.
#11 Small Debts to conquer mountains
Clearing off small debts can motivate you towards clearing the mountain of debts.
#12 Don’t Ever Cosign a Loan
If the other person missed on the payment, your head can troll. The lenders will be chasing you and it might spoil your relationship with that person.
Tips to deal with smart way of shopping
#13 Make a list before you shop!
Going for shopping without a list can end up in huge bills! It is a wise step to make a list of items to buy before you step into the market.
#14 Device your spending mantra
Look for positive quotes to adapt as your spending mantra. Like “Shop what you need and not what you want”
#15 Opt for seasonal fruits & veggies
This will help you to save some money and you will be healthy as well.
#16 Cook and pack it for lunch
Explore simple lunch options to pack for work and try to make it at home. It’s healthy and you can treat your taste buds with variety.
#17 How about an All-cash diet?
Fix an amount for your weekly expenses & drop it from the ATM. Go for an all-cash diet by paying in cash for every small thing you shop. This will give you the exact track of how much you spend on a weekly basis.
#18 Cut down emotional spending
Feel bored or sad? And the only way to lift your mood is to spend some dollars on anything. Don’t shop when your emotions say.
#19 Shop around & grab the deals
Shop near your home and avoid travelling miles just for shopping. Keep a check on all nearby deals and grab it.
#20 Make the most of cashback
You get cash back offer on almost everything these days so make the most of it.
#21 Solo shopping
Don’t buy that gown just because your friends suggested and spend dollars on it without really liking it. Shop solo to make your own choice on the things you buy.
#22 Party at home
It’s good to call your friends and family home if you feel like partying. Saves money and gives privacy as well.
Tips to manage finance on your trips & travel
#23 How do you travel on a daily basis?
If you travel by bus or rail daily then opt for monthly or yearly travel cards to get extra benefits.
#24 Opt for public transport
Walk the miles and travel in public transport. This is a good option to stay fit and save money as well.
#25 A car is not all you need!
Don’t buy a car just because you feel it’s a status symbol. Car is actually an expensive commodity in terms of maintenance, repairs and fuel.
#26 A budgeted trip is a good option!
Keep a budget for every trip, from food to commuting. This will help you to manage your finances better.
#27 Plan your travels early!
Keep a buffer of at least 4 months to plan your trip to get best offers at reasonable rates. The earlier, the better when it comes to flight tickets.
#28 Try their local cuisines!
Local cuisines are often cheaper and good. Moreover, you get to try different cuisines every time.
#29 Record every small expense of your trip
It will give you a clear picture of how much a trip costs and what can be cut down for the next trip.
Tips to handle your money
#30 Every day Money Minute
A secret to success- Spend a minute daily to check your financial transactions!
#31 Divide your income
This is an essential step in finance management; divide your income towards the things you need to buy or do and a part of it towards savings.
#32 20 on your financial Priorities
At least 20% of your income should be allocated towards your financial priorities like an emergency expense, paying off debts, and savings for retirement etc.
#33 30 on your Lifestyle
Don’t compromise your present for the future. Savings are important but not on the cost of losing the small things that gives you happiness in present. Allocate at least 30% of your income towards your lifestyle like movies, dining out etc.
#34 Below 28 on your mortgage payments
It is advisable to keep your mortgage payments below 28% of your monthly income to play safe.
The Tips towards financial success
#35 Financial Self Motivations
When you set timelines for different goals and it takes long to reach it, there are chances you feel low. So, look for ways to self motivate.
#36 Your Financial Vision Board
A vision board will keep you motivated towards cultivating better money habits.
#37 Your finance goals
It is what you would want to accomplish with your money and so, it needs to have an amount and the duration to reach it.
#38 Love thyself
If you value yourself then you will control your finances and save yourself from debts.
#39 Set small steps to glory
Divide your goals into small steps to reach them quickly or else it might seem like a never-ending dream.
#40 No Toxic Money thoughts
Always think positive when it comes to handling money or debts. Toxic thoughts can pull you towards failure.
Before you cling on to your finance plan, choose your options well be it an investment you make, the bank you choose etc. Hope these 100 personal finance tips will help you to handle your finance better!