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Monday, November 21, 2016

7 useful money managing tips

Properly managing money builds credit and increases wealth
By Dan Radak

Even though the adage that money cannot buy happiness is true, you still have to be very careful with the way you manage your assets. Every single dollar you manage to save can be very important, which means you should always aim at managing your money the best way possible. If you are new to the world of finance or you’ve never really had a chance to learn about it, here are 7 money managing tips that you’re guaranteed to find useful.

Set your budget

One of the most important things you should do, if you want to manage your money properly, is plan your monthly budget. Still, first you should think about your monthly income and only set your household budget according to it. This is a great way to stop you from taking up loans that you will have to pay off later. These can empty your wallet in a blink of an eye.

Reuse or sell old stuff

At least once in every two months, you should go over the stuff you no longer have any use for. Chances are you are going to come across something that you can still use in some other way. If not, you can still sell these and get some extra cash for you and your family. With a large number of websites like eBay, selling thing online has never been easier.

Use coupons

Couponing is another great way you can save some money. Today, many stores have their own sales cycles and with the right coupons, you can get great deals which will guarantee you there’s still some money left in your wallet. Talk to the employees in the stores you usually shop at and get all the information on their sales cycles. Once you do that, you can plan your shopping accordingly.

Insulate your home properly

If you want to manage your money in a smart way, it’s always a good idea to invest into your home’s insulation. You can save some extra money that you are left with at end a month, and soon you will have enough to improve the insulation of your home. This way, you will be spending much less money on heating your home during the winter and cooling it during the summer.

Think about your mortgage

Taking the first mortgage option you are presented with is never a good idea. Make sure you consider all of you your options and only go for the one you believe is financially most feasible for you and your family. It’s also recommended that you talk to the professionals who deal with mortgages and get a few pieces of advice from them.

Always pay your rent on time

If you’re renting, paying your rent on time is always a smart move. First of all, it’s going to make your landlord happy and you won’t have to think about switching home until you actually want to. But more importantly, it’s also going to help you never go over your budget and get in debt. If you want to make it easier, you can opt for rent payment online and save a lot of time and energy.

In addition to that, your landlord might also require that you prepare a rent deposit before you move into your new home. It's wiser to accept this condition, since it protects the landlord from any damage caused by your stay in their apartment.

Deal with loans and credit card

High-rate credit cards slow wealth accumulation
Loans and credit cards can really be helpful, but only when you know what you are doing.

If you are using more than one credit card, think about which charges the highest interest and make sure you pay it off first. Also, you should always think about whether you will be able to pay off a loan before you actually take it. Only this way will you be able to stay out of big debts.

Following all of these tips is guaranteed to help you manage your money more wisely. Just make sure you think about any purchase before you make it and only opt for the deals you will benefit from.

About the authorDan Radak is a marketing professional with ten years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.

Images: 1. Author owned and licensed 2. Author owned and licensed