Dealing with our personal finances can be a sore subject. We avoid them like the plague when we know we won’t like what we see. If we like where we are headed, we tend to forget all the work that got us there. Dealing with your finances should always be an ongoing project. We’ll cover some of the highlights that can help you make sense of your money.
Talk to different loan officers before you sign anything. Make sure to read over the lending contract very carefully to assure that you are not getting into a mortgage that has hidden charges, and that the terms of the loan are just as you and the lender had agreed to.
A trading system with high probability of successful trades, does not guarantee profit if the system does not have a comprehensive approach to cutting losing trades or closing profitable trades, in the right places. If, for example, 4 out of 5 trades sees a profit of 10 dollars, it will take only one losing trade of 50 dollars to lose money. The inverse is also true, if 1 out of 5 trades is profitable at 50 dollars, you can still consider this system successful, if your 4 losing trades are only 10 dollars each.
Choose a broker whose ethics and experience you can trust. You should, of course, investigate reviews of a broker thoroughly enough to determine whether he or she is trustworthy. Moreover, your broker needs to be capable of understanding your goals and you should be able to communicate with him or her, as needed.
Make sure to always pay yourself first. You should be putting at least 10% of your pre-tax income into a savings account. This is the money that is going to keep you from losing the house during an emergency. Do not skip on it and do not forget about it.
Don’t buy extended warranties on products. If your product already comes with a warranty that is more than likely when something is going to break. Extended warranties are basically just a huge profit making tool for a business. Don’t give them more of your money for no reason.
If your bank charges high monthly fees just for the privilege of keeping a checking account, consider switching to a credit union. Most people are eligible for credit union membership based on where they live or work or organizations they belong to. Because credit unions are member-owned, they do not have to make profits like banks do and so they generally offer much better deals.
The opportunity to sign up for a direct deposit program should always be taken. Not only does direct deposit save the consumer time in trips to the bank, it usually saves him or her money, too. Most banks will waive certain monthly fees or offer other incentives to encourage their customers to take advantage of direct deposit.
If you work in the city, try to refrain from purchasing magazines on newsstands. This will cost you a lot of money on something that you can simply find by logging on to the internet. Eliminate rash spending such as this, in order to reduce your expenses and increase your bank account.
Never use a credit card for a cash advance. Cash advances carry with them extremely high interest rates and stiff penalties if the money is not paid back on time. Strive to build a savings account and use that instead of a cash advance if a true emergency should arise.
Our finances need to be dealt with on a regular basis in order for them to stay on the track that you set for them. Keeping a close eye on how you are using your money will help things stay smooth and easy. Incorporate some of these tricks into your next financial review.