While it is sometimes difficult to consider something as seemingly inconsequential as a week’s groceries as an investment, that is exactly what they are. By wisely choosing what we spend our money on, whether that choice is between a groceries or a night out on the town or perhaps between a home or a luxury vehicle, we are deciding our financial future.
Don’t bother with store credit cards. Store cards have a bad cost/benefit calculation. If you pay on time, it won’t help your credit all that much, but if a store account goes to collections, it will impact your credit history just as much as any other default. Get a major credit card for credit repair instead.
Check and see if you are getting the best cell phone plan for your needs. If you’ve been on the same plan for the past few years, you probably could be saving some money. Most companies will do a free review of your plan and let you know if something else would work better for you, based on your usage patterns.
If you decide to hire a credit repair firm to help with fixing your credit, make sure you understand what they charge. Many firms charge you by the number of disputes and deletions attempted with no guarantee of success. Try to find a credit repair firm that charges fair and has no hidden fees.
If you are having trouble with money, apply for a credit card at your local bank. Credit cards are very valuable as they allow you additional time to pay back the money that you owe and can go a long way in establishing a firm credit score for benefits in the future.
Make sure that you set goals so that you can have a benchmark to reach every week, month and year. This will allow you to form the discipline that is needed for quality investing and successful financial management. If you hit your goals, set them higher in the next timeframe that you choose.
If you are a college student, make sure that you sell your books at the end of the semester. Often, you will have a lot of students at your school in need of the books that are in your possession. Also, you can put these books online and get a large percentage of what you originally paid for them.
A member of your family who keeps an excellent budget, or happens to work in the finance industry, can be a great help when you need to learn how to budget your money. When one isn’t related to someone with such experience, friends and family who are simply good with money are also valuable resources.
Even the purchases we make on a day to day basis can ultimately spell the difference between financial success and financial failure. The tips provided above help us make the types of decisions that will make the difference. Investments, after all, come in all shapes and sizes. So too do money bottomless pits which always ending up costing us more than they pay back.