If you had to rate yourself when it comes to handling money, would you give yourself a good rating or a not so good one?
Properly handling your finances is important for a variety of reasons.
That said what could you do when it comes to being a better money manager starting now?
Handle Money the Right Way
In being better how you go about handling money, here are a few pointers:
- Have a budget in place – There is absolutely nothing wrong with having a budget in place. That budget can help you avoid overspending all too often. It allows you to focus on what needs to be paid for and what you can hold off buying and more. So, if you have a travel budget in place, try your best to stay within the bounds of it. This means you can have fun when you go away without breaking the bank.
- Using cash more than plastic – Are you guilty of all too often using a credit card to pay for things you want? If so, it does not take all that long to run up a sizable amount of credit card debt. Do your best to use cash whenever you get the chance. You will often need a credit card for things. This can be like airline tickets, hotel stays and the like. Otherwise, cash can be used often elsewhere.
- Paying down credit card debt – Speaking of credit cards, do you have notable debt in this area? If so, now would be a good time to address it. If you are only paying off the minimum monthly, those interest fees are going to add up as time progresses. As they do, you are paying extra money you could have avoided. Why do that when you can either save the extra funds or put it towards other things you need?
- Getting the right tax deductions – How good are you when it comes each year to getting the right tax breaks? Too many consumers fail to get such deductions. As a result, they miss out on added money. Be sure you know what you are doing each spring or hire a tax pro to help you. For example, do you have a child or kids at home you send to camp for a period of time when summer arrives? If so, do you take the time to see is summer camp tax deductible? It would be worth your time and effort to do so. You may get a tax break and all you did was send your child to camp. In the meantime, he or she gets to enjoy various activities, making new friends and more. If you run a small business, also make sure you get all the legal tax breaks that you could have coming your way.
- Being rewarded for loyalty – Last, do you take advantage of being rewarded for your loyalty? An example here is if you tend to shop a specific grocery store. Most stores offer rewards cards or something similar. All you have to do is use the card when you shop and get your discounts.
When it comes to handling your money better, where will you begin?