Personal Finance Management: Tips
Simplification
The speed of modern life doesn't give a lot of free time. Even if you wish to stop and think about your life tendencies, you cannot afford it. So, personal management of financial life needs to be something easy and quick. It should work as a machine gun; you just need to think about directions, not every micro task. It should work with the help of your computer with some basic soft installed.
Your Tasks
Consolidate your debt if you have plenty of accounts. Choose only one bank (generally all the US banks provide the same offers). It can be American Express for example. Of course do not forget to analyze carefully their fees and other payments in order to avoid risks. So, if you have numerous credit cards cancel them. If you apply for a new credit card, check whether your bank supports an automated payment service from your bank account to your credit card. This may strongly decrease the threat of late payments and late fees. Simplification begins to work.
Stipulate overdraft limit. Overdraft protection is offered by some banks. In fact, using your account savings to cover possible debt means that you can get lesser interest capitalization. It's better to do it rather than pay a whole amount of overdraft interests and fees. So, you may restrict possible overdraft level.
Analyze your payment purposes if you prefer to continue with more than one credit card. It seems useful to bear daily expenses (like gas or shopping) with one card while executing "serious" billing payments with another one. This can add some extra interest profit when you pay big sums for your house, car or whatever it could be. Your budget system is "on air".
Choose payment priorities. If your "serious" payments aren't frequent than always think how to cover your daily balances.
Computer tools. Now your budget looks organized but you are under risk of forgetting something. You need to maintain schedule of your transfers and payments. It will be easily done with the help of Excel or any other soft. Some mailing services allow making it online within their web-based mailboxes.
All these tips look simple and they must be simple. Pay attention to them and you will never have a late payment and even get some bonus reward.
The speed of modern life doesn't give a lot of free time. Even if you wish to stop and think about your life tendencies, you cannot afford it. So, personal management of financial life needs to be something easy and quick. It should work as a machine gun; you just need to think about directions, not every micro task. It should work with the help of your computer with some basic soft installed.
Your Tasks
Consolidate your debt if you have plenty of accounts. Choose only one bank (generally all the US banks provide the same offers). It can be American Express for example. Of course do not forget to analyze carefully their fees and other payments in order to avoid risks. So, if you have numerous credit cards cancel them. If you apply for a new credit card, check whether your bank supports an automated payment service from your bank account to your credit card. This may strongly decrease the threat of late payments and late fees. Simplification begins to work.
Stipulate overdraft limit. Overdraft protection is offered by some banks. In fact, using your account savings to cover possible debt means that you can get lesser interest capitalization. It's better to do it rather than pay a whole amount of overdraft interests and fees. So, you may restrict possible overdraft level.
Analyze your payment purposes if you prefer to continue with more than one credit card. It seems useful to bear daily expenses (like gas or shopping) with one card while executing "serious" billing payments with another one. This can add some extra interest profit when you pay big sums for your house, car or whatever it could be. Your budget system is "on air".
Choose payment priorities. If your "serious" payments aren't frequent than always think how to cover your daily balances.
Computer tools. Now your budget looks organized but you are under risk of forgetting something. You need to maintain schedule of your transfers and payments. It will be easily done with the help of Excel or any other soft. Some mailing services allow making it online within their web-based mailboxes.
All these tips look simple and they must be simple. Pay attention to them and you will never have a late payment and even get some bonus reward.