It is in your best interest to keep track of important deadlines and dates for filing income taxes. To receive your refund quickly, file it as early as possible. However, if you are expecting to owe money, you should wait to file until near the due date, which is April 15th. Student loans are something that you should take out only if you really need them, as they can come back to haunt you in time. If you attend a private school without a dedicated career or major in mind, you could find yourself in some heavy debt. Debt is depressing and can heap a lot of stress on you and your entire family - think about it! In these times, spreading your money into different areas is a great idea. Savings accounts, high-interest savings accounts or checking accounts, regular checking accounts, money-market accounts, stocks and gold are all sound places to keep your money. Apply any or all of these ideas to save your money. Substantial savings will bring you peace of mind and reduce your stress levels, so get fanatical about saving. Call a family meeting and explain your position; then solicit input from other members of your family, including the kids - remember, you're all in this together and if sacrifice is part and parcel of your program, then all members should voice their opinions. Compromise to come up with a plan that is acceptable and try to get everyone onboard with this program. Try buying the generic brand of food. In most cases, there are no major differences between a store product and a costly brand name one. Many of them even contain similar ingredients. Don't be afraid to give these foods a try because they can save quite a bit of money. FICO scores are impacted by credit card balances. Higher balances will negatively impact your credit score. The score will go up when your balance goes down. Ideally, your balance should remain at less than 20 percent of your credit line. If you have any old laptops lying around, you can generate extra cash and supplement your income. You can sell it, if it is fixed, for more than you could if it was broken. Even if the laptop is broken you can still sell it, at least it might be enough for a tank of gas. Education is critical if you are to succeed when it comes to personal finance. People that graduate from college and get a Bachelor's degree can earn up to twice as much money as dropouts and people that graduated from high school. Higher education is a great way to improve your chances of earning a significantly higher income than would otherwise be possible. As alluded to earlier, beware of the debt pitfall. Your best bet is to make certain that you have taken an aptitude test, and know what your strengths are. Very often areas of strong aptitude will be the very areas of your highest interest. Don't critize the test results if you don't believe they are accurate, rather begin looking into the many opportunities that pertain to your strengths; then try your best to exploit these by dilligently searching for a niche for yourself; if that niche requires higher education then so be it, but often a trade school will work for you and open doors to your future sooner than if you attended a long term college or university. Also, while on this journey, pour over the want ads for positions that may compliment your target occupation, and apply, if necessary for a part time position that you can occupy while your training progresses; that position may serve as a stepping stone to higher service in the future. One way to save money is to cut off your cell phone. Although it is not a popular thought, you can survive without a cell phone. While you might think your phone is essential, it is actually just a luxury. You may also want to check out other plans that aren't as expensive. Thursday before you get paid, be sure that you put away some money for the weekend in your budget. Try to leave it alone, if you get paid on a Friday. That way, you'll still have your entire check in the bank, and you are unlikely to do anything rash with it. If you are hoping to send your children to college or university, it is a good idea to start saving some cash from the minute they are born. College is very costly and if you wait until later on you will not be able to send your kids to school. Consider investing $500 upon the birth of each child; a good choice may be a self directed annuity, in which you will be able to select from a list of mutual funds for long term growth; be certain to consult with a broker or financial planner before making your decision; it would be best to avoid high risk short term investments and stick with those that have a proven track record. Life should go back to being great once you figure out your money situation. Hopefully, you now have some new ideas on how to shape up your personal finances. Now that you can be more optimistic about your financial future, perhaps you know someone else who can use these suggestions as well. |
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