Wednesday, October 31, 2012
Personal Money Management Tips For All
Hi guys today we are going to talk about money management. The average American house hold has $9,000 in credit card and debit card and that's for households with only one credit card. The average amount of cards per house hold is a whopping 13. Well I have done some research on money management. And below are some tips for you:
How to reduce your APR
Ask and you shall receive! It sounds a little bit too simple to be true, but one of the first things you should do when attempting money management is to try reducing your debit, by calling up your credit card company and ask them to reduce your interest rate or annual percentage rate (APR). If you have had the card for a while and you have routinely made payments on time, the company is usually happy to assist you with this in order to keep your business.
For money management purposes when you get a bump in salary remember to put a higher proportion of it into your savings account because most banks only give you interest on your savings account not your checking account. For instance, if you get a 4 percent raise add 1 percent to your household budget and set aside the other 3 percent towards your retirement account (savings account). You'll thank yourself later in the future.
Knowing the facts
Some times personal money management is sometimes very hard to do especially when it come to using credit cards. Always remember to read the terms of a credit card company agreement before you sign up for the card. The fine print may be boring to read but you owe it to yourself to make sure you're not getting a bum deal. Highlight any passages you don't understand and find out what they mean by asking a lawyer or an accountant or simply look the phrase up in an internet search engine.
However, some agreements will try to scam you one recent ploy is for companies to buy up your bad debit, then trick you into signing up for a card that already has the bad debit tracked onto the balance. However, if this happens to you, I think you should insist on getting documents that prove that you are accountable for that debit or the interest, so don't agree to anything until you speak with a lawyer or an accountant. Be especially careful if the other seems too good to be true.
Big changes can lower your insurance
Dealing with your personal money management is a big factor in how much you're charge for homeowners insurance it depends on where you live. So if there have been improvement to your neighborhood or subdivision such as storm drains being installed or a fire hazard being cleared away make sure to alert your insurance company and see if they can lower your rates.
Not sure which cell phone plan to use
Many of us often end up with lots of unused cell phone minutes at the end of the month? Visit Billshink.com where you can enter the amount you talk and text to find the best plan for you in your area. A part of money management you must try to finding a plan that will help you save at least $10 per month.