What Are The Most Important Lessons About Money Management? While our company is here to assist customers in the best way possible with car title loans, we want to do so responsibly and also help customers know how to use that money responsibly. More often than not, nearly everyone is going to experience a financial […]
What Are The Most Important Lessons About Money Management?
While our company is here to assist customers in the best way possible with car title loans, we want to do so responsibly and also help customers know how to use that money responsibly. More often than not, nearly everyone is going to experience a financial hardship at some point in their life, and it’s not just those in the lower income sphere. According to a Huffington Post report put out about a SunTrust survey, there’s a good portion of people that still find themselves living paycheck to paycheck even with 75-100k annual incomes. What should be the takeaway from this is that merely increasing your income doesn’t automatically mean you’re going to be in better financial shape. You have to practice good spending and saving tips or you could end up struggling to stay out of debt even with an increased income supply. These are six lessons you should take to heart about your money management.
Balance The Checkbook First And Foremost
One of the easiest ways to get into financial trouble is just by simply not keeping track of what you’re spending. Your checkbook has a little section in the back of it meant for entering check numbers as well as other automatic withdrawals or electronic transfers from your checking account. You need to use it because overdrawing your checking account is one of the easiest ways you can get into debt unnecessarily. It could also hurt your credit score as seen on ChexSystems and even result in account closures, so if you’ve never bothered to do it before, start balancing that checkbook.
Plan Out Your Weekly Food Menu
Food is something you can’t live without, but are you overdoing your grocery bill or restaurant tab? That’s something that’s quite easy to do and at the same time unnecessary and one author at Time Magazine said she keeps a close eye on her dinner menu to make sure she’s spending within her budget. Such practices could be learning how to cook for your Sunday family dinners instead of taking them all out to eat as even fast food restaurants can add up quickly to your monthly expenses. And instead of throwing food out, refrigerate it and save it for other meals. There is so much you can do with food that can save you thousands of dollars over the long run.
Making And Following A Plan To Set Aside Money In Your Savings When Times Are Good
One of the easiest mistakes people make is to only use the good financial times for spending money on vacations or expensive entertainment, and unfortunately that often leads back to the same problems when times get tight that you had before. During the good times you should be putting the extra money you’re bringing in into your savings because it can’t be overstated how important that money will be when you’re experiencing problems. You’ll find yourself with much less stress later on if you have a problem like a car repair or a leaky pipe if you’ve set money aside to fix it.
Taking Your Car In For Regular Service Schedules
Along with setting aside money for car repairs in savings, you might also be able to avoid costly car repairs if you’re good about taking it into get regular checkups and tuneups. For example, some garages change the oil but also do other little services along with it and let you know if they’ve found something in your vehicle that has the potential to cause more damage. A word of advice is that you should be careful about choosing your mechanic so that you’re not having your vehicle tampered with to pay for unnecessary fixes, but most legitimate mechanics will let you know when it really is time to repair or replace something, and you’re usually going to save more money doing so sooner than later.
Having An Investment Exit Strategy
Investing is usually the way you gain money to be ready for your retirement or another major landmark some time down the road. But there is always a chance that a downturn can happen and you need to pull the plug on your investment before you see too big of a loss. As Investopedia lays out, if you’ve been trading securities and you’ve reached your goal for your fund, it then becomes time to exit instead of going too far and then seeing a sudden drop. Even if your portfolio manager is telling you to keep going, it’s best to know when your best move is to keep going.
Making A Point To Pay Off Emergency Loans
When you do use our online car title loans, you should make sure you can start paying them well before their expiration date. If you’re in a situation where you’re looking for a new title loan because your current one has too many unfair policies, title loan relief can sometimes be found through refinancing or rebuilding your current loan. But ultimately you need to make sure you have the income available to repay your title loan.