Personal Finance

personal finance for beginners

You certainly want to manage your money well. Most people know little about dealing with money. We wish to share a couple of tips how to manage your money.
For a start, you may draw up a budget. Keep a record of your incomes and the amount of money you have spent. Be aware of your financial state. Do not overstep your budget, know how much money you can spend, staying comfortable.
When writing a budget, you can use a spreadsheet on your pc, or you can write your budget onto a sheet of paper.
Once you have written down your budget, you might find ways how to save money. Have a thorough look at your detailed list. You can give up buying things that are unnecessary. Start with cigarettes, sweets, or things you just happen to buy while you know you do not really need them. You can find cut-back calculators all over the Internet, but surely you can think about things you just should not buy.

Learn how to manage your bank account. Choose the type of accounts that suits you and your financial status the best. Once you have a bank account, keep track of your transactions.
Find out how to get back money from lost bank accounts – most states keep track of these lost accounts. There are websites and offices that deal with lost or forgotten bank accounts, misplaced money, named unclaimed property. This may include stocks, bonds, insurance proceeds, uncashed checks, unused bank accounts and gift certificates. Probably you have forgotten about a bank account and have not used it for an extended period of time – it is usually five years in the United States –, you have never gotten a utility deposit. The bank must have tried to track you down, if they failed, they gave up your money to the state you have lived in when you opened your account. If you can prove that you are the owner, the state will return the money to you, you do not even have to pay for it. Seek help of the association that deals with lost bank accounts, its name is National Association of Unclaimed Property Administrators. You can also contact the treasurer of the given state.
Learn how to manage your debit and credit cards.
Get rid of your debts. Find out which of your debts has the highest rate of interest, and pay that one for first.

Save money whenever and wherever you can.
Save money on utilities, energy bills, phone bills. Turn off the lights when you leave your room. Use energy-efficient bulbs. Get new, energy-saving technologies in your home. Install energy-efficient windows and doors. Get water-efficient fixtures like water saving shower heads. You should also consider getting renewable power systems like solar panels, a solar chimney, or a solar photovoltaic system; they can provide you as much energy as you need in a year. These options are not just eco-friendly solutions, they also pay off in the long run. Using these technologies, you might save hundreds of dollars per year. You do not have to pay bills for using sunlight to generate energy.

How to Manage Money Better