How to keep away from personal finance mistakes that cost a lot of money

Spending money without a plan could be a huge financial mistake. When forgetting there is another day ahead, you can get yourself in trouble. Of course, nobody is perfect and it’s no fun being a tightwad. Mistakes could be avoided when using personal finance management. Article resource – How to keep away from personal finance mistakes that cost a lot of money by Personal Money Store.

Stop mistakes with finances using a spending budget

Having no budget is the biggest mistake. You will lose all your money if you do not spending budget where you need it to go. Where you spend your money isn’t all a budget is about. Bankrate.com reports that to create a spending budget you’ve to start tracking your expenses first. Tracking your spending for a month takes discipline, but once you know where your money is going, you can start making better decisions about where to allocate your funds. Do not make your spending budget too strict. Budgets that take money out of your life will fail.

Save money with a planned budget

You’ll be able to save with a budget. Even if your budget looks like it has nothing left for saving you could be wrong. Beginning with a small amount is what Ehow.com suggests. You’ll be amazed by how easily even $20 a paycheck adds up. Keep in mind nickels and dimes add up to dollars. Making your own coffee or making your own lunch can save a lot. If you take a small side job, like coaching, tutoring or tending bar, use the cash for your spending money and put away the savings from your regular paycheck.

Stay away from late payments

It costs you a lot of money to make late payments. Tips are offered by About.com on avoiding late payments. An automatic bank payment with your bank account could be the best way to stay away from late payments. You need to open and pay all your bills if you aren’t as confident inside your cash flow. Write on the calendar your own due date before the bill is due. Set up a free e-mail or cell phone reminder from creditors that offer them. Due dates can be arranged with companies depending on when your paycheck comes in also.

Use your cash advances carefully

Living expenses shouldn’t require you to take out debt for them. A pay day loan or online cash advance is a valuable service for emergencies like medical bills, car repairs and traffic tickets. Getting beer, dresses, or coffee with personnel loans or installment loans can’t ever be a good thing. With pay day loan, you should never borrow more money you need for an emergency, and should pay it back on time.

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Bankrate.com
bankrate.com/finance/financial-literacy/secrets-to-creating-a-budget-1.aspx
Ehow.com
ehow.com/how_2205105_start-saving-money-have-none.html
About.com
personalorganizing.about.com/od/howtoorganizefinances/ht/bills_finances.htm