Here are a few quick personal finance tips anyone might find useful!
If you’re thinking about filing bankruptcy but you’re making too much money to qualify for Chapter 7, file Chapter 13 instead.
This form of bankruptcy allows you to draw up a payment plan in which you pay the trustee a specified amount each month, which is then distributed to your creditors.
If you make good on your timely payments over the life of the plan (say 3-5 years), the remaining of your debt is wiped out.
1. Do you have knowledge of repairing electronic items?
If you have the knowledge to repair electronics such as video games and computers, you can earn money for your personal finances for a fee. These items can come from friends, neighbors, or customers you gain from advertisements, allowing you to earn a nice amount of money for repairing people’s electronics.
2. Here’s a cliche I’m sure you remember.
“A Penny Saved is A Penny Earned’ is a good saying to keep in mind to help you focus on your personal finances. Any amount of money consistently saved over a period of months or even years can add up. By determining how much money you can save each month, you just saved a penny which is a penny earned.
3. Do not spend more money than you actually earn.
This is very important. If you have things you want to buy and you know buying them will set you back, resist the temptation, and do not buy them. The last thing you want to do is get into more debt when you’re trying to get out of debt for living beyond your means.
4. If you get into a bind and you’re having trouble paying your rent, contact your landlord.
Chances are they won’t want to go through the trouble of listing the property and finding a new tenant, especially if you’ve been paying your rent on time, keeping the property in good condition, and a small deduction in your rent would keep you around.
5. Use this method for paying small expenses.
Make it a habit of carrying cash or getting a debit card, which is the same as cash, to pay small expenses. Why? Because, if you use a credit card for all your expenses, you could end up paying a lot of interest if you lose track of your daily spending.
6. Learn to handle your money wisely by creating a budget.
This is the best idea for self-improvement. When you’re taking care of your finances, a wise person reaps the same benefits as they would getting a raise. After all, time spent refining personal finance skills is never wasted because you are now effectively making your dollars work harder, and making you more money.
7. After all, is said and done.
Ending the war on financial slavery begins and ends with your personal finances through training and creating a few new spending habits to help improve your credit score, eliminate debt, and build your investments.
Ultimately, the best idea for self-improvement is to create a budget and track your spending. A couple of my favorite tools are Mint, GoodBudget, YNAB, and TillerMoney. There are money others but these are my personal favorites.
By the Way!
If you want to work with a financial coach to help you stay focused as you navigate control of your financial future, you can schedule a free consultation that includes a free credit analysis.
‘Til the next episode,
Control Your Financial Destiny