If you're under 21 and you desire to have a credit card, you need to be aware that certain rules have changed through the years. In past years, any college student could get a credit card. You have to have a cosigner or be able to prove your income. Find out what specific card issuers require before you apply.
Avoid incurring debt for the best personal finances. While certain debts are unavoidable, like mortgages or college loans, toxic debts such as credit cards are best avoided at all costs. If you do not borrow any money, you will not have to pay any interests or fees.
Times are tough, try having your savings in different places! Savings accounts, high-interest savings accounts or checking accounts, regular checking accounts, money-market accounts, stocks and gold are all sound places to keep your money. Use all or some of those ideas to keep your money safe.
If you'd like to improve the state of your finances, evaluate them the way you think a bank would. This means that you will need to be as precise and meticulous as possible with your income and expenses. When attempting to calculate your expenses, always overestimate them instead of underestimate them, as it is much better to have a little bit of cash left over, than it is to fall into debt.
Choose wisely. Do you want to save as much as 100 dollars every month? You might want to cut out some of the little luxuries you are used to treating yourself to, such as drinking coffee out instead of making it at home. Coffee from a coffee shop can be expensive and you can make your own that tastes just as good. If you use a portable cup, you can take it with you!
Sell an old laptop. When electronics are working, or you can repair them, they sell for better money than broken. Even selling one's broken laptop is a way to get a free tank of gas or other financial benefit.
Speak with friends about your finances. By being honest about your financial situation you do not have to feel guilty about saying no if they invite you to dinner and you cannot afford to go. If you do not explain the reason you turn down offers or do not buy gifts, many people assume you are upset with them. Keep your friends and be sure to let them know about the things that are happening in your life.
Look for a credit card with interesting rewards. This particular applies if you are great with paying off your monthly balance. The best cards will reward you with cash, air miles or gifts. Figure out what rewards you want the most and then compare these offers to how much they reward you percentage-wise.
Your perception of finances has likely changed by now. When you take into consideration all that you have just read and learned, you now know what it takes to manifest a better financial tomorrow. Now it is up to you and your mentality, are you ready to make your life better by managing your finances?
credit : KURT CHANDLER
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