If you haven’t yet made the decision to improve your personal finance situation, you could be wasting a ton of money – money that you don’t even realize is being wasted! The tips in this personal finance guide could truly change your life if you stick with them. Take a look and see what tips you could use!

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[ctt template=”4″ link=”d0caU” via=”yes” ]The tips in this personal finance guide could truly change your life if you stick with them. Take a look and see what tips you could use![/ctt]

Personal Finance Guide

Come Up With A Budget That Works For You

You need to know your numbers if you’re going to take control of your personal finance and change your life. Coming up with a budget that works for you is a necessity. You can’t just wing it every time you make a purchase and hope that you have enough in your bank!

Look at the money you have coming in, and calculate how much you have going out for bills, making sure you have enough in your bank account each week/month. You can then allocate a decent amount to your savings account – some say 10%, but others think that 20% is a must. This will cover you for emergencies. If you want a savings account for holidays and other fun stuff, you should consider having another account. Give yourself an allowance each week for food and entertainment. Write it all down so that it’s easier to stick to. You can always change it at a later date if something isn’t working!

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Track Every Single Thing You Spend

Start tracking every single thing you spend, even the minor purchases that you don’t believe make that much of a difference. This is a good idea for a number of reasons. You’ll be able to see exactly where your money goes, and work on ways to cut down. You’ll also have a better idea of how much you truly have to spend, rather than winging it. You can use apps, a traditional notebook, or your notes app in your phone.  

Think About All Purchases Carefully

Before purchasing anything, think about it carefully. Bigger purchases are especially important to mull over for a long time. Some recommend waiting a month before buying. If you still want the item after a month, then you can feel better about splashing the cash. If you forget about the item, then the novelty probably would have worn off quickly! Avoiding impulse spending could save you a fortune.

Consolidate Your Debts

If you have debts, handling them and getting them all paid off on time can be tough. However, you have to do it if you want financial freedom in the future. Setting up automatic payments and accounting for them is a good way to make sure you’re never late. However, you can also use a  debt consolidation calculator to get an idea of what you’d pay if you were to consolidate your debts into one easy payment. Remember, all is not lost. If you’re struggling with debts, speak to a financial advisor and take action.

Invest Money To Make It Work Harder For You

If you really want to build wealth, you shouldn’t focus on saving as much as possible. You should focus on investing. There are apps these days that can round off your purchases and make investing money super easy for beginners! You have to be in it for the long haul, but it’s a must for those that want wealth in the future.

This is a contributed post.

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