This recession managing finances is a prime concern. The money flow is at an all time low, so the need of the hour is to know about various ways to save money, retirement benefits and also know about warranty, 40IK etc. Want to know more? Read on..
The most basic requirement of a capitalist is his/her ability to manage financial plans and funds effectively. This can be practiced for one’s own self as well to take care of your personal budget and bills. Here are some tips that will help you plan your finances as well as your business matters.
1. Managing your bills – Bills require particular attention because you receive them every month and at different intervals which need to be paid accordingly. So managing your bills is a very important task. To start with you should keep all your bills that come through mail, in one place so that you do not lose track of them or have them misplaced. You can also stack them in two piles as one which need to be paid and the other which have been paid.
You should also keep track of the deadlines of each bill and pay your money accordingly for them at regular intervals of the month.
2. Take note of your Credit Card statements – You should also take a look at your credit card statements after paying a bill. Many cards increase the rate of interest without your consent. So a close look at your statements will help you keep track of your account details and in case your interest rate is increased a phone call to the company enquiring about the details can help.
3. E-banking and its advantages – Most banks at date offer facilities that help you transact online and manage your account and payments through one click of the mouse from anywhere. So you can take advantage of automatic bill payment options provided by banks that deduct money from your account to pay your creditors. So you do not have to worry for payments again.
Also you can opt for Electronic Checkbooks using software programs like Quicken® or Microsoft Money® to handle your account. Computer checks can be ordered and printed online. Many banks support such software and upload your account details to your computer directly. And thus these measures help you a lot when it comes to payment of your taxes.
4. Overdraft Protection – Nowadays banks even offer you a service that offer payment of your checks even when you run a risk of bouncing it. The money is arranged from another source with an additional fee which you need to clear later. You can check for such banks to learn about this feature.
5. Consolidate you accounts – In case you have many accounts with large balance in each, try to transfer your money to fewer accounts with a higher rate of interest. This will bring you more returns and will help you keep better track of your money.
6. Cancellation of Unused Accounts – You should always cancel your accounts which are not used by you. A formal letter to the banks requesting a closure of your account can help. This will help you to keep track of your accounts and avoid your money being scattered in many accounts.
7. Automatic Savings – You can create a link from your current account to your savings account by automatic fund transfers supported by some banks. This will help you accumulate money into your savings account mush faster.
8. Clean up – You must opt for a regular clean of your files once a year to throw away bills and documents no longer needed by you. You can check for the duration of preservation of records for audits and clean up accordingly.
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