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Top 20 Personal Finance Tips

Read on to learn the top 20 things you can do to secure financial freedom.

  1. Have a personal finance plan. If you are married, talk to your spouse about how you will be using your earnings on a monthly basis. Have a fixed amount of what your monthly expendable funds will be. Consider what you want to be saving for in the future, and what you can do to work on that.
  2. Learn how to budget. Decide on the priorities that need to paid. Always tops on this list are food, housing, utilities, and transportation.
  3. Stick to your budget. When you’ve mastered how to budget, follow your rules religiously. If you have to deviate on one item, try to make the necessary adjustments with the others.
  4. Top 20 Personal Finance Tips from Surf Rate
  5. Treat discounts as your friend. Grocery shopping using coupons is not that bad an idea. Note, however, that some stores create discounts to fool you into buying what you don’t need, or buying more than what you really need.
  6. Keep an eye out for sales. If you really want to save, you look for lower prices on items that matter, not on things that seem to be a good buy at the time, but really aren’t.
  7. Pay bills on time. Don’t be late, as these dues can balloon to huge amounts if you’re not mindful of them.
  8. Keep important numbers on hand. This includes the phone number of your bank, credit card company, insurance [1] provider, and the like. In case you have any inquiry about corrections on your billing statement or changes in their services, you can readily contact them.
  9. Document bills and receipts carefully. Keep them in case you need to refer to previous expenses you have made.
  10. If really needed, keep only one credit card or debit card. Pay off all other cards and have them canceled. You will be tempted to spend when you have more than one.
  11. If not necessary, do not open a credit card or debit card account. This prevents the dilemma in number 9. This is a good way to learn how to save money.
  12. Open a flexible spending account. If you need to tap into your resources then you may withdraw. Also, use this to keep your money safe when you don’t need to spend. A flexible spending account still needs to be monitored, and is not to be abused.
  13. Open an account solely for savings and savings alone. Remember that this is your secret stash, to be touched only when absolutely needed.
  14. Learn to save energy. Gas and utilities prices are going up. Budget your consumption, so you don’t have to allot so much to pay bills.
  15. Cut down on unnecessary monthly dues. If you don’t need multiple cellular phone accounts, or expensive high-speed internet, then don’t get them.
  16. Avoid impulse buying.
  17. If you need to splurge, try to do it less often. This teaches you and your kids how to save money, and use it when it is needed.
  18. Do not take out a loan or borrow from someone if you don’t have to.
  19. If you took a loan or borrowed money, pay them back promptly.
  20. Invest in the right insurance.
  21. Maintain your good credit rating. Personal finance monitoring means you keep up the good work. Have all these in mind, and you are on the right track to a secure future.