Loanio

Balance your checkbook!

There are ways that you can save money, and all you need to do is learn about managing money wisely to do it. You are not necessarily being frugal, per say, but rather you are learning how to be wise in the decisions that you make. Unfortunately, most people do not learn what it takes to manage money. Going beyond budgeting and learning about managing money wisely is absolutely vital if you want to have a good hold on your finances over time. Here are some excellent ideas for managing money wisely. At the end of the day, it may surprise you to see how much money you have saved without altering your quality of life at all.

- If you acquire any money that you were not expecting, you should put it away into your savings.

It can be difficult to save this money because most people would rather spend this money right off the bat than put it away for a rainy day. If you get a money gift, a bonus, a tax refund, a lottery winning or a rebate of any kind, you should put it into either your investment account or your saving account as soon as you can. This extra money can be used to earn more money for you over time, but if you spend it right away, it won’t do anything positive for you now or in the long run.

- One of the easiest ways that you can save money is to set up an automatic withdrawal from your back account, having the money transferred into a savings account or an investment account.

There are many employers that will allow you to set up a direct deposit plan that diverts a portion of your paycheck into a savings account or investment account before putting the rest in your checking account. Take advantage of this whenever you can, because generally speaking, when you never see the money that is going into your savings account, you will not miss it.

- Your checkbook register is something that should be balanced all times, and you should keep track of which things have been reconciled and which are pending.

You should always have a good working knowledge of what is in your account and where that money needs to go. If you write bad checks or overdraft your account too many times, you could end up in trouble. It is easy to stay updated on your bank account balances, especially with internet banking and automated telephone bank tellers. Balance your checkbook every few days or once a week. It only takes a few minutes, and does wonders for keeping track of money coming in and money going out.

- Try to shop less frequently, because if you do not go in to a specific store, then obviously you will not spend money there.

If you do not need to go in a certain store, simply refrain from going in. If you stay out of impulse stores, you will protect yourself from making impulse purchases.

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Originally posted 2009-01-01 05:48:32. Republished by Blog Post Promoter

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