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Top 7 Ways to Manage Your Personal Finance Efficiently

When it comes to managing your personal finance, you must learn to value for money. You must be careful about your spending habits and saving preferences as well.

Here are some useful tips that you might follow to ensure you care for proper use of your hard earned dollars.

  1. Check monthly spending – Many people even don’t know how much they spend every month on food, housing, clothing etc. Whether you pay in cash, use credit card or debit card, you must keep a track of your monthly expenses. It would help you to get a better picture of how judiciously you spend your money.
  2. Create a budget – Use the numeric data that you have got by tracking your monthly spending and create a budget that you can follow to make your life easy and prosperous. Make sure you stick to the budget every month and keep a track of your expenses.
  3. Budget to save – Save for the rainy days. Save money so that you can make use of it to tackle unforeseen expenses. Set aside a portion of your monthly income and put it into your savings account – preferably 10% of your income. If you get or earn some extra money from some other sources, make sure you also put that into your savings account.
  4. Pay bills in time – You must pay outstanding bills in time to avoid any late charge. Make a list of regular bills that you need to pay every month. Create reminders on your mobiles to remind yourself when different bills are due. This is the only way through which you can avoid late fees that could seriously damage your credit. Pay bills as soon as they come.
  5. Review credit report – It may have significant impact on your personal finance and thus financial future. Get a free credit report once in every year and check its accuracy. There are some companies that offer free credit report. You must dispute for any error.
  6. Get your credit score – Your credit score is the proof of your creditability. It is the only parameter that lenders consider to check how efficient you are in paying off your loan. Credit score ranges between 500 and 850. The higher the score, the more chance you’ve got to obtain loans at better rate. Get your annual free credit report; different companies provide online free reports.
  7. Pay off credit card debts – Credit cards often expedite the process of debt accumulation. If you add up debt faster than you pay it off, you’re living beyond your means. Pay off existing debts and avoid accumulating new ones. Paying such debts ensures that you pay less as interests. But debts are not always bad. If you take out a loan to pursue your studies or buying a home, it will give you good return in future.

These are some best tips for managing your personal finance successfully and make your financial life smoother than ever before.