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May 20, 2013

Personal Finance blues, top five tips

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personal finance tips
Money is everything and without it every task is incomplete. Personal finance is the science of managing the money in an efficient manner to gain or to being frugal. There are many tips and rule to be rich, and fact is that one can’t be rich over a night or a month. The process involves consistence practice and dedication in managing personal finance and money. Income and expenditure are the two greatest ways to accumulate and disperse money.

There is a good saying a penny is saved is a penny earned. And that is fact indeed, well there is no scientific rule to prove but personally that can be experience. It is also subject to certain conditions alike applicable with many theories in economics.

If you’re reeling under burden and looking for alternative option to manage your personal finance, then there are no short-cut mantras to fix it. But few tips you could follow to do-it-yourself (dIY). Here are top five tips; one could follow to check the imbalances in his or her personal finance;

1) Spend Less: when the income is low and the list of expenses goes up like anything, there is no way but to spend less. This is the great mantra to save something from the outlay that you have already planned for spending. Of course, this may not be applicable in the case of medicine or health concerns, where you can’t control. But in the other general cases, one could control on the spending and explore the best possible ways to have multiple income sources.

2) Best deals: Look for the best deals for the goods your planning to shop. Compare the price of various stores and outlets, before purchasing blindly those good and items. The best thing you can do is the look for the discount advertisements on the newspapers or free ads magazines.

3) Online shopping: Internet has become a major player in shaping the personal finance managements. Online shopping can save your lot of money. And the advantages of online shopping are time management and less marketing expenditure – traveling expenses. Most of time is being spend on the transport while outing for market, and all should visit from outlet to another to get their goods and items.

Visit couple of e-commerce sites or online shopping portals you can find varieties of items within few minutes spending there instead of running here and there in the market. There may be some limitations to the online shopping in some parts in the nation, but it could be the best option for many shoppers.

4) No credit: The most important thing one should keep in mind that the liability over shopping is the big burden. Many think they use their credit card initially and later-on pay to the credit card account, but that does not work often.

Having credit card has many advantages but also many demerits on the flip side. Credit card is the flexible in shopping but the burden of repay weighs high, whenever one plans to repay. If one fails to manage credit on credit card, the buyer may be trapped in it. Plan properly how to handle credit on credit cards. And also avoid purchasing goods on credit from retailer.

5) Cheaper Items: Look for substitute and cheaper items if possible while shopping. But the quality should not be compromised at all. Try to find the best alternative for the goods you are looking for. The globalization has made the market big today and alternative are available in the every market. Prefer goods having lower prices compare the tax levied on the goods and try to cut those if possible.

These five tips will help to manage your personal finance. Next time you visit to any outlet make sure you’ve prepared your mind over your expenses and personal finance tips.


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