Tips To Get Organized With Your Money

The state of the economy is forcing many families to take a long, hard, look at their wallets. Focusing on spending and saving may feel frustrating, but taking good care of your personal finances will only benefit you in the long run. Here are some great personal finance tips to help get you started.

If you are young, ignore the conventional wisdom of investing in 80 percent stocks and 20 percent bonds, and instead aim for a 50-50 balance. Given the volatility of the market, you can still lose quite a bit by putting most of your money in stocks. Having a mix of both may reduce your returns a little bit, but it might also cushion you against huge losses.

Ask credit card companies to lower your rates. If you\’ve been paying your bills on time, they should have no problem with this request. Ask politely and calmly, and don\’t threaten them or harass the person you are speaking with. If necessary, talk to a manager. This way, you will save money on your credit card bills.

Don\’t spend any money one day a week. Most of us are used to spending a little money every day on little expenses, but if you\’re working on your personal finances, make a decision to stop spending at least one day a week. This will help put you in the right mindset for the rest of the week.

Be sure to satisfy the credit counseling requirement for both Chapter 7 and Chapter 13 bankruptcy. The bankruptcy reform law that was passed in 2005 requires that anyone who enters bankruptcy must complete an accredited credit counseling course before the bankruptcy can be discharged. Don\’t get taken by sharks. Many non-profit Consumer Credit Counseling Services (CCCS) branches offer low-cost courses that meet the requirements.

Save your pennies–literally. Choose a container, such as a large jar, and make it difficult to get into, so you don\’t rob yourself. Drop all of your pocket change into the container, and when it\’s full, treat yourself or your family to something fun. Depending on the size of your container, it could be a special day out–or an entire vacation!

Have more than one bank account. You have many things that you need your money for, including your daily expenses, long term savings and any investments. You should have a different bank account for each purpose. This creates order in your financial life and it makes it easier to get an idea of how your finances are doing overall.

While no one wants to cut back on their spending, this is a great opportunity to develop healthy spending habits. Even when your financial situation improves, these tips will help you take care of your money and keep your finances stable. It\’s tough to change the way you deal with money, but it\’s worth the extra effort.

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