Managing your money doesn't have to be that difficult. With a few simple tips you can become a financial expert. In this blog post we look at five things you should be doing (or equally as important) not doing, if you want to manage your money well. Enjoy!
Tip 1: Don't use payday loans ever! Not only are they high interest and get you into a borrowing trap, the lenders often use questionable means to get their money back. Best to ask a family or friend, and set up a concrete way to pay them back if you need the money. You’ll know what we mean when Samesi the 6 foot Samoan turns up at your door with a baseball bat, looking for the $50 you are down. Just stay away from these rackets.
Tip 2: Check your Credit Report Annually: Checking your credit rating helps you make better financial decisions. You will also know if something isn't right on your credit report and can see if you can fix it.
Tip 3: If you don't understand it, don't sign or invest in it: If an investment or loan product seems overly complicated and you don't understand it, don't invest in it! You will save yourself a lot of money, time and worry in the future.
Tip 4: Ask what's in it for them: If a bank is trying to offer you an additional product, or a product you may not be interested in, ask what in it for them. Chances are they will be getting a higher commission for the product. Bottom line: It may not be the right product for you.
Tip 5: Avoid bundles of financial products: If a bank of financial institution tries to sell you a bundle of financial products, you will most likely be getting a lot of over priced add ons which you don't need. The only real benefit will be for the bank sales person who will be getting a hefty commission.
So there you have it, five simple tips to help you stay on top of your finances. If you want to learn how to save $1000s a year then check out our Money Saving Tips e-book. Inside you will find over 1000 tips to help you save money!
Cheers
Rusty
3 comments:
Couldnt agree more with that, very attractive article
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Hi!
This is such good tips.
Consumers also need a lot of discipline, if you don't need it, why buy it?
Thank you!
Natalie@Blake
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