How to handle your Personal Finances
July 25, 2018 | Tom Ashworth
Personal Finances 101
Today I am going to talk about Personal Finanaces. Taxes, Medicare and social security take away half of what you earn, leaving you with only fifty percent of your earnings left for expenditures. However, you save every dollar that you do not spend, as taxes have already been paid on them.
You need to inspect your expenditures like a spirited IRS agent on commission.
Most people do not go through the trouble of inspecting their expenditures due to a perceived paucity of time; however the rewards of the exercise make it more than worth the effort when looking at thier Personal Finances.
A few simple fiscally prudent steps that add up are:
- Getting comparative quotes on various insurances (home, car etc.)
- Comparing the costs and benefits of various utility providers.
- Checking out various cell phone plans.
- Getting rid of unused TV channels and getting the most cost effective cable TV package for your needs.
- Refinancing your home loan: take a low rate, short term loan or a cash out loan to pay off the higher rate home loan.
- Availing for discounts on property taxes.
- Refinancing your cars.
- Negotiating a lower interest rate with your credit card company.
- Inspecting all the automatic charges on your credit card and getting a no-fee card.
- Getting rid of all recurring late fees.
- Reviewing your bank fees for accounts and debit cards and getting rid of all the charges that are unnecessary.
Report your credit card as stolen if you don’t want to go through your credit card account. This will get you a new credit card number. Companies that are using your old number will not be able to automatically renew their services and will be forced to contact you for a new number. You can then decide whether you need their services or not.
I am a big David Ramsey fan and one of the things he stresses on it to pay for everything with cash, except for your Home mortgage. Check out David Ramsey’s site at http://www.daveramsey.com/home/ to get simple, common sense advice on how to handle your Personal Finances like a genius.
If you are interested in Real Estate in the Texas Hill Country, please feel free to contact Tom Ashworth (Smart Path Realtor) at (208)830-7991.