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financial advice

Budgeting

How To Successfully Manage Your Personal Finances

managing your personal financesIt seems that every day, there is a new article on debt. For instance, there are published reports which indicate that America is currently in $2.4 trillion of consumer debt, 1 in 10 consumers have more than 10 credit cards, and the average household debt is around $10,000. When you take all of this information into account, you can see why it’s so important to do all that you can to keep your personal finances in order.

If you’d like a few tips on things that you can do to become or stay financially responsible, here are five proven tips:

Create a budget. One of the best ways to avoid overspending is to have a monthly budget put into place. That way, you are clear on how much money you have to spend beforehand. If you’ve never created a budget before and you’d like a few tips on how to make the kind that will keep you financially responsible and out of debt, visit Money Counts and put “create a budget you can stick with” in the search field.

Avoid credit card debt. There’s nothing wrong with having a credit card. In fact, if you use it wisely, it can boost your credit score. The thing to keep in mind when it comes to credit cards is if you rely on them for most of your purchases, you will end up with interest rates and other financial fees that could cause problems down the road. For this reason, try and make it a practice to use cash or your debit card as much as possible. And when you do charge something, pay off your balance, in full, the following month.

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Banking

Find A Good Financial Advisor

When building a financial strategy for yourself and your family, it’s a good idea to take the time to meet with a Financial Advisor, as advisors are experts in investing, taxation, estate planning, retirement planning, and insurance.  When you partner with a Financial Advisor, they will be able to help you build a strategy in order to achieve your financial goals.  Why try to do it all on your own when you can take advantage of professional guidance?

That being said, it’s important that you find a good Financial Advisor that has your best interests at heart.  Below are some things to look for when you are choosing a Financial Advisor:

*You need to feel comfortable with the advisor so you can work well together.

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