Tuesday, October 2, 2012

Fiscally Responsible Habits By Keith Gilabert

By Keith Gilabert,

Consider whether items you are removing from your home might have value to another person. You can have a yard sale or bring items into a consignment shop to see whether you can get some money for them. Personal finances can benefit when an old piece of valuable furniture is sold.

Do not incur substantial student loans unless there is a strong likelihood that you can repay them. Going to expensive private schools when you are unsure of what major to take could cause you a lot in the long run.
If you want to have truly sound finances, avoiding debt altogether is a very good thing to do. For larger purchases, like a house or a car, taking on debt is usually unavoidable. Do not use credit too much during your daily life.

Tax planning is an advantageous way of improving your overall individual financial picture. Do not neglect or pass over any employer-offered investment opportunities that let you invest dollars before taxes into qualified plans. Set aside pre-tax money for medical expenses. Utilize 401K matching programs your employer offers. Nobody can deny that responsible money management lays the foundation for lifelong financial freedom.
Planning for your children's college should begin as soon as possible. College can cost a lot of money, and if you only start saving when your child is a teen, you probably won't have enough for their tuition fees.

Save a bit day by day. Instead of shopping at a store because the location is convenient, compare prices at several stores before making a decision. Always look for food that is on sale.
Improve your finances by decreasing expenses. Saving with coupons should be more important to you than brand loyalty. As an example, while you may have always purchased brand X detergent, if you have a coupon that will give you $2 off brand Y, then buy it and save money.

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