by William Bond

Created on: April 05, 2010

Developing your own list of finance tips is one of the best ways to manage and control your personal finances.  Everyone even the very best personal finance managers have specific areas in which they need to work on to close the holes in their finances, such as:  failing to cut the budget more, taking on too much credit card debt, opening up to many credit accounts, and not saving enough money are just some of the areas that need to be addressed by everyone.  Here are some tips to tighten up your personal finance management.

Review your personal finances, and choose the action needed..

*Look over your budget, credit card statements, your 40l(k) statement, your savings accounts balances, and your emergency fund account for starters.  As you look them over, write down some things you would like to work on and bring your personal finance goals up to where you want to be in the next year.  Choose at least two goals for the next year, it might be cutting the budget, and putting more into your 40l(k) plan.  Take only the goals which are meaningful to you, but you have a good chance of succeedingEmergency funds are important to succeed.

An emergency fund helps you succeed.

*An emergency fund is a savings account  with $3,000-4000 in it, to help you pay for important bills that come up during the year, such as: paying for the floods in your home and basement from the storms not covered by your insurance, car repairs needed to getyour  inspection sticker, dental work and medical work you need, but is not covered by your medical insurance plan, and repairs on your roof at home, which needs to be done soon, to save time and money.  Without a emergency you would be paying these bills by credit card or taking a personal loan, this adds to your debt load.  Manage your debt load.

What your debt load from credit cards and loans.

*Do you pay the minimum on your credit card balances?  By doing so, will force you to  pay these cards off in a period of years, rather than months.  By paying more than the minimum, you will be paying off your higher interest charges, and you will save more money, and get your cards paid off sooner.  Try to use debit cards, the amount of money on this cards, represents what balance you have in your checking account.  You will not be billed each month, like on credit card charges, and this can be used for daily expenses as as well.

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