Improve Your Finances This Year

Improve Your Finances This Year

by Roman on February 2, 2012

For many people, their New Year’s resolution involves losing weight or quitting smoking. But the new year is a great time to start thinking about how you are going to become more financially sensible this year.

A good place to start is to take a look at your credit card habits. Are you using your credit cards only for convenience sake or for emergencies? Or are you using them like an open-ended loan, racking up debt and interest charges? Regardless you can find great interest rates and deals when using comparison sites like

The best way to use a credit card is to pay off the balance every month and carry a balance on the card only when you need to use it for for a large, necessary charge that you can’t otherwise afford, such as expensive repairs to your car, or for things that require a credit card, such as rental car or hotel reservations. This not only keeps you out of debt and saves you money, but it also improves your credit score, which can save you money in the long run with lower interest rates and other advantages.

How much are you spending?

Another thing to look at on the way to improving your finances is your overall spending. Take your time and before you buy anything, run a gst calculator and see how much you will be paying on the actual price of the commodity. At times these extra added values are what could leave you in a bad financial status. Are you spending way more than you need to? For example do you buy coffee every morning or eat out for lunch and dinner several times a week? Brew your own coffee at home and take your lunch to work every day and you could easily come up with a couple thousand dollars that you could save, invest for retirement or use to pay down debt.

While discretionary spending is a logical place to look for savings, you might be able to save money on some of your necessities as well. For example, if you combine your homeowners and automobile insurance, you could save a few dollars a month. Bundling your TV, Internet and phone services can also save you money. Another place to look for savings is your mortgage if you have one. Interest rates are at historical lows, so if you are in a position to refinance your mortgage, you could save several thousand dollars a year.

Improving your finances doesn’t have to be all about cutting expenses. Make sure you are getting the best rate possible on any savings account you have and consider putting some of the money in a CD if you don’t need it any time soon. Also, make sure you are contributing the minimum amount to your 401k plan to get any company match offered. And do anything you can to reduce taxes. Utilize flexible spending accounts or health savings accounts, and contribute to an IRA or college savings plan for your kids if you can afford to.


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luxury April 17, 2012 at 3:32 am

There are many people that do their homework and actually get a nice junk of change back for outdated, old, and even worn iPhones. The trick to getting back the big bucks is to do your research.

Washing Machine April 20, 2012 at 5:31 am

I really like this post it is very nice post view to finances, My teacher wants us to come up with a budget plan and an entirely separate page for finances. I thought they were the same thing, but I guess not? Please make the answer really simple… Like you’re talking to a toddler… I am not good with this stuff.Thanks

Washing Machine April 20, 2012 at 5:38 am

My husband and I have been married almost 3 years now. We still have not been able to successfully blend finances to where we are both comfortable. I would like some suggestions from couples that have been able to effectively merge their finances.Thanks

Washing Machine April 20, 2012 at 5:40 am

I think you can start off with one joint- for bills and shared items; then you and your husband should get your own individual checking accounts for your own personal use. Or do one joint, then two individual savings accounts.Thanks

Fuel Briquetting June 17, 2012 at 11:38 pm

This not only keeps you out of debt and saves you money, but it also improves your credit ratings, which can conserve your funds in the long run with lower rates and other advantages.

mosquito trap June 25, 2012 at 11:22 pm

I know I asked this on another section but I’m really hoping someone out there is doing better! Is there anyone out there coming out of the pit from this past year and half?

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