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If you're really interested to manage your finances well, then do check out the financial tips for the last week of July 2013.

Tip no 1: Refrain from excessive credit card usage to avoid debt when you're studying at college.

Like everything, credit cards have a bright side and a negative side. The bright side is that you can use credit cards to purchase anything at a moment's notice. The negative side is the fact they can make you a shopaholic. You can end up buying more than what you intended to do. This means, you can get into debt problems quite easily.

You may not be able to survive without credit cards. However, this does not mean that you'll have to be completely depended upon them to make your purchases. Use cash when you need to buy something instead of swapping your credit cards.

Tip no 2: Purchase a dependable car but not a luxurious one to save money.

Cars have maintenance cost. Moreover, you'll have to purchase an insurance policy for protecting your car against financial damages. Insurance cost will be more for the luxurious cars. The maintenance cost will also be high. So, it is better to buy a car which is environment friendly and reliable, especially when you're purchasing a vehicle for the first time. Research and make a list of the fuel-efficient cars. Next, you can make a list of the cars and buy the one which you can really afford. You can buy a luxurious vehicle when you're at a better financial position.

Tip no 3: Create a savings account in the bank which offers you a good interest rate.

The fee structure and interest rates are different for various savings accounts. Don't open a savings account in a hurry. Rather, find out what different banks are charging as fees on the savings accounts. Check out the interest rates offered on the savings accounts. The best option is to opt for the savings account on which you've to pay a small amount as fees and you can earn a substantial amount from interest rates.

Special savings accounts are being created for the undergraduates. So, if you're currently studying at college, then ask the banker if he offers any special saving account for the college students.

Tip no 4: Encourage your teens to attend the educational seminars so that they get a chance to understand financial basics.

Several financial institutions and banks organize educational seminars for the young people. If you've a teenage son or a daughter, then encourage him/her to attend those seminars. Your teen will get the first-hand knowledge on the financial basics in an interactive way. Your teen can clear his/her doubts about various aspects of finance through the discussions.

Contact your teen's school and find out if they're organizing any seminar or fest. You can even contact the banks and other local financial institutions.

Tip no 5: Know about your debt consolidation options to eliminate your debts in the best way.

You can consolidate and pay off your debts through 3 options – (a) debt consolidation program, (b) debt consolidation loan (c) credit card balance transfer.

You can get involved into a consolidation program and pay off your debts through affordable monthly installments. You can take out a consolidation loan from a bank or a credit union to pay off debts at one go. The third option is to transfer your outstanding balance to card which is offered by the banks at low interest rate. Research on all the options and find out which one suits you the best.

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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