Reader’s Digest asked half a dozen personal finance experts the best personal finance tips they could share that most people are never taught. Many people know a few basic tips when it comes to their personal finances, but there are many tips that go under the radar.
Here are the best personal finance tips they gathered:
- Give yourself time to think about large purchases in order to avoid impulse buys. Give yourself at least a day to question how badly you need the item compared to saving or investing the money you would use to purchase it.
- Saving is a good way to stabilize your finances, but investing is also important to grow your wealth.
- Financial advisors aren’t only for wealthy people, especially when it comes to investing. Seek professional help will ensure that you make the correct choice.
- You can never have too much retirement savings. The earlier you start saving and investing, the longer compound interest can work its magic to help you achieve a successful retirement.
- Ask current lenders for a better rate. Banks, credit unions, and other lenders are keenly aware of their competition. If your credit score qualifies you for a better rate from another credit card issuer or lender, ask them to match the rate.
- Don’t co-sign a loan if the borrower doesn’t pay, then you’re responsible for every single missed payment. If they don’t pay, it’s your credit that will be ruined.
- Building good credit takes a long time, but it can be ruined overnight by missing a single payment.
- Don’t blow your tax refund. Instead, save the money in an account that earns annual interest. Leave it for your retirement fund.
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