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:
  1. 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.
  2. Saving is a good way to stabilize your finances, but investing is also important to grow your wealth.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Building good credit takes a long time, but it can be ruined overnight by missing a single payment.
  8. 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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