Many personal finance tips can be found on blogs and finance sites online. Many of these tips will have a common theme, such as establishing a budget, tracking spending, and having money set aside for any emergency. However, there are other personal finance tips to aid in your financial health.
College Education
Start setting money aside for your child’s college education as soon as possible. One option available is a tax-free 529 college savings account or put money in a risk-free investment. Saving early will help to lessen expenses when your child is ready to begin college. Money that you set aside can be used to buy books to supplement a scholarship or grant awarded to your child.
Learn New Skills
You can invest in your future by taking classes at a local community college. Another option for you to consider is earning a certification in a specific area. This shows that you are knowledgeable in a certain area and can increase your chances of earning more money if you choose to change jobs. You can even decide to take a class on photography to earn money on the side.
Avoid Extended Warranties
Merchandise that you can buy online or at a local retailer includes a manufacturer’s warranty. These are often at least 90 days from the purchase date. If items stop working or break, then they will do so in the warranty period. You can save money by not giving it to the company selling the warranty.
Check Insurance Policies
Insurance policies for your home and your car should be reviewed each year. Take a look at the amount of the deductible on your policy. You can often lower the cost of your policy by raising your deductible amount. A typical deductible for an auto or home policy is typical $500. A significant decrease in the policy occurs if you raise the deductible to $1000 or even $1500.
Invest in Life Insurance
If you have a family or a significant other, then you will want a life insurance policy. If you are looking for a policy, then choose whole life or universal life insurance. These policies have a cash value option that will build up over time. Another benefit is that a loan can be taken against the policy. Loans do not need to be paid back and are interest-free.
Invest in Your Health
Take stock of your health and see if you need to make any improvements. This includes healthy eating and losing any added weight. Improving your health will make you feel better and limit the number of times that you get sick. This means that money will be saved on visits to the doctor and the purchase of over-the-counter medicine.
Additional Information
Many personal finance options exist that allow you to save money instead of obtaining loans that need to be paid back. Seek out all options that are available to you for saving money before you decide on a solution that will force you to make an additional payment each month.
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