Giving attention to your financial life

culled from:lifehack.org

An out of control personal finance situation can destabilise your whole life. This write up provides some tips on how you can improve your financial situation.
Working from home is one avenue worth investigating when you want to save money. The truth is that working in an office can be expensive. Fuel and meal expenses are two of the main expenses that you will incur when driving to work and working in the office.
It is a good idea to apply your tax refund toward paying down your debts. Use your refunds to pay back your debt, in an effort to achieve a solid financial situation. Unfortunately, the money is spent quickly and the debt still remains.
One way to improve one’s personal finances is to cut back on expensive restaurant trips and, in fact, to avoid all sorts of ready-made meals. Someone can save money by buying the ingredients to make healthy meals and cooking them at home. It is a great way for someone to feel pride in their meals and save money at the same time.
Budgeting
Always look for things that you can cut from your current budget. A good instance of this would be dining out. If you eliminate this luxury altogether, you will likely not be able to stay committed for very long. You can keep enjoying your favorite restaurants and save money at the same time by reducing the number of dinners you go out for by half.
Utility Bills
Pay the utility bills for your home on time each and every month. A habit of paying bills late can have negative effects on your credit rating. Additionally, many utilities are going to slap on a late fee that just costs you more of your money. Late payments are not worth the additional fees and stress, so pay bill in a timely manner whenever possible.
Almost everyone at some point in time makes a mistake with their finances. You can request a waived fee for a one-time bounced check from your bank. This courtesy is usually only extended to customers who are consistent in avoiding overdrawing their checking account, and is usually offered on a one-time basis.
Understanding compound interest
Understanding what compounding interest is, will help younger people get a good handle on their finances. Make an account just for savings, and automatically put a certain percentage of your earnings into it.
Emergency fund
It may be better to set money aside in an emergency fund before paying off your debt, especially, if the debt was acquired from using credit cards in an emergency. To decide how much you should put in your emergency fund, make a list of common household and medical problems you might encounter and their estimated costs.
Asset valuation
Know the value of things you save or have around the house. People often have things of great value that they think are not worth anything, and they throw it out. It’s also important to check on the value items you might not have bought that you are considering getting rid of. Sometimes an ugly vase may be a collectible to someone else. A quick Internet search can give you some information about the value of certain items.
Finally, Working on improving your personal finances can enable you to get a better picture on where you stand financially. Having your finances right helps you alleviates stress and can let you see the bigger picture and work on other things that need attention.