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Finance

4 Finance Tips That Will Change The Way You Handle Money

Wendy Wayne

Money is a big factor in everyday life. It determines greatly the quality of life that you live, how you work, where you live and many other factors. Therefore, it is crucial to learn how to handle personal finances so you can live a comfortable life. The following are some things you probably never knew about personal finances that could change the life you live.

  1. Start your retirement plan with your very first job

When you are young and fresh out of college just beginning your first job, the thought of retirement seems so farfetched and unreal. However, it is an inevitable occurrence. Either way saving for retirement is a great way to build up your future. You can join the 401(K) plan through your employer. You can also divert cash from your paycheck to an IRA. These automatic contributions will occur without you even noticing and you will adjust your spending to what is left on your paycheck after the contributions have been deducted. If you wait until you are much older to start saving up, you will amass even less than half of the amount you would have made if you started at your first job.

  1. Value money

They often say that money does not buy happiness, but does make things a lot easier and comfortable. You just need to understand the value of money. Money is what you get in exchange for your time and effort. So every time you want to spend money on something, think of how many hours of work you need to put in to buy it and whether it is worth it compared to competing demands for that money, such as rent, car payments and so on. Every purchase you make with your money is a trade off and therefore you should be wise when making money decisions.

  1. Your credit card should be the last resort

You should use your credit card sparingly. The use of credit cards seems so simple and convenient yet you are paying back tons of cash in interest rates to the credit card company that could probably be useful somewhere else. Pay with a debit card or cash. You do not want to end up like the hundreds of cash strapped consumers who end up overusing their credit cards and find themselves in more debt than they can pay back. Spend now and pay later is the biggest lie sold to the public by financial companies, especially to people who do not know how to manage their spending.

  1. Lease don’t buy

Leasing using companies such as the best way to find a vehicle that suits your needs. Vehicles diminish in value over time and unless you are financially secure in life, you do not need to purchase expensive items of diminishing value. Leasing is a great way to own a vehicle model that you desire, which you can trade in for something else more modern and suitable to your needs as you grow older.

Bio

Gerald Eckhart is a personal finance advisor who shares financial advice through his articles. You can find the best leasing advice and help leasing a vehicle at .

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