5 Personal Finance Tips From the Pros

With the New Year right around the corner, many people are planning to make resolutions to clean up their personal finances. Unfortunately, the best solution most people can come up with is creating a budget they?re not actually going to stick to or literally freezing their credit card. Whether you?re starting right this second or you want a game plan ahead of time, follow these top five tips for financial experts on taking control of your money.

1. Spend Less Than You Earn

This may sound like an all-too-obvious approach to financial freedom, but most people live beyond their means whether they admit it or not. Thanks to credit cards and promotions like Bill Me Later, it?s easy to spend money you don?t have yet. If you do this, you may get more right this very second, but you?re never going to catch up on what you owe or get ahead.

2. Get Rid of that Credit Card Debt

Looming debt is suffocating, whether it?s $1,000 or $100,000. Pay it off once and for all. Paying the minimum means you end up spending a ton on interest when the items you bought weren?t worth that much to begin with and you?ll never see the end of the high credit card bills. Plus, owing money on a credit card messes up more than your sleep cycle. Your credit rating can take a hit if you let the charges sit there for too long.

3. Put Something into Your Retirement Plan on a Regular Basis

Whether your employer is offering a 401K plan or you?re self-employed, stock away a certain amount every day, week or month for retirement. You?ll thank yourself later. Plus, one of the golden rules of personal finances is to always pay yourself first. Knowing that you have what you need in savings, retirement and even your wallet for a rainy day makes it easier to stick to your bills-and-necessities budget.

4. Keep Good Records for Tax Time

You?d be surprised at how much you can write off or get credit for when it comes time to do your taxes. Whether it?s a student loan or travel expenses for work, keep track of everything. The easiest way to do is to sit down every morning or weekend and tally up your expenses. Otherwise, you?ll go crazy in April when you have to look through a year?s worth of charges and receipts.

5. Stay on Top of Your Bank

Banks change their policies, including their fees, all the time. Chances are you got a letter in the mail or an e-mail alert to the most recent update, but you probably plopped it on top of the junk pile and tossed it before you gave it a second look. Know what you?re being charged for so that you don?t bounce a check or pay more than you think is fair. You may even want to switch banks before a new policy period begins.

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Jack Tucker is a corporate accountant and guest author at Best Finance Schools, a site with information and guides on how to get an online masters in finance.

Source: http://www.howimportantisyourfinance.com/2012/12/21/5-personal-finance-tips-from-the-pros/

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