Managing your money should be high up on your list of activities if you want to be financially secure. It helps to ensure financial security and peace of mind. Being on top of your money is definitely better than not sleeping all night because you are worried about where you next meal is coming from. Listed below are four tips to help you stay on top of your finances.
- Tip 1: Obtain finance before you purchase a car: If you must use finance for a car, then pre organise it. This way you won’t be making an emotional decision when you are at a car lot. But if you can, try and avoid finance. You should never borrow for a depreciating article, you’re shafting yourself twice.
- Tip 2: Avoid hire purchase if you can: These are a rip off and even if you miss one payment the goods hired can be repossessed. Definitely try to avoid these at all costs…pardon the pun!
- Tip 3: Pay cash if you can: You often get a cheaper deal by paying cash. Who says cash is no longer a bargaining tool! Everywhere that we visit seems to offer a discount for cash. There is no harm in asking so give it a try.
- Tip 4: Avoid store finance: Often exorbitant interest rates are charged. Again pay cash if you can, or take out a loan from a bank which will charge more reasonable interest. And yes, this rule even applies to those special on sale items!
So there you have it, four simple tips to help you stay on top of your finances. Follow these and you will be making sure you don’t pay more than you have to for any item.