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4 Financial Management Tips for the Fall

by on September 4, 2012

The PowerWallet team hopes that your long Labor Day weekend was not only relaxing and enjoyable but also a great success for your budget. Did you overspend? Perhaps you fell prey to all the ‘amazing’ sales taking place at all your favorite major retailers?

No worries! Maintaining a healthy personal finances is a a life-long goal that must be worked on every day. Now that Summer is basically over and the first official day of Autumn/Fall (Sept. 22) is right around the corner, now is a great time to start examining your money management habits and make some improvements! Below are four crucial financial management tips you can start implementing into your personal finances so you are financially savvy and ready for the new season!

1. Create an emergency savings account — Not having an emergency fund to fall back on is one of the primary reasons people find themselves stressed out over their personal finances. With the change in seasons, it’s a great excuse to make some changes in the way you manage your money by saving a portion of your paychecks. Even if it is $20 every paycheck, start saving something so when an emergency comes up in the future, you will be more equipped to handling it.

2. Start saving for the holidays — Can you believe that the holidays are just around the corner? All of your favorite coffee chains are already offering pumpkin flavored latte’s! Yum! With this in mind, it’s time to start thinking about the holidays and all the expenses that arise from fun holiday parties, gatherings, gift exchanges and traveling adventures. Create a separate savings account for your holiday expenses and start NOW while you still have a few months to find great deals, save ahead of time and properly plan for your holiday activities.

3. Budget at least a month in advance — User our free online money management tool to link all of your financial and bill accounts and start seeing where you are actually spending your money. Once you have determined your current financial state, start making proactive changes to your budget by creating spending plans. PowerWallet can help you start finding areas in your budget that you can cut back on so your savings increase and you can pay your bills with ease.

4. Cut your debt — If you don’t want to find yourself in a holiday debt hangover in the New Year, now is the perfect time to take a strategic stab at paying down your debt. First, take a look at how much you owe and what interest rates your creditors are charging you. Focus on the high interest rate cards first and figure out how much you can realistically pay them until your cards are paid off. If you feel like your interest rates are too high, try calling your creditors to negotiate a lower rate. If that doesn’t work, reach out to an accredited credit counseling agency for help. They can help consolidate all of your debt payments into one low monthly payment at a lower interest rate while still helping you pay 100% of your debt off, which will reflect well on your credit report.

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From → Money Management

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