Some Basic Tips for Better Personal Finance

As per the financial times we live in,  better personal finance should be at the top of everyone’s agenda. It doesn’t matter if you are rich, poor or somewhere in between, looking after your personal finances should be important to you. The basic tips in this article will help you on your way to better personal finance.

Credit Cards

When it comes to credit cards, you want to make sure you have the best deals and to always maintain the best credit score possible. Have as few credit cards as possible and when it comes to paying off debt, these should be the first things to look at.


If you are renting, now is the time to start saving. Find out what monthly mortgage payment you qualify for, and save the difference between that amount of the monthly mortgage payment and the amount of rent you are currently paying. This has two big benefits. The first is that you learn to get  used to making a larger monthly payment. Secondly you are saving money, which can be put towards a deposit for your new home.

Payday lenders

Payday lenders serve a purpose but should only ever be used as a last resort. The high rates of interest although recently capped by law, making paying back a payday loan an expensive business. If you need money urgently your bank or even your family should be your first ports of call.


If you have any money in bank savings accounts, use that to pay off any credit card, overdraft and loan debt you may have. The interest rate you will be receiving on your bank savings will be far lower than the interest rate you will be paying on any cards, loans and overdrafts,

Shop Around

We can make a big difference to our personal finances by shopping around. Always shop around for the best deals wherever and whenever possible. Shopping around could involve utilities – electricity, gas, telephone, or it could be banking and TV subscription.  Use comparison websites to find the cheapest deals on everything where there is competition,

Plan For Better Personal Finance

If you fail to plan, you plan to fail. Keep a spreadsheet of your incomings and outgoings and use that as a basis to make realistic budgets. You need to decide what your personal finances aims are and decide the best route to get there. Look at the short, medium and long term and always plan for a rainy day.

Hopefully, by applying these basic tips you can start looking at your personal finances and to make the best use of your money.

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