The article is about Personal Finance Tips. You should have a savings account to meet your needs. Save at least 10% of income in your saving account. It will be very helpful to your in case of an emergency. You can also spend this money on higher studies of your children.
Always save some money for emergencies. Keep this money in a separate bank account and don’t touch this money unless there is an emergency. This money will help you in emergencies like loss of job, sudden injury or medical emergency.
In some departments, a fixed part of salary of employees is automatically deducted to the retirement fund. This deduction plan is beneficial. Contribute as much as you can to your retirement fund and don’t touch this money because it is for your future. If you withdraw some money from this fund before retirement then various tax implications and early withdrawal penalties will reduce the principal amount.
If you have two credit cards then you should make all payments with that credit card which has higher interest rate. Suppose rate of interest on one card is 12 percent and on another card is 15 percent then you should make all the payments with credit card which has 15 percent interest before using the second card.
Make a list of your monthly expenses and make this list according to your salary. Use your salary in such a way so that you can save some dollars for your saving account every month.
Use the services of best credit card and banking programs. It will help you to avoid some percentage points on your credit card and bank fee and you can save hundreds of dollars in a year.
Always do shopping according to your budget. Suppose you go to buy shirts with a friend and your friend has bought 6 shirts. Stick to your budget and always do shopping according to your need.
Invest your money in life insurance policies as it will protect your family and your income in case of death. Make a will because it is necessary. It will protect the future of your family in case of death.