Don’t overlook the benefits of these basic money tips.
In these rocky economic times, we need to make the most of what we’ve got. But sometimes the most basic financial essentials can be forgotten. Gain control of your financial future by following these tips from Personal Finance 101 – the class you may have slept through in high school.
tip 1
Always maintain health insurance.
Suffering an uninsured illness is the quickest way to debt.
tip 2
Finance a car for three years
or less. If you can’t afford the monthly payments of a three-year plan, you can’t afford the car.
tip 3
Maximize 401k opportunities
with your employer by investing your salary up to whatever amount your employer will fully match – often about 6 percent.
tip 4
If you must divorce,
try mediation first to avoid costly attorney fees.
tip 5
Arrange to pay your mortgage biweekly
instead of monthly. This is an easy way to pay 13 months ofpayments in 12 months without really noticing. This trick will help you pay off a 30-year mortgage in 18 to 21 years.
bonus tip
Need to earn some extra cash to set your finances straight?
Market and charge for your unique skills. A guitar player can give lessons, a dog lover can be a dog walker and a hopaholic can run errands for clients.
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