subject: Using Personal Finance For Personal Wealth [print this page] When you look at your finances at the end of the month, do you cringe in fear at the sight of your bank statement? If you seem to always be low on money at the end of the month, then you need to make sure that you take assessment of your personal finance situation.
In order to get a proper temperature of your financial situation, make sure that you set up a budget that will enable you to get a true sense of where you stand financially. This is often times an easy thing to do if you take a full careful and truthful look at where you are financially as well as personally. The use of a budget will be an endeavour that will greatly allow you the opportunity to get the most from your assessment.
The art of balancing a check book has long since been forgotten, instead people rely on the ATM to do all the work for them. This is great if you take into account all of the various fees that are often times charged for withdrawals and other transactions.
Many people never consider this and quickly find themselves overdrawn in their bank account, this begins a chain reaction that is often times the beginning of the end. The first thing that you need to do is rely on the trusty check book to handle your balances. Now comes the difficult part, sit down and take a serious look at what money is coming in and what is heading out.
Take the expenses and subtract from the income. If you are a decent person, then you will wind up with a positive number. This is what many people are hoping for when they do this. The amount that you come up with is the amount that you have left over or the amount that you are over in your budget. A negative number is not a good thing to have. This means that you are living outside of your means.
The Credit card game is one area that a lot of waste can be trimmed. Many people are under the impression that a credit card is free money. This often times leads a person to be in a financial problem that seems like there is no real way of getting out. There is a way that you can reduce your credit card debt and at the same time increase the amount of money you have at the end of the month.
You will be amazed at the amount of money that you are able to save when you take a full honest look at the financial situation. Many times reducing even the smallest of cost is more than enough to allow a person to see an increase in the amount of money that is available to them at the end of the month.
Personal finance requires there to be personal responsibility. This starts with you and is ultimily up to you as to how well your financial health will be. The more involved that you are in this, then the better success you will have at the end of the month.
by: Trevor Gronholm.
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