Simple Personal Financial Tips – the Car Purchase

The purchase of a new car be it new or used will have a significant impact on your personal finances. We all do it at least once in our lives so make sure you ask yourself the right questions before you make your next car purchase. Asking the right questions prior to your purchase can help you simplify your personal finances.

Here are some tips to help you simplify your personal finances when you decide to make your next car purchase.

Don’t buy more than you can afford
– Know how much you can afford before you even begin looking for a car. Review your budget and determine how much you can afford. The best situation would be to pay cash or put a significant down payment so the purchase would not significantly impact your monthly budget.

Don’t buy more car than you need – Do you really need a eight passenger SUV? When you are single or only have a family of four. Probably not. So buy the car that fits your needs so you are not paying for more car than your really need.

Buy for the long term – When you decide to purchase a car, purchase the one that you will get at least ten years usage or more. Don’t buy a new fancy sports car when you know you will probably out grow it within two years.

Know your credit score – this will impact the financing of your car. If you have a low credit score you will end up paying a higher interest rate if you finance your car which will ultimately impact the overall cost of your car. So its always best to know what your score is before you purchase a car. This way you are not surprised when they tell you your interest rate.

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Til next week take one step at a time to simplify your personal financial life.

Simple Personal Financial Tip: Stop Check Writing

An easy way to begin to simplify your personal finances is to stop writing checks.  Yes I am serious.  You are probably wondering how will I pay my bills.  Well this week’s simple tips will provide you with 5 tips to help you eliminate checking writing and simplify your personal finances so you can create a wealthier and healthier lifestyle.

Here are this week’s simple tips to help you eliminate writing checks to enable you to simplify your personal finances:

  • Sign up for on-line banking – Instead of keeping a check register and have to reconcile your check book at the end of each month, signing up for online banking enables you see to  your accounts online to see what has cleared and not cleared.  Save you time.  You can even use your bank’s bill pay service if its offered.
  • Can help eliminate ID thief – Your paper checks has valuable personal information on them such your name, address, bank  account number, and signature.  I have seen people include their driver’s license number.  That’s a little too much information.  All of this information can be used by anyone who sees your check.  So not writing checks can reduce the risk of ID thief since this information will not be seen by everyone who handles your check.
  • Saves time and money – Not not having checks to write on a monthly basis saves you time since you should have all of your bills paid automatically.  Its saves you money since you will not have to purchase checks or stamps.

ACTION STEP

By the end of this week try to implement one of these 5 steps to help you eliminate the need to write checks.  If you just start with one monthly bill at first then eventually have all of your bills paid automatically, at least you have taken action towards  living a simplified financial lifestyle.

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Til next week take one step at a time to simplify your personal financial life.

Simple Personal Financial Tips – Employee Benefits

Your employer can make your personal financial life easier. You are probably thinking the only way my employer can improve my personal finances is if they increase my pay. We all would love that to happen but there are several other ways your employer can help you simplify your finances as well as help you save money. Every employer offers different types of benefits so the benefits you receive will vary from employer to employer.

Here are this week’s simple personal financial tips to help you simplify your personal financial lifestyle by taken advantage of your employee benefits:

Automate deposit – Almost every employer offers auto deposit which saves you time from going to your bank to deposit your check.  Your check is already in your account on pay day.

Retirement savings – Many employers offer 401k plans or pension plans some may even offer both.  Employers may even match the contributions that employees contribute which is free money.

Health benefits - Most employers offer medical and dental plans for you and your family.  Your employer usually pays a significant portion of your medical insurance which enables you to save money.  They also usually provide you with several choices of insurance plans to meet your specific needs.

Insurance benefits – Some employers offer life insurance as well as disability insurance.

Pretax planning – Many employers offer pretax saving plans for medical needs, child care needs, and transportation.  This is a excellent ways to save money.

Other discounts –  Many employers offer employee discounts on products and services to help you save money.

Many employers offer many of these benefits but you must take action to take advantage of them.  You never know you may be missing out on some great benefits.

ACTION STEP

Check with your employer’s human resource department to see what employee discounts your employer offers as well as any other benefits that you may not be aware of which can help you simplify your personal finances.   You may be surprised by the discounts and benefits that you are entitled as an employee so take advantage.

What benefits does your employer provide that helps you simplify your personal finances?


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Til next week take one step at a time to simplify your personal financial life.