8 Great Financial Tips For Year 2012

bulram | July 17, 2012

Financial Tips For Year 2012

The last few years have taught too much to every person. People now have to be very well organized when talking about their personal finances. The year 2012 is half gone and the other half remains.

This doesn’t mean that you start spending or investing money without caution. So here are the best financial tips for year 2012 that you should know:

1. Do your part

The markets keep fluctuating between bullish and bearish trends so you need to take care of the things that you must do. Keep investing money to your retirement account and do stick to the investment plan that you made.

2. Bargain with your banker

It is good to talk with your banker about how you can avoid checking account fees. Many of the banks will be eager to give free checking if you as customer maintain other accounts with the same bank. The banks also help in the case when you use direct deposit checks and the pension checks. Bargain as much as you can from your banker.

3. Play safe with home purchases

The major reason for the failure of home purchases is the mortgage related delays. You need to close your mortgage otherwise you deal gets killed and that costs you the security deposit. Submit all the requested documents with the lender and keep a check on process thereafter.

4. Don’t freeze your credit card

By any chance if you have frozen your credit card to stop the spending then you must know that your lender may tag your credit card to be inactive. This can lead to the closure of the account because of being dormant for a long period. So do use your credit card to display that you can use it well; at the same time don’t be a spendthrift. A good tip in this case will be to use your credit card at least once in a month for buying general items that you need for household. This will give you good ratings and payment history.

5. Dividends

The stock market of today is too unpredictable but if you have dividends paying investments as a part of your portfolio then you can relax. This is so because at least some portion of your returns will be much predictable. But the day-to-day value of your stocks keeps fluctuating.

6. Know about the bank you deal with

New methods of checking and debit card fees have been structured by the banks and thus it is advisable that you keep a close eye on your monthly bank statements. You will in no case like to pay for the banking fees that you didn’t have any idea about. When there is some kind of fee hike by the bank they send fee disclosures to its customers. You must always read them carefully. Consult your bank if you have any queries.

7. Analyze your credit reports

You can get your credit report from credit reporting agencies and online free services like AnnualCreditReport.com. Look if there are some kinds of errors in these reports. File a dispute if you find some mistake. The results normally are investigated and told to customers within the shortest span of time.

8. Reduce your debt

One must always try and reduce the accumulated debt. This results in a good payment profile and will unburden you from any discrepancies regarding your finances. Try to be protective with your assets. Better decision making will always help you to be perfect with your finances. Plan everything that relates to money and give a nice execution to your planning.

Scott Walker is a financial advisor who maintains his own blogs on money saving tips and also writes about Wonga Payday Loan Alternative to help readers.