If you struggle to manage your personal finances successfully and finally gain the financial freedom you always dreamed of, you have come to the right place. Use this comprehensive personal finance guide as a stepping stone to steadily improve your finances. On this page, we collected our best money management advice to help you make your life easier and happier.
What is personal finance?
To understand how to manage your money, we should first learn the definition of personal finance.
Personal finance describes individual financial activities. Usually, personal financial planning includes the activity of analyzing financial positions you currently have, while attempting to predict both short-term as well as long-term financial goals to establish the budget for you to maintain, then executing the financial plan that will complete the requirements needed in the individual financial constraint. In order to master your personal finances thoroughly, you must learn how to eliminate the debt you accumulated and how to reduce your spending effectively.
The individual activity of managing personal finances greatly depends on one’s earnings, individual goals, desires and living requirements, so it’s really impossible to provide you with the magic bullet that will suit anyone, in any situations demanding you to make a financial decision. But we did our best to write a lot of articles on managing money in various situations and for various goals. We then gathered these financial articles and tips here in our comprehensive guide on personal finance.
The lack of personal finance advice
It’s a pity that the majority of consumers just do not have the needed information for making financial decisions that are rational on their own, or they get manipulated with misinformation or circumstances that lead to believing their financial decisions are more effective than they really are.
For instance, various universities and colleges started providing personal finance course, and nearly every media publication gives out material regarding personal finance advice to their consumers.
Areas of personal finance
The aspects of personal finance cover, but not limited to buying personal financial products, such as life insurance, home insurance, credit cards, mortgages, or retirement products. Personal banking can be considered an aspect of personal finance as well, such as a savings account or checking account, even 21st-century style banking such as Venmo.
The following are important areas involved with personal finance:
- Purchasing insurance or protection against risks, while ensuring material standings are secured.
- Assessing financial positions currently held, including reviewing current savings, expected cash flow, etc.
- Retirement planning.
- Calculating and filing taxes.
- Savings and investments.
Now when we have found out the definition of personal finance and what it really means, let’s look at how to manage your money in detail, starting with some personal finance for beginner’s stuff.
Personal finance basics
We start our personal finance guide with a section containing various personal finance articles that will help you understand the very basics of assessing your financial situation, creating a budget for you and your family, paying out your debt, reducing how much you spend and increasing how much you save. In a word, the articles from this section will teach you how to manage your money effectively and get rid of debt.
Assessing Your Financial Health
Before deciding on what your financial goals are, examine your current stand. It doesn’t matter whether you have a single dollar or a million dollars, you need to step back and assess what your financial situation currently looks like, so you could set yourself up for the success in the future. This article will help you figure out your current personal finance situation…
Setting Up Your Budget
We usually understand how and where we spend our money, but where most of us struggle is that it doesn’t seem to reach as far as we think it should. The solution is actually quite straightforward – create and maintain a budget, one of the first steps on your personal finance journey…
Establishing Financial Goals
As with just about anything in life, setting goals is important, and the same applies to your personal finances. Everyone’s goals will be different, based on a number of factors such as lifestyle, current income, retirement goals, children, etc. This article on money management will help you set your goals and achieve them effectively…
Unless you live in a jungle or on some remote island away from civilization, you probably have had some financial debt in your life. It’s not necessarily a bad thing, but debt has to be managed correctly. Don’t stress if you are not sure how to do that – our personal finance guide will help you with debt settlement…
How to Effectively Get Rid of Debt in 2017
How to get rid of debt fast and what is the best way to eliminate your debt? These questions are constantly popping up in the mind of those with debt. Of course, you want to get rid of debt as fast as possible, but many people run into the challenge of doing so effectively. The best thing to do is to find out what others have done and figure out how to make it work for your personal finance goals. It will get easier to eliminate your debt when you know what your options are…
How to Reduce Your Spending
It’s time to speak about expenses reduction. No, in this personal finance guide for beginners, we do not advocate that you completely stop spending, but even the smallest of changes can give you more money in your pocket to pay off debt or increase your savings. So here’s the next part of your ultimate guide on how to manage personal finances…
Saving Money in Every Stage of Life
No matter where you are in life, you most certainly can save more. If you don’t believe it, here are the stories of four different people. Each of these are real people who are each saving for a goal, along with some tips each have to offer about saving…
How to Get Your First Job after College
Congratulations! After years of hard work, you finally finished college and now you’re ready for the real world. Right now, the economy is improving, which means you are in a great position to land a fantastic job – but how to do it? Here are a few valuable tips on how to improve your personal finances by getting a great job…
How to Travel and not to Blow Your Budget
You’ve done your research and found great rates on airfare and lodging, but that’s just the first step to keeping costs down on your vacation.Traveling might be pricey but it shouldn’t be if you know how to stay in the limits of your budget. This post from our personal finance guide will teach you to travel on the cheap while thoroughly enjoying your trip…
9 Best Travel Health Insurance Companies for 2017
Health insurance can help pay part of the bill if you get sick, injured, or need any kind of medical attention. How much and what is covered is defined in your policy. The coverage may depend on where and who will provide you with medical attention…
5 Best Personal Finance Tips for Everyone
In order to live a full and happy life, one should master their personal finances. Because, let’s face it, without money, living is pretty miserable, isn’t it? Well, if you’re not some kind of a Tibetan monk, that is. But for us children of the modern technology age glued to our smartphones and streaming shows, living with no money is impossible.
Credit cards 101
In this part of our ultimate personal finance guide you will learn about the best credit cards with rewards, popular cash back credit cards to save money while shopping, top credit cards comparisons, how to use your debit card the smart way, even the complete beginner’s guide to using credit cards effectively and improve your personal finance situation.
How to Choose the Best Credit Card
Credit cards are a bit like power tools – they aid in keeping your financial house in order, however, if you are not careful, they can do a great deal of damage. You shouldn’t be afraid to use credit cards, though, just learn how to choose the best one for your needs and then use it smartly to help you improve your personal finances…
Beginner’s Guide to Using Credit Cards
Having a credit card is usually a good idea. It can give you a good way to establish and then build up your credit history. Also, there are some credit cards that will let you earn rewards such as travel miles, redemption points, and even cash back, but chasing down these bonuses can lead you down to a credit card debt…
4 Ways to Save Your Money with Credit Card Alerts
Generally, a problem arises when we have to pay back the outstanding credit card payment to the bank but we miss the last date by chance and a large late fee is charged on our monthly statement. Surely, you may not want to go through such a situation where unnecessary charges are being cut from your account. Nobody likes to pay extra…
Why Is There an Expiration Date on Debit and Credit Cards?
To master personal finance, you should ask questions about what you don’t know or understand yet and be ready to learn continuously. So what is the reason behind an expiration date on your debit or credit card?
The short answer is: prevention of fraud. Major networks (MasterCard and Visa) mandate the issuers (credit unions or banks, for example) to put an expiration date on debit and credit cards. They are meant to serve as another data point which needs to be verified before a charge is made…
What You Need to Know before Switching Credit Cards
As your life changes, what you need from your credit card will also change. Perhaps you used to travel often and got a lot out of a travel rewards card, but now you’ve settled down and would really like a card that gives you cash back. Learn how to switch credit cards wisely in this personal finance article…
How to Use Credit Cards While Traveling
In this comprehensive personal finance guide, we covered traveling and money before. This time we will speak about using credit cards on your journey and improve your finances.
It’s finally summertime. You waited all winter for vacations and weekend getaways. If you’re like most people, you’re not thinking much about credit cards. However, when you travel, you should probably check your balances a little more often than usual. This is according to the advice of Nessa Feddis, American Bankers Association’s senior VP of consumer protection…
Debit Cards Guide: How to Use Your Card the Smart Way
Our ultimate personal finance guide wouldn’t be complete without a section on proper using debit cards.
It wasn’t that long ago that a person would actually go to their bank and take out cash from their accounts. But during the 1980’s that all changed with the introduction of the automated teller machine, or ATM. Once the ATM came into being, when you opened your bank account, the bank issued a plastic card that you could use at an ATM to withdraw cash…
4 Best Cash Back Credit Cards of 2016
Are you looking for a cash back credit card with top-notch rewards to improve your personal finances? Well, you came to the right place as we have prepared an overview of the best credit cards of 2016 just for our readers. Let’s break down the best options for you and then explain our choice…
10 Best Credit Cards With Rewards for 2017
We are wrapping up credit cards section of our personal finance guide with the best credit cards comparison for 2017 that will give you rewards.
With so many cards and different benefits available, settling on just one can indeed be a hard task. That’s why we decided to compile an informative post about the best rewards credit cards that we know of to help our readers in choosing the best card for them in 2017…
5 Tips to Protect Yourself From Identity Theft and Credit Card Fraud
There has been a build up of hysteria around identity theft as a result of so much attention by the media to data breaches. The truth is, every year identity theft really only affects a thin slice of the population in the USA – around 3 percent to be exact. According to FTC data, credit-card fraud makes up about one quarter of these cases, which aren’t full-blown identity theft.
Introduction to banking
You can’t master personal finances without getting acquainted with banking. In these financial articles, you will learn about opening a bank account, best bank for savings, compare online banks, find a high-interest bank account, choose the best bank for your savings account and even find deals on opening a new bank account or get it for free!
Now, check out these articles on banking for beginners:
How to Find the Best Bank for a Checking Account and Get a Deal
A checking account is arguably the best financial tool for your day-to-day use and spending, but do you know how to find the best bank for checking account? It’s not actually that easy. In our financial guide to choosing the best bank for checking account, we will show you where to look for best banks and where to find the best deals on new checking account opening…
Can Your Credit Score Predict Your Romantic Future?
New research suggests that your credit score could influence a whole lot more than whether you qualify for a loan. It could even influence how successful you are in forming and staying in a long-term relationship. So could money really affect your personal life? It seems so.
It turns out that your credit score has a strong correlation with how trustworthy you are. As the study shows, those who are irresponsible with their money may not be the best romantic partners…
Be Prepared: Interest Rates Might Rise Soon
In general, it is expected that the rates will rise over coming years. The consumers can take some action steps in order to insulate or protect themselves as the rates start to climb from rock bottom low levels which we have been used to since last few years…
Retirement planning for beginners
Taking care of your retirement savings is crucial when you manage your personal finances to achieve the life you want. Anyone dreams of early retirement but who does actually think about it strategically? Planning retirement should be one of the major areas of your concern when it comes to your personal finances.
In this section of our personal finance guide, we share the best tips on saving for retirement, how to choose the best retirement plans, what is retirement age, where to find simple but effective retirement calculator, etc. These financial articles will help your retirement planning become an essential part of your money management routine.
7 Retirement Investments That You Can Count On
There has been a substantial amount of investment losses for those who retire due to continued volatility of equity markets. This has resulted in a large part of the senior population seeking alternatives that are more stable for investment portfolios. Luckily, several choices are available for those that need both income and growth they can depend on during their later years.
What Is a 401(k) Retirement Plan?
Knowing about 401(k) and what it stands for is a very important part of personal finance management. You should learn how to support and execute your retirement plan. But what is it about? Don’t worry, our personal finance guide will help you here again.
A 401(k) is a retirement savings plan that the employer sponsors. It allows you, as a worker, to save and invest a piece of your paycheck before taxes are deducted. Taxes are not paid until you withdraw the money from the account…
How to Maximize Your 401(k) Balance
Now that you know what a retirement planning is and already have your own 401(k) plan, what should you do about it? Well, it’s important to not remain complacent and always look to improve your situation. These 401(k) tips will help you maximize your retirement savings…
Planning for Dual Retirement
Once again, we stress the importance of a retirement planning in our personal finance guide. At one time, it was considered normal, even expected, that a couple would retire together. But it is much less usual these days. Today, it’s far more common for one person to continue working while the other finds different ways to spend their time. The following is a story of a retired couple that found a way for both of them to lead interesting lives at the end of their careers…
Personal finance guide: Conclusion
Today, perhaps more than ever before, it is important to master personal finance and learn the skill of knowing where your money goes. You should follow personal finance news and educate yourself on how to manage money effectively. Maybe take a personal finance course or something. There are numerous personal finance software for your desktop and smartphone that will help you manage your budget and stay on top of your financial priorities.
On our part, we are publishing the best personal finance advice to help you gain the financial freedom you deserve to live the life you want. Just don’t despair, read our personal finance articles, think before you spend a penny and try your best to manage your money consciously. Use this personal finance guide as a stepping stone to achieve your life and financial goals and act on them.