Personal Finance Tips to Better Your Situation

There is no escaping the world of personal finance, it touches upon every aspect of your life. No matter what age, or where you are at in life, it most certainly affects you in some way.  From children that receive a weekly allowance, to adults that receive a standard paycheck, learning the necessary skills to manage your money is vital to achieving success, happiness, and a stress free life.  Allow me to provide some very simple tips on financial management.

You should always have either a debit card, or at least $25 dollars in cash for minor purchases.  First, it helps if you are a Costco member like myself, since they only take American Express!  Also, new laws allow merchants to set minimum purchase amounts for use of credit cards, and I’ve found myself buying things I don’t need just because I only had my credit card available to me.  I

Work to keep your credit rating as high as possible. Having a high credit rating will allow you to have lower interest rates than those with lower scores.  Obtaining a mortgage, renting a home, utilities, car lease or purchase, and other such services can be severely impacted by a bad credit score.  It’s amazing how simple and yet important this fundamental task is, and yet it’s the very first breakdown in financial management for so many people.

Math is fun!  Don’t believe me, huh? One of the life’s greatest wonders is the power of compound interest, and the earlier you learn this lesson, the better.   From savings account, to an investment brokerage, IRA’s, and 401K, compound interest could be the best friend you ever have.

The best financial decision one can make is to try to avoid debt altogether.  This should just go without saying, and yet so many people defy such simple logic.  I know the usual argument, “there is no such thing as good debt”…and I kind of agree with that.  But, quite frankly, there is a such thing as OK debt!  Stay away from credit cards, and payday loans.  However, a mortgage isn’t necessarily a bad thing!

Don’t spend any money on get rich quick schemes.  People thought my blogging activities were another get rich quick scheme when I first started.  Here we are over a year later, and I’m not rich, but rather making a steady online income.  Also, it didn’t happen all that quickly.  Just make sure you stay away from snake oil medicine men.  Be cautious of those pyramid schemes, and false promises, after all this is your hard earned money.

Don’t throw out old junk before taking a closer look to make sure it really is junk. It can be a huge boon to your budget if you find out that your old table or chair is worth a few hundred or thousand dollars.  It took me a long time to heed this advice, and thanks to Ebay, Amazon, and Craiglist, it has greatly paid off.  From selling old college textbooks, to used television sets, I have made quite a few bucks off of what was previously thought of as junk.

These tips can help anyone understand and improve their personal financial situation into something healthier, and more productive. No matter whether you’re starting out with $5 or $500,000, the same principles apply, and you can use tips like these to better yourself and your finances immediately!

Joining Yakezie

I am not sure how many people are aware of what Yakezie is, but it is certainly something that more people should be aware  of.

Yakezie is a community of PF bloggers who self-lessly help each other to help grow their blogs.


1) Install the Alexa toolbar if not already and comment what your current Alexa ranking is, so we can keep track.

2) Write consistently 2-4 times a week for 6 months.

3) Install the Yakezie badge with pride. (Notice on the side)

4) Announce on your blog that you have joined the challenge.

5) Selflessly promote others.

Enough can not said be said about the community.


Proud Member of the Yakezie Challenge

What is Wave Accounting?

This is the first in the ongoing series on finance software. I really like Wave Accounting and feel that everyone should try it.

Wave accounting began in November of 2010, and has begun to grow since with thousands of new small businesses signing up monthly. If you are unfamiliar of exactly what wave accounting is and how it can be beneficial to your small business this article takes and in depth look into Wave Accounting.


So what is Wave Accounting?

Wave accounting is a free to use accounting application that was created specifically for the small business owner. When you are a small business owner it can be too expensive to hire an accountant to handle all the tedious tasks of paperwork and making sure everything is in order. However it can also seem difficult and time consuming for you to do it yourself. That is where the beauty of wave accounting comes into play. With wave accounting it handles all this work for you. Just think of no more entering data, no extra time used. All of your purchases and income can be tracked with the wave accounting application. Instead of typing everything into your account over and over again you can enter in the information once, and have the transactions imported into Wave accounting safely and automatically.  All your expenses are also categorized and itemized by wave accounting for you.

This is not to say that you can not use Wave for setting and maintaining a budget for individuals rather than businesses. It is robust enough for a  business, yet simple enough to personal finances.

What is the best benefit of Wave Accounting?

Wave accounting is absolutely free! All of this work done for you and free of charge, you cannot ask for anything better. You may wonder how wave accounting as great as a program it is can be absolutely free, well the secret is really no secret at all. Advertising is the key element in the free program. When you log into your wave account you will see special deals from many advertisers listed. These deals can help you save money when you may need to make a purchase with your business as well. So they not only help you to save money by supplying you with a free service to help with your accounting needs, but also help you to save money on many purchases you may make with your business anyways.


Now you may be wondering what the disadvantages to this program are.

There are no merchant accounts with this software, as well as any time tracking or time sheets available as well. Sometimes the categorizing of invoices can be difficult, as you cannot import your customer or vendor records into Wave Accounting.


Wave Accounting is a new company and new program. There are a lot of advantages to the software such as the free price tag, quick entry available, and double enter accounting. However remember with any new program it can only get better in the future when more issues are worked out, tweaked and fixed. Since wave accounting is free it definitely doesn’t hurt your wallet to give it a try and see how you like it. You may actually be surprised by the results.