Some ideas to improve your financial knowledge about credit cards
In this article you will get suggestions to improve your financial knowledge, control your economy and how to make your Credit Card work for you.
Certainly financial knowledge at an early age becomes a determining point when you reach adulthood, since you begin to observe the reality about the need to update your accounts and prioritize your expenses, so we are going to give you some ideas or advice on some financial fundamentals. For the previous thing it is basic to make a budget of correct form.
How to make a budget like a professional
1. Establish a budget:
- This is the starting point for any other goal in your life. The organization is key to any goal you set for yourself. 2. Consider a fair use of cash:
- If you spend more, this will take you out of the budget, so have only what is necessary in your pocket and you will not be tempted to use that cash in needs created for a moment.
Take a minute of daily money check:
- Keep a moment of the day to clearly review the status of your account, objectives and priorities.
Assign at least 20% of your income to financial priorities :
- By priorities, the great ones in financial knowledge refer to accumulating emergency savings, paying off debts and thinking about their retirement.
Budget about 30% of your income for lifestyle spending:
- This includes movies, restaurants and happy hours, basically, anything that does not cover basic needs. By complying with the 30% rule, you can save and splurge at the same time without feeling tied to the fact that you only work on a target that is viewed far away. Spending on your lifestyle becomes an investment since feeling full you will have a focus as a rock.
So far, we have seen how knowledge about our budget helps us better control our finances, let’s see now;
Some basic financial fundamentals:
Create a financial calendar:
- If you do not trust yourself to remember to pay your quarterly taxes or regularly extract a credit report, think about setting appointment reminders for these important money tasks, just as you would with an annual doctor visit. place for your financial education can you find it in Citibanamex ? The answer is YES, you will have qualified advisors and products that will end up making your life easier.
Verify your interest rate:
- Q: What loan should I pay first? A: The one with the highest interest rate. Q: What savings account should I open? A: The one with the best interest rate. Q: Why does the Credit Card debt cause us so much headache? A: Let’s blame the compound interest rate. In summary: Paying attention to interest rates will help inform what debt or savings commitments you should concentrate on.
Track your net worth:
- Your net worth is the difference between your assets and your debt is the number, the foregoing can tell you where you are financially.
Based on everything we’ve talked about so far, we can not forget to give you ideas on how to increase your earning potential. If you have a well-crafted budget and financial knowledge in your mind, just by increasing your earning potential and using all the financial tools offered by the banks, you will be able to successfully control your economy.
How to increase your earning potential:
When negotiating a salary, allow the company to name the figures first:
- If you give away your current salary from the first moment, you have no way of knowing if you are going down or playing. Getting a potential employer to name the figure first means that you can push them further, remember to listen before speaking.
You can negotiate more than just your salary:
- Your working hours, official title, days off, vacation time and projects you will work on could be things that a future employer might be willing to negotiate. Do not forget that they will pay for your knowledge and time.
3. Promote ideas and be assertive:
- Once inside the company try to stand out giving as many possible solutions, promote ideas that break with the status quo in an assertive manner.
Make salary discussions in your current job about the needs of your company:
- Your employer does not care if you want more money for a bigger house; he is worried about keeping a good employee. Then, when you negotiate a payment or request an increase, emphasize the incredible value you bring to the company.
Up to here knowing how you can substantially improve your income, improve your economy, increase your financial knowledge , we present a convenient way to pay for the things you want, being leveraged by a bank and creating a suitable credit activity: Credit Cards, and so that you also give them the most optimal use we advise you the following:
Avoid costs and interests by following our advice:
- Keep a record of your expenses.
- Pay your Credit Card on time.
- Maximize the reimbursement of your Credit Card.
- Establish a reasonable credit limit.
- Do not use credit to make ends meet.
Keep a record of your expenses:
It can be very easy to accumulate more debts on your card than you can pay for, so it is important to maintain control.
The best way to do this is to track your expenses using a table of income vs expenses and regularly check the status of your credit card.
Pay your Credit Card on time:
When you receive the summary of your Credit Card, verify the due date of the payment and make sure you pay on time. This will help you avoid additional interest charges or heavy fees for late payments. Consider setting up a direct debit to pay a fixed amount of the balance owed on each payday.
Maximize the reimbursements of your Credit Card:
If you are struggling to pay more than the minimum monthly payment, consider switching to a card with a lower interest rate and pay more when you can. Calculate how much time and money you will save by making higher refunds on your Credit Card.
Establish a reasonable credit limit:
Your credit limit should be an amount that you know you can afford, and one that will not tempt you to spend more than you can afford.
If you need to increase the limit to make a special purchase, hurry up to pay the debt quickly, then reduce the limit to a more manageable amount.