Lesser-Known Money Management Techniques

In the past, we’ve covered a lot of the major money management techniques that can help you as you go through the foreclosure process.  From budgeting to planning an emergency fund for the future, we’ve talked about most all of the basics.  However, there are still some lesser-known money management techniques that can help you move through your situation more efficiently.

3 Tips You Should Know

1. Monitor your credit card charges religiously.  Many people are accustomed to balancing their checkbook (and, if you aren’t doing that, you should!), but few are truly diligent about checking their credit card bills.  With your current statement easily available online, there’s no excuse not to do this.  It can be a lot harder to recover a bad charge after you’ve already paid the credit card bill.
2. Pay attention to what policy changes will affect you.  If you have student loans, you should be writing off the interest fees as a tax deduction.  However, that perk will be disappearing at the end of the calendar year.  Knowing about the financial news that pertains to you will help ensure your budget doesn’t have any big surprises later on!
3. Read all the terms of your financial institutions. Financial institutions (banks, credit card companies, etc.) can have some strange policies that vary greatly.  From overdraft charges to missed payment fees, they have a policy for everything.  A good money management skill is to never be caught off guard.  Knowing the rules and regulations upfront helps protect against this!

Whether or not you’re dealing with foreclosure, these are good money management skills to put to work today.  They’ll save you cash and stress in the long run!