The topic of personal finance is not a popular topic with most people. Most of us are struggling to get control over our personal finances and it is a losing battle. However, there is hope for even the most lost among us. There is plenty of personal finance advice out there and all it takes is reading some that advice and putting it to work to begin down the road to control over your personal financial situation.

The following are some great tips in a variety of areas of personal finance:

- Set spending limits. Give yourself an allowance to curb unnecessary spending throughout the week.

- Save for large expenses. Set a goal to save for a large expense, that way you know you can afford it and will not end up draining your bank account to make the purchase.

- Prioritize your spending. Learn to identify what you must have, what you need and what you want and prioritize in that order.

- Pay your bills on time. This eliminates late fees which can add up over time.

- Track your spending habits. This will help you identify wasteful spending so you can make a positive change.

- Look for savings everywhere. Shop at dollar stores, join discount clubs and use coupons.

- Always shop around before making a large purchase. Compare prices and look for the best deal.

- Save. No matter what start a savings plan. If the only thing you can do is save change then that is at least a start. If you can afford more then add it to your budget.

- Invest smartly. Know yourself when making investments. Learn about your investing personality so you feel comfortable with your investments.

- Stay on top of investments. Do not just hand your money over to a broker. Keep track of your investments and make sure you are always in loop about anything going on with them.

- Know when to get professional help. If you are in a financial crisis seek help. There are plenty of companies out there who will help you for free to get your finances back on track.

Your personal finances are important. Do not let them slip out of your control. Avoid living beyond your means and letting your finances run your life. When you get control over them you will find you are much happier and that you feel as if you can spend without worrying.

By: Joseph Then

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Store cards are offered by numerous retailers nowadays in the UK and everybody has no doubt experienced walking into a shop and being offered a store card. Most of the stores will even offer you a discount on the items you are purchasing at the time just for filling in an application form.

The way a store card works is similar to a credit card as you use the card to buy items instead of cash and then you make repayments either monthly or in one go if you would prefer.

Of course there is a major difference between credit cards and store cards as store cards can only be used in certain shops and chains and this obviously limits your choice when making purchases. There is however, a plus side to be seen here, as this would mean that you wouldn’t spend as much as much as perhaps you would do with a credit card.

There are however, other disadvantages with store cards such as the enormous amount of interest you have to pay if you choose to spread out your repayments on the card, as store card interest rates are even higher than credit card rates.

As well as these disadvantages, there are of course some benefits to these cards, such as; discounts at certain shops and on certain products there as well as a whole host of other perks on offer.

The only thing to do is to weigh up whether or not the limitations and high interest if you fail to clear your balance each month are worth the few benefits that you receive.

One thing to keep in mind is not to be pushed into getting a store card just so you get the discount at the point of sale or just so that you can get rid of the pushy sales assistant, especially if you’ve got a bad credit history because you get refused for the store card and end up damaging your credit history even more.

If you are looking for plenty of choice in the types of cards that you can get and also where you can use the cads then a credit card may be more ideal for you. Nowadays, the majority of places accept credit cards both here and overseas.

You can make sure that the card is suited to your spending and repayment needs. There are also interest free credit cards available so you could even avoid paying interest altogether, just as long as you pay back the debt within the allocated time, otherwise, you will find yourself paying high interest rates.

By: Gill Critchley

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