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5 Options To Help Control Your Financial Portfolio

BY Rachel | 15 January, 2017 | no comments

No one ever said that handling money was easy. And in today’s world of instant online transactions, automated direct deposit and bill pay, plus everything that goes into every credit score, it can be more confusing than ever.

That’s why it’s important to control your financial portfolio from the ground up. And that’s why it’s important to understand things like debt consolidation, moving money on credit cards, creating a better budget, minimizing and selling, and knowing the difference between needs and wants on an overall practical level.

Debt Consolidation

Debt is a part of life, but if you’re paying bills in 30 different directions at 30 different rates, things can get out of control. That’s why if you feel like organization is starting to be an albatross around your neck, it’s time to contact a debt consolidation company and learn what they have to offer. Just in terms of simplification, it can make your financial portfolio much easier to handle, and much easier to make sense of.

Moving Money On Credit Cards

If your credit card spending got out of hand at some point, and now you’re paying more on your interest than you are on your principle, it’s time to be smart about your cash flow, and find a credit card that has an introductory interest rate. By combining your debt into this place where you can work on chipping away at that principle, you can potentially save yourself many thousands of dollars overall, and many hundreds almost in a few months of savings. Just be sure to have a plan to pay everything off ASAP!

Creating a Better Budget

When you create a better budget for yourself, a better financial portfolio will follow. And if you use budgeting software that pulls information from all of your banks and credit cards, you’ll have a much better idea of income and expenses on a daily and weekly basis. From that information, you can start reining in excess spending.

Minimize and Sell

Another way to a better financial portfolio? Start by getting a better accounting of what stuff you have. This includes everything from clothes to equipment, from archived memories to knick-knacks. If you don’t love it, sell it. Not only will it give you more money, it will allow you to better understand your liquid value as you determine the worth of your belongings.

Have a “Needs Vs. Wants” Meeting With Yourself

Control in the financial department is going to come from an understanding of wants vs. needs as well. You want a better car. You need transportation. You want nicer clothes. You need ones that you can wear for work. Understanding the difference between wants vs. needs on that level allows you to frame your financial situation that much more realistically.