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EFFECTIVE FINANCIAL MANAGEMENT PRACTICES

Written by: Tracey Jones

Article Overview: In the current environment of sky high debt, rising interest rates and often unaffordable housing prices, you can no longer afford to be complacent about money management.

EFFECTIVE FINANCIAL MANAGEMENT PRACTICES

If you are struggling to make ends meet, you are not alone. Money continually drips out of our accounts through interest payments, bank fees and bill debits, and most people stand by and watch helplessly. Ever wondered if there’s a better solution? Thought that there has to be a better way?


There’s no better time than now to stop whining and start winning. Taking control of your finances can be the most rewarding thing you will ever do for yourself and/or your family.

Learning to re-organize your finances, find new options and implement better strategies can save you extra money you can use on savings, or reducing debt.


Just because a financial institution bills you for fees or increases your credit card rates, doesn’t mean you have to wear the cost. As a consumer in a competitive financial market, you have more power than you realise. The key is to do your research and understand what options are available.


For instance, if you know the credit card rates the competition is asking, tell your own bank, and ask for a rate decrease (nicely). You hold the balance of power. Your bank can either agree to a rate decrease, or offer to transfer your balance to one of their alternative low cost products. If not, you can transfer your balances to the financial institution that offers the best deal. Imagine if your bank offered to halve your rate from 18% to 9% for one year? On a credit card balance of $10,000, that is approximately $900 that now stays in your pocket for whatever you want.


Knowing your financial options and how to manage them is paramount to effective financial management practices. These can be learned through research, practice, advice, courses, and books.


ACS Distance Education offers books and courses on Financial Management for both individual/personal purposes and business. Check out their online bookstore or their online Financial Management course under the Business Courses section.

www.acsedu.co.uk or 0800 328 4723 for a free course handbook

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