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The state of your personal finances can determine so many of your life possibilities.  How much money your have in the bank or how much debt you are carrying will give or take away options.  Your credit rating has become very important not only in allowing you to borrow money, but in assessing your reliability.  It can affect your job opportunities.  Here are some tips provided by James Milne Accountants to help you build a good financial basis that will smooth your path in life.

Controlling your finances starts with making a budget and sticking with it.  Take a realistic look at your income, your necessary expenditures, and how much you can save.  Saving money each month will help you avoid financial crises in the future, whether these are due to unforeseen expenses or carrying debt.  Avoid paying interest as much as possible.  Look on it as an unnecessary expense that wastes money.  Think about how you could have used that money for something else.

It takes some self-discipline to stick with a budget, but the benefits can be enormous.  Showing your financial responsibility by keeping a positive balance sheet will result in a high credit rating.  This rating will save you thousands of dollars in interest when you do need to borrow for a large purchase, such as a home or a car.  Showing that you are responsible financially is important also to employers.  A bad credit rating can cost you a job.  A good one shows your trustworthiness.

Your budget should show more money coming in than is going out.  Follow this simple principle and you are on your way to a good financial future.  Many people during the recession have lost good-paying jobs.  They have made ends meet by cutting expenses while taking a lower-paying job.  Or they have taken on two jobs temporarily, so as to maintain their former income.  This can be tough, but it is far better than slipping into debt. 

Set aside some money in a savings account, even if you do not have a definite purpose for it yet.  It will allow you to afford something you want in the future, whether it is a new car or a nice vacation.  Having money in the bank means financial security.  It can see you through an unexpected illness or a family crisis.

Many people are burdened by credit card debt.  If you are one of these, set a goal for eliminating it.  Work an extra job or cut expenses so that you can pay off a large chunk of this debt every month.  When you do, you will lift a burden of care from your shoulders, as well as establishing your credit worthiness.  The higher credit rating you achieve will save you money in interest costs in the future, if you do need to borrow.  

Be sure to take advantage of your employer's 401K or IRA contributions.  These offer you a really good deal.  Building a retirement account will give you a good feeling about your future.  

Invest your savings carefully.  Make sure you do not squander your hard-earned money on a high-flying investment that lures you with ideas of big returns, but turns out to cost you your savings.

These are just a few things to consider in building your financial security.  Don't put off this task.  Begin today!

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Free online accounting courses

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