Posts Tagged ‘financial management tips’

Financial Management Tips: Keeping track of your Finances and Avoiding Debt

Friday, December 21st, 2012

debtBetween the mortgage (or rent), food, and fun, your finances are probably stretched thin. Throw in a kid or two and your budget is probably tighter than the lid on a pickle jar. And with credit cards making it is easy for you to spend more than you can actually afford, you could quickly accumulate more debt than you can manage. So please be careful and follow the below financial management tips.

Financial Management Tips: Keeping track of your Finances and Avoiding Debt

1. Be Thrifty: If your finances are tight, do not splurge on items that you do not need. Do you NEED the iPhone 5? Probably not. Do you NEED the latest version of Madden? I don’t think so. It is important to live within your means. So instead of spending every last penny each pay period, put a few dollars away every two weeks. Then, before you know it, you will have a nice little chunk of change saved up!

2. Expect the Unexpected: Saving money every month, like we just mentioned, will help you budget for the unexpected. Without an emergency fund, you could fall even deeper in debt when your car breaks down or your pipes burst in your home.

3. Avoid using that Credit Card: Relying on your credit card for every purchase could get you into trouble. Because when you don’t know how much money you have in your account, it is easy to overspend. So try to use your credit card sparingly, instead opting to pay cash for most purchases. This will help you better keep track of your finances.

4. Manage Debt: Don’t let your debt spiral out of control. Keep track of repayments and be sure to pay on time every month. You can also try to reduce your payments by shifting your debts, perhaps from one credit card to another.

Hopefully you have found these Financial Management Tips useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

Potomac Valley Management, LLC has been providing quality property management services to the DC Metropolitan area since 2004. We specialize in multi-family property management for apartments, cooperatives and homeowner’s associations.

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.

Financial Management Tips: Managing your Mortgage

Friday, October 12th, 2012

For homeowners, especially first time homebuyers, managing the mortgage can, at times, be a struggle. But failing to properly manage the mortgage can have big consequences, such as a decreasing credit score or even foreclosure. To help avoid problems, the Real Estate experts at Potomac Valley Management have compiled the following Tips for Managing your Mortgage.

1. Budget: Every household has a different set of expenses. The trick is to familiarize yourself with these expenses and budget accordingly. You will have to manage not only your mortgages, but also the electricity bill, water bill, trash service, cable and Internet fees, and more. Make sure that your budget can safely cover these expenses.

2. Build a Reserve Fund: Unfortunately, surprises happen, from burst pipes and broken water heaters to roof leaks and more. So in order to deal with these unexpected expenditures, we recommend building a reserve fund. This safety net will ensure that you never miss a mortgage payment. We recommend saving 3-6 months of living expenses in a separate account.

3. Avoid Big Purchases: Do not going on a crazy shopping spree in an attempt to furnish your new home. Take things one step at a time. Spend slowly and schedule your big purchases.

4. Pay the Mortgage on Time: Lenders can start foreclosure proceedings after you fall just 60 days behind in your mortgage payments.

Hopefully you have found these Financial Management Tips useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

Potomac Valley Management, LLC has been providing quality property management services to the DC Metropolitan area since 2004. We specialize in multi-family property management for apartments, cooperatives and homeowner’s associations.

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.

Sources: New Homeowners: 4 Tips for Managing Your Mortgage