Personal Finance Tips for 2010 – Part 2

Introduction

Last week I have posted the first part of the series Personal Finance Tips for 2010. It is the continuation of the same series and here I am writing some more tips worth reading. I would like to hear from you about the series, based on the input from you I can shape the series in better way. Please post your feedback in the comments section. If you like it, get the free email updates.

1. Maintain all the bills and proofs in the safer place

It is one of the important point to remember.  Most of the people not taking care of keeping the bills in the safer place or maintaining the record. It will help you to submit the bills when needed. Lets buy a ledger keeper and keep all the bills in the safer place.

2. Check if the service provider offer online account

Nowadays, most of the banks and insurance companies offer the online account. You need not go directly and pay the bills. The good part of the online account is, you can take the bills at any time by logging into your account. One example of that service is, paying LIC premium through online account.

3. Prepare check list before submitting the documents

Preparing check list is always good habit to avoid any last minute rush. It would be good, if you have the common template to for the repeated tasks. For example, every year you have to submit the Income Tax savings proofs. It is good idea to maintain the list of investments you are doing, so that you can attach the required bills with out missing some of them.

4. Have xerox copies of the necessary documents  in stock

When you are applying for the home loans or any other loans, it is most likely they will ask you the identity proof or address proof. These are the very common necessary documents required to process the application. I would suggest you to have some copies in hand, instead of every time go out and take the print out. I use this technique, and it saves lot of time.

5. Invest in Gold

As we know year 2009 was for good for the gold investors. There is huge surge in the gold prices and it is mainly due to the poor economy condition in the USA, which leads to the decline in the dollar value. There was small correction in the gold prices due to positive news about the US economy. When dollar value decreases, the gold price will steadily go up. There is no doubt in the same trend will continue in the new 2010. There is many other factors also will support the gold price rise. It is always good option to invest in the gold. Gold ETF is one of the option to invest easily in the gold market.

Summary

I hope this article provided some of the useful tips. I will be coming up with the some more time in the next week. If you have any doubts, please post it in the comments section.

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