How to Save Money on Personal Finance: Free Options You Should Know About

Bank fees, software, and tax preparation are just some of the expenses that can take a significant chunk out of your finances. However, with a little research, you can find several free options for managing your money. In this article, we’ll explore six essential ways to save money on personal finance:

1. Banking Fees
2. Budgeting Software
3. Tax Preparation
4. Credit Counseling
5. Personal Finance Books
6. Your Credit Report

1. Banking Fees
One of the most common expenses related to personal finance is banking fees. Most banks now offer at least one free account, but credit unions can be another viable option. Several banks, including ING Direct and FNBO Direct, have built their reputations on providing only free banking services. Review your account types and provider options, and switch to a provider that has a free account if you are currently paying fees.

2. Budgeting Software
Free software, like Mint.com and Quicken Online, is available to help manage your finances. While there is a concern regarding online privacy, these sites have stringent security protocols to protect their users. If you’re still apprehensive, you can download free budget software that you can install on your computer.

3. Tax Preparation
You can prepare and submit your tax returns for free through the IRS’ Free File program if you earned less than $56,000 in 2008, and have a relatively simple tax return. TaxAct or TurboTax are some of the online options available for free online tax return preparation unless you are a business owner, have exceptional deductions, or a wide variety of income sources. Then, you may need to explore other paid options.

4. Credit Counseling
There are numerous costly companies that promise to eliminate your debts, offer foreclosure assistance or refinancing, but many of these firms are disreputable. Free credit counseling, bankruptcy help, and consumer debt advice can be easily accessible through the National Foundation for Credit Counseling. Although there are usually fees for each service offered by the organization, most are not-for-profit and provide referrals to local credit counseling agencies.

5. Personal Finance Books
Your local library is a great resource for personal finance books. You can check online if the book is available for checking out, request it, or even ask the library to purchase it if it’s not currently from the collection. Many of these books can be borrowed and read for free- an avenue to learn more about personal finance and improve your financial management.

6. Your Credit Report
You can get a free copy of your credit report annually from Equifax, Experian, and TransUnion, thanks to the legislation in place. You can get free copies of other reports too, like the ChexSystems report that banks utilize to report customers with financial challenges. You are entitled to a copy of each report annually, which can be obtained through AnnualCreditReport.com.

By taking advantage of these free options for personal finance, you’ll be able to keep more of your hard-earned money for the things that matter most to you. Don’t overlook free resources- taking the time to research these options can save you significant amounts of money.