Looking for save money advices to improve your financial positions and to avoid money issues ? Many of people have tax-deferred investments like 401(k)s on which you pay no taxes until retirement—when tax brackets are assumed to be lower. But retirees are taxed on their retirement income when they start drawing money out of their 401(k)s and IRAs, and they can really take a bite from seniors living on fixed incomes. Warns financial advisor Saranovitz, “You must have a tax-efficient withdrawal strategy from your portfolio.” For example, you could move taxable stock investments into bonds before retiring; buying municipal bonds from your home state could help you avoid paying federal, state, and local taxes.

Understanding your credit scores and credit report is another important personal finance tip for beginners. Credit Sesame is free and doesn’t hurt your score to look at your reports. But, this can help you catch mistakes, overdue bills, info about your loans, and just overall how your score is doing. If your score is really low, start work on improving this number. It can affect you getting future car loans, mortgages, apartments, and affects what kind of interest rate you might get. I’m not necessarily a fan of how credit report companies operate, but it’s still good to have a score above 700. Read additional info on Personal Finance Advices.

70% of Americans don’t have a will. If you have dependents, no matter how little or how much you own, you need a will. If your situation isn’t too complicated you can even do your own with software like WillMaker from Nolo Press. Protect your loved ones. Write a will. If you don’t keep good records, you’re probably not claiming all your allowable income tax deductions and credits. Set up a system now and use it all year. It’s much easier than scrambling to find everything at tax time, only to miss items that might have saved you money.

A Credit Card is Not Free Money: A credit card is a useful tool in your finance toolkit, but it’s not free money. When you purchase something with your credit card, you are borrowing money from the bank. If you don’t give that money back in time, the bank is going to start charging interest on your balance. This debt can build up and become a monster if you don’t pay off your balance every month. However, if you use a credit card responsibly and pay off the balance every month, it’s a good way to start building credit. Most credit cards also have other benefits such as rewards points, cash back, or travel points. So, should you have a credit card? Well, it depends. If you’re capable of paying off the balance in full every month, then you should have no problem managing a credit card and staying out of debt. PS: If you are going to use a credit card, you should monitor your credit score & credit report regularly with a free tool like Credit Sesame (or Borrowell if you’re in Canada). One last tip: Treat your credit card as a debit card. Pay it off in full every day if you have to. I try to pay off my balance every couple of weeks so that I don’t forget. I also use Trim to remind me when payment is due. Source: http://aspiretomoney.com/.