Personal Finance Latest news and expert tips on how to make money and save money.

It’s true that there are many people today who shun the credit card in their lives. Some who are still facing problems also strive to slowly lessen the use of the plastic. Financial experts point out the card is useful as long as you know how to use it and you know what you’re getting. In short, you have read and understood the fine print.

There are also some misconceptions regarding the use of the credit card and how one can gain a good credit score from it. Don’t believe what they say that you can get a good score from paying your bills on time. Yes, paying on time is the most responsible thing to do but it does not guarantee you a favorable score. This is so particularly if you often reach your credit card limit.

Take note that there are other factors being considered by credit card companies and agencies. The balance on your last statement is just one of them. So keep in mind that when you incurred a high balance even just one time, it can have a negative impact on your score.

The solution here then is to pay a few days before your regular credit card statement date. When you are able to do this, the agencies that determine your credit score will receive a report of a low balance from your end. So remember that on time does not always mean more points for you.

Another thing to learn is that maintaining a balance won’t give you a good score. Some people believe that it’s okay to have a remaining balance each month but this is wrong. The credit bureaus are actually particular about a consumer’s payment history as well as the balance that’s being carried on their monthly bill. So if you have the extra money, do pay more than the minimum amount due to lower your balance moving forward.

Do away as well with the mindset that you will get a better score if you earn more. Having a high income, according to the experts, does not have any bearing on one’s credit card score. The benefit of a high income, though, is you can be approved of a loan faster than those who don’t earn much.

You might also think that closing one or two of your credit card accounts can help you with regards to your score. Unfortunately, this is not so true because it can adversely affect your credit score. Eliminating some cards would mean lowering your so-called credit utilization ratio. What you should do then is to just maintain the card and use it once in a while for small purchases. This will keep your payment history in a much better condition.

Finally, know that paying off your debt will not immediately give you a good score contrary to what many of you think. Remember that any negative information you’ve incurred in the past will be seen and stay in the credit report for seven years while any bankruptcy information will remain for 10 years.

Let’s face it, there are some extreme couponers, thrifters, and smart consumers out there always trying to save money and get the best deals. With budgets that much more tight in these tough economic times, it’s okay to get a little help from none other than our smartphone apps. I mean, why not, right? We have our smartphones with us nearly every minute of the day, so this kind of smart budgeting is accessible to anyone. Keep track of your monthly spending, set limits on each category of goodies you purchase, save money, and look up investment ideas and accounts has never been easier. Read on to see how you can always control and be on top of your personal finances. We’ll reveal the top budgeting and smart spending apps for you thrifty shoppers out there!

For one, there are so many budget tracking apps out there, but a really useful one would come with a budget tracker tool that will allow you to view your yearly, monthly, weekly, and daily purchases. You can further categorize them and see visually and through charts and notifications how much you spend exactly in each category. There is also a rollover option for you to transfer leftover funds from previous months or weeks to roll over and won’t mess up your budgeting. Of course, you can always opt out of this option and have a set number of expenses every month.

Another useful app gives you control to add new transactions over your allotted sum of money and spending finances. Pre-setting an overall budget for the entire month, and thereby deducing every time you make a purchase gives you instant updates on the money you have and the money you are losing. These transactions are totally customizable. Currency converters may also be useful if you plan on spending your money in a foreign country. We all get carried away when we travel, but this app makes it easy to stay focused on the budget, even when you’re not familiar with the currency exchange.

Another great app gives you total control over importing your finances onto your phone from an external memory device – your laptop, desktop, or anything with wireless. You can also set a password to manage your personal finances with utmost privacy. Charts and graphs give you short and easy to read summaries of your account activity. You can share these things in the form of PDF, Excel spreadsheet, or import to Google Documents in order to share with your family, business collegiate, execs, or co-workers.

If you are comfortable, some apps may even connect directly to your bank account and give you automatic categorized notifications of your spending. It will constantly update your spending profile and read instant in depth overviews. Any suspicious activity will be announced. Budget tracking is that easy! In fact, budget tracking has made it easier to keep track of your credit scores, and credit score reports. Why not try to improve your credit score while you are managing your personal finances? If you use the right app, your personal finances will be in a much better place.