In 2014, if Bitcoin is platinum, subsequently Litecoin could be gold, and Dogecoin and Peercoin could be copper. Next, you will find a large number of additional cryptocurrencies which have created because the 2009 introduction of Bitcoin. Bitcoin has a place in your financial plan, but there are other things to consider as well. Even though you may use Bitcoin regualrly as a method of payment, you will still need to have and use a traditional bank account.
Feel free to take advantage of paperless billing and paperless bank statements, but be careful not to become senseless on personal finance matters. The pitfall lurking in paperless finance lies in how easy it becomes to ignore your month-to-month finances. Banks, billers, or even thieves, can take advantage of this willful ignorance, so force yourself to review your online finances regularly, and make sure that you store the majority of your Bitcoins in a paper wallet that isn’t accessible to the internet.
When you are preparing your budget, categorize your expenses by their priorities. For example, necessities would include housing, food, utilities, and childcare needs. The lesser priority would go to entertainment, vacation, and non-urgent home improvements. This will give you a clearer picture to see what bills you need to pay first and how much is left for the other items. In times when Bitcoin is rising rapidly, it might make sense to only pay the minimum due and keep the remainder of your fiunds in Bitcoin to beenefit from the rapidly rising bitcoin exchange rates.
Consider signing up for a flexible spending account (FSA). FSA allows you to pay for dependent care expenses, commuting and medical expenses and prescriptions or health insurance co-payments using pre-tax dollars. This simply means that you don’t have to pay taxes from the funds you use to pay these regularly occurring expenditures.
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