Tag Archives: Budgeting

How To Keep Your Personal Finances Thriving

11 Jan

Everyone needs to face the financial facts of their daily life. In many cases, it feels like new expenses are constantly being rained upon you. You can learn methods to handle finances better in order to save money.

You may not know that after a certain period of time, debts expire. If you think that a debt has expired, consult an expert. You may not need to pay the collection agency for the expired debt.

Talking to a good friend or family member that has worked in the financial planning industry can be a good source of free information on how to better manage your finances. If one personally does know someone like this, maybe a friend of a friend who knows how to handle their finances could be a help as well.

Manage your finances in the same manner that banks manage their finances. Calculate how much you make and how much you spend each month. You want to always predict higher costs for things that you are predicting to spend money on, such as fluctuating bills like water or electricity. Then once you calculate your budget and have balanced things out make sure you put any money you have left into your savings.

Choose what you purchase wisely. Are you interested in realizing savings of 100 dollars or more each month? Although it may be difficult, take out unnecessary expenses like a storebought coffee and make your own. You can save five dollars or more per coffee by making your own coffee and adding creamer and whipped topping. Pour it into a portable cup and take it to work!

Do not waste money on anything that promises to make money easily. A lot of aspiring online marketers fall prey to this trap. While it’s important to increase your knowledge, rather than spending a lot of money, learn more through actually working.

Although it takes some foresight and a willingness to sacrifice convenience, you’ll find it does save you money to make use of only the ATMs operated by your bank or other financial institution. Financial institutions like banks often charge high transaction fees when people use other ATMs, and those fees can be very expensive.

Set out your budget before payday, give yourself a small allowance till next payday and bank your entire check. By budgeting your weekend money, you will help protect your paycheck. That way, you will still have money on Monday, when you’re in the proper mindset. This will prevent you from spending money rashly or unwisely.

When planning a budget, consider opening multiple checking accounts. Use your primary account to pay your necessary expenses and use your secondary account for optional expenses. If you are in the situation that you can pay your bills every month, you can keep track of where you are spending your money.

Sacrificing your home is a difficult decision that nobody wants to make. You can reduce your overall spending by looking into business and homes that cost less to live in. The last thing you want to have happen is to be evicted from your home after your repayment efforts ultimately fail. It’s best to be proactive about it.

Developing a budget you can stick to will help get your finances in order. You need to have a budget to help you change the way you spend your money. It will also keep you accountable for your spending.

The information in this article should help you understand how save in spite of the unexpected expenses which often arise. Don’t worry if your financial situation takes a little time to take care of. Just like when you diet, the results are not instant. Just stick with it and you will begin to see changes. Remember, an investment in good financial planning advice is usually well worth the effort.

Be Bold When Trying Out These New Ideas For Personal Finance

10 Dec Budgeting - don't eat out so much
Budgeting - don't eat out so much

photo credit: avlxyz via photopin cc

Do you need to know how to better manage your finances? With a little guidance, it’s definitely possible! Luckily, you’ve come to the right place to learn how to get your finances on track.

Carefully assess your complicated relationship with money. If your goal is to improve your financial situation, you won’t be able to do so until you have a better understanding of why you spend and save the way you do. Take some time to write down your beliefs about money, and determine why you feel think the way you do. This helps show you where you went wrong and helps to put you on a better path going forward.

Working from home is one avenue worth investigating when you want to save money. Truthfully, working in an office can be expensive. You will spend a lot of your money on purchasing food, parking and gas.

You should utilize flexible spending accounts if they are offered by your employer. Flexible spending accounts are perfect for people with medical deductibles, daycare expenses and who purchase over-the-counter medication. With such an account, you can deposit money directly, before it gets taxed. There are limits to the amount allowed to be placed in a flex spending account, so you should consult a tax professional.

Sometimes your score will actually drop for no good reason. This is not an indicator that anything you have done is wrong. As you continue adding positive items to your credit history, your score will increase.

Every year, take your portfolio and rebalance it. Re-balancing will help your investments remain aligned with risk tolerance as well as goals. It also forces you to track your investments.

Try to choose a broker that you can fully trust. Verify that they have great references and make sure they are honest and upfront with you. It is also important to be realistic about your level of experience.

Look over all of your insurance plans. You could discover the the amount you are paying for insurance is too high. Look into other alternatives: get rid of the features you do not need, raise your deductible if you can and compare your current plan with what other companies are offering. If you cut back on insurance coverage, you can save money to use somewhere else.

Find out if anyone in your family or amongst your friends has worked in finance, as they can give you great advice for your business. If one doesn’t have a friend or family member who can help, they must do their own research online or by purchasing a good book.

Work on boosting your credit score prior to purchasing a car or a house. You can either get a loan out and pay it as fast as you can, or get a couple credit cards that you pay back on time. Aim to pay at least double the minimum payment on all your outstanding debt, even more if you can afford it.

Be sure that you’re setting aside at least one day a month to pay your bills. You do not want to spend a whole day paying your bills, but paying and organizing your bills must have its own day. Make it an absolute habit. If you miss this day, it could really do some damage to you financially.

Hammer out a smart budget and abide by it. While it may seem like you’re making smart spending decisions, you may be spending money on unnecessary things. Record your every transaction, even the most minor one. Look over these things when the month comes to an end. This way you’ll know what you need to chance.

If you use online banking, then consider signing up for the alert features that may be available. The bank will email or text you when important changes are made to your account. Receiving an alert when you have a low balance or a large withdrawal protects you from both overdraft and fraud.

Your perception of finances has likely changed by now. With what you have went over here, you will find that there isn’t too much to having a stable future, financially. The only thing left to do is to persevere towards a better financial future and stick to it.

Don’t Continue To Be A Slave To Out-Of-Control Personal Finances. Try These Tips!

9 Dec Ideas to help you save more money
Ideas to help you save more money

Pressure on the piggy bank?

Lots of people are having hardships with the way our economy is nowadays. You will find that even though you cannot always be rich, figuring out a comfortable way to live within your means is still possible. Read this article to find out what you can do to improve your financial situation.

For young people who are attempting to save a lot of money, they need to look into compounding interest. Establish a dedicated savings account and set aside a certain percentage of your pay.

Spread your purchases across several credit cards instead of using one that is nearing your credit balance limit. You will probably have lower interest payments this way. This can help you build your score and not hurt it if you manage your credit lines the right way.

A flexible expense account is an important thing to establish. Besides, the money you put in this account will not be taxed.

Although you may not realize it at first glance, there are considerable potential savings involved in buying a home. If you plan to be in an area for a significant amount of time, this may be a wise option, as you will eventually pay for the house and live rent-free. Renting drains money because you won’t ever own the home you’re putting the money into.

Always start saving your money quickly, so you can manage finances more effectively. Stop making excuses to avoid saving, and make it a priority. Make setting aside a certain amount each payday toward savings just another one of your bills. Think of it as “paying your future,” and when the future becomes the present, you’ll have a lot of money.

If you don’t take care of your home and vehicle, you are not really saving money. By keeping these personal assets in good condition with the proper upkeep, you minimize the risk of having to make a major repair down the road. In the long view, taking proper care of your possessions is going to save you more money.

Find out how much you usually spend each month. Establish a budget that corresponds to these expenses. Determine certain areas where you are spending too much money. Failure to do so may completely cancel out a respectable income. Try using finance or budget software to help you with this. Leftover money should be used either for debt payment or savings.

Don’t drink bottled water. The price tag is entirely too high while the tap water alternative is completely free. If the taste is not appetizing, you can use a filter or add flavoring to your water. That can make the water taste better so you enjoy drinking from the tap.

In these turbulent times, spreading any savings you have around multiple locations is sound strategy. Savings accounts, high-interest savings accounts or checking accounts, regular checking accounts, money-market accounts, stocks and gold are all sound places to keep your money. Using a variety of strategies will help you protect the money you have.

Next time you’re at the supermarket, stock up on store brands rather than choosing the more expensive name brand items. Many times, the only difference between the store brand and the national brand is the price. They often contain very similar ingredients but the fillers, fragrances and packaging may vary. You can stretch your food budget a lot further by using generics, so go ahead and give them a try.

In summary, though you might not be rich, you can still improve your personal financial situation in such a way that your life is improved. In many cases, all that is required is the desire to change one’s personal finances for the better.

Some Ideas To Help You Make More Money

4 Oct Ideas to help you save more money
Ideas to help you save more money

Pressure on the piggy bank?

We’re all looking for ways to make more money. In this article I’ll show you ways you can increase your income. Not all of these will be relevant to you – just pick the ones that suit.

And in some cases, the best option is not to make more money, but to reduce what you spend!

Also, remember that it doesnt’ matter how much you earn – if you have poor money management skills, you’ll still wasted your money no matter how much you earn.

  • Do you have an extra room that isn’t being used that can be rented out, perhaps to a boarder or student?
  • Can you trade tasks with other people. For instance, do you have a skill that’s valuable to someone else. I know of people who do babysitting in exchange for receiving something else of value (a lawn being mowed).
  • Do you have skills that can be used to create extra income? Can you cook, or do gardening or odd jobs for your neighbours?
  • Can you get a part time job so you work at nights or on the weekends? A friend of mine parks cars (in addition to his day job).
  • Are you paid adequately for what you do? No matter what job you do, check to make sure that you’re being paid fairly for what you’re doing. Could you negotiate a pay rise from your current employer, or get a job somewhere else that will pay more>
  • Can you work overtime at your job to earn more money?
  • What about a garage sale? We’ve all got stuff laying around the house that we don’t use any more. Could you hold a garage sale and sell a lot of your junk to make some extra money?
  • Check all the bills and statements you receive. We recently found a discrepancy in our electricity bill that had resulted in us being charged around $300 more than we should have. Needless to say we got this fixed and reversed.
  • Are you eligible for any government allowances? Many people are unaware of what they’re entitled to. Remember, the rules change all the time so even if you weren’t eligible in the past, you may be able to claim something now.
  • Can you stop waste? I think we’re all guilty of having more than we need. Are there areas you can cut down on in order to reduce your spending?
  • Along the same lines, consider planning your meals a week in advance. Only buy the groceries that are necessary for the week and stop any impulse buys. And don’t shop on an empty stomach – that always ends up costing you more!

These are just a few ideas to help you get ahead and improve your financial position. Remember, when it comes to financial planning, the little things add up over time and become big things, so even if you start small, it’ll still be a help in the future.

You may not like some of these ideas, but in some cases they may be necessary. If you simply can’t reduce your expenses and find yourself spending more than you earn, the only other option available to you is to earn more. And if the only option there is to find a part time job, then you need to do it!

Financial Planning Tips To Get You On The Right Track

3 Oct Financial Planning image - Dollar Sign

Financial Planning image - Dollar SignThe following ideas are intended to give you ideas to begin your financial planning journey. When you make the decision to make financial planning part of your daily routine, it will not appear so tough. Starting your financial journey could be the hardest thing. These suggestions will certainly assist encourage you to make financial planning one of your primary objectives.

Financial Planning Tip # 1 Repay Debt

One of the most significant aspects battling against financial planning is personal debt, particularly credit card personal debt. If something begins as a little personal debt it could develop into a larger debt due to the fact that you were not reducing the debt regularly!

Financial planning implies you have a plan and paying personal debt must be the very first objective of your plan.
The main benefit of reducing and repaying your debts is that you then have more money to invest for your future. In addition, your living costs become lower because you no longer have debt repayments to make.

Financial Planning Tip # 2 Start Investing

An important principal is to start investing. Financial planning implies that you are saving and planning  for the future, so you will certainly wish to take cash you make today and buy investments for the long term.  Areas you can invest into include the stock exchange, in bonds, IRAs, 4019k) or a blend of all of the above. Saving your cash with the aid of financial management and good discipline will certainly help your nest egg to grow.

Financial Planning Tip #3 – Have Goals

In my experience, the number 1 reason people don’t save is because they have no goals for the future. Without goals, there is nothing to motivate you to defer spending today in exchange for a greater benefit in the future.

Take some time to set out some concrete goals – things that are important for you. It could be a holiday, new car, maybe even a career change!

Financial Planning Tip # 4 Spend Less Than You Earn!

This is easy to understand but not as easy to put into practice! This is due to the fact that many people prefer to buy new things and want the latest and greatest TV, Phone etc without thinking about the long term consequences.

Regardless, you can’t get ahead financially if you’re spending more than you earn. It doesn’t make sense, does it!

I’ve met some people who spend more than they earn, and fund this by increasing personal debt. This isn’t sustainable and will only end in a bad way. Which brings me on to my next tip…

Financial Planning Tip # 5 Know where Your Money Goes

Budgeting is another financial concept that many people struggle with. You will not have the ability to save unless you’re aware of where your money is going and you are in a position to influence your spending.

You must make a record of all the money that comes into, and out of your household. This may be difficult to do initially, but once you start it, it gets easier over time. It’s not until you know where your money is going that you can begin to take steps to re-prioritise your spending so that an adequate amount of money is being saved for your future.