Research by economists shows that saving money has little to do with the income. It's all about the will to save and the will to adjust to boost up the saving. The study also figured out that it is not just the people with higher income who managed to save the most. In fact, the lowest income groups have the capability to save more than the middle-income groups.
However, the main fact that matters while saving money is to know your financial health i.e., the amount that you earn. Easiest way that the study about saving money shows is all about understanding your monthly statements including the bills and figuring out the financial outgo. Taking into consideration the recent market condition about saving money, economists are of the view that many of the financial tools that have made life more convenient such as credit cards, can promote bad financial habits and prolong debt if misused. Therefore, credit card should be used as the cash management tool but not as a borrowing tool.
To provide a boost to the saving potentials, a few saving strategies are there that can really help you in this regard. These strategies are mainly focused on the various ways and situations in which saving is possible.
* - As credit card is the common tool related to your income and expenses, it provides an easy way to take care of your expenses. As it is mentioned earlier about the misuse of the credit cards that can basically put you into big trouble. In this case, often people end up with large late fees and penalties due to careless credit buying habits. Therefore, if this kind of payment of credit card late fees and penalties can be avoided, a lot of money can be saved. Simply, by paying your bills on time, adjusting your due dates according to your convenience, and negotiating with your credit card issuer, you can start saving.
* - Next comes a popular way of managing the finances, the auto insurance. Basically, the auto insurance offers more opportunity to save money. What happens is that, a contract for an automobile in which one party agrees to pay for another party's financial loss resulting from an accident, or a theft, or storm damage, is termed as auto insurance. The strategy here is to increase your deductibles and then your premiums will decrease accordingly. One important fact is that if you are a good driver, it will be an added advantage that will lower your insurance premium in the long run. Even you can get an option to save money if you haven't had any accident in the recent past.
* - The next best way to save money is to refinance your mortgage with a new lower interest rate or loan term. It means that if the interest rates are low, then your monthly payments will definitely become lesser thereby enabling you to save more. Again, with a lower interest rate, your monthly income tax reductions will be condensed. And this can increase your savings with the new mortgage.
* - Other than this, home inspection before buying a new home and the homeowners insurance (specially if you know how to reduce your premiums and lower your insurance costs properly) can be a good strategy while thinking of saving money.
Budget Basics - Budgeting Your Way to Financial Freedom
Anyone who desires a brighter financial future must make sure to live in the financial present. This requires the creation of, and adherence to, a budget. This simple yet critical step to financial freedom is often ignored. Many people feel it is overly complicated; or they believe themselves thrifty enough that creating a working budget is unnecessary. The fact is that very few of us do not need improvement with financial planning; most of us would be surprised - even shocked - to see exactly where our money goes.
Budgetary Preparation
If you want to create your own budget from scratch, begin by tracking every dollar you spend for at least a month. Credit card and bank card purchases can be monitored easily by looking over your monthly statement, which is usually available online instantly. Make sure to track all of your cash purchases, as well. It is important to know where every dollar goes. Spend a little time categorizing the purchases. You should have at least one category for savings or investments. Pay yourself first!
You can also find preformatted budget templates on financial planning software, like Microsoft Money or Quicken, or on the web. If you go this route, find a budget template with a large number of categories. You can then pare it down to suit your lifestyle and spending habits. The benefit of this is that you may see some categories that you had not thought of. If some categories do not apply to you, simply eliminate them.
Building Your Budget
Open up your favorite spreadsheet program. The top row of your budget will be your monthly income. If your income varies from month to month, use a low estimate, so that you have a cushion.
Under your income, put in each of the categories you created. Each expenditure should be subtracted from your monthly income. Refer to the "Help" button on your spreadsheet program if you are unfamiliar with how to do this - don't worry, it is very easy. The last line will be the overage or shortage of money for that month.
Optimizing Your Budget
If you end up with a negative number at the bottom of your budget spreadsheet, you are spending more than you are making. Seeing that, you may be tempted to run to the phone to call a financial planner; but that costs money, which you do not have. You can very likely fix your financial problems yourself. Save the money.
Review each spending category and determine where you can make cuts. Create a new column on your spreadsheet. Enter in your goals for next month's spending - be aggressive, you are striving for financial freedom. Keep adjusting until the bottom number is positive.
The next step is one that cannot be skipped or taken lightly. At the end of that first budgeted month, compare your actual spending to the numbers you set as your goals. Do this with every single category for the first two or three months. By then, you will know which areas need work, and you can focus more on them.
Budget Success
If you can get to the point where there is always a positive number at the bottom line, you will experience the sensation of "budget elation." Resist the temptation to spend the extra money on a party to celebrate your frugality. Do not buy a self-congratulatory flat screen TV. Feel free to pat yourself on the back, though. The extra money should be saved or invested. Save for a dream vacation or for your kids' education, without worrying where your next meal will come from. Invest for your retirement or start your own business. Financial freedom will come if you make your money work for you. The world will be your oyster soon enough, as long as you remember: Pay Yourself First!
Budgetary Preparation
If you want to create your own budget from scratch, begin by tracking every dollar you spend for at least a month. Credit card and bank card purchases can be monitored easily by looking over your monthly statement, which is usually available online instantly. Make sure to track all of your cash purchases, as well. It is important to know where every dollar goes. Spend a little time categorizing the purchases. You should have at least one category for savings or investments. Pay yourself first!
You can also find preformatted budget templates on financial planning software, like Microsoft Money or Quicken, or on the web. If you go this route, find a budget template with a large number of categories. You can then pare it down to suit your lifestyle and spending habits. The benefit of this is that you may see some categories that you had not thought of. If some categories do not apply to you, simply eliminate them.
Building Your Budget
Open up your favorite spreadsheet program. The top row of your budget will be your monthly income. If your income varies from month to month, use a low estimate, so that you have a cushion.
Under your income, put in each of the categories you created. Each expenditure should be subtracted from your monthly income. Refer to the "Help" button on your spreadsheet program if you are unfamiliar with how to do this - don't worry, it is very easy. The last line will be the overage or shortage of money for that month.
Optimizing Your Budget
If you end up with a negative number at the bottom of your budget spreadsheet, you are spending more than you are making. Seeing that, you may be tempted to run to the phone to call a financial planner; but that costs money, which you do not have. You can very likely fix your financial problems yourself. Save the money.
Review each spending category and determine where you can make cuts. Create a new column on your spreadsheet. Enter in your goals for next month's spending - be aggressive, you are striving for financial freedom. Keep adjusting until the bottom number is positive.
The next step is one that cannot be skipped or taken lightly. At the end of that first budgeted month, compare your actual spending to the numbers you set as your goals. Do this with every single category for the first two or three months. By then, you will know which areas need work, and you can focus more on them.
Budget Success
If you can get to the point where there is always a positive number at the bottom line, you will experience the sensation of "budget elation." Resist the temptation to spend the extra money on a party to celebrate your frugality. Do not buy a self-congratulatory flat screen TV. Feel free to pat yourself on the back, though. The extra money should be saved or invested. Save for a dream vacation or for your kids' education, without worrying where your next meal will come from. Invest for your retirement or start your own business. Financial freedom will come if you make your money work for you. The world will be your oyster soon enough, as long as you remember: Pay Yourself First!
Cheap Personal Finance With Newly Equipped Benefits
From decade to decade, cheap personal finance has been providing monetary support to every sort of people. It advances amount to fulfil every small or sizable personal demands to the applicants. Cheap personal finance allocate amount that borrowers are looking for, to materialize their wishes in a trouble free or easy way. Cheap personal finance is classified into secured and unsecured form. If applicants have property to place for the loan, secured cheap personal finance is offered. For people without property like tenants and non-homeowners, unsecured option is designed. The unsecured option can be obtained by persons who are unwilling to place collateral against the loan.
The amount that you can borrow in cheap personal finance starts from £ 5,000 to £75,000. The repayment period of cheap personal finance is from 5 to 25 years. Finance cheap personal scheme allow even the bad credit holders to obtain loan and execute their demand after proper documentation. So, bad creditors should furnish credit and personal details precisely.
Cheap personal finance has cut down its prior rate of interest and offer fresh rates which every person will find affordable. The interest rates vary from lender to lender in the competitive market. So, applicants can take the advantage of this competitive atmosphere and spot a marginal rate which suits his repayment ability.
The application procedure of cheap personal finance has gone through many phases and has become faster and easier than before, with the adoption of online device. Approving of cheap personal finance through online method will help to get loan in instant and also it is the most well-liked application process.
The borrowers can supervise various demands in a single amount with cheap personal finance. They can purchase cars, consolidate debts, go for holidays, renovate house, weddings and higher education are some preferred ends which can easily be fulfilled with cheap personal finance.
The amount that you can borrow in cheap personal finance starts from £ 5,000 to £75,000. The repayment period of cheap personal finance is from 5 to 25 years. Finance cheap personal scheme allow even the bad credit holders to obtain loan and execute their demand after proper documentation. So, bad creditors should furnish credit and personal details precisely.
Cheap personal finance has cut down its prior rate of interest and offer fresh rates which every person will find affordable. The interest rates vary from lender to lender in the competitive market. So, applicants can take the advantage of this competitive atmosphere and spot a marginal rate which suits his repayment ability.
The application procedure of cheap personal finance has gone through many phases and has become faster and easier than before, with the adoption of online device. Approving of cheap personal finance through online method will help to get loan in instant and also it is the most well-liked application process.
The borrowers can supervise various demands in a single amount with cheap personal finance. They can purchase cars, consolidate debts, go for holidays, renovate house, weddings and higher education are some preferred ends which can easily be fulfilled with cheap personal finance.
Understanding Personal Finance UK
Money is what helps us to meet our needs. It is the determinant factor in almost everything in today’s life. You can cherish the charms of life if you have it. Now what if you lack adequate finance to meet your growing needs? No problem, personal finance is here to help you with financial assistance. Residents of UK are benefited with its support and take it whenever necessary.
Personal finance of UK can be rightly categorized in to two parts namely secured finance and unsecured finance. To get secured personal finance, you need to place any of your property as security against the loaned amount. This security can be entitled as collateral which in turn acts on behalf of the borrower. Now, if you do not own any property or if you are not in the mood of putting your property at risk, go for unsecured personal finance. This kind of finance lets you feel free from the risk of repossession of property, which is very much prevalent under secured finance in case of payment default.
Personal fiancé can be opted by residents of UK to meet any of their personal needs such as:
To renovate home
To finance education of child
To arranging a holiday in a tourist spot.
To meet day to day expanses etc.
Moreover you can also go for personal finance to consolidate the growing debts of a person.
There are several sources to get personal finance of UK. But to get personal finance of UK in the easiest way and without hassle free loan lending process, go for World Wide Web. It gives you quick access to several lenders, who are serving the needs of borrowers for decades. Just by going to their sites, you can take your pick and with the financial assistance, you can easily meet all your needs.
Ben Gannon is a senior financial analyst at Cheap Finance UK with an acumen for business and loans. In recent years he has taken up to provide independent financial advice through his informative articles.
Personal finance of UK can be rightly categorized in to two parts namely secured finance and unsecured finance. To get secured personal finance, you need to place any of your property as security against the loaned amount. This security can be entitled as collateral which in turn acts on behalf of the borrower. Now, if you do not own any property or if you are not in the mood of putting your property at risk, go for unsecured personal finance. This kind of finance lets you feel free from the risk of repossession of property, which is very much prevalent under secured finance in case of payment default.
Personal fiancé can be opted by residents of UK to meet any of their personal needs such as:
To renovate home
To finance education of child
To arranging a holiday in a tourist spot.
To meet day to day expanses etc.
Moreover you can also go for personal finance to consolidate the growing debts of a person.
There are several sources to get personal finance of UK. But to get personal finance of UK in the easiest way and without hassle free loan lending process, go for World Wide Web. It gives you quick access to several lenders, who are serving the needs of borrowers for decades. Just by going to their sites, you can take your pick and with the financial assistance, you can easily meet all your needs.
Ben Gannon is a senior financial analyst at Cheap Finance UK with an acumen for business and loans. In recent years he has taken up to provide independent financial advice through his informative articles.
Personal Finance UK - To Make Things Easier For You
Availing finance for your needs is not a wrong step to take nowadays. With so many needs arising in the modern world, we also want to live according to the standards of the society. And for that personal finance UK can be availed according to the need of the borrower.
Personal finance UK is available to the borrowers for their personal needs that can be basic necessities or luxury needs. These needs may include car purchase, debt consolidation, home improvement, vacation trip, educational requirements, etc.
If while availing personal finance UK, the rate on the loan is the deciding criteria, then the borrower can pledge collateral for the personal finance UK. This way he will get a lower rate and a longer term for repayment. If however, the borrower does not want to pledge collateral, then he take up the unsecured form of personal finance UK. This loan option is very popular amongst tenants and non-homeowners and people who do not want to pledge their collateral.
Through secured form of personal finance UK, an amount of £5000-£75000 can be borrowed for a term of 5-25 years. Through unsecured personal finance UK, however an amount of £1000-£25000 can be borrowed. This amount has to be repaid in a term of 6 months to 10 years.
Bad credit borrowers can also take up personal finance UK. To compensate for their bad credit history, they are charged a higher rate of interest. This interest rate can be lowered by proper researching for an affordable deal for personal finance UK.
The rates of interest for personal finance UK can be lowered by proper researching online. Through the online mode, the borrower can apply for the personal finance UK and receive quotes from various lenders. A thorough comparison can be made by the borrower and the lowest deal can be selected for the finance.
Personal finance UK is available to the borrowers to help fulfill their needs. they can avail this opportunity as per their need and entail maximum benefits.
Personal finance UK is available to the borrowers for their personal needs that can be basic necessities or luxury needs. These needs may include car purchase, debt consolidation, home improvement, vacation trip, educational requirements, etc.
If while availing personal finance UK, the rate on the loan is the deciding criteria, then the borrower can pledge collateral for the personal finance UK. This way he will get a lower rate and a longer term for repayment. If however, the borrower does not want to pledge collateral, then he take up the unsecured form of personal finance UK. This loan option is very popular amongst tenants and non-homeowners and people who do not want to pledge their collateral.
Through secured form of personal finance UK, an amount of £5000-£75000 can be borrowed for a term of 5-25 years. Through unsecured personal finance UK, however an amount of £1000-£25000 can be borrowed. This amount has to be repaid in a term of 6 months to 10 years.
Bad credit borrowers can also take up personal finance UK. To compensate for their bad credit history, they are charged a higher rate of interest. This interest rate can be lowered by proper researching for an affordable deal for personal finance UK.
The rates of interest for personal finance UK can be lowered by proper researching online. Through the online mode, the borrower can apply for the personal finance UK and receive quotes from various lenders. A thorough comparison can be made by the borrower and the lowest deal can be selected for the finance.
Personal finance UK is available to the borrowers to help fulfill their needs. they can avail this opportunity as per their need and entail maximum benefits.
Finance - Need Of Everyone
Finance means to provide funds for business or it is a branch of economics which deals with study of money and other assets. In a Business management, finance is a most important characteristic as business and finance are interrelated. One can achieve its goal through the use of suited financial instruments. Financial planning is essential to ensure a secure future, both for the individual and an organization.
Personal finance
Personal finance may be required for education, insurance policies, and income tax management, investing, savings accounts. Personal loan is an effective source of personal finance. To avoid burden and life become enjoyable personal finance may be used as if getting it from a right source at minimum cost.
Business finance
Financial planning is essential in business finance to achieve its profit-making objectives. There are two main types of finance available to small business: Debt Finance: lending money from banks, financial institutions etc. The borrower repays principal and interest. Equity Finance: source of equity finance may be through a joint venture, private investors. It is a time consuming process.
State finances
Finance of states or public finance is finance of country, state, county or city. It is concerned with sources of revenue, budgeting process, expenditure spent for public works projects.
How to maintain your finance solutions
To maintain your finance then take up best finance solutions this will give you the advice to manage your finance in better way. In financial crises, applying for a loan is the best way to finance your needs. Nowadays E-finance is another option for finance as borrower gets wider option in choosing the best lender. Financial planning is important for your finance solutions Ankur Kharbanda is a 20 year old mechanical engineer based in Haryana, India.
Personal finance
Personal finance may be required for education, insurance policies, and income tax management, investing, savings accounts. Personal loan is an effective source of personal finance. To avoid burden and life become enjoyable personal finance may be used as if getting it from a right source at minimum cost.
Business finance
Financial planning is essential in business finance to achieve its profit-making objectives. There are two main types of finance available to small business: Debt Finance: lending money from banks, financial institutions etc. The borrower repays principal and interest. Equity Finance: source of equity finance may be through a joint venture, private investors. It is a time consuming process.
State finances
Finance of states or public finance is finance of country, state, county or city. It is concerned with sources of revenue, budgeting process, expenditure spent for public works projects.
How to maintain your finance solutions
To maintain your finance then take up best finance solutions this will give you the advice to manage your finance in better way. In financial crises, applying for a loan is the best way to finance your needs. Nowadays E-finance is another option for finance as borrower gets wider option in choosing the best lender. Financial planning is important for your finance solutions Ankur Kharbanda is a 20 year old mechanical engineer based in Haryana, India.
Personal Finance Budgeting - The First Step
If you like many other people then you often struggle to maintain control over your personal finances. Learning how to control your finances instead of letting them control you is a matter of simply learning the basics of budgeting. Personal finance budgeting can be the key to you being in control once again.
Personal finance budgeting starts with understanding what budgeting really is. A budget is a plan. It outlines the money you have coming in and the money you have going out. It is a detailed account of where you spend your money. Your budget is gong to tell you how and when you can spend your money.
Your budget is going to include some key things.
- Income. You need to include all income you have coming into the household. This will be the actual money you can spend, so include only net earnings.
- Fixed Expenses. These are expenses that you always have, like utilities and rent or mortgage payment. Make sure you include everything.
- Variable expenses. These are expenses that you have regularly, but that are not either essential or that vary greatly, like gasoline, recreation and food.
- Savings. This is usually separate form other expenses because you should save carefully and it helps to make sure you plan it out carefully.
Developing a budget can take a lot of work and sometimes it can be confusing. Here are some tips for making developing your budget easier.
- When recording expenses, make sure you aim for accuracy. Do not over or under estimate by too much or it could really effect your overall budget.
- Make sure to include the due date of fixed expenses. This will help you to ensure you avoid paying anything late.
- Take the opportunity to cut down variable expenses. Once you have them recorded it may amaze you to see how much you spend on needless things. Perhaps you can find some things to cut down or cut out of your budget all together.
Personal finance budgeting can be hard at first, but once you develop a budget you will find it comes in quite handy. You should be able to start making sure all your important expenses are taken care of and that you even have money left over for fun things. By taking the advice above you should be able to get your personal finance budget set up and working quickly.
Personal finance budgeting starts with understanding what budgeting really is. A budget is a plan. It outlines the money you have coming in and the money you have going out. It is a detailed account of where you spend your money. Your budget is gong to tell you how and when you can spend your money.
Your budget is going to include some key things.
- Income. You need to include all income you have coming into the household. This will be the actual money you can spend, so include only net earnings.
- Fixed Expenses. These are expenses that you always have, like utilities and rent or mortgage payment. Make sure you include everything.
- Variable expenses. These are expenses that you have regularly, but that are not either essential or that vary greatly, like gasoline, recreation and food.
- Savings. This is usually separate form other expenses because you should save carefully and it helps to make sure you plan it out carefully.
Developing a budget can take a lot of work and sometimes it can be confusing. Here are some tips for making developing your budget easier.
- When recording expenses, make sure you aim for accuracy. Do not over or under estimate by too much or it could really effect your overall budget.
- Make sure to include the due date of fixed expenses. This will help you to ensure you avoid paying anything late.
- Take the opportunity to cut down variable expenses. Once you have them recorded it may amaze you to see how much you spend on needless things. Perhaps you can find some things to cut down or cut out of your budget all together.
Personal finance budgeting can be hard at first, but once you develop a budget you will find it comes in quite handy. You should be able to start making sure all your important expenses are taken care of and that you even have money left over for fun things. By taking the advice above you should be able to get your personal finance budget set up and working quickly.
Personal Finance Software - Choosing the Best
Budgeting can be frustrating. It can be hard to keep it organized and maintained. Using personal finance software can help keep your budget straightened out. It helps keep everything organized and easy it is easy to use.
Personal finance software goes beyond the typical budget you may have. Personal finance software allows you to track your spending, track your investments and even figure out and compare long term financial prospects, like loans.
You can make charts so you can see your budget at a glance. You can also figure just about anything mathematical because the software does all the work for you.
To use personal finance software all you need to do is insert your information one time then the software will prepare your budget for each month or as you need it with all your information right there.
You can even use the personal finance software to set up a plan for a goal. You can easily track it and watch your progress. It will help keep you on track to your personal finance goals.
When choosing personal finance software you should first ensure that it is compatible with your computer and operating system. You should also make sure that it is easy to use and that you understand all of the functions and can use the program without a lot of hassle. Remember the idea of using personal finance software is to make budgeting easier.
Personal finance software comes with many features that can make it even nicer to use. Look for some of the following in the personal finance software program you choose:
- Automation - You want a program that is as automated as possible. This will cut down on the work you have to do.
- Pre-made forms - This means you have everything pre-made for you and you do not have to do anything except enter your information.
- Loan calculators - These are nice because they let you input information on different loans so you can compare and easily see which would be the best option.
- Internet compatibility - Being able to sync with the internet will allow you to keep up with your internet banking, including paying bills.
Personal finance software can make maintaining and using a budget simple. It can take the headache out of trying to manage your finances and put you back in control over your money.
Personal finance software goes beyond the typical budget you may have. Personal finance software allows you to track your spending, track your investments and even figure out and compare long term financial prospects, like loans.
You can make charts so you can see your budget at a glance. You can also figure just about anything mathematical because the software does all the work for you.
To use personal finance software all you need to do is insert your information one time then the software will prepare your budget for each month or as you need it with all your information right there.
You can even use the personal finance software to set up a plan for a goal. You can easily track it and watch your progress. It will help keep you on track to your personal finance goals.
When choosing personal finance software you should first ensure that it is compatible with your computer and operating system. You should also make sure that it is easy to use and that you understand all of the functions and can use the program without a lot of hassle. Remember the idea of using personal finance software is to make budgeting easier.
Personal finance software comes with many features that can make it even nicer to use. Look for some of the following in the personal finance software program you choose:
- Automation - You want a program that is as automated as possible. This will cut down on the work you have to do.
- Pre-made forms - This means you have everything pre-made for you and you do not have to do anything except enter your information.
- Loan calculators - These are nice because they let you input information on different loans so you can compare and easily see which would be the best option.
- Internet compatibility - Being able to sync with the internet will allow you to keep up with your internet banking, including paying bills.
Personal finance software can make maintaining and using a budget simple. It can take the headache out of trying to manage your finances and put you back in control over your money.
Financial Planning - Just Get Started
If you're already in your sixties and you have never done any previous financial planning, you might not have the luxury of implementing appropriate financial strategies at a slow, deliberate pace. But if you are younger, you have much more time before you reach retirement age. This means you can go at a more reasonable and realistic pace.
This does not imply that it's okay to procrastinate. After all, how many successful marathon runners show up late to the start of the race or take a snooze at mile 12?
Of course, many people claim they only procrastinate about doing the things that they don't like to do. To them I must say that's the only time procrastinating matters! Leaving work on time to get to happy hour doesn't mean you've solved a procrastination problem. Only when you're early to the dentist's office have you begun to solve your procrastination problem.
In financial planning terms, this means that moving slowly and steadily will get you all the way to the finish line. It's not critical that you figure out a way to do absolutely everything right in the next 30 days. Rather, you just need to be moving in the right direction all the time.
So get going now, at your speed. You can choose to go faster when you are ready to. But get going today, because procrastination is very expensive. On the other hand, starting early provides huge advantages, which include developing appropriate spending habits while you are still impressionable.
You've undoubtedly heard the expression "It's tough to teach an old dog new tricks." It's hard to move down from a McMansion. But when your housing comparison is living in a small space with a roommate who doesn't smell quite as well as he should, living alone in a decent apartment in an okay neighborhood will make you happy.
So that's the positive spin. I hoped it gets you going. If not, here's the brutal reality approach: Waiting costs you big time-it's nearly impossible to catch up. If you wouldn't like your coach subbing you in at the top of the ninth inning down ten runs and shouting "Go get 'em-we need this game!" then don't wait until you're a few years old to start saving for retirement. It's the same thing.
This does not imply that it's okay to procrastinate. After all, how many successful marathon runners show up late to the start of the race or take a snooze at mile 12?
Of course, many people claim they only procrastinate about doing the things that they don't like to do. To them I must say that's the only time procrastinating matters! Leaving work on time to get to happy hour doesn't mean you've solved a procrastination problem. Only when you're early to the dentist's office have you begun to solve your procrastination problem.
In financial planning terms, this means that moving slowly and steadily will get you all the way to the finish line. It's not critical that you figure out a way to do absolutely everything right in the next 30 days. Rather, you just need to be moving in the right direction all the time.
So get going now, at your speed. You can choose to go faster when you are ready to. But get going today, because procrastination is very expensive. On the other hand, starting early provides huge advantages, which include developing appropriate spending habits while you are still impressionable.
You've undoubtedly heard the expression "It's tough to teach an old dog new tricks." It's hard to move down from a McMansion. But when your housing comparison is living in a small space with a roommate who doesn't smell quite as well as he should, living alone in a decent apartment in an okay neighborhood will make you happy.
So that's the positive spin. I hoped it gets you going. If not, here's the brutal reality approach: Waiting costs you big time-it's nearly impossible to catch up. If you wouldn't like your coach subbing you in at the top of the ninth inning down ten runs and shouting "Go get 'em-we need this game!" then don't wait until you're a few years old to start saving for retirement. It's the same thing.
Retirement Planning - Why You Need to Turbo Charge Your Pogo Stick
Your retirement isn't a three-legged stool - it's a pogo stick.
Sorry, but it is what it is. Formerly, the three legs of the retirement funding stool for most Americans were:
1. An employer pension
2. Social Security
3. Personal savings
No longer.
Preferably in private, go ahead and curse the members of society whom you blame. Pick a Congressperson or two - even a President; the current one or any of his predecessors. Why limit yourself to politicians? Pick a corporation that dissatisfies you because of its irresponsible behavior, its failure to follow through on its promises to its employees.
When you are done with your ranting, you need to go on to the next phase: to start dealing with it. This is your reality. Your personal savings are going to be the primary source of your financial independence; your money to live on during retirement.
Your screaming may feel good, but your best bet is to begin treating those other two legs (the employer-paid pension and Social Security) as though they are not going to be major factors in your retirement. Treat them, at best, as "gravy."
With only leg of the three-legged stool remaining, you don't need to be a physics teacher to understand that such a stool is not going to be a comfortable place to sit down.
Taken together, this means you need to turbo-charge your pogo stick. And that means choosing to live a life Beyond Paycheck to Paycheck.
By accepting the fact that you're on your own, you're forced to act more responsibly. After all, denial isn't much of a way to go through life. Take advantage of your youth and build your savings to a turbo-charged pogo-stick level. A pogo stick is much more fun than a boring old stool anyway.
Sorry, but it is what it is. Formerly, the three legs of the retirement funding stool for most Americans were:
1. An employer pension
2. Social Security
3. Personal savings
No longer.
Preferably in private, go ahead and curse the members of society whom you blame. Pick a Congressperson or two - even a President; the current one or any of his predecessors. Why limit yourself to politicians? Pick a corporation that dissatisfies you because of its irresponsible behavior, its failure to follow through on its promises to its employees.
When you are done with your ranting, you need to go on to the next phase: to start dealing with it. This is your reality. Your personal savings are going to be the primary source of your financial independence; your money to live on during retirement.
Your screaming may feel good, but your best bet is to begin treating those other two legs (the employer-paid pension and Social Security) as though they are not going to be major factors in your retirement. Treat them, at best, as "gravy."
With only leg of the three-legged stool remaining, you don't need to be a physics teacher to understand that such a stool is not going to be a comfortable place to sit down.
Taken together, this means you need to turbo-charge your pogo stick. And that means choosing to live a life Beyond Paycheck to Paycheck.
By accepting the fact that you're on your own, you're forced to act more responsibly. After all, denial isn't much of a way to go through life. Take advantage of your youth and build your savings to a turbo-charged pogo-stick level. A pogo stick is much more fun than a boring old stool anyway.
Do I Have What it Takes to Achieve Financial Freedom?
There is a formula for achieving financial freedom. Yet, we seem to believe that achieving financial freedom is somehow reserved for an elite group that does not include us. Resistance chatter including "There has never been any money in my family" and "Things like that don't work for me" interfere with our seeing that achieving financial freedom is possible for everyone!
For those whose commitment to achieving financial freedom is anchored in passion, actually achieving financial freedom is a accomplished with ease.
Ask yourself "Do I Have What It Takes?" As you answer, consider:
1. Achieving financial freedom will enable me to:____(fill in)
When you are passionate about why you are accomplishing something, you effortlessly get the job done. The droning sameness of everyday routine has a tendency to choke off the passion. If you are foggy about your areas of passion, I encourage you to play the "What would I do if I knew I could not fail?" game. Have fun with it! Quiet the voices that say, "Impossible" before your imagination unfolds. Remove the barriers. Where does your heart take you? I guarantee you, when you remove the limiting thoughts, something makes your eyes dance!
2. I am prepared to work hard to make that happen.
Roll up your shirtsleeves and get to work and don't whine. Put the caliber of effort into your business that will make you sleep well, appreciate your down time, and take pride in what you have done.
3. I am open to possibilities unforeseen. I am willing to learn
Know that your whole world may take a turn! These are dynamic times - particularly the world of internet marketing. Soak up the new stuff! (You may have to settle for Billions instead of Millions!)
4. I am able to follow the example of my mentors- I am coachable.
Find an example to follow. Study their steps. Learn from them. Watch them closely. Mastermind with them. Coach with them. Share ideas with them. Mentors will assist you tremendously in achieving financial freedom. It is their purpose to assist others.
5. I have courage and stamina and patience. I trust the process.
Achieving financial freedom is enabling in a variety of ways, and certainly allows you freedoms in many areas of your life that scarcity prohibits. The important thing to remember is that achieving financial freedom is a process. It happens over time. During that time, you absolutely have the choice to participate in the joy of the journey! Your patience is stretched and strengthened, and your courage is called upon many times. For those who choose to be aware, it is an exciting time of growth and accomplishment. I encourage you to focus consistently upon the abundance that is yours without limiting that focus to your income. Appreciate riches that are not financial. They are priceless.
Remember, if you are clear and passionate about what you want, if you work hard and are adaptable and eager to learn, if you follow the example of a mentor, if you find joy in small advances while keeping your eye on the target, you absolutely DO have what it takes to achieve financial freedom.
For those with a commitment to achieve the financial freedom that allows them to truly live a life of purpose, opportunities appear. What was once impossible, is now their reality.
I know there are readers who are, at this moment, considering the launch of a free enterprise venture. There is much to sort through and it is a decision to make carefully. What I hope to communicate to you is my confidence that you already have all it takes.
Achieving financial freedom is a function of time for you now.
Go for it!
Linda Berry is truly a woman moving to her own cadence. Born in Illinois, educated in Indiana spending the first years of her career based in New York City, she is now loving life on the Big Island of Hawaii. Her path has wound through a blessed childhood with a loving family, into an early theatrical career, a segment in the costuming world of Broadway, to her current entrepreneurial success living in paradise. She is a world traveler who is proud of her visits to all 50 states, and is a self professed high-end adventure seeker.
At this stage, she is moving into her own as a writer, and an empowerment guide. She aspires to be a voice of encouragement to all who encounter her, and is committed to a life of purposeful focus. She is thrilled to attract financial abundance as an avenue to influence the mindset of humanity, and is deeply committed to a life in joy for every spirit.
For those whose commitment to achieving financial freedom is anchored in passion, actually achieving financial freedom is a accomplished with ease.
Ask yourself "Do I Have What It Takes?" As you answer, consider:
1. Achieving financial freedom will enable me to:____(fill in)
When you are passionate about why you are accomplishing something, you effortlessly get the job done. The droning sameness of everyday routine has a tendency to choke off the passion. If you are foggy about your areas of passion, I encourage you to play the "What would I do if I knew I could not fail?" game. Have fun with it! Quiet the voices that say, "Impossible" before your imagination unfolds. Remove the barriers. Where does your heart take you? I guarantee you, when you remove the limiting thoughts, something makes your eyes dance!
2. I am prepared to work hard to make that happen.
Roll up your shirtsleeves and get to work and don't whine. Put the caliber of effort into your business that will make you sleep well, appreciate your down time, and take pride in what you have done.
3. I am open to possibilities unforeseen. I am willing to learn
Know that your whole world may take a turn! These are dynamic times - particularly the world of internet marketing. Soak up the new stuff! (You may have to settle for Billions instead of Millions!)
4. I am able to follow the example of my mentors- I am coachable.
Find an example to follow. Study their steps. Learn from them. Watch them closely. Mastermind with them. Coach with them. Share ideas with them. Mentors will assist you tremendously in achieving financial freedom. It is their purpose to assist others.
5. I have courage and stamina and patience. I trust the process.
Achieving financial freedom is enabling in a variety of ways, and certainly allows you freedoms in many areas of your life that scarcity prohibits. The important thing to remember is that achieving financial freedom is a process. It happens over time. During that time, you absolutely have the choice to participate in the joy of the journey! Your patience is stretched and strengthened, and your courage is called upon many times. For those who choose to be aware, it is an exciting time of growth and accomplishment. I encourage you to focus consistently upon the abundance that is yours without limiting that focus to your income. Appreciate riches that are not financial. They are priceless.
Remember, if you are clear and passionate about what you want, if you work hard and are adaptable and eager to learn, if you follow the example of a mentor, if you find joy in small advances while keeping your eye on the target, you absolutely DO have what it takes to achieve financial freedom.
For those with a commitment to achieve the financial freedom that allows them to truly live a life of purpose, opportunities appear. What was once impossible, is now their reality.
I know there are readers who are, at this moment, considering the launch of a free enterprise venture. There is much to sort through and it is a decision to make carefully. What I hope to communicate to you is my confidence that you already have all it takes.
Achieving financial freedom is a function of time for you now.
Go for it!
Linda Berry is truly a woman moving to her own cadence. Born in Illinois, educated in Indiana spending the first years of her career based in New York City, she is now loving life on the Big Island of Hawaii. Her path has wound through a blessed childhood with a loving family, into an early theatrical career, a segment in the costuming world of Broadway, to her current entrepreneurial success living in paradise. She is a world traveler who is proud of her visits to all 50 states, and is a self professed high-end adventure seeker.
At this stage, she is moving into her own as a writer, and an empowerment guide. She aspires to be a voice of encouragement to all who encounter her, and is committed to a life of purposeful focus. She is thrilled to attract financial abundance as an avenue to influence the mindset of humanity, and is deeply committed to a life in joy for every spirit.
Budgeting is as Easy as 1-2-3
Establishing a budget to can help you save the money you need to start a small business, buy your first home or send your children to college. You might think that you don't need a budget and can save money without one, but everyone can benefit from a budget. Have you ever started the day with $20 and, at the end of the day, not known where it all went? If so, you might want to develop a budget.
A budget simply is a tool to help you understand where your money goes. If you own a business, knowing how to budget will help you understand how money flows in and out of your business. There are three steps to creating a budget:
1- Identify Your Net Monthly Income
The first step in developing a budget is to identify the money that comes into your household after all of the deductions have been made, such as taxes, Social Security insurance, etc.
2- Identify Your Monthly Expenses
The second step is to identify your expenses. Your expenses are the things you spend money on. Be sure to include expenses that occur every month like rent and phone bills, as well as expenses that occur periodically like car insurance and medical bills.
3- Subtract Your Monthly Expenses from Your Income
The final step is to subtract your expenses from your income. If you have money left over, you can decide how to spend or save that money. If your expenses are greater than your income, you and your family have to decide which expenses can be reduced or decide how you can earn more income.
A budget simply is a tool to help you understand where your money goes. If you own a business, knowing how to budget will help you understand how money flows in and out of your business. There are three steps to creating a budget:
1- Identify Your Net Monthly Income
The first step in developing a budget is to identify the money that comes into your household after all of the deductions have been made, such as taxes, Social Security insurance, etc.
2- Identify Your Monthly Expenses
The second step is to identify your expenses. Your expenses are the things you spend money on. Be sure to include expenses that occur every month like rent and phone bills, as well as expenses that occur periodically like car insurance and medical bills.
3- Subtract Your Monthly Expenses from Your Income
The final step is to subtract your expenses from your income. If you have money left over, you can decide how to spend or save that money. If your expenses are greater than your income, you and your family have to decide which expenses can be reduced or decide how you can earn more income.
Save Money on Attractions and Events Every Time With Special Offers and Discounts Online
Everybody likes to make the most of their weekends and days off, but it can be frustrating to discover how expensive it is to undertake the smallest of excursions. However, with a bit of forward thought and planning you can save an absolute fortune on tickets to all sorts of attractions and you will never have a dull weekend again!
Theatres, restaurants, theme parks and other attractions all love to sell offers and tickets well in advance so that they can guarantee as much custom as possible. They therefore often publish discount tickets days, weeks or months in advance and give you a chance to snap them up at a very favourable rate. There are hundreds of websites that sell these discounted, buy in advance, tickets and you will be amazed at how much you can save.
The key, especially if you have a family, is to sit down at the beginning of the season and note down all the attractions you would like to visit over the forthcoming months. Once you have an idea, and preferably a good list of more things than you could possibly fit in, you need to log onto the internet and start to search for cheap tickets for all of them. You should search special offers websites, special offer discussion forums and the hundreds of websites that offer buy in advance discount tickets. Although you are unlikely to find cheap tickets for everything you want to do you will still be amazed by how much you could save simply buy booking days out in advance, rather than just turning up on the day. If you have a family the savings can work out to be enormous in the long run.
The above strategy can be used for all kinds of days out and attractions and with a little planning you will find yourself with a constant stream of affordable things to do to keep you and your family occupied for an entire season. Buying tickets well in advance can also work for holidays and flights abroad. When tickets for flights are released the cheapest ones available are often made available first. By searching the internet effectively and well in advance you could end up with cheap flights to Florida and discount family tickets to one of the amazing theme parks out there!
Theatres, restaurants, theme parks and other attractions all love to sell offers and tickets well in advance so that they can guarantee as much custom as possible. They therefore often publish discount tickets days, weeks or months in advance and give you a chance to snap them up at a very favourable rate. There are hundreds of websites that sell these discounted, buy in advance, tickets and you will be amazed at how much you can save.
The key, especially if you have a family, is to sit down at the beginning of the season and note down all the attractions you would like to visit over the forthcoming months. Once you have an idea, and preferably a good list of more things than you could possibly fit in, you need to log onto the internet and start to search for cheap tickets for all of them. You should search special offers websites, special offer discussion forums and the hundreds of websites that offer buy in advance discount tickets. Although you are unlikely to find cheap tickets for everything you want to do you will still be amazed by how much you could save simply buy booking days out in advance, rather than just turning up on the day. If you have a family the savings can work out to be enormous in the long run.
The above strategy can be used for all kinds of days out and attractions and with a little planning you will find yourself with a constant stream of affordable things to do to keep you and your family occupied for an entire season. Buying tickets well in advance can also work for holidays and flights abroad. When tickets for flights are released the cheapest ones available are often made available first. By searching the internet effectively and well in advance you could end up with cheap flights to Florida and discount family tickets to one of the amazing theme parks out there!
Buying a Home Post Retirement
Retirement brings about whole new changes in a person's life. One may associate retirement with freedom from work life and deadlines, annoying bosses and aggravating colleagues, cups of coffee and impossible workloads. However, retirement also requires a great deal of adjustment. You are finally faced with the problems of old age. The feeling of dependence on others begins to arise at this time. You are no longer the earning member of your family. Questions of whether you will still be valued by those around you will arise. Are you likely to be taken care of? Or will you end up being taken for granted? Many an insecurity will arise the moment that you take leave of your work life and become a retired person. However, this does not mean that you spend the rest of your life worrying about tomorrow.
One way in which a retired person can make himself feel at home is by buying a home. Yes, you read that right. It may be a little hard to believe that a person who is currently unemployed would be willing to spend his savings to buy a house. However, this can be quite a sensible decision. A house provides a sense of security. If you own a home, at least you know that no matter what, you will always have a roof over your head. Come rain, hail, storm, or family problems, that building of bricks and cement will keep you safe and warm. The question is, how does a retired person avail of a mortgage to buy a house?
To start with, you will have to look at your existing funds. What kind of savings do you have in the bank? Have you invested in any funds that are about to mature sometime soon? Do you already have a large house which you would like to sell before you move into a smaller one? Would your pension fund be able to help you garner a mortgage? These are only some of the initial questions that you will have to ask yourself. Having done so, you will need to check out a few mortgage deals and then ask yourself if you will be able to repay the money.
The next step is to read through the fine print on the various deals that seem the most suitable. Each mortgage that you look at is bound to have some advantages and some disadvantages as well. Be alert and objective as you decide which deal would help you buy your own home.
One way in which a retired person can make himself feel at home is by buying a home. Yes, you read that right. It may be a little hard to believe that a person who is currently unemployed would be willing to spend his savings to buy a house. However, this can be quite a sensible decision. A house provides a sense of security. If you own a home, at least you know that no matter what, you will always have a roof over your head. Come rain, hail, storm, or family problems, that building of bricks and cement will keep you safe and warm. The question is, how does a retired person avail of a mortgage to buy a house?
To start with, you will have to look at your existing funds. What kind of savings do you have in the bank? Have you invested in any funds that are about to mature sometime soon? Do you already have a large house which you would like to sell before you move into a smaller one? Would your pension fund be able to help you garner a mortgage? These are only some of the initial questions that you will have to ask yourself. Having done so, you will need to check out a few mortgage deals and then ask yourself if you will be able to repay the money.
The next step is to read through the fine print on the various deals that seem the most suitable. Each mortgage that you look at is bound to have some advantages and some disadvantages as well. Be alert and objective as you decide which deal would help you buy your own home.
Defensive Savings
What is the difference between something and nothing? The answer is everything. Do you have a savings account or other means to sock money away? If you don't, you may put yourself in a higher risk category than you have ever dreamed.
Start today, and put aside as much as you can into a cash savings account. Have a target of $500.00. That is something. Not having that $500.00 available in your time of need can be a real heartbreaker. If you needed immediate cash for something, would you be able to get it? A number of banks allow you to have more than one account under your name. Start with a checking account or money market account for daily or monthly cash management. Then start putting money into a cash reserve savings account. You should target $500, but if you can put away more, that's great. If it's in an interest bearing account, all the better. If you deplete this account, make sure you replenish it as soon as possible.
The next level of savings you should set as your goal, is a reserve of three to six months worth of your normal income. What happens if your job is "right sized" and you find yourself out of work? I have seen that happen way too many times to know it can happen to anyone. While looking for something else, you will have the option to live on your income reserve account, while you seek other employment. Do not touch this account, unless you have lost your primary means of generating income! If you never need to touch it, then great, it will reflect as a nice asset on your financial statement.
Lastly, develop a savings plan for retirement. Put away whatever you can afford to do, and target the maximum you can that can be matched by your companies matching policy (if there is one). Whenever you get a raise, increase your savings amount as well. This is typically done through 401(k), 403(b), IRAs or other securities plans that you can contribute to. This is typically a pre-tax deduction from your paycheck, so you end up paying less on your taxes (today), but may be required to pay taxes on that money when you want to cash in on your long term savings. Talk with your tax adviser at least annually.
What does this have to do with our credit score? Everything. If you have the ability to continue to meet your obligations in the face of adversity or recession, then you have protected your credit score. If you develop good savings behaviors and prohibit yourself from making poor buying decisions, you can secure a much better financial future for yourself and your family.
Start today, and put aside as much as you can into a cash savings account. Have a target of $500.00. That is something. Not having that $500.00 available in your time of need can be a real heartbreaker. If you needed immediate cash for something, would you be able to get it? A number of banks allow you to have more than one account under your name. Start with a checking account or money market account for daily or monthly cash management. Then start putting money into a cash reserve savings account. You should target $500, but if you can put away more, that's great. If it's in an interest bearing account, all the better. If you deplete this account, make sure you replenish it as soon as possible.
The next level of savings you should set as your goal, is a reserve of three to six months worth of your normal income. What happens if your job is "right sized" and you find yourself out of work? I have seen that happen way too many times to know it can happen to anyone. While looking for something else, you will have the option to live on your income reserve account, while you seek other employment. Do not touch this account, unless you have lost your primary means of generating income! If you never need to touch it, then great, it will reflect as a nice asset on your financial statement.
Lastly, develop a savings plan for retirement. Put away whatever you can afford to do, and target the maximum you can that can be matched by your companies matching policy (if there is one). Whenever you get a raise, increase your savings amount as well. This is typically done through 401(k), 403(b), IRAs or other securities plans that you can contribute to. This is typically a pre-tax deduction from your paycheck, so you end up paying less on your taxes (today), but may be required to pay taxes on that money when you want to cash in on your long term savings. Talk with your tax adviser at least annually.
What does this have to do with our credit score? Everything. If you have the ability to continue to meet your obligations in the face of adversity or recession, then you have protected your credit score. If you develop good savings behaviors and prohibit yourself from making poor buying decisions, you can secure a much better financial future for yourself and your family.
Saving Money Through Budgeting
Many people tend to ignore the importance of saving money. There are many ways in which money can realise its full potential instead of being spent impulsively. Most of the richest people of the world keep a track of where their money goes in order to augment income.
So, it makes sense to keep a spending log. Pay yourself first before spending and ensure that at least portion of your income goes in compulsory investment plans. Only spend on stuffs that are important. With money saving and wealth building opportunities aplenty these days it is not much of a problem with a little bit of budgeting.
The first step to a proper budgeting is to figure out the differences between a want and a need. Avail the different money management plans to achieve the financial goals successfully. Investing wisely often helps to spread risks associated with investments. There are many plans available to choose from. In this growing information regime it is also not difficult to get good solid information on saving money through proper budgeting. It makes sense to get in touch with good financial consultants to augment your moneysaving skills. With healthy spending habits budgeting will no longer appear to be a distant dream.
Some of the common money saving tricks that can help your budgeting process is as follows-
-Money multiplier Scheme
-Multi Gains Current Account
-No Frills Accounts Scheme
-Multi Gains Savings Account
-Deposit Reinvestment Scheme
-Apply for medi claim policies
-Apply for household insurance policies
-Apply for tax saving schemes
-Invest in recurring deposit schemes
-Apply for fixed deposit schemes
-Invest in Mutual funds like Systematic Investment plan, growth funds
-Directly invest in Monthly income schemes
-Apply for senior citizen term savings scheme at a fixed rate of interest.
- Invest in company bonds, debentures, and equity funds
-Do not go for payday loans and its likes, which will charge you a higher rate of interest in charge of quick money.
Other common household moneysaving tricks are as follows-
-Compare rates with several dealers when taking home loans to find the cheapest one.
- Subscribe to e-newsletters, which comes free of cost and also are easily accessible.
-Avoid spending on unnecessary costs like smoking.
If you find budgeting to be too difficult you can also take the help of budget planner where you can easily type in your income and expenses.
Budgeting also includes making the most of money saving offers given by airlines, travel agents, malls and stores. You can also think of utilizing spare time in ways that can profit you. As a recent poll indicated moderate savings on big items along with savings in smaller items can reap huge benefits for you. So fend off your ugly money woes by following a proper budgeting. Next time when you get your salary make sure to budget your way to smarter spending.
Keep yourself informed to maintain a proper financial portfolio through budgeting. Look for worthwhile savings. Buy multiple items at a lower price. By adopting a few basic budgeting techniques you can save a lot and strengthen your financial prowess in the long run.
So, it makes sense to keep a spending log. Pay yourself first before spending and ensure that at least portion of your income goes in compulsory investment plans. Only spend on stuffs that are important. With money saving and wealth building opportunities aplenty these days it is not much of a problem with a little bit of budgeting.
The first step to a proper budgeting is to figure out the differences between a want and a need. Avail the different money management plans to achieve the financial goals successfully. Investing wisely often helps to spread risks associated with investments. There are many plans available to choose from. In this growing information regime it is also not difficult to get good solid information on saving money through proper budgeting. It makes sense to get in touch with good financial consultants to augment your moneysaving skills. With healthy spending habits budgeting will no longer appear to be a distant dream.
Some of the common money saving tricks that can help your budgeting process is as follows-
-Money multiplier Scheme
-Multi Gains Current Account
-No Frills Accounts Scheme
-Multi Gains Savings Account
-Deposit Reinvestment Scheme
-Apply for medi claim policies
-Apply for household insurance policies
-Apply for tax saving schemes
-Invest in recurring deposit schemes
-Apply for fixed deposit schemes
-Invest in Mutual funds like Systematic Investment plan, growth funds
-Directly invest in Monthly income schemes
-Apply for senior citizen term savings scheme at a fixed rate of interest.
- Invest in company bonds, debentures, and equity funds
-Do not go for payday loans and its likes, which will charge you a higher rate of interest in charge of quick money.
Other common household moneysaving tricks are as follows-
-Compare rates with several dealers when taking home loans to find the cheapest one.
- Subscribe to e-newsletters, which comes free of cost and also are easily accessible.
-Avoid spending on unnecessary costs like smoking.
If you find budgeting to be too difficult you can also take the help of budget planner where you can easily type in your income and expenses.
Budgeting also includes making the most of money saving offers given by airlines, travel agents, malls and stores. You can also think of utilizing spare time in ways that can profit you. As a recent poll indicated moderate savings on big items along with savings in smaller items can reap huge benefits for you. So fend off your ugly money woes by following a proper budgeting. Next time when you get your salary make sure to budget your way to smarter spending.
Keep yourself informed to maintain a proper financial portfolio through budgeting. Look for worthwhile savings. Buy multiple items at a lower price. By adopting a few basic budgeting techniques you can save a lot and strengthen your financial prowess in the long run.
Personal Finance Software - A Must For Planning Your Finacial Future
Personal finance software is an excellent tool to guide anyone's financial planning process. Personal finance software helps you manage your finances by tracking of things like your bank accounts, credit card accounts, expenses, taxes, and your income. Personal finance software is just the tool you need to get your finances under control.
With this powerful program, not only can you can easily check and mange your monthly income and expenses, you can also analyze financial information within financial markets. In the corporate world, business finance software has gained popularity, frequently used in computerized financial planning systems, which reports information crucial to the organization. By doing this, finance software fulfills all the needs for a financial manager.
Maintaining your own personal financial outlook can be very difficult if you don’t have the right tools. Before purchasing any financial software, you should properly determine the requirements you need. One of the main issues that people have encountered when using personal finance software, is to keep using it for more than a few months. Account calculations in personal finance software is much faster than handling this job manually, since the software does the math, and all you do is enter the transactions while you review your statements. Since all your purchases, payments and credits are entered into the credit card and checking accounts, the personal finance software does the mathematics for you to report exact account balances. In addition, automated transactions such as direct deposit and automatic payments can be set up for automated entry into finance software.
Personal finance software can be useful tools in any money management strategy; by allowing you perform tasks such as forming a budget and maintaining a checkbook. Personal finance software includes features that allow users to automate their budget by reconciling their bank and credit card accounts, pay their bills, calculate and fill out tax forms, and track their investments. Personal finances software will track your progress with the objective of providing you better money management. Personal finance software can also take care of all your investing needs by obtaining stock quotes and helps manage your mutual funds, stocks, bonds and 401K.
By helping users balance their checkbooks, pay bills, track income and expenses, track investments, and evaluate financial plans, personal finance software is great tool because it comes with a variety of features that can make money management easier. Users of personal finance software are much more capable of predicting their financial outlook well into the future. Using personal finance software is definitely the way to go.
With this powerful program, not only can you can easily check and mange your monthly income and expenses, you can also analyze financial information within financial markets. In the corporate world, business finance software has gained popularity, frequently used in computerized financial planning systems, which reports information crucial to the organization. By doing this, finance software fulfills all the needs for a financial manager.
Maintaining your own personal financial outlook can be very difficult if you don’t have the right tools. Before purchasing any financial software, you should properly determine the requirements you need. One of the main issues that people have encountered when using personal finance software, is to keep using it for more than a few months. Account calculations in personal finance software is much faster than handling this job manually, since the software does the math, and all you do is enter the transactions while you review your statements. Since all your purchases, payments and credits are entered into the credit card and checking accounts, the personal finance software does the mathematics for you to report exact account balances. In addition, automated transactions such as direct deposit and automatic payments can be set up for automated entry into finance software.
Personal finance software can be useful tools in any money management strategy; by allowing you perform tasks such as forming a budget and maintaining a checkbook. Personal finance software includes features that allow users to automate their budget by reconciling their bank and credit card accounts, pay their bills, calculate and fill out tax forms, and track their investments. Personal finances software will track your progress with the objective of providing you better money management. Personal finance software can also take care of all your investing needs by obtaining stock quotes and helps manage your mutual funds, stocks, bonds and 401K.
By helping users balance their checkbooks, pay bills, track income and expenses, track investments, and evaluate financial plans, personal finance software is great tool because it comes with a variety of features that can make money management easier. Users of personal finance software are much more capable of predicting their financial outlook well into the future. Using personal finance software is definitely the way to go.
Three Essential Personal Finance Tips
Personal finance is extremely important in today’s society. Whether you are looking to purchase a new home, pay for college or take a trip of a lifetime, personal finance can help you achieve these goals. While there are many ways to benefit from good money management, here are three essential personal finance tips that can truly help you achieve your goals.
Save and Invest
It is absolutely essential that you save as much money as possible and then invest it so that it can work hard for you. Saving money is vital to having a nest egg in the future for the purchases you desire. Saving requires a plan and usually lots of time. One of things that you should do once you receive your paycheck is to pay yourself first. Take a set amount of your pay check and put it away. Once you have money saved, the next step is to invest it and make it work hard for you. Over the years, you can earn hundreds of thousands of dollars off of just $30K to 50K in savings using the power of compound interest. There is no magic involved. In order to create a nest egg in 10, 20 or 30 years save money and invest it.
Create a Budget
Creating a budget is essential for anyone that has an income and expenses. Many of us are usually carefree and do not keep a record of all our purchases, however if we knew just how much we spent each year on junk or impulse purchases we would be aghast. Creating a budget is a great way to understand what we spend our income on, reduce spending on non essential items and discipline ourselves to save and invest our money for the long term. Creating a budget is extremely simple and requires only a few hours of time each month. A simple budget can literally save you thousands of dollars a year and give you true piece of mind.
Use Credit Wisely
Credit cards can be extremely convenient, but many times they are equally destructive. A credit card is not a license to spend; it is in effect a loan. Understanding how credit works and how to use it responsibly can make your life much easier. Credit cards can be a great option in certain situations, however using them properly is essential to proper money management.
Save and Invest
It is absolutely essential that you save as much money as possible and then invest it so that it can work hard for you. Saving money is vital to having a nest egg in the future for the purchases you desire. Saving requires a plan and usually lots of time. One of things that you should do once you receive your paycheck is to pay yourself first. Take a set amount of your pay check and put it away. Once you have money saved, the next step is to invest it and make it work hard for you. Over the years, you can earn hundreds of thousands of dollars off of just $30K to 50K in savings using the power of compound interest. There is no magic involved. In order to create a nest egg in 10, 20 or 30 years save money and invest it.
Create a Budget
Creating a budget is essential for anyone that has an income and expenses. Many of us are usually carefree and do not keep a record of all our purchases, however if we knew just how much we spent each year on junk or impulse purchases we would be aghast. Creating a budget is a great way to understand what we spend our income on, reduce spending on non essential items and discipline ourselves to save and invest our money for the long term. Creating a budget is extremely simple and requires only a few hours of time each month. A simple budget can literally save you thousands of dollars a year and give you true piece of mind.
Use Credit Wisely
Credit cards can be extremely convenient, but many times they are equally destructive. A credit card is not a license to spend; it is in effect a loan. Understanding how credit works and how to use it responsibly can make your life much easier. Credit cards can be a great option in certain situations, however using them properly is essential to proper money management.
Brits Advised To Prepare For 'Financial Emergencies'
Although more people are saving money, pressure on Britons' finances could still be set to increase, according to a new study.
In findings published in Birmingham Midshires' regular Saving Britain report, two-thirds of consumers (67 per cent) have some money set aside, in comparison to the 62 per cent recorded at the same time last year. However, as general living costs have increased over this period, the financial services provider indicated that there is a shortfall in the amount of money set aside. Over the last three months, the average Briton has saved some 910 pounds, down by a third from 2006's statistics which noted 1,376 pounds being put away.
The company also reported that recent increases by the Bank of England's monetary policy committee have currently left interest rates at a six-year high. Despite this, Birmingham Midshires stated that in spite of the resultant rising difficulty in making secured loans repayments, consumers should look to make as best use of the rises as possible and put money into savings schemes.
Commenting on the figures, Jason Robinson, director of savings operations for the financial company, claimed that regularly saving money can help consumers should they incur unexpected difficulties such as redundancy or illness and struggle to service debts. He said: "It's easier said than done but it's recommended that people have three months' salary put aside in case of financial emergencies - this equates to 5,899 pounds for those on an average income".
Research from the firm also showed that younger people are preparing more effectively for their financial future. Those between the ages of 18 and 24 were reported to have saved 1,523 pounds over the last three months. However, this figure more than halved for the over-55s who were indicated as putting 688 pounds away.
Men were also shown to be more conscientious savers as they have stored 1,105 pounds for a rainy day during the past three-month period, compared to 733 pounds for women. Those living in Scotland, meanwhile, were said to be most financially prepared. Some 86 per cent of consumers in the Scottish Borders region are revealed as having recently put money away, with those in the north of the principality have the most cash saved in Britain at 1,820 pounds. This compared to a third (33 per cent) of people in the south-west of England who have failed to put any money into savings accounts and so could be set to see increased pressure on their finances in later years.
Earlier this year, figures released by engage Mutual Assurance showed that women are better at managing their money than men. Some 70 per cent of females claim that they are able to budget their finances well despite on average earning less money than males, out of which 68 per cent are able to plan their spending. The study also revealed that some 40 per cent of those approaching middle age (between 35 and 44 years old) have the most difficulty putting cash away for the long-term, compared to 32 per cent of all Britons. Marketing director Karl Elliott claimed that: "By getting into the habit of saving more often Britons can help secure both their and their family's future".
In findings published in Birmingham Midshires' regular Saving Britain report, two-thirds of consumers (67 per cent) have some money set aside, in comparison to the 62 per cent recorded at the same time last year. However, as general living costs have increased over this period, the financial services provider indicated that there is a shortfall in the amount of money set aside. Over the last three months, the average Briton has saved some 910 pounds, down by a third from 2006's statistics which noted 1,376 pounds being put away.
The company also reported that recent increases by the Bank of England's monetary policy committee have currently left interest rates at a six-year high. Despite this, Birmingham Midshires stated that in spite of the resultant rising difficulty in making secured loans repayments, consumers should look to make as best use of the rises as possible and put money into savings schemes.
Commenting on the figures, Jason Robinson, director of savings operations for the financial company, claimed that regularly saving money can help consumers should they incur unexpected difficulties such as redundancy or illness and struggle to service debts. He said: "It's easier said than done but it's recommended that people have three months' salary put aside in case of financial emergencies - this equates to 5,899 pounds for those on an average income".
Research from the firm also showed that younger people are preparing more effectively for their financial future. Those between the ages of 18 and 24 were reported to have saved 1,523 pounds over the last three months. However, this figure more than halved for the over-55s who were indicated as putting 688 pounds away.
Men were also shown to be more conscientious savers as they have stored 1,105 pounds for a rainy day during the past three-month period, compared to 733 pounds for women. Those living in Scotland, meanwhile, were said to be most financially prepared. Some 86 per cent of consumers in the Scottish Borders region are revealed as having recently put money away, with those in the north of the principality have the most cash saved in Britain at 1,820 pounds. This compared to a third (33 per cent) of people in the south-west of England who have failed to put any money into savings accounts and so could be set to see increased pressure on their finances in later years.
Earlier this year, figures released by engage Mutual Assurance showed that women are better at managing their money than men. Some 70 per cent of females claim that they are able to budget their finances well despite on average earning less money than males, out of which 68 per cent are able to plan their spending. The study also revealed that some 40 per cent of those approaching middle age (between 35 and 44 years old) have the most difficulty putting cash away for the long-term, compared to 32 per cent of all Britons. Marketing director Karl Elliott claimed that: "By getting into the habit of saving more often Britons can help secure both their and their family's future".
Unwise Student Spending Can Leave Brits With 'Debt Mountain'
With students receiving their A-level results today, the thousands of young people who are set to head to university are being warned that a lack of financial planning could leave them with debt problems later on in life.
Pointing to research from the Association of Investment Companies revealing that university attendants are taking on more levels of debt than ever before, Callcredit has suggested that this could impact upon their ability to access borrowing after graduation, as they struggle to pay off credit cards and loans. And by constantly choosing to fund holidays and nights out through borrowing consumers could well be left with a “debt mountain” after leaving higher education.
The company pointed to the example of Lee Barnes. After graduating from Leeds Metropolitan University, the 25-year-old found himself owing more than 60,000 pounds as he increasingly took out personal loans to cover daily expenses such as paying rent. “The problem was I got used to spending money. I wasn’t even aware of how much I was taking on,” Mr Barnes commented.
Melanie Mitchley, Callcredit’s director of industry relationships, claimed that although higher education can prove to be a great experience, young people should take caution of the monetary difficulties they can incur if they do not plan their spending wisely. She said: “We are urging all students - whether freshers or in their final year - to be aware of the potential pitfalls if they don’t take control of their financial affairs.
“If you do decide to borrow money be aware of the amount you are borrowing and think about how you will repay it. Our experience has shown that taking on credit needn’t be a problem if you manage your finances well and ensure you keep up your repayments.”
Consequently, those considering taking out a loan or making an application for a credit card were advised to “think” before taking such action. The consumer debt expert also recommended that people should get a copy of their credit history as it will help them to “get an overall picture of the current state of your finances” and decide whether they will be able to successfully manage to take on further borrowing.
However, earlier this year, Mintel suggested that a rising proportion of young people are aiming to take the “easy” way of unmanageable money problems. According to a study carried out by the firm just over a fifth of consumers aged 18 to 34 - an estimated three million - are willing to file for an individual voluntary arrangement or bankruptcy should they find themselves unable to make debt repayments.
Senior finance analyst Todd Davis claimed that as overdraft extensions, credit card deals and student loan uptake all rises, those in this age group no longer have a “stigma” about getting into debt. Meanwhile, such consumers were reported to have above average levels of unsecured borrowing as an estimated 60 per cent of respondents in the age bracket have taken out the form of credit. With more than £3,200 revealed to be taken out, young people were shown as owing more than four times the amount that over-55s do via credit cards and personal loans.
Pointing to research from the Association of Investment Companies revealing that university attendants are taking on more levels of debt than ever before, Callcredit has suggested that this could impact upon their ability to access borrowing after graduation, as they struggle to pay off credit cards and loans. And by constantly choosing to fund holidays and nights out through borrowing consumers could well be left with a “debt mountain” after leaving higher education.
The company pointed to the example of Lee Barnes. After graduating from Leeds Metropolitan University, the 25-year-old found himself owing more than 60,000 pounds as he increasingly took out personal loans to cover daily expenses such as paying rent. “The problem was I got used to spending money. I wasn’t even aware of how much I was taking on,” Mr Barnes commented.
Melanie Mitchley, Callcredit’s director of industry relationships, claimed that although higher education can prove to be a great experience, young people should take caution of the monetary difficulties they can incur if they do not plan their spending wisely. She said: “We are urging all students - whether freshers or in their final year - to be aware of the potential pitfalls if they don’t take control of their financial affairs.
“If you do decide to borrow money be aware of the amount you are borrowing and think about how you will repay it. Our experience has shown that taking on credit needn’t be a problem if you manage your finances well and ensure you keep up your repayments.”
Consequently, those considering taking out a loan or making an application for a credit card were advised to “think” before taking such action. The consumer debt expert also recommended that people should get a copy of their credit history as it will help them to “get an overall picture of the current state of your finances” and decide whether they will be able to successfully manage to take on further borrowing.
However, earlier this year, Mintel suggested that a rising proportion of young people are aiming to take the “easy” way of unmanageable money problems. According to a study carried out by the firm just over a fifth of consumers aged 18 to 34 - an estimated three million - are willing to file for an individual voluntary arrangement or bankruptcy should they find themselves unable to make debt repayments.
Senior finance analyst Todd Davis claimed that as overdraft extensions, credit card deals and student loan uptake all rises, those in this age group no longer have a “stigma” about getting into debt. Meanwhile, such consumers were reported to have above average levels of unsecured borrowing as an estimated 60 per cent of respondents in the age bracket have taken out the form of credit. With more than £3,200 revealed to be taken out, young people were shown as owing more than four times the amount that over-55s do via credit cards and personal loans.
Banking Online Games Win Cash
If you have been looking out for information on banking online games win cash, you have reached the right place. Here you will find detailed explanation on all the factors associated with the winning cash through online games and using your online banking to fund your casino account. There are many banks that allow you to fund your casino account through the online banking facility. At the same time, there is also a possibility that your bank has a credit card gambling block. If that is the case, then no matter what you do, your card will not work. Now, the only prudent way is to use the NETELLER as a funding method.
In order to fund your account for Banking online games win cash you must be logged in with your username ID and password. Once you have logged in, click on "Fund Account" on the navigation bar on your left. Choose the amount you wish to fund. In most cases, the Banking online games win cash accept the of the following methods to fund your account.
* Credit Card
* Neteller
* Western Union
* Pre-Paid ATM
* Citadel
The Banking online games win cash also allows you to always have access to the CASH funds in your account. You can also request a withdrawal at anytime for the cash balance in your account. At the same time, if enough is enough and you want to finish your account, in most cases, you will be subject to the Minimum payout requirement.
In order to fund your account for Banking online games win cash you must be logged in with your username ID and password. Once you have logged in, click on "Fund Account" on the navigation bar on your left. Choose the amount you wish to fund. In most cases, the Banking online games win cash accept the of the following methods to fund your account.
* Credit Card
* Neteller
* Western Union
* Pre-Paid ATM
* Citadel
The Banking online games win cash also allows you to always have access to the CASH funds in your account. You can also request a withdrawal at anytime for the cash balance in your account. At the same time, if enough is enough and you want to finish your account, in most cases, you will be subject to the Minimum payout requirement.
Free Savings Banking Account - Choose From A Plethora Of Services
A free savings banking account is a zero balance savings account. The greatest advantage of having such an account is that it saves you from the hassle of maintaining the average quarterly balance. All you have to do is to simply pay a small annual fee and you can enjoy a host of free benefits and services. The wide array of advantages include International Debit Card, Payable at Par Cheque Book, Insurance, Internet Banking, Any Branch Banking, Family Account facility, Phone Banking, Mobile Banking, Electronic Funds Transfer, Statement of account by e-mail, and Utility Bill Payments.
You can use your debit card offered by your free savings banking account to access your account at any of the ATMs of your bank. With this debit card, you can perform a range of transactions, including balance enquiry, cash or check deposit, cash withdrawal, print or view mini-statement, fast withdrawal of cash on default account, pin change, check book request, statement of account request, funds transfer, and even mobile recharge.
Electronic Funds Transfer facility, offered by your free savings banking account, is a powerful funds transfer product through electronic means. Using this facility, you can transfer funds from your free savings banking account to any other bank account directly by electronic means without the use of
physical instruments such as cheque, demand drafts, or pay orders. Most banks offer this facility free of cost. However, you can also find many other banks that charge a certain amount of fee against this service.
You can use your debit card offered by your free savings banking account to access your account at any of the ATMs of your bank. With this debit card, you can perform a range of transactions, including balance enquiry, cash or check deposit, cash withdrawal, print or view mini-statement, fast withdrawal of cash on default account, pin change, check book request, statement of account request, funds transfer, and even mobile recharge.
Electronic Funds Transfer facility, offered by your free savings banking account, is a powerful funds transfer product through electronic means. Using this facility, you can transfer funds from your free savings banking account to any other bank account directly by electronic means without the use of
physical instruments such as cheque, demand drafts, or pay orders. Most banks offer this facility free of cost. However, you can also find many other banks that charge a certain amount of fee against this service.
Financial Freedom Wants and Dreams
How many times have you read or seen in the media advertisements from financial institutions telling you to give them your money, and they will achieve financial freedom for you? These ads are all over the media because the two words financial freedom is the new “Buzzwords” that are used by these financial institutions today to get you to give them your money.
If a financial institution promises you that they will give you something that you want you will tend to believe them whether they can actually deliver are not. Many financial institutions use these buzzwords to attract you into their fold and believe they can do what they say they will do. This is being lulled into a false sense of security.
It is impossible for the financial institutions to achieve financial freedom for you. Financial freedom is achieved by you and you only. Let’s explore what the true definition of financial freedom really is; it’s when your wealth works for you, not you working for it.
The financial institutions achieve financial freedom for themselves, at your expense. These financial institutions have armies of people known as, financial planners, persuading consumers two give them their money. Once the consumers give the financial institutions their money they have agreed indirectly to let them take fees and charges from these dollars for as long as they want, or until there’s no money left. In good times the consumers receive some growth on their money, but in bad times their money is eroded away. In all cases the financial institutions take their fees and charges and commissions during growth periods and loss periods.
The financial institutions practice financial freedom for themselves and you are contributing to their financial freedom. If you don’t believe this open the newspaper or do Google search on the wealth that the people at the top of these companies earn. These dollars come from you!
Financial freedom comes from you personally achieving your wants and dreams, not by any financial institution. How do you do this? This is done through a clear understanding of the “Law of Attraction”. Now you’re probably asking what the “Law of Attraction” is. The “Law of Attraction” is a natural law of the universe that allows you to attract what you want and dream about, and the reciprocal receiving of what you put into the universe. In other words if you put out good things good things will come back to you and vice versa.
The “Law of Attraction” must deliver what you think about, into your reality. So many times people live mediocre lives because they do not allow themselves the luxury of thinking, solely about their wants and dreams. If you don’t know what you want, then the universe cannot deliver it to you. You must program your subconscious mind with what it is you’re wanting.
The simple fact about the subconscious mind is that it doesn’t know the difference between imaginary in real it thinks everything you think about is real therefore it must deliver what you think about. The subconscious mind is very powerful and it has the ability to connect with your creator and give you what it is you want without question. It’s like a “genie in a bottle”. It will deliver without question what you tell it to deliver when you want it.
There are many books are written about this subject and a process. This process is as old as time but put down by many people as “new age”. When in reality there is nothing new age about it is very old, with a proven track record of success over the centuries. One of the books that is very popular about how this process works is “Think and Grow Rich” by Napoleon Hill. Napoleon hill learn this information from Andrew Carnegie who at that time was the wealthiest man in the world. He wrote it in his book in the early nineteen hundreds with hundreds of thousands of copies sold to date, in many different languages.
The statistics prove true as to who will actually practice this way of thinking or not. If 10% of the people control 90% of the world’s wealth than this proves that the financial institutions, financial planners or advisers, and many accounts are wrong otherwise the 90% would be in control wouldn’t they? The 10% will always excel and think outside the box, the90% will stay in the box.
If you’re reading this article without a background in the “Law of Attraction” you probably should do a little research into how this law works. One of the best places to learn is by watching “The Secret” which explains the “Law of Attraction” from many different perspectives.
Within our Personal Economic Coach process we guide our clients into building economic models which simulate their economic future, along with building a wants based model of their wants and dreams throughout their life. Through these dual modeling processes clients are able to simulate their financial future, see the mistakes before they are made than correct them. It’s like having a financial crystal ball! After the economic models are built the wants to based model is built simulating their wants and dreams throughout their life.
If a financial institution promises you that they will give you something that you want you will tend to believe them whether they can actually deliver are not. Many financial institutions use these buzzwords to attract you into their fold and believe they can do what they say they will do. This is being lulled into a false sense of security.
It is impossible for the financial institutions to achieve financial freedom for you. Financial freedom is achieved by you and you only. Let’s explore what the true definition of financial freedom really is; it’s when your wealth works for you, not you working for it.
The financial institutions achieve financial freedom for themselves, at your expense. These financial institutions have armies of people known as, financial planners, persuading consumers two give them their money. Once the consumers give the financial institutions their money they have agreed indirectly to let them take fees and charges from these dollars for as long as they want, or until there’s no money left. In good times the consumers receive some growth on their money, but in bad times their money is eroded away. In all cases the financial institutions take their fees and charges and commissions during growth periods and loss periods.
The financial institutions practice financial freedom for themselves and you are contributing to their financial freedom. If you don’t believe this open the newspaper or do Google search on the wealth that the people at the top of these companies earn. These dollars come from you!
Financial freedom comes from you personally achieving your wants and dreams, not by any financial institution. How do you do this? This is done through a clear understanding of the “Law of Attraction”. Now you’re probably asking what the “Law of Attraction” is. The “Law of Attraction” is a natural law of the universe that allows you to attract what you want and dream about, and the reciprocal receiving of what you put into the universe. In other words if you put out good things good things will come back to you and vice versa.
The “Law of Attraction” must deliver what you think about, into your reality. So many times people live mediocre lives because they do not allow themselves the luxury of thinking, solely about their wants and dreams. If you don’t know what you want, then the universe cannot deliver it to you. You must program your subconscious mind with what it is you’re wanting.
The simple fact about the subconscious mind is that it doesn’t know the difference between imaginary in real it thinks everything you think about is real therefore it must deliver what you think about. The subconscious mind is very powerful and it has the ability to connect with your creator and give you what it is you want without question. It’s like a “genie in a bottle”. It will deliver without question what you tell it to deliver when you want it.
There are many books are written about this subject and a process. This process is as old as time but put down by many people as “new age”. When in reality there is nothing new age about it is very old, with a proven track record of success over the centuries. One of the books that is very popular about how this process works is “Think and Grow Rich” by Napoleon Hill. Napoleon hill learn this information from Andrew Carnegie who at that time was the wealthiest man in the world. He wrote it in his book in the early nineteen hundreds with hundreds of thousands of copies sold to date, in many different languages.
The statistics prove true as to who will actually practice this way of thinking or not. If 10% of the people control 90% of the world’s wealth than this proves that the financial institutions, financial planners or advisers, and many accounts are wrong otherwise the 90% would be in control wouldn’t they? The 10% will always excel and think outside the box, the90% will stay in the box.
If you’re reading this article without a background in the “Law of Attraction” you probably should do a little research into how this law works. One of the best places to learn is by watching “The Secret” which explains the “Law of Attraction” from many different perspectives.
Within our Personal Economic Coach process we guide our clients into building economic models which simulate their economic future, along with building a wants based model of their wants and dreams throughout their life. Through these dual modeling processes clients are able to simulate their financial future, see the mistakes before they are made than correct them. It’s like having a financial crystal ball! After the economic models are built the wants to based model is built simulating their wants and dreams throughout their life.
People Need To Be 'Tax Savvy' With Their Finances
Consumers across the country could be placing unnecessary financial burdens upon themselves and their family by not taking full advantage of the tax breaks available to them, it has been suggested.
According to research carried out by Unbiased, less than three-quarters of new parents (71 per cent) with children eligible for a child trust fund (CTF) have actually taken out such an account. Meanwhile, less than half those who have opened a scheme since 2005 have made full use of their 1,200 pounds funding allowance per year. With this equating to an overall tax waste of 125 million pounds, if Britons were more prudent with their finances, the funds could have been used to service demands on their spending such as utility bills, mortgages and personal loans repayments instead.
Commenting on the figures, David Elms, chief executive of Unbiased, said: “The government introduced child trust funds as a way of helping parents plan for their children’s futures. However, our research has shown that parents are not making the most of this opportunity. Parents don’t have to pay tax on the interest earned on a CTF account and by not using their full funding allowance each year they may potentially be gifting the taxman more money than necessary.”
Mr Elms added that there has been a “steady increase” in the level of tax Britons throw away every year. Overall, he claimed that the country is set to waste some 7.9 billion pounds over the course of 2007 - the highest figure recorded since the company launched its TaxAction campaign 15 years ago. As a result, the chief executive reported that those looking to reduce the level of tax they waste each year, which could help them put more money either into savings or paying off credit card and loans debts, should take the time to visit an independent financial adviser who can help them “to become tax savvy with your finances”.
Research from the company also showed that Britons could save some 463 million pounds by making sure that all self-assessment tax forms are completed correctly and are received ahead of the January 31st deadline. With paperwork received after this date incurring a fee of 100 pounds, making sure that documents are filled out correctly and on time could help consumers avoid being hit with unexpected fees. Findings from Unbiased also showed that optimising payments in company and personal pension schemes, as well as making additional voluntary contributions, could save people up to the tune of 739 million pounds.
If such action is taken, it could well be possible that borrowers will be able to free up more money to service various demands on their spending, for instance mortgage bills and loans, which in turn could see them finish making payments in advance and grant them financial freedom sooner. Earlier this month, the results of a study by the Motley Fool revealed that after meeting various economic goals, such as saving into pension schemes and completing loan and credit card repayments, many Britons are looking to ‘treat’ themselves.
About a third (31.1 per cent) aim to travel after completing their monetary objectives, while one in five look to renovate or redecorate their house, with a competitively-priced loan being one way in which such expenses could be financed.
According to research carried out by Unbiased, less than three-quarters of new parents (71 per cent) with children eligible for a child trust fund (CTF) have actually taken out such an account. Meanwhile, less than half those who have opened a scheme since 2005 have made full use of their 1,200 pounds funding allowance per year. With this equating to an overall tax waste of 125 million pounds, if Britons were more prudent with their finances, the funds could have been used to service demands on their spending such as utility bills, mortgages and personal loans repayments instead.
Commenting on the figures, David Elms, chief executive of Unbiased, said: “The government introduced child trust funds as a way of helping parents plan for their children’s futures. However, our research has shown that parents are not making the most of this opportunity. Parents don’t have to pay tax on the interest earned on a CTF account and by not using their full funding allowance each year they may potentially be gifting the taxman more money than necessary.”
Mr Elms added that there has been a “steady increase” in the level of tax Britons throw away every year. Overall, he claimed that the country is set to waste some 7.9 billion pounds over the course of 2007 - the highest figure recorded since the company launched its TaxAction campaign 15 years ago. As a result, the chief executive reported that those looking to reduce the level of tax they waste each year, which could help them put more money either into savings or paying off credit card and loans debts, should take the time to visit an independent financial adviser who can help them “to become tax savvy with your finances”.
Research from the company also showed that Britons could save some 463 million pounds by making sure that all self-assessment tax forms are completed correctly and are received ahead of the January 31st deadline. With paperwork received after this date incurring a fee of 100 pounds, making sure that documents are filled out correctly and on time could help consumers avoid being hit with unexpected fees. Findings from Unbiased also showed that optimising payments in company and personal pension schemes, as well as making additional voluntary contributions, could save people up to the tune of 739 million pounds.
If such action is taken, it could well be possible that borrowers will be able to free up more money to service various demands on their spending, for instance mortgage bills and loans, which in turn could see them finish making payments in advance and grant them financial freedom sooner. Earlier this month, the results of a study by the Motley Fool revealed that after meeting various economic goals, such as saving into pension schemes and completing loan and credit card repayments, many Britons are looking to ‘treat’ themselves.
About a third (31.1 per cent) aim to travel after completing their monetary objectives, while one in five look to renovate or redecorate their house, with a competitively-priced loan being one way in which such expenses could be financed.
Financial Advice to Avoid Foreclosure
The current foreclosure crisis in America threatens to make many more homeowners helpless victims of the banking industry and of their own mistakes or greed. As a result, large sections of the country will end up in the hands of multinational banks unwilling to sell these homes to potential buyers. Most homeowners will not end up completely homeless, but there will be a lot more renters located in far less geographic space, while the multinational banks end up owning vast portions of the country. The fact that the mortgage companies will be unable to sell these properties and uninterested in renting them out will not matter -- they can add trillions of dollars of real estate holdings to their bottom lines, deduct depreciation every year, or sell the properties for very little in order to make more bad loans. But there are a lot of things homeowners can do to protect themselves from this fate.
There are a number of questions that every homeowner who bought or refinanced a house in the past few years should ask themselves. Did you know you had an ARM that would increase in price, or are you talking about refinancing your loan with a fixed rate that turned out to be too high to begin with? We run into numerous foreclosure victims who are losing their homes because of the simple fact that they did not even know they had an adjustable rate mortgage, and could not afford the rate increase.
What about your emergency fund? Most financial advisers, news commentators, and anyone who has been in a financial bind before knows that it is recommended that you have 3-6 months of income stashed away in an emergency fund (preferably in an interest-bearing savings account, money market account, or other liquid account), just in case you need help paying bills. Did you run out of funds and is this why you are now forced to look for ways to stop foreclosure before you run out of time?
And how about lowering your monthly expenses to the bare minimum? Get rid of the cable TV, air conditioning, keep the heat down to a very low temperature, cancel the cell phone, do not take extra trips with the car, grow your own food (even a little bit helps), etc. All of these are modern luxuries, some which did not exist even as little as 50 or 100 years ago, and human were able to survive for several tens of thousands of years without them. If there is a serious choice between watching 24 or saving your home, then you may want to reconsider owning a home at all.
Could you sell any unnecessary assets, like CDs, DVDs, old books, useless items, or otherwise? A garage sale can bring in a month's worth of mortgage payments or more, depending on how much your payment is, or you can unload some items to keep on top of other bills and keep your credit score just that much higher for an extra month or two. That might be all it takes to find a lender that can refinance the loan out of foreclosure. Many individuals tend to buy useless things that they do not need, then sell or give them away for pennies on the dollar. You can take advantage of other peoples' bargain-shopping instincts and sell items that are not as important as keeping your home out of foreclosure.
Of course, if you would have to go without every convenience and sell everything just to make the mortgage payment, then it makes sense to ask if it is worth saving this particular house. If all of your income would have to go towards just paying the loan, then you may be in a loan that is simply not right for you, and it may make sense to sell and move to a more affordable house, even if it is smaller and in a less-desirable neighborhood. Scaling back, in combination with selling unimportant items and lowering your expenses, can have positive effects on your financial stability far into the future, and will help you stop foreclosure now.
It seems that a lot of homeowners were relying solely on "hope" for things to get better or stay normal. But we all know that life happens sometimes, and a financial crisis will hit at the most unexpected moment. There is no way to plan for some hardships, but there are numerous ways to make them less difficult to get through. Hope alone is a pretty flimsy support, though, and it rarely comes through when it is most needed. But homeowners can take back control of their finances and reevaluate their financial habits as a whole, and protect themselves much better from the greed and bad habits that can be developed in a consumption-oriented society.
There are a number of questions that every homeowner who bought or refinanced a house in the past few years should ask themselves. Did you know you had an ARM that would increase in price, or are you talking about refinancing your loan with a fixed rate that turned out to be too high to begin with? We run into numerous foreclosure victims who are losing their homes because of the simple fact that they did not even know they had an adjustable rate mortgage, and could not afford the rate increase.
What about your emergency fund? Most financial advisers, news commentators, and anyone who has been in a financial bind before knows that it is recommended that you have 3-6 months of income stashed away in an emergency fund (preferably in an interest-bearing savings account, money market account, or other liquid account), just in case you need help paying bills. Did you run out of funds and is this why you are now forced to look for ways to stop foreclosure before you run out of time?
And how about lowering your monthly expenses to the bare minimum? Get rid of the cable TV, air conditioning, keep the heat down to a very low temperature, cancel the cell phone, do not take extra trips with the car, grow your own food (even a little bit helps), etc. All of these are modern luxuries, some which did not exist even as little as 50 or 100 years ago, and human were able to survive for several tens of thousands of years without them. If there is a serious choice between watching 24 or saving your home, then you may want to reconsider owning a home at all.
Could you sell any unnecessary assets, like CDs, DVDs, old books, useless items, or otherwise? A garage sale can bring in a month's worth of mortgage payments or more, depending on how much your payment is, or you can unload some items to keep on top of other bills and keep your credit score just that much higher for an extra month or two. That might be all it takes to find a lender that can refinance the loan out of foreclosure. Many individuals tend to buy useless things that they do not need, then sell or give them away for pennies on the dollar. You can take advantage of other peoples' bargain-shopping instincts and sell items that are not as important as keeping your home out of foreclosure.
Of course, if you would have to go without every convenience and sell everything just to make the mortgage payment, then it makes sense to ask if it is worth saving this particular house. If all of your income would have to go towards just paying the loan, then you may be in a loan that is simply not right for you, and it may make sense to sell and move to a more affordable house, even if it is smaller and in a less-desirable neighborhood. Scaling back, in combination with selling unimportant items and lowering your expenses, can have positive effects on your financial stability far into the future, and will help you stop foreclosure now.
It seems that a lot of homeowners were relying solely on "hope" for things to get better or stay normal. But we all know that life happens sometimes, and a financial crisis will hit at the most unexpected moment. There is no way to plan for some hardships, but there are numerous ways to make them less difficult to get through. Hope alone is a pretty flimsy support, though, and it rarely comes through when it is most needed. But homeowners can take back control of their finances and reevaluate their financial habits as a whole, and protect themselves much better from the greed and bad habits that can be developed in a consumption-oriented society.
Financial Education - Should Banks Set Up Mini Courses?
Banks and financial institutions have a responsibility to people and that is to do what the customer wishes with their money. The idea of having a mini course in financial education is to give customers a realistic look at what happens when money is poorly managed, invested, or spent and what happens when you are stuck trying to figure out what to do with your money. Banks actually offer you a chance to talk to their tellers, but usually a personal banker only gives you so much time to work with. Many customers are coming to this country not knowing the language or anything except the idea of making money so there’s that language issue as well so some institutions depending on who it is will in fact offer small crash courses in financial responsibility and what you should do in terms of how your money is managed.
If they can give crash courses in tax preparation and setting up specific accounts they can give someone who is new to country or even a kid fresh out of high school some lessons in sound financial education where they’ll learn proper management of their money and how much they should take out of their paychecks every week to put into their savings account and even utilizing financial details such as stuff on the internet like Pay Pal when you do business to be able to get your money faster and cut down the expense of having checks mailed out only in certain circumstances that it should be done, but something like running an EBAY business and being able to accept online payments and even credit card payments over a secured network. Someone who can advise you on things financially can explain all that and tell you what to expect and what will come out of the deal.
Some banks will offer the information on their website and usually it will be in a PDF file which will require someone to access a program like Adobe to decipher the size of it to be read, saved and printed out for personal or commercial use. Some financial advisors who work for banks or financial companies will in fact set up mini courses teaching basic or advanced types of financial education whether it’s to educate a regular person or doing it to fulfill certifications to work at banks and financial institutions like Merrill Lynch and Morgan Stanley to perform the task of giving potential and current clients advice on handling their finances and helping them to utilize the most out of the advice that is being given to the person(s). Many people who are giving advice out on finances and can’t answer specific questions then you’ll know they’re not real because a legit advisor wouldn’t give you faulty information that is potentially illegal or not in accordance to federal and state laws. There are governing bodies that handle the certification and licensing of financial advisors to hold them accountable when they give financial education advice to people so that the information they have is what it should be accurate and correct and not just being told to convince someone, but what is considered logic from the mind of a person trained to assist people in handling their money.
At the age of 5 Stefan moved to Germany, then at 12 to Switzerland where he ended up studying International Hospitality Management and received a degree in Executive Restaurant and Hotel Management. After several five star engagements his path has brought him and his wife back to the United States where they recently welcomed their first baby girl to the world. He has since then left Corporate America as well as a substantial paycheck behind and followed his instincts to become a successful Entrepreneur and CEO of his own company.
If they can give crash courses in tax preparation and setting up specific accounts they can give someone who is new to country or even a kid fresh out of high school some lessons in sound financial education where they’ll learn proper management of their money and how much they should take out of their paychecks every week to put into their savings account and even utilizing financial details such as stuff on the internet like Pay Pal when you do business to be able to get your money faster and cut down the expense of having checks mailed out only in certain circumstances that it should be done, but something like running an EBAY business and being able to accept online payments and even credit card payments over a secured network. Someone who can advise you on things financially can explain all that and tell you what to expect and what will come out of the deal.
Some banks will offer the information on their website and usually it will be in a PDF file which will require someone to access a program like Adobe to decipher the size of it to be read, saved and printed out for personal or commercial use. Some financial advisors who work for banks or financial companies will in fact set up mini courses teaching basic or advanced types of financial education whether it’s to educate a regular person or doing it to fulfill certifications to work at banks and financial institutions like Merrill Lynch and Morgan Stanley to perform the task of giving potential and current clients advice on handling their finances and helping them to utilize the most out of the advice that is being given to the person(s). Many people who are giving advice out on finances and can’t answer specific questions then you’ll know they’re not real because a legit advisor wouldn’t give you faulty information that is potentially illegal or not in accordance to federal and state laws. There are governing bodies that handle the certification and licensing of financial advisors to hold them accountable when they give financial education advice to people so that the information they have is what it should be accurate and correct and not just being told to convince someone, but what is considered logic from the mind of a person trained to assist people in handling their money.
At the age of 5 Stefan moved to Germany, then at 12 to Switzerland where he ended up studying International Hospitality Management and received a degree in Executive Restaurant and Hotel Management. After several five star engagements his path has brought him and his wife back to the United States where they recently welcomed their first baby girl to the world. He has since then left Corporate America as well as a substantial paycheck behind and followed his instincts to become a successful Entrepreneur and CEO of his own company.
Personal Finance - Time to Analyze Your Finances
Time to analyze your finances? Start with your net worth, or where you stand financially. To do this, create two columns with your assets on one side and your liabilities on the other.
Assets
Assets consist of anything with economic value, especially that which could be converted to cash such as real estate (the total value of your home), the balances in your savings and money market accounts, the value of all investments combined (stocks, bonds, mutual funds, etc.), 401(k) and IRA accounts, and any ownership interest in a business, if applicable.
Liabilities
Liabilities are debts, such as your outstanding mortgage payment, the total due on all credit cards and loans (car loans, school loans, etc.), the total amount due for property settlements, utility payments, and any amount owed for alimony or child support.
Net Worth
Once your columns are created, the next step is to subtract your liabilities from your assets. If the end result is a negative number, take action and implement a budget to pay off all non-mortgage debt. Consider paying for items in cash instead of using a credit card, try to set some money aside each month in a savings account and establish an emergency fund.
Investing
To build wealth, consider placing the money you set aside each month into a: (1) certificate of deposit (CD) which offers a higher rate over traditional savings accounts yet ties up your money for a period of time, (2) money market account which yields a rate of return similar to a CD with the ability to withdraw funds when needed, or (3) 529 educational savings plan which offers a flexible tax-deferred savings plan to cover educational expenses.
Also, consider saving through retirement options: (1) individual retirement accounts (IRAs) where you can contribute between $4,000 to $5,000 per year depending on age and deduct your contribution from your tax return, or (2) 401(k) retirement plans which are offered by many employers as a way to encourage employees to save for retirement. In a 401(k) plan, companies will often match a certain percentage of employee contributions.
A financial area many people forget to consider is life insurance. According to the Insurance Information Institute, millions of Americans don’t carry any life insurance and, if they do carry life insurance, millions more don't have enough to provide sufficient financial security for their families. Following are options to consider: (1) whole life insurance in which the coverage lasts for an entire lifetime and typically offers a cash value that may accumulate tax-deferred, (2) term life insurance where the coverage lasts a specific period of time and can be more affordable over whole life insurance, and (3) annuities where the insurance company provides guaranteed payments at a specific time which are drawn from funds you have entrusted with the insurance company.
Assets
Assets consist of anything with economic value, especially that which could be converted to cash such as real estate (the total value of your home), the balances in your savings and money market accounts, the value of all investments combined (stocks, bonds, mutual funds, etc.), 401(k) and IRA accounts, and any ownership interest in a business, if applicable.
Liabilities
Liabilities are debts, such as your outstanding mortgage payment, the total due on all credit cards and loans (car loans, school loans, etc.), the total amount due for property settlements, utility payments, and any amount owed for alimony or child support.
Net Worth
Once your columns are created, the next step is to subtract your liabilities from your assets. If the end result is a negative number, take action and implement a budget to pay off all non-mortgage debt. Consider paying for items in cash instead of using a credit card, try to set some money aside each month in a savings account and establish an emergency fund.
Investing
To build wealth, consider placing the money you set aside each month into a: (1) certificate of deposit (CD) which offers a higher rate over traditional savings accounts yet ties up your money for a period of time, (2) money market account which yields a rate of return similar to a CD with the ability to withdraw funds when needed, or (3) 529 educational savings plan which offers a flexible tax-deferred savings plan to cover educational expenses.
Also, consider saving through retirement options: (1) individual retirement accounts (IRAs) where you can contribute between $4,000 to $5,000 per year depending on age and deduct your contribution from your tax return, or (2) 401(k) retirement plans which are offered by many employers as a way to encourage employees to save for retirement. In a 401(k) plan, companies will often match a certain percentage of employee contributions.
A financial area many people forget to consider is life insurance. According to the Insurance Information Institute, millions of Americans don’t carry any life insurance and, if they do carry life insurance, millions more don't have enough to provide sufficient financial security for their families. Following are options to consider: (1) whole life insurance in which the coverage lasts for an entire lifetime and typically offers a cash value that may accumulate tax-deferred, (2) term life insurance where the coverage lasts a specific period of time and can be more affordable over whole life insurance, and (3) annuities where the insurance company provides guaranteed payments at a specific time which are drawn from funds you have entrusted with the insurance company.
Put Extra Money In My Account - Make The Best Use Of Your Money
Most of the people prefer to put extra money in a bank account when they start making money. This is the most prudent thing that you can do with the extra money you have. Putting your extra money into a bank account carries a plethora of advantages. The banks not only provides you an easy and secure way to store your money, but you also get increments in your saved money from time to time in the form of interest.
Actually, when you put extra money in the bank, the money goes to a huge pool of funds provided by the thousands of existing customers of the bank. The bank keeps a portion of this money as deposit and invests the rest of the funds in various financial ventures. This way, whenever you require some money, you can withdraw it from your deposit. Also, when you keep your money for a long time with the bank, the bank also shares a certain part of the profit earned by the investment it made with your money. This part of profit is termed as interest. Most of the banks fix a certain percentage of interest.
Again, when you put extra money in the bank, the interest is charged after a fixed period of time. Some banks prefer to offer interest annually, while other banks credit the amount of interest half-yearly, quarterly, or even monthly. However, this period also depends on the type of the account you own. There are various types of accounts you can choose from, such as checking account, savings account, current account, and fixed deposit account. You should put your extra money in the bank, but at the same time, you should choose your options prudently.
Actually, when you put extra money in the bank, the money goes to a huge pool of funds provided by the thousands of existing customers of the bank. The bank keeps a portion of this money as deposit and invests the rest of the funds in various financial ventures. This way, whenever you require some money, you can withdraw it from your deposit. Also, when you keep your money for a long time with the bank, the bank also shares a certain part of the profit earned by the investment it made with your money. This part of profit is termed as interest. Most of the banks fix a certain percentage of interest.
Again, when you put extra money in the bank, the interest is charged after a fixed period of time. Some banks prefer to offer interest annually, while other banks credit the amount of interest half-yearly, quarterly, or even monthly. However, this period also depends on the type of the account you own. There are various types of accounts you can choose from, such as checking account, savings account, current account, and fixed deposit account. You should put your extra money in the bank, but at the same time, you should choose your options prudently.
Banking Online Games Win Cash
If you have been looking out for information on banking online games win cash, you have reached the right place. Here you will find detailed explanation on all the factors associated with the winning cash through online games and using your online banking to fund your casino account. There are many banks that allow you to fund your casino account through the online banking facility. At the same time, there is also a possibility that your bank has a credit card gambling block. If that is the case, then no matter what you do, your card will not work. Now, the only prudent way is to use the NETELLER as a funding method.
In order to fund your account for Banking online games win cash you must be logged in with your username ID and password. Once you have logged in, click on "Fund Account" on the navigation bar on your left. Choose the amount you wish to fund. In most cases, the Banking online games win cash accept the of the following methods to fund your account.
* Credit Card
* Neteller
* Western Union
* Pre-Paid ATM
* Citadel
The Banking online games win cash also allows you to always have access to the CASH funds in your account. You can also request a withdrawal at anytime for the cash balance in your account. At the same time, if enough is enough and you want to finish your account, in most cases, you will be subject to the Minimum payout requirement.
In order to fund your account for Banking online games win cash you must be logged in with your username ID and password. Once you have logged in, click on "Fund Account" on the navigation bar on your left. Choose the amount you wish to fund. In most cases, the Banking online games win cash accept the of the following methods to fund your account.
* Credit Card
* Neteller
* Western Union
* Pre-Paid ATM
* Citadel
The Banking online games win cash also allows you to always have access to the CASH funds in your account. You can also request a withdrawal at anytime for the cash balance in your account. At the same time, if enough is enough and you want to finish your account, in most cases, you will be subject to the Minimum payout requirement.
Creating a Budget - Step-by-Step Guide to Managing Money
It is not as complicated as it sounds nor is it as dreadful. I know the thoughts are running through your head right now of not being able to have fun or having the enjoyment of purchasing clothes, eating out, or participating in exciting activities. However, this couldn’t be farther from the truth. Establishing a budget not only allows you to see what you are spending your hard earned money on, but it also allows you to set aside money each month so that you can enjoy your leisure activities.
What Are You Spending Money On?
It is necessary to write down your spending habits for at least one month. Consistently recording your purchases and bill payments will allow you to see exactly how much money you spend on various expenditures. Daily, jot down how much you spent on food, gas, books, etc… Carry a binder or notebook with you so you can conveniently jot down the amount spent before you forget. Keeping a log will dramatically open your eyes to the amount of money you are spending on a daily basis and will allow you to adjust your budget accordingly.
Create Categories
Create a list of categories that you can organize your expenditures in. For example, you decided to eat lunch at Panera Bread and you spent $10.00. Create a Restaurant category and place this amount under that particular category. Not only will you be able to track your expenses, but you will be able to quickly see where you are spending the most of your money. You may also use a computer finance software program to keep track of your expenditures, whichever works best for you. Write down as many categories as you can think of. You may have 10 categories or you may have over 20, it all depends on your lifestyle.
See Your Results
At the end of the month, tally the results of your log. Pay attention to where you have spent the most money and where you spend the least. Having kept this log should dramatically open your eyes to see exactly where your money has been going during a month’s time. You may be shocked to see that you spent $15 in late charges for overdue books at the library or you noticed that you spend a large amount on fast food. Take some time and sit down and look at ways you can cut back in certain categories or eliminate all together.
What Are You Spending Money On?
It is necessary to write down your spending habits for at least one month. Consistently recording your purchases and bill payments will allow you to see exactly how much money you spend on various expenditures. Daily, jot down how much you spent on food, gas, books, etc… Carry a binder or notebook with you so you can conveniently jot down the amount spent before you forget. Keeping a log will dramatically open your eyes to the amount of money you are spending on a daily basis and will allow you to adjust your budget accordingly.
Create Categories
Create a list of categories that you can organize your expenditures in. For example, you decided to eat lunch at Panera Bread and you spent $10.00. Create a Restaurant category and place this amount under that particular category. Not only will you be able to track your expenses, but you will be able to quickly see where you are spending the most of your money. You may also use a computer finance software program to keep track of your expenditures, whichever works best for you. Write down as many categories as you can think of. You may have 10 categories or you may have over 20, it all depends on your lifestyle.
See Your Results
At the end of the month, tally the results of your log. Pay attention to where you have spent the most money and where you spend the least. Having kept this log should dramatically open your eyes to see exactly where your money has been going during a month’s time. You may be shocked to see that you spent $15 in late charges for overdue books at the library or you noticed that you spend a large amount on fast food. Take some time and sit down and look at ways you can cut back in certain categories or eliminate all together.
Personal Financial Management Using Free Tools - Part I
Have the financial gurus scared you out of managing your money? Is it because they want you to pay them to manage your money for you? You can manage your own finances. Just follow these 3 steps in this 3-part series:
1. Where are you now? Track your spending -- everything for a year. Put it all in a summary; I'll show you how. If you are like most people you are living paycheck to paycheck and have no idea where your money is going.
2. Where do you want to be? How much do you need to have set aside in 5, 10, 25 years, or when you retire? You need to consider life expectancy, inflation, rate of return, and yearly living costs during retirement. Just follow my hypothetical example using free software.
3. How will you get there? How much do you need to save each year in order to accumulate the total necessary? Consider the number of working years left until retirement, inflation, and your expected rate of return.
You won't need to buy any personal finance software or special Excel solutions. I use a free application called OpenOffice Calc; it's a little slower than Excel, but it can do just about everything that Excel can -- and did I mention that it's free? Just search "OpenOffice" and get your free download.
Let's get started. How are you at record-keeping? If you have your checkbook, bank statements, and credit card statements available, you can go through them month by month for the past year and fill in the table below. If, like most people, you have not held on to your records then just fill in the table for each month going forward.
This exercise is very important because:
It will help you answer the critical first question: "Where are you now?"
You will get a bird's eye view of your finances over an extended period.
You will be able to compare yourself with the average.
You will be able to spot where your money is leaking.
Create a table with the following:
Expense JAN FEB MAR ... DEC TOTAL TOTAL% AVG%
Gross income (Average 100%)
Income taxes (Average 22%)
Shelter (Average 19%)
Transportation (Average 13%)
Food (Average 11%)
Recreation (Average 6%)
Household (Average 8%)
Clothing (Average 4%)
Gifts (Average 3%
Other (Average 14%)
This is a simple 10 line spreadsheet to get you started. You may want to expand on it as you go and break the broad categories down. E.g. "Shelter" can be broken down into: Rent/Mortgage, Utilities, Property taxes, Repair/Maintenance, etc. The last category "Other" deserves special attention. Since this category includes, on average, 14% of our expenses, you will definitely want to break this down into line items which make sense to you and provide useful information to you. Some possibilities: health, personal, tobacco, alcohol, lotto tickets, education, books/magazines, etc. Remember, your goal is to find out where your money is going, summarize, and compare your situation with the average.
1. Where are you now? Track your spending -- everything for a year. Put it all in a summary; I'll show you how. If you are like most people you are living paycheck to paycheck and have no idea where your money is going.
2. Where do you want to be? How much do you need to have set aside in 5, 10, 25 years, or when you retire? You need to consider life expectancy, inflation, rate of return, and yearly living costs during retirement. Just follow my hypothetical example using free software.
3. How will you get there? How much do you need to save each year in order to accumulate the total necessary? Consider the number of working years left until retirement, inflation, and your expected rate of return.
You won't need to buy any personal finance software or special Excel solutions. I use a free application called OpenOffice Calc; it's a little slower than Excel, but it can do just about everything that Excel can -- and did I mention that it's free? Just search "OpenOffice" and get your free download.
Let's get started. How are you at record-keeping? If you have your checkbook, bank statements, and credit card statements available, you can go through them month by month for the past year and fill in the table below. If, like most people, you have not held on to your records then just fill in the table for each month going forward.
This exercise is very important because:
It will help you answer the critical first question: "Where are you now?"
You will get a bird's eye view of your finances over an extended period.
You will be able to compare yourself with the average.
You will be able to spot where your money is leaking.
Create a table with the following:
Expense JAN FEB MAR ... DEC TOTAL TOTAL% AVG%
Gross income (Average 100%)
Income taxes (Average 22%)
Shelter (Average 19%)
Transportation (Average 13%)
Food (Average 11%)
Recreation (Average 6%)
Household (Average 8%)
Clothing (Average 4%)
Gifts (Average 3%
Other (Average 14%)
This is a simple 10 line spreadsheet to get you started. You may want to expand on it as you go and break the broad categories down. E.g. "Shelter" can be broken down into: Rent/Mortgage, Utilities, Property taxes, Repair/Maintenance, etc. The last category "Other" deserves special attention. Since this category includes, on average, 14% of our expenses, you will definitely want to break this down into line items which make sense to you and provide useful information to you. Some possibilities: health, personal, tobacco, alcohol, lotto tickets, education, books/magazines, etc. Remember, your goal is to find out where your money is going, summarize, and compare your situation with the average.
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