July 3rd, 2009
Managing your money wisely in 4 steps.
One of the hardest things for many people to accomplish is managing money wisely. We may all know the basics, and understand that spending too much is a good way to get on the road to financial ruin. However, when push comes to shove, we end up making mistakes that may take years to undo. If you’re serious about managing money wisely, there are a few tips that you can implement today that will help you reduce the mistakes you make and help you take better advantage of your successes.
1. Always weigh the consequences.
Impulse buying that cannot be controlled is a sure recipe for disaster. If you are trying to start managing money wisely, the first step to take is to make sure that you weigh the consequences before making any purchase, big or small. When you start to consider the consequences of a frivolous purchase, resisting the urge to buy it will be a lot easier. For example, let’s say that you have had your eye on an LCD television that costs $6000. Once you spend that money, it’s gone, since your television will never earn any more for you. What could you do if you invested that $6000 instead?
2. Set yourself up for success.
Many people fail at managing money wisely simply because they make it too hard to succeed. Whether it is a strict budget that can’t possibly be kept, or constant spending that can’t be controlled, if you are not setting yourself up for success, you may have a hard time getting there, especially at first. Try setting a budget that you can easily keep. Once you have this down and you’ve gotten into a routine you can start saving more money. By making changes gradually, you can ease into managing your money more effectively and it will be easier to get there.
3. Set goals.
Setting financial goals is a vital component of managing money wisely. When you are working towards something, sticking to a budget or waiting to make a big purchase are a lot easier. Try to set financial goals for this year, five years and then further into the future. Create milestones along the way of what you would like to achieve and then keep these goals in a prominent place. They will help you stay focused and motivated to keep managing money wisely.
4. Pick yourself back up if you fall.
We’re not perfect and even the best of us do make money mistakes from time to time. The key is getting right back up and trying again. Anyone can keep a budget, and anyone can learn to create more opportunities for income. The key is staying motivated, and avoiding having discouragement keep you from managing money wisely.
These are four easy steps that you can start using right now in order to start managing money wisely. Don’t wait to formulate a plan for your financial future. The best time to start preparing for tomorrow is today.
Photo Credits: 1
Originally posted 2008-11-03 15:40:29. Republished by Old Post Promoter
Related Articles -
Setting Goals for Good Personal Finance [caption id="attachment_504" align="alignleft" width="240" caption="What are your goals?"][/caption] Setting goals is an important part of your personal finance plan. Goals can be divided into four unique categories that are relatively general in nature. These categories are short term goals, intermediate term goals, long term goals and life goals. Short Term...... -
7 Budgeting Examples [caption id="attachment_410" align="alignleft" width="240" caption="Remember to budget for travel, holidays, birthdays, and more as you find necessary."][/caption] When it comes to budgeting examples, one of the best things that you can do is to look at a successful budget and draw from it to establish your own. Everyone has a...... -
Teens Saving Money [caption id="attachment_114" align="alignleft" width="240" caption="Help your teen build strong money management skills."][/caption] One of the best ways to build a strong financial foundation in teens is by starting a savings plan early on. Over the past few years, there have been more teens saving money and the results are clear....... -
Breaking Down Budgeting A personal budget is simply a spending plan. Before you work on personal budget planning you need to have a good idea of where and how your money is being spent. It can be a tedious process, but it can also be a true eye opener if you are not...... -
3 Tips for Teen Investing Parents like to complain that their teenage children do not listen to them. However, when it comes to matters dealing with money, the opposite is actually often true. Teenagers often welcome the advice that their parents have to give regarding finances, money management and investments. In the past few years,......
Related Sites -
Learning Basic Money Management Skills Whether economics is your idea of a great way to fight insomnia, or you just didn’t get the benefit of learning about money management early on, it is never to late to learn the basic skills of proper money management. We highly recommend taking a brief course on finance if...... - It's time for some 2008 financial goals I have financial goals coming out my ears, but I figured now was a good time to gather them all in one place and give them the once-over. Some of these goals are steps toward a greater goal. I find it more useful to focus on the smaller steps, so......
-
Ask the M-Network: Money Management and a New Career Last week, the M-Network announced a new feature - "Ask the M-Network." We take questions submitted by readers and several members of our group will answer them. The first question I received was from a reader named "Alex." He is just starting out on his career and wants more information...... -
Mr. and Mrs. Micah find out their Net Worth. And Mrs. Micah doesn’t faint, but sets a financial goal. Today, Mr. Micah and I sat down to determine our net worth, using NetworthIQ. Here's a link to our profile: http://www.networthiq.com/people/MrsMicah. I'm also going to be adding a widget to the blog which reflects our current state. Officially, we're at -$114,632. I feel a lot better, now that we...... -
Money Management and Budgeting are Vital for Avoiding Financial Disasters Anyone who is worried or stressed out about their finances right now has probably had concern over whether or not their budgeting and money management tactics are working. It is important that you learn how to develop good skills for money management in this day and age, otherwise you will......
Tags: consequences, disaster, financial goals, financial ruin, futu, hard time, impulse buying, lcd television, managing money, managing your money, resisting the urge, set goals, setting a budget, sticking to a budget, strict budget, successes, vital component
Posted in Managing Money Wisely, Money, Overspending, Personal Budget Planning, Personal Finance | No Comments »
July 2nd, 2009
Financial State of the Economy
Good morning and welcome to the Dia de Los Muertos edition of Loanio’s roundup. Dia de Los Muertos is a holiday celebration that takes place primarily in Mexico and celebrates the dead. It goes by Day of the Dead in English and correspondingly it matches the Catholic holidays of All Saints Day and All Souls Day. Below you will find links in easy to manage categories on the following topics: the economy, small business, p2p lending, and Loanio. See what people are saying and have a great day.
The Economy:
Small Business:
Peer-to-Peer Lending:
Loanio in the News:
Photo Credit: 1
Originally posted 2008-11-02 05:24:16. Republished by Old Post Promoter
Related Articles -
Should You Be Worried About the Economy? [caption id="attachment_74" align="alignleft" width="240" caption="If you are worried about gas, try carpooling."][/caption] If you follow the news, chances are the state of the economy may have you a little concerned. Bad news is rampant, the housing market is shaky and doom appears to be around every corner. While there are...... -
8 Tips for College Student Budgets [caption id="attachment_276" align="alignleft" width="240" caption="#4 Pace Yourself"][/caption] Below are eight tips for college students about money and finances. 1. Track your Expenses If you track your spending for a few weeks, you will be better able to figure out where your money is going. Are you spending an exorbitant amount...... -
How to Fix a Mistake On Your Credit Report [caption id="attachment_48" align="alignleft" width="240" caption="Know your credit!"][/caption] We all make mistakes, but when it comes to your credit report, a simple or small error can have a big impact. In fact, one small error is more than enough to drag down your FICO score and could even prevent you from...... -
4 Ways To Get Out of Debt [caption id="attachment_8" align="alignleft" width="240" caption="Earn some extra money - hold a yard sale."][/caption] For thousands of people, the specter of debt is an all too real problem that affects not only their financial life, but the rest of their lives as well. However, there are steps that can be taken...... -
Teach Teens to Save Money [caption id="attachment_314" align="alignleft" width="180" caption="Teach your teen about money."][/caption] One of the biggest reasons why having a teenage child can be difficult is because teenagers tend to spend money easily and freely without any real regard for what goes into earning that money in the first place. Teenagers tend to......
Related Sites - What is Peer to Peer Lending? Peer to Peer Lending, or P2P lending, is lending that takes place between individuals, and bypasses the traditional role of borrowing money from a bank or lending money to a bank in the form of CDs or deposits. Why do this? Simple - because there is a lot of money......
-
Where Do Small Businesses Go Now? Credit and money are still in really tight places, and this is absolutely no secret. What is unknown in the current economy is what small businesses should do and where they should go now. Many small businesses are finding themselves struggling and even drowning in an attempt to overcome the...... - Sunday Money Madness: Ghosts, Spirits, Haunts, and Souls Lots of holidays and celebrations this weekend. Halloween on the 3st. All Saints Day on the first of November. All Souls Day on the second. Dia de los Muertos covering the whole weekend for many, also known as the Day of the Dead which was yesterday specifically. Samhain for the......
- Where To Find Small Business Loans With the economic crisis in full bloom, it's increasingly difficult for small business owners to find capital needed to keep their business going. Cutting costs can only improve cash flow to an extent; eventually borrowing becomes inevitable without top line improvement. Unfortunately, traditional business lenders are tightening up their lending......
- Get Your Lending Club Loan Documentation Early For a Few Days of Free Money I was reading about LendingClub loans (I forget where, sorry) and I came across the following statement from Lending Club made to a lender on LC. Our loans expire two weeks after posting. This expiration date is the borrowers actual payment date, however some loans will fund early. Here is......
Tags: all saints day, catholic holidays, day of the dead, de los muertos, dia de los muertos, economist, economy, finance, holiday celebration, mexico, roundup, Small Business, smart money, story id
Posted in Banking, Loanio, Peer Lending, Small Business, Stock Market, Taxes | No Comments »
July 1st, 2009
Help your teen build strong money management skills.
One of the best ways to build a strong financial foundation in teens is by starting a savings plan early on. Over the past few years, there have been more teens saving money and the results are clear. When you take the time to teach good financial practices to your children, these skills will carry them through life, helping them to build up a nest egg that they can rely on in the future. If you want to start your kids down this financial path, here are a few tips on how to get your teens saving money now.
1. Set up a reward system.
At first, before the benefits start to kick in, your child may need some extra incentive to start saving money. Try setting up either a reward once they reach a certain dollar amount, or you may even want to offer to match their savings, dollar by dollar. This is a great way to get your teens saving money and offers them some real incentive, as well as hard evidence, that saving is very beneficial. Even if you only add a few dollars to their account at a time, this extra money will help them get motivated and stay focused.
2. Start discussing sound financial principles with your child.
Once you’ve got your teens saving money, it’s a great time to start talking about setting financial goals, and working on the follow through. For example, you can ask your child to set a goal as to what they would like to be able to buy, that they cannot afford right now. This helps them see the value of the hard work they are putting in towards saving for that item and once again, will keep them motivated. However, it is important that they understand that spending all that they have saved up isn’t the best solution and that they should have long term goals, as well as short term goals.
3. Take them to the next level.
Once you have your teens saving money and they are learning more about goal setting, you can take their lessons to the next level by incorporating information about setting up more than one stream of income. Help them to set up a portfolio, use a p2p lending service like Loanio to lend money, or open a high yield savings account for them so that they can start to watch their money grow. This is also a good time to start talking about investments with your teen, even if they can’t quite make their own just yet.
4. Get them interested in continuing education.
One of the best ways to get your teens saving money is by teaching them how the stock market works and how they can add to their savings account easily. There are numerous online sites that will provide users with free example “money” that can be used to invest in theoretical stocks. This is a great training method that has no risk, but can be incredibly useful in teaching lessons about stocks. You may even want to take part in these yourself and set up a competition to see who can make the best theoretical picks.
Photo Credits: 1
Originally posted 2008-10-31 04:55:15. Republished by Old Post Promoter
Related Articles - 3 Tips for Teen Investing Parents like to complain that their teenage children do not listen to them. However, when it comes to matters dealing with money, the opposite is actually often true. Teenagers often welcome the advice that their parents have to give regarding finances, money management and investments. In the past few years,......
-
4 Tips for College Students Budgets [caption id="attachment_468" align="alignleft" width="240" caption="Study and Save Money"][/caption] If you are a college student, then your primary focus is probably set on your studies and trying to maintain your education so that you will be benefited in the future. Unfortunately, one of the things that you may not be putting...... -
Personal Budget Planning [caption id="attachment_232" align="alignleft" width="180" caption="Add budgeting to your personal finance repertoire."][/caption] The key to your financial success in life is your own personal money management skills. Your personal money management practices make up your own personal method of reaching both your goals and your dreams. No one likes the idea...... -
Child Savings and Investment [caption id="attachment_299" align="alignleft" width="160" caption="Children cost money - are you ready?"][/caption] Having children is not a cheap proposition these days, especially when you consider long term costs. The older your children become, the more they are going to end up costing in the long run. High education prices, for example,...... -
Defining Your Budget and Crafting Your Financial Future A budget or spending plan is a specific money management tool that is designed to put you in control of your spending, keeping you out of credit trouble and other financial trouble. Your budget is vital because it is your personal plan for spending the income that you have, making......
Related Sites -
How To Save Money - The 1,001 List Of Money Saving Tips And Ideas One of the quickest ways to improve your finances is to reduce your expenses and find more ways to save money. This article is a compilation of various money saving articles that have been published over the years. A few tips are also highlighted from each article. Make sure you...... -
20 Ways to Convince Someone to Save More Money Financial planners and personal finance advocates would likely agree that winning the "Why should I save money?" argument is one of their most difficult challenges to overcome. Being a student of psychology and behavioral economics, I generally try to tap some sort of emotional or behavioral trigger in someone when discussing...... -
5 Credit Cards That Will Save You Money On Holiday Purchases This article comes from DR at The Dough Roller, a blog about money management. With the holiday buying frenzy in full progress, there is no better time than the present for some money saving strategies. One of them is simple, easy, and free--using the right credit card to make holiday...... - Weekly Roundup - 12 Days of Christmas Edition Hello, everyone. Christmas is just around the corner. It's snowing outside (we might get 6 inches today, followed by some more tomorrow!), the tree is up, and most of my Christmas shopping is done. I love Amazon this time of year! In the continuing spirit of Christmas, several personal finance......
- Money Management and Money Saving Tips Every quarter ING Direct sends out a quarterly newsletter with money saving tips and and additional tips on money management. Here are a few of the tips from this quarter's newsletter, with a few additional comments and links to help you better manage your money. Oh, and if you aren't......
Tags: best solution, extra money, financial foundation, financial goals, financial path, financial practices, financial principles, great time, hard evidence, high yield savings, long term goals, nest egg, next level, reward system, saving money, short term goals, Stock Market
Posted in Managing Money Wisely, Money, Personal Finance, Smart Money Ideas, Stock Market, Teens Saving Money, Teens and Money | No Comments »
June 30th, 2009
Is online banking for you?
Online banking has become incredibly popular and it is very useful. For those that rely on online banking, there is an accepted risk that goes with exposing your financial information online, but before you jump in, it is a good idea to do a little checking to make sure that your online bank is indeed safe for your to use. Don’t wait to find out until your accounts are cleared out. By running your online bank through this checklist, you should be able to decide whether or not their online portal is what you should be using.
First, it is necessary to make sure that your log in page and your account page are hidden behind a secure certificate. These are known as SSL certificates and they provide encryption that will block hackers from attaching your funds by getting your log in information. In addition to this precaution, if you are using an online bank it is very important to run your own firewall and antivirus protection software.
A good hacker can place a keylogging program on your computer, and you’ll be practically giving them your log in information without even realizing it. Keep all of your passwords off of your computer and store them in a safe place. Make note of your log in urls as well to ensure that if something does happen, you can quickly take care of the issue.
It is also a good idea to read through the terms of service and privacy policy for any online banking site. These agreements contain very important information and even though they are about as interesting as dried toast, you need to take the time to carefully read it to see how they will be handling and securing your data. If you don’t understand anything, don’t be afraid to ask the bank for clarification.
You should also take the time to test out an online account before you transfer a large amount of money into it. Give it a few weeks to see how the dust settles and whether or not you will feel safe putting your money in that institution. By depositing only a small amount of money at first, you are minimizing your overall risk and getting a better idea of how the bank operates day to day.
If at any time you question the security of your online bank account, report it immediately. Most banks do offer fraud protection now, but in many cases, you’ll be the one that catches it. Always review your statements carefully to see if any unauthorized access has been gained.
By taking a few simple steps early on you can easily set up an online bank account that will be useful and easy to understand. Never rush in with an online bank and take the time to run them through the better business bureau before you proceed. The time you spend on due diligence now will definitely come in handy should anything go wrong.
Photo Credits: 1
Originally posted 2008-10-30 04:55:35. Republished by Old Post Promoter
Related Articles - Teach Teens to Save Money [caption id="attachment_314" align="alignleft" width="180" caption="Teach your teen about money."][/caption] One of the biggest reasons why having a teenage child can be difficult is because teenagers tend to spend money easily and freely without any real regard for what goes into earning that money in the first place. Teenagers tend to......
-
3 Types of Safe Investments [caption id="attachment_432" align="alignleft" width="240" caption="3 safe investment ideas."][/caption] Given the shaky financial markets across the world today and the extreme ups and downs that are being seen from one day to the next in the US market, you might be wondering what are safe investments, and how can I be...... -
401k Planning Most people have questions when it comes to 401k planning and retirement. These people often wonder what 401k planning is, how 401k planning works, and how a dwindling balance can be revived. 401k plans can be complex, but they can also be quite easy to understand with a little bit...... -
What Are Safe Investments? [caption id="attachment_121" align="alignleft" width="160" caption="Safe investments are the safety net of your personal finances."][/caption] If you are trying to accumulate wealth, set aside money for the future or you would just like to have a few more streams of income coming in, investments are usually the first thing people turn...... -
Teach Your Teen About Saving Money One of the biggest reasons why having a teenage child can be difficult is because teenagers tend to spend money easily and freely without any real regard for what goes into earning that money in the first place. Teenagers tend to spend a great deal of money on clothes, shoes,......
Related Sites -
Will Democracy Prevail? Due to massive losses, uncertainty, and loss of confidence, credit markets have seized up and it is becoming more difficult for banks to borrow from each other. Congress is working on putting together a purported $700 billion bailout package to assist firms that are in danger of collapse because they...... -
Why Buy an Acoustic Guitar Over an Electric Guitar? There are a number of reasons to choose an acoustic guitar over electric. Acoustic guitars are easier to play for beginners and can be played almost anywhere. Electric guitars are obviously limited to areas with an electrical outlet to plug in the amplifier. Also, acoustic guitars are generally less expensive...... - Getting Noticed with Article Submission If you have an online business and you want more customers, we suggest you consider article submission. The benefits, regardless of the size or type of website are incredible. You obviously want to do what it takes to grow the business, which is where free article submissions come into play....
- Online Bank Comparisons: HSBC This is the second in a three part series comparing the online banks I've used. The first part was on ING and the third review, of SmartyPig, is coming on Thursday. This post has been edited to provide the current interest rates for the listed companies. They are correct as......
- Online Bank Comparisons: ING This is the first in a series of three blogs comparing the online banks I use regularly. The second post (about HSBC) will be up Wednesday and the third (covering SmartyPig) will appear on Thursday. This post has been edited to provide the current interest rates for the listed companies.......
Tags: amount of money, antivirus, clarification, encryption, financial information, firewall, hacker, hackers, important information, online bank account, Online Banking, passwords, precaution, privacy policy, protection software, risk, safe place, securing your data, ssl certificates, urls
Posted in Money, Online Banking, Personal Finance | No Comments »
June 27th, 2009
If you are worried about gas, try carpooling.
If you follow the news, chances are the state of the economy may have you a little concerned. Bad news is rampant, the housing market is shaky and doom appears to be around every corner. While there are some definite problems with the economy right now, that doesn’t necessarily mean that you need to start panicking. Smart money management is always important, but if you find that you are overly worried about the state of the economy, there are a few steps that you can take to shore up your financial defenses and stop worrying.
The first step is to take a hard look at your mortgage payments, car payments and any other loans that you may have. If they are calculated under a variable rate, now is the time to start allocating a little extra each month to ensure that you have enough to keep up with the payments. If your mortgage payment looks like it is going to be too high, act quickly by negotiating with your bank for either a payment deferment or even a refinance. No one wins in a foreclosure situation and most banks will be willing to work something out with you.
The second step is to think about consolidating your credit card bills if necessary. If you are paying on multiple cards that all have high interest rates, you could be wasting a lot of money each month. Take advantage of a low or no interest card that will allow you to transfer those high balances into one. Just make sure you read the fine print to see how long the interest rate will remain low. Or use Loanio to receive a loan from lenders, this is easy and painless to do. This not only helps you save money on high interest fees, but you can also save time by paying only one bill every month.
Next, you can take a look at what you’re spending and how rising prices are affecting you. For example, the cost of gas right now has many people worried. You may find that you’re spending more to get to work than you may make for the day, or the ratio may have changed dramatically. If this is the case, consider setting up a carpool with other workers to save money, or you may even be able to arrange to telecommute. There are many ways that you can reduce your monthly expenses and free up more money to handle the rising cost of necessities.
This is also a good time to think about setting up an emergency fund. This is a very beneficial type of savings account that can tide you over if you run short during the month, or if you end up with a personal crisis on your hands. When you have the security of a savings account, emergency fund or other means of income, you’ll be in a much better position to weather any economic storm.
While the economy has been better, there is certainly no need to start panicking right now. Simply follow smart money practices, and you’ll be in a position where you can withstand whatever comes.
Photo Credits: 1
Originally posted 2008-10-28 20:01:41. Republished by Old Post Promoter
Related Articles - Teens Saving Money [caption id="attachment_114" align="alignleft" width="240" caption="Help your teen build strong money management skills."][/caption] One of the best ways to build a strong financial foundation in teens is by starting a savings plan early on. Over the past few years, there have been more teens saving money and the results are clear.......
-
The Best Small Investments [caption id="attachment_272" align="alignleft" width="240" caption="Investing even $20 makes a big difference."][/caption] Wall Street's recent cataclysmic events are still unfolding and the entire planet is feeling their aftershocks. For this reason, interest in what is going on in the stock market is rising quickly, even for those who do not normally...... - Breaking Down Budgeting A personal budget is simply a spending plan. Before you work on personal budget planning you need to have a good idea of where and how your money is being spent. It can be a tedious process, but it can also be a true eye opener if you are not......
-
How Do Savings Bonds Work? Is My Money Safe if I Purchase Them? [caption id="attachment_424" align="alignleft" width="240" caption="B is for Bond."][/caption] These are questions most people ask when they consider buying savings bonds. Yes, your investment in savings bonds is one of the most safe investments you can make. You're purchasing the bond and giving the government cash, which they pay you interest...... -
How to Put Together an Emergency Fund [caption id="attachment_53" align="alignleft" width="230" caption="Have an emergency fund."][/caption] If you are concerned about the state of your finances, your job or if you would just like to have a safety net that will be there to catch you if something goes wrong, an emergency fund is a very powerful tool......
Related Sites - Universal Healthcare Week: Day 4, What I Need to Know Day 4 and 5 of Universal Healthcare Week will consist of The Weakonomist’s views on the system. As a concerned citizen, I want to address representatives on both sides. The Weakonomist wants to give each side a chance to defend itself. Let’s pretend I’m in a room with a......
- The Emergency Fund Rule of Thumb Most financial experts advise that you should have 3-6 months worth of living expenses saved for emergencies. This emergency fund is meant to help you avoid financial distress -- i.e., liquidating your investments in an untimely manner or going into debt in order to meet emergency needs. Since preservation of......
- A bolstered emergency fund isn't a bad idea Guru Suze Orman has gotten flak from Liz Pulliam Weston about her recent about-face on paying down credit card debt. From Ms. Orman: If you have an unpaid credit card balance and not much saved up in emergency savings I need you to listen up. My advice has changed. I......
- Should You Prepay Your Mortgage In This Economy? I wrote about Dave Ramsey’s Baby Step 6: Pay Off Home Early about a year ago, and I'd like to revisit the question of "Should you pay off your mortgage early?" in light of today's economic crisis. In the Dave Ramsey article, I examined both the advantages and disadvantages of......
- Reader's Question: Financial Priorities And A Windfall Last Friday, I received a question from one of my readers. He asked that I respond publicly so that others may pitch in with their opinions. However, I took it a step further and passed his question to a few blogger friends and I've included their answers here as well.......
Tags: bad news, banks, car payments, cards, carpool, credit card bills, economy, emergency fund, foreclosure, gas prices, high interest rates, housing market, interest card, interest rate, loans, money management, mortgage payment, mortgage payments, smart money, variable rate
Posted in Credit Cards, Emergency Fund, Managing Money Wisely, Money, Mortgage, Personal Finance | No Comments »
June 25th, 2009
The Economy, Small Business, Loans, and P2P Lending
Welcome to the fourth edition of Loanio’s roundup. There’s more on the peer to peer lending industry in this post with several links for small business entrepreneurs to check out as well. Browse through and make sure you’re up to date on all the financial information. Might want to grab a coffee first.
We hope the remainder of your weekend is great!
The Economy:
Small Business:
Peer-to-Peer Lending:
Loanio in the News:
Photo Credit: 1
Originally posted 2008-10-26 05:40:29. Republished by Old Post Promoter
Related Articles -
Searching for a Legitimate High Yield Investment? [caption id="attachment_436" align="alignleft" width="240" caption="Flying high on investments? Avoid scams!"][/caption] If you're just getting started with investing, you're probably searching high and low for a legitimate high yield investment to sink some money into and make lots of profits. Everyone wants to find those high yield investments so they can...... - How to Fix a Mistake On Your Credit Report [caption id="attachment_48" align="alignleft" width="240" caption="Know your credit!"][/caption] We all make mistakes, but when it comes to your credit report, a simple or small error can have a big impact. In fact, one small error is more than enough to drag down your FICO score and could even prevent you from......
-
Loanio Roundup - Congratulations President-Elect Obama [caption id="attachment_361" align="alignleft" width="179" caption="President-Elect Obama"][/caption] Loanio extends its congratulations to President-Elect Obama for running an excellent campaign. This week's edition of Loanio's roundup takes a look at the election and what it means for the economy. What are your thoughts to the issues? We've also included several links for...... - Breaking Down Budgeting A personal budget is simply a spending plan. Before you work on personal budget planning you need to have a good idea of where and how your money is being spent. It can be a tedious process, but it can also be a true eye opener if you are not......
-
Loanio Roundup - P2P Lending and More [caption id="attachment_447" align="alignright" width="240" caption="What investments are you making?"][/caption] Good morning readers and welcome to another edition of Loanio's weekly roundup. Below you'll find several great articles under the categories of small business, the economy, p2p lending, and investing. We hope you find them helpful and interesting. The Economy: Smart......
Related Sites - Automatic Prosper I have heard many people say that Using Prosper takes too much time -- too much time to find listings; too much time to place bids; too much time to monitor and rebid as needed... I don't think this is true... There are 2 Prosper features that when used in......
- My Second Lending Club Late My second lending club late has infected my account. It was a small loan to a super clean borrower... These loan are not the one that typically go late. I have high hopes that it will cure... Chech out these stats. FICO Range: 714+ Earliest Credit Line 11/2000 Open Credit......
-
Blogging Advice for Small Business Are you a small business owner, and looking to generate more business through an online internet presence? If you have been considering putting together a blog for your business, the blogging advice detailed below is intended especially for you. Q: What should I be writing blog entries about? A: This...... -
0% APR Balance Transfer Credit Card Offers Are Back! It has been a while since I get a 0% APR balance transfer credit card offers in the mail -- actually, any kind of credit card offers period. Perhaps this is a sign that the financial sector is recovering, or at least, the credit market is freeing up a bit....... -
Money Hacks Carnival #64 - As American As Apple Pie Welcome to the 64th edition of the Money Hacks Carnival! Thanks for stopping by! If you would like the chance of winning a $10 gift card to Global Giving, please follow the directions at that link. I am real excited to give one out, and hope you are excited about the possibility of...
Tags: credit crisis, credit crunch, economy, international herald tribune, new york times, p2p lending, peer to peer lending, Small Business, wall street journal
Posted in Banking, Loanio, Money, Peer Lending, Personal Finance, Small Business, Stock Market | No Comments »
June 24th, 2009
Should you lease a car?
With the current state of the economy and rising interest rates, many are considering leasing an auto instead of making an outright purchase or financing one. While there are a few benefits that can come through a leased vehicle, this is a decision that will require some careful thought and weighing of the pros and cons before leaping. This is particularly true if you have never leased a vehicle before. Let’s take a look at whether or not leasing is a good option right now.
First and foremost, the most important thing to consider about a lease is the fact that you will have a buyout price at the end of the lease period. Many people forget about this extra fee and at the end of a few years find out that they really aren’t in any position to purchase their car. Unless you have more than enough money saved up to pay that extra fee at the end of a lease term, this may not be a wise option.
Another common problem facing those that lease is the fact that once the lease is complete, you won’t have a vehicle to trade in unless you do decide to purchase the leased vehicle. While leasing is convenient, it is often very difficult to get another car, especially if your funds are limited. Unless you plan on leasing for many years to come, this is something that must be considered. Essentially you’ll be paying for two to three years on a car, but at the end of the term, you’ll have little to show for your efforts.
While the interest rates for leases are usually a bit lower, there are some extra fees that may be included that can reduce any potential savings dramatically. It is vital to read through a lease document completely before you sign it to ensure you understand how much you will be paying now, during the term of the lease and when it is over. You may be told that your lease payment will be a certain amount when you are shopping for the car, but in actuality, you’ll have to add in other fees on top of that initial quote and your payment can be affected. Dealers that are above board usually do not tack on extra fees, but it does pay to be cautious.
We’ve gone over quite a few negatives about the leasing process, but there are a few positives to consider as well. First and foremost, the monthly payments are usually quite a bit lower. Considering the state of the interest rate market at this time, this is usually a very attractive selling point for many car buyers. The warranties are usually a bit better on leased vehicles and you may even be able to take advantage of some tax benefits if you do decide to go this route. Leasing is not for everyone, but with careful management and a complete understanding of the terms, they may also be very beneficial.
Photo Credits: 1
Originally posted 2008-10-24 04:55:29. Republished by Old Post Promoter
Related Articles -
Is Some Debt Good For Your Credit? [caption id="attachment_524" align="alignleft" width="240" caption="Does debt improve credit?"][/caption] There is no doubt about this, first of all: Getting into debt is more than capable of getting you into trouble. Although there is definitely a large downside to debt, borrowing money can also do you some good. Some debt is actually...... - Teens Saving Money [caption id="attachment_114" align="alignleft" width="240" caption="Help your teen build strong money management skills."][/caption] One of the best ways to build a strong financial foundation in teens is by starting a savings plan early on. Over the past few years, there have been more teens saving money and the results are clear.......
- Should You Be Worried About the Economy? [caption id="attachment_74" align="alignleft" width="240" caption="If you are worried about gas, try carpooling."][/caption] If you follow the news, chances are the state of the economy may have you a little concerned. Bad news is rampant, the housing market is shaky and doom appears to be around every corner. While there are......
- What Are Safe Investments? [caption id="attachment_121" align="alignleft" width="160" caption="Safe investments are the safety net of your personal finances."][/caption] If you are trying to accumulate wealth, set aside money for the future or you would just like to have a few more streams of income coming in, investments are usually the first thing people turn......
- Breaking Down Budgeting A personal budget is simply a spending plan. Before you work on personal budget planning you need to have a good idea of where and how your money is being spent. It can be a tedious process, but it can also be a true eye opener if you are not......
Related Sites -
Going Carless Isn't as Painful as I Suspected For approximately one year now, my old friend Dave and I have had a running bet. I bet Dave that he would go completely nuts when he gave up his car for public transportation for an entire year. Now that the weather has been below freezing in the DC area...... - Are Certificate of Deposits (CDs) worth it? I can't be the only one out there, but I can't grasp why people would do invest/purchase a Certificate of Deposit (CD). Specifically, I am focusing on the 1 year CD because anything shorter has terrible yields and anything longer poses too much of an interest rate risk for my......
-
Diesel Electric Hybrids The diesel electric hybrid has been used in Europe for decades in various forms, but has only recently come to the attention and desire of the United States. The first model to be expected that has not been a custom build is the VW Golf that is due to be...... - Building and Rebuilding Good Credit When I was in college, I was often solicited around campus to sign up for credit cards to get free t-shirts and other goodies. I always avoided the temptation and never signed up for any credit cards. In my mind, credit cards were a bad thing to be avoided at......
- Our two vehicles have over 300,000 miles between them We own a 1997 Oldsmobile Achieva with about 157k miles. It was my wife's car before we got married, then it became my commuter car. She bought it used in 1999. Our other one is a 1997 Chrysler Town and Country that we bought in 2003 with over 90k miles;......
Tags: buyout price, current state, economy, enough money, extra fee, extra fees, lease document, lease payment, lease period, lease term, leases, outright purchase, pros and cons, rising interest rates, wise option
Posted in Auto, Money, Personal Finance | No Comments »
June 22nd, 2009
Have an emergency fund.
If you are concerned about the state of your finances, your job or if you would just like to have a safety net that will be there to catch you if something goes wrong, an emergency fund is a very powerful tool to have in your financial arsenal. Emergency funds can be used for just about anything and these are the proverbial “rainy day” funds that can help you stay afloat when the worst happens. Since we can’t control everything in life, it’s always nice to know that you do have other options to keep you financially solvent.
Setting up an emergency fund is actually quite easy and although it can take a few months to get to the point where you won’t have to worry, you’ll have the satisfaction of knowing that you’re saving ahead for your future. This makes it a lot easier to keep going and keep working on building up that emergency fund.
The average emergency fund should contain at least enough money to pay your expenses for three months. Ideally, it should be for six months to a year, but the key is to get started and worry about the actual amount later. Once you have your emergency account set up, adding to it is the easiest part.
So, you’ll need to sit down and calculate how much money you make a month, and how much you are spending. Use one month as your basis for the average amount of money you would need and you can go from there. The main use for an emergency fund is typically to cover you if you end up losing your job, so use this as your template for building up your emergency fund.
Once you have a better idea of how much needs to go into your emergency fund, it’s time to get started on where you will be keeping it. While burying it in the back yard is out of the question, it is important to keep your emergency fund in a place where it can be quickly accessed. A savings account with a debit card or checks that you can write is ideal in this situation since you’ll be able to quickly withdraw your funds if necessary and you won’t have to wait for business hours if you are in the midst of an emergency.
Your emergency fund should not be tied to your regular checking account or any other account. This can help cut down on the temptation to spend your rainy day money while it is still quite sunny out. Remember, whenever you are tempted to dip into that account, what could happen if you lost your job today. Would you have enough money to pay all of your bills, and keep your house and car? This is very good motivation if you are having a difficult time keeping your hands out of the till. Work towards a bigger goal with your emergency fund and don’t forget to keep adding to it to make it grow further.
Photo Credits: 1
Originally posted 2008-10-23 08:47:00. Republished by Old Post Promoter
Related Articles -
5 Tips for College Students on Budgets When you are in college, it can become easy to get caught up in your busy, stressful lifestyle. With all of the studying and working that you have to do, coupled with hanging out with your friends, working part time jobs and participating in extra activities, it can actually become...... -
The Danger of Auto Bill Pay As our society gets busier, it’s been increasingly important to automate several aspects of our lives. One of the first areas to be automated was the payment of monthly bills and for many, this is an essential system that helps them avoid late payments. However, there are a few dangers...... - Setting Goals for Good Personal Finance [caption id="attachment_504" align="alignleft" width="240" caption="What are your goals?"][/caption] Setting goals is an important part of your personal finance plan. Goals can be divided into four unique categories that are relatively general in nature. These categories are short term goals, intermediate term goals, long term goals and life goals. Short Term......
-
Do You Avoid Personal Budget Planning? [caption id="attachment_428" align="alignleft" width="240" caption="Avoiding budgeting?"][/caption] One of the things that can make your life easier, even though it sounds complicated, is personal budget planning. If you're one of the fortunate few who never has to worry about running out of money no matter how many extra expenses might crop...... -
Do You Ask Yourself, How Do I Plan for Retirement? [caption id="attachment_520" align="alignleft" width="240" caption="Start saving now!"][/caption] Don't you think that every working man and working woman is entitled to enjoying a secure and comfortable retirement once they are no longer working? Due to the fact that we have taken so many strides in health care and in medicine, many......
Related Sites -
My Finances 5 Months After Being Laid Off As most of you know, I was laid off a little over 5 months ago back in October of 2008 (see 11 Things To Do Immediately When You Get Laid Off). I immediately sold off most of my taxable mutual funds to shore up my emergency reserves, as I had...... - Great Debates: Debt Repayment vs. Emergency Funds Here's another persistent and oft-debated question: when you manage to control your expenses and actually have money left over at the end of the month, what do you do with it? Do you pay down any debt that you happen to hold, or do you put the money away into......
- A Flexible Fund for Out of the Ordinary Non-Emergencies Emergency funds are a widely discussed and important part of personal finance. They're intended to help you keep from going into debt when something comes up and you simply have to pay for it (car accident, for instance). Larger ones are meant to support you if you lose a job.......
-
All About Emergency Funds The news is full of heartbreaking stories about people losing their homes, going bankrupt and facing financial ruin. If you don’t want to be among them, it is time to take a hard look at some steps that you can take to insure yourself against financial ruin. One of the...... -
Saving Money in Five Minutes Flat Are you saving your money for a rainy day, but feeling as if you are always struggling to get ahead of the financial storm? You are certainly not alone. Prepare your financial umbrella with this quick, no nonsense guide to saving money in five minutes. - * First and foremost,......
Tags: amount of money, back yard, business hours, checks, debit card, emergency account, emergency fund, emergency funds, enough money, how much money, losing your job, rainy day, safety net, satisfaction, savings account, six months, three months
Posted in Emergency Fund, Money, Personal Finance, Smart Money Ideas | No Comments »
June 18th, 2009
Credit and P2P Lending
Welcome to the third edition of the Loanio Roundup. This edition looks at what is going on in P2P lending, the economy, and more. There are some links on college financing and a swift look at the auto industry. Browse the links below and tell us what you think. What are you most interested in hearing about? Have a good weekend!
The Economy:
Auto:
College:
Peer-to-Peer Lending:
Loanio in the News:
Photo Credit: 1
Originally posted 2008-10-19 05:45:40. Republished by Old Post Promoter
Related Articles -
Personal Budget Planning [caption id="attachment_280" align="alignleft" width="240" caption="Budget Budget Budget"][/caption] Personal budget planning is an important part of keeping a handle on your finances. Because there is so much turmoil in today's economy, maintaining a healthy personal budget is more vital than ever. Crafting a personal budget begins with determining how money comes...... - Loanio Roundup - P2P Lending and More [caption id="attachment_447" align="alignright" width="240" caption="What investments are you making?"][/caption] Good morning readers and welcome to another edition of Loanio's weekly roundup. Below you'll find several great articles under the categories of small business, the economy, p2p lending, and investing. We hope you find them helpful and interesting. The Economy: Smart......
- Teens Saving Money [caption id="attachment_114" align="alignleft" width="240" caption="Help your teen build strong money management skills."][/caption] One of the best ways to build a strong financial foundation in teens is by starting a savings plan early on. Over the past few years, there have been more teens saving money and the results are clear.......
-
Loanio Roundup - Wall Street Crisis and the Resilient Dollar [caption id="attachment_203" align="alignleft" width="240" caption="The Resilient Dollar "][/caption] Welcome to the second edition of the Loanio Roundup. This edition focuses heavily on the national economy and peer-to-peer lending news. We hope you enjoy pursuing through the links below. Leave a comment and tell us what you think - we'd love...... -
To Borrow or Not to Borrow against a 401K Question - Because of the credit crunch, is this a good time to consider borrowing against a 401(k) savings as a means of paying off other loans? My current 401(k) planning investment return is 5 percent, and the interest I will be paying on it is 9 percent. [caption id="attachment_263"......
Related Sites - The 2008-2009 Financial Crisis - Causes and Effects The 2008 financial crisis is affecting millions of Americans and is one of the hottest topics in the Presidential campaigns. In the last few months we have seen several major financial institutions be absorbed by other financial institutions, receive government bailouts, or outright crash. So what caused the financial crisis......
-
Peer-to-Peer (P2P) Lending and Bloggers Ethic Last week, my friend Gibble sparked a little controversy with his post "Why I think P2P lending is a bad idea." He believes peer-to-peer lending as bad because it propagates myriad problems caused by credit and debt. In his words: "I'm not a fan of borrowing money and couldn't in...... - Borrowing From Relatives And Getting Out Of Debt In this Ask the M-Network article, David admitted that he's in a lot of debt and asked if he should take up his dad's offer to get him out of debt. Should he count on dad to bail him out, or should he get out of this financial mess on......
- Prosper.com Loan Listing Rates That WILL Get your Loan FUNDED A legitimate borrower at Prosper should have 1 main objective -- get the loan fully funded. Granted there are other objectives (like getting the best interest rate), but none are as important as getting 100% funded. Without being 100% funded you will not get the loan. Prosper.com can be used to......
- Where To Find Small Business Loans With the economic crisis in full bloom, it's increasingly difficult for small business owners to find capital needed to keep their business going. Cutting costs can only improve cash flow to an extent; eventually borrowing becomes inevitable without top line improvement. Unfortunately, traditional business lenders are tightening up their lending......
Tags: auto industry, economy, good weekend, market watch, news story, roundup, Stocks
Posted in College Student Finances, Loanio, Peer Lending, Stock Market | No Comments »
