Archive for the ‘Managing Money Wisely’ Category
Saturday, March 6th, 2010
#4 Pace Yourself
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 of money on Starbucks? You may want to cut back. Most college students do not realize where their money is going until they really take the time to pay attention to their receipts at the end of the week.
2. Formulate a Plan
The best way to manage your finances over the course of a semester is simply to sit down and really take the time to map out a budget. List all of your sources of income, tracking potential income and actual income earned. Then list all of your expenses, including tuition, books, groceries, and so on. When you have a plan formulated, you can better track money coming in and going out.
3. Make Room for Good Time Money
You need to make plans to have a little bit of personal spending money for entertainment purposes, eating out or other special purchases, otherwise you can easily throw your entire budget plan out of whack. Make some room for entertainment money and just vow to stay within your budget from month to month.
4. Pace Yourself
If you spend too much money at the beginning of the semester you will run out of money before the end. Give yourself a weekly spending limit based on how much income you have, and stick to it so you don’t end up tapped out by the end of the semester.
5. Go Easy on Credit
Credit cards are nice, and useful, but only for some purchases and not all. One quick way to spend way beyond your means is to use credit in the wrong ways. Use your credit cards sparingly if you have them, otherwise you may end up hooked on charging things, which is a great way to rack up unavoidable, unnecessary debt.
6. Set a Personal Credit Line
Just because your credit card has a limit of $2,000, that does not mean you have to spend that much. Only spend what you can actually pay back. If you only have $500 to attribute to paying back a credit card, only spend that much on the card and you will be fine.
7. Be Realistic
You can do what you want to do, but you cannot necessarily do everything that you want to do. Make some choices and be prepared to make some sacrifices because doing things and buying things is going to make a dent in your wallet, but some expenses can be easier on the wallet than others and provide just as much return on investment.
8. Plan Ahead for Emergencies
If you bust your entire budget this week on something you want to do, make sure to make up for it next week. If you constantly spend your entire budget frivolously, you can end up unprepared for emergencies like auto maintenance costs, course materials, health costs and so on.
Photo Credits: 1
Originally posted 2008-11-06 05:11:31. Republished by Blog Post Promoter
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Tags: amount of money, budget plan, college students, credit card, credit credit cards, entertainment purposes, good time, groceries, little bit, much money, pace, personal credit line, receipts, spending money, starbucks, time money, vow
Posted in College Student Finances, Credit, Emergency Fund, Managing Money Wisely, Money, Personal Budget Planning, Personal Finance, Smart Money Ideas | No Comments »
Wednesday, March 3rd, 2010
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 Blog Post Promoter
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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 »
Monday, March 1st, 2010
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 Blog Post Promoter
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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 »
Thursday, February 25th, 2010
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 Blog Post Promoter
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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
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Tuesday, February 9th, 2010
Know your credit!
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 getting a loan in the future. It is very important to monitor your credit report and score on a regular basis to spot any errors that occur. This will enable you to take quick action to fix any damage that has been caused before it can affect you adversely. Here are the steps you need to take to fix a mistake on your credit report.
1. File a Dispute.
This is done through the actual credit bureau. Since there are three different major reporting agencies, you may need to monitor all three to see if all of your reports are being affected. Each one will have to be dealt with separately, especially if the error appears on all three reports. In many cases, it may take 60 days or more for something to show up on a report, so if you do spot an error, you will need to keep monitoring your other reports as well.
All three bureaus now offer the ability to file a dispute online, or you can file it by phone or through regular mail, depending on your preference. You will need to select the reason for your dispute and provide the correct information if necessary. Expect to wait up to 45 days for a response one way or the other.
2. Contact Creditor Directly.
If your dispute is denied and you are certain that there is still an error on your report, you can contact the creditor directly. Keep a record of all communications and send a copy of everything you send to a creditor to the three major reporting agencies as well. Always use registered mail when you contact a creditor, since they will need to respond to you within 45 days to remain compliant.
If you do not hear back within that time frame, you will need to contact the reporting agencies to update them on the status of the dispute. In many cases if the creditor has not responded within that time frame, the agencies will simply remove the error.
3. Know Your Rights.
It is a very good idea to review the Fair Credit Debt Collections Protection Act so that you are aware of your rights when it comes to dealing with creditors, reporting agencies and collection agencies. The information contained in this act will assist you in determining your further course of action if you cannot get the error removed from your report.
With diligence, you can protect your credit rating from adverse affects due to errors, but it is up to you to make sure that they are taken care of promptly. If you are not currently monitoring your credit reports, you may want to consider doing so, especially if you plan on applying for a loan within the next 180 days.
Photo Credits: 1
Originally posted 2008-10-13 05:18:27. Republished by Blog Post Promoter
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Tags: Annual Credit Report, Credit Bureau, credit card laws, credit report, creditor, fair credit debt collections protection act, FICO Score, getting a loan, mail, mistake, preference, response one, time frame
Posted in Annual Credit Report, Credit Bureau, FICO Score, Managing Money Wisely, Personal Finance | No Comments »
Friday, February 5th, 2010
Money managers for many are necessary.
If your idea of organizing your finances is throwing a receipt in a big pile, you may want to consider the benefits of hiring a money manager. There is a new trend in the financial world where daily money managers are becoming very popular, and for many consumers, they are very necessary. Let’s take a look at what a daily money manager does and how they may be able to benefit your personal finances.
1. Organize paperwork and receipts.
When it comes to getting your paperwork in order, or keeping a record of all of your receipts, most of us end up failing miserably. Trying to track down little slips of paper is maddening at best, and for those of us with little time on our hands, the task of getting our paperwork organized is simply too much. We put it off and before long you end up with a slew of jumbled papers and you can’t find the one receipt you really need. A daily money manager will catalog all of your paperwork, filing it away and help you keep track of expenditures by organizing your receipts.
2. Paying bills on time.
If your schedule is hectic, or you simply aren’t good about dates, paying your bills on time can be a struggle. A daily money manager can be used to help you make sure that all of your deadlines are met, and that nothing is left unpaid by the end of the month. Once again, for those with a busy lifestyle or an inability to keep everything running smoothly, a daily money manager can be a true financial lifesaver.
3. Mediation.
A daily money manager does not replace an accountant or a lawyer, but they can assist in mediating between their clients and these professionals. For example, if you have filed a claim with an insurance agency, a money manager can assist you in handling the communication with the agency and getting all of your necessary documents together. The vast majority of daily money managers are trained and have backgrounds that include legal, financial, and insurance expertise.
4. Day to Day Basics.
For many of us, the devil is in the daily basics of keeping our finances ordered. Instead of letting things get out of hand for months at a time, a daily money manager can offer assistance in keeping checkbooks balanced, paperwork accounted for and everything you need to have handled in your personal finance life done.
As we get busier as a society, it is clear that there is a definite need for daily money managers. If you do decide to hire a daily money manager to help manage your finances, there are a few things to consider ahead of time. First, you will need to make sure that they are accredited and licensed. This professional will have access to your documents and it is vital to ensure that you can trust them. Look for a major national firm or someone in your local community that you can rely on.
Photo Credits: 1
Originally posted 2008-10-09 05:14:08. Republished by Blog Post Promoter
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What You May Not Know About Personal Finance Unless you’ve taken some courses on handling finances, there is a chance that you may not be aware of a few of the key points about budgeting, managing your money and planning for the future. While a lot rests on common sense, there are a few techniques that everyone can...... - HaitiHealth.org (and personal finance links) I'm trying to spread the word of HaitiHealth.org. It's an organization that people close to me have been supporting with their time for more than a dozen years. If you are able to donate some money, it's a worthwhile cause. [Update: A reader passes on that they have the highest......
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Posted in Managing Money Wisely, Money, Personal Budget Planning, Personal Finance, Smart Money Ideas | No Comments »
Sunday, January 10th, 2010
What are your goals?
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 Personal Finance Goals –
These short term goals are most commonly the things that you want to have accomplished within a single year. These things may include taking a family vacation, beginning to invest money into your retirement plan, donating money to a charity, putting savings into your emergency fund, moving from a smaller apartment into a larger one, purchasing a sought after piece of jewelry o a new wardrobe, joining a local sports club, paring down your debt, or a number of other small, short term goals that relate in one way or another to your personal financial future.
Intermediate Term Personal Finance Goals –
The intermediate term goals in your life are the things that will take between one and five years for you to accomplish. These goals may include saving enough money to allow you to buy a brand new car, beginning a family, or paying all of your debt off completely.
Long Term Personal Finance Goals –
Long term personal finance goals are the goals that you will be accomplishing at least five years or more down the road. Some of the goals that fall into this category may include saving for your child’s education, starting up your own business, purchasing a home, purchasing a boat, or going into retirement, though there are a number of other goals that fit into this category as well.
Life Goals –
Life goals are personal finance focused goals that do not have a timeframe, primarily because you will probably never completely or fully achieve them. These are not always specifically money driven goals, but they are certainly life altering goals and relate to striving for something better. Some money driven life goals may include “Make more money” Or “grow my savings”, since these goals have no specific end or time frame.
As you begin to think about your own personal finance goals, you should try to put consideration into which of these categories each of the goals fits into. Fit all of your goals into the short term, intermediate term and long term categories, and then look at how your goals are categorized. You want to have an even number of goals in each category, rather than focusing too heavily on the now, or too heavily on the future. You should also make sure to have goals that do not require money, because not everything has to be material. But when it comes to planning for the future, having clear cut goals for your personal finances is a smart move and can help to ensure that you have your needs met financially throughout your life, no matter what obstacles are thrown at you, or how your needs change over time.
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Originally posted 2009-01-12 05:17:16. Republished by Blog Post Promoter
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Tags: apartment, brand new car, charity, driven goals, emergency fund, enough money, family vacation, least five years, life goals, local sports, personal finance plan, plan goals, retirement plan, s education, setting goals, sports club, starting up your own business, term goals, timeframe, wardrobe
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Monday, January 4th, 2010
With the trouble in the housing market, those that are financially stable are left wondering whether now may be a good time to pay off their mortgages. There are some definite pros and cons to early payment, and this strategy is one that must be carefully considered before taking action. Let’s look at a few of the considerations that should be thought out ahead of time.
What are the pros and cons of paying off the mortgage?
Pros
1. Interest rate fluctuations no longer matter.
For those with variable rate mortgages, the past few months have been incredibly stressful. It’s not easy to put your finances through this kind of wringer and in many cases, for those with high interest rates and burgeoning payments, paying off a mortgage early, or at least paying it down, may have many benefits.
2. Freeing up monthly income.
If your mortgage payment is taking up a large chunk of your monthly finances, paying off that loan early can help free up income that can be used for other things, such as paying down debt, or simple living expenses. For those that are finding it hard to make ends meet, dipping into savings to get rid of that high fee loan may not be a bad idea.
3. Lack of worry.
Once that mortgage is paid off, you never have to worry about interest rate changes or problems with the bank. For many people, this kind of peace of mind is more than worth the extra expense of paying off a mortgage. If you are concerned about financial stability in the future, this course of action can provide some relief.
Cons
1. Loss of tax benefits.
Since you can write off the interest that you pay on your mortgage each year, losing this ability can have a big impact on how much tax you pay. For those in a high tax bracket, this may be the straw that breaks the camel’s back. Consider carefully the tax implications that you can face by paying off that mortgage early.
2. Initial expense.
Paying off that mortgage, especially if it is still quite large, could mean that savings may have to be used. In addition to that initial expense, you might also have the loss of extra income if that account was earning interest. In most cases, this would be slight, but for those that rely on additional streams of income, this can have an impact.
3. Penalties.
Most banks will charge a penalty fee if you pay off a mortgage early, or even prepay a large chunk of what you owe. Always read the fine print before you decide to pay early to see just how much you will have to end up paying in extra fees. These may be quite large, so it is vital to take this into consideration.
Any major action requires a good deal of thought beforehand and paying off a mortgage early is no exception. Always take the time to read the fine print and ask your financial advisor about any additional implications you may be facing.
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Originally posted 2009-01-06 05:23:11. Republished by Blog Post Promoter
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Tags: bad idea, financial stability, high fee loan, high interest rates, housing market, initial expense, interest rate changes, interest rate fluctuations, living expenses, mortgage payment, paying off a mortgage, peace of mind, pros and cons, tax bracket, tax implications, time pros, variable rate mortgages, wringer
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