Monthly Archives: January 2017

8 Tips to Take Control of Your Finances

How to manage your finances is one of the important components of having a good life. Whether you have a smaller income or a better one, you will truly save yourself from a lot of worries and trouble if you know how to manage your finances well.

(1) Set priorities carefully plan your finances. Know your wants and your needs. Do not be confused with what you need and what you want. If you want to make big purchases like getting a home or a car, careful planning will be your key to make it a little easier.

(2) Make a budget. It is always helpful to make a guide on your spending for the next few months. Having a plan on spending is very much helpful for you to see how much you can afford to spend in a month. Make a list when you go to the grocery or when you go shopping and keep reminding yourself to stick to the list. Sticking to your budget today is definitely one good way of being free from financial worries later.

(3) Do not spend more than what you earn. Do not splurge on spending with your credit card if it is not clear where you will get payment for it the next month. Thinking about spending a lot today hoping you will get a job the next month is a no-no.

(4) Manage your debts. Pay your credit card promptly and do not go over your credit limit. Late payments and maxing out your credit cards will cost you expensively. When credit card companies are giving you lower interest rates, you might end up having to pay for higher fees. Late payments and overspending will likely stain your credit report in the end as well. Knowing how to manage your debts is indeed one huge step in learning how to manage your finances.

(5) Save. Make it a habit to save and include savings on your budget. Allot a percentage of your income as your savings. Having a good amount of savings regularly always helps you face your future with confidence and will save you from a lot of financial worries.

(6) Be informed. If you are borrowing money, making investments, or renting anything, always be informed with interest rates and the terms and conditions. When dealing financial transactions, it is always wise to read the fine prints. This way you will save yourself from financial troubles later on.

(7) If you want to invest your money, be wise. Know your market, know the feasibility and success rate of your investment. Especially these days where the economy is down, you also have to be careful where to invest your money. Find and study the opportunities with lower risks.

(8) Think your way out of debts and overspending. Indeed, it may be difficult for some to overcome the habit of overspending and splurging on many things in life. If you are facing the same situation, try to train the power of your mind to manage your thoughts on spending. Resist the urge to do unplanned spending by waiting for a day or two. In the end you might find out you don’t exactly need it.

If you want to live a good life, know how to manage your finances as this comprise a big part of being happy and worry-free in life.

How to Manage Your Finance During Recession

Managing your finances is one of the most difficult jobs for any person. And when it comes to managing your finance during recession, you really need to take some helpful tips from a financial adviser. But this will also be a costly task as the financial adviser will also charge his fees. Here’s an outlook into the matter. As you proceed reading this article, you will be able to gather some important useful tips on how to manage your finance when you are falling into the lap of recession.

Before we start to discuss where and where not to utilize your available finance during recession, let’s get to know what a recession actually means. Reduction in an economy’s GDP or gross domestic product for a period of continuous three quarters is referred to as recession. However, NBER, National Bureau of Economic Research formally defines a recession as three consecutive quarters of falling real gross domestic product. Surviving during recession is not an easy task. Many people who were earlier making it from paycheck to paycheck are now held with no or little money. Generally, recession lasts for about 6 to 18 months. But this duration may somehow seem to be a longer one as people go on with lesser money in hand.

We present to you some helpful tips on how to manage your finance during a recession;
1. Make it a habit to check your bank account on a regular basis. Maintain a statement of coming in and going out of cash. Always try to make the payments on time as this will not increase the interest rates on them. Keep an up to date cash flow forecast.

  1. Try to reduce your daily expenses as much as you can. This involves the calculation of every single penny being spent on buying the daily needs. Stick to necessities. Make a clear account of each single penny being spent. Each single penny is essential during the recession times for which you will appraise yourself later.
  2. Credit cards increase debts. As long as you carry a credit card with yourself, you are sure to spend on unnecessary things which will ultimately increase your debts. So try as much possible to keep away your credit cards.
  3. Avoid borrowing money from anyone. As long as you continue to borrow money, you keep yourself sinking in to the weird situation of recession. This way you can never come out of recession with a stable financial standing.
  4. Continue to pay the premiums. When you continue paying the premiums, if any, you are in a way securing your money. This is because this premium amount will come back to you and that too as a huge amount. Also if you pay the premium which is going from a long time then you save those premium amounts which have already been paid in the past. And if you discontinue paying the premiums then you may lose the amount which has already been paid.
  5. You should look for extra sources of income other than your ongoing one. This is how you can increase your income. No matter if extra income comes to you in smaller amounts, but do keep looking for options to generate it. For at least, something is better than nothing. Do not waste time rather spend it on earning extra for yourself. It would certainly help you in longer run.

You have to, at any cost manage your finance during recession as there is no other way getting out of it. Managing your finance and earning extra income seems to be the only mantra to keep yourself going during recession.

How to Manage Money

If you are similar to everyone else you probably feel as though you could make more money and don’t know what to do with the money you have. The mega wealthy know how to manage money and are able to manage the lifestyle we all dream of. Here are a few helpful ways that you can turn your finances around and help you to be far more wealthy than you imagined.

Better Time Management at Work

There are ways to be smarter with how you spend your time at your job. Many of us relish the ‘water cooler meetings’ but is it the best use of your time? Probably not. Instead of talking about the most recent episode of 24, learn to be an expert on a certain part of your job, figure out something new, or find a way that will cut costs. The more you put into your job the more you will get from it. Make yourself stand out as the perfect person for any promotion or salary increase. If you’re truly motivated enough you might even discover yourself in your bosses chair.

Negotiate Your Salary

When most people begin a new job they are usually too scared to negotiate their salary and take whatever is offered. Statistics show that those that negotiated how much they want to make increased their salary by almost eight percent versus the people who did not. What’s the worst case scenario? You might just get the big fat pay raise that you want and create new ways of how to manage money.

Be More Charitable

It’s amazing how well the ‘pay it forward’ mentality works for the rich. The average household with an income of over $500,000 gave away over 6% of what they make to charities or special causes. Not only does giving back to those who need it will supply you with a lot of satisfaction and you can write off donations come tax time. If you are really on top of your finances you may even be able to put yourself into a lower tax bracket.

Own Your Own Business

As the old saying goes ‘You can never get rich by working for someone else.’ It takes a lot of work, determination, headaches and sleepless nights to own your own business. On the other hand, the sense of accomplishment, excitement and financial rewards of having your own business are immense. Before you quit your job and start a franchise that sells chocolate covered bananas, do a lot of research and make a business that can sustain you and your family. The more {preplanning you do|you plan and discover how to manage money properly, the more successful you will be. The rich don’t become wealthy by chance.

Strategize Borrowed Money

The wealthy often borrow as much money or more than the average person but they way they borrow money is very different. The wealthiest people in the world are half as likely to have credit card debt and they are also less likely to have auto loans. Most of the wealthy carry mortgages much like the average person and they are three times more likely to have loans on real estate investments. The rich know how to manage money better than most people because they wisely borrow.

Buy Into Real Estate

Do you think Bill Gates or Donald Trump rent their homes? If you want to get ahead with your finances and stay ahead you must buy real estate. Don’t purchase outside of your budget. Try to buy something that you can afford and can even fix up and sell in a couple of years for a major profit. By renting, your money is being wasted. Chances are your mortgage payment will be as much or less than you are currently paying in rent.

It may take baby steps but if you want to get ahead with your money and follow these tips of how to manage money. The wealthy aren’t rich by fluke. They usually take calculated risks and are rewarded financially in the end. You have it in you to make the same kind of decisions and start making the money you’ve always dreamed.

How To Manage Personal Finances

Knowing how to manage personal finances is the cornerstone of being able to successfully build wealth. Accordingly, how to manage personal finances has never been as crucial a subject as it is right now! It has been four years since the start of the “Great Recession” and the ensuing jobless recovery. The housing market remains depressed while home foreclosures and short sales continue at a distressing rate.

How Are You Doing?

If you were a true member of the “wealthy class” in America at the time of economic tsunami and not overly burdened with debt or other forms of exposure to financial loss, you are probably still relatively comfortable and perhaps even profiting from the current economic situation.

If you and yours resided within any level of the “Great American Middle Class”, the odds are better than even that you’re experiencing some degree of financial hardship. The economy has taken a long-term change for the worse, presenting you with the challenge to survive and overcome.

The weak financial foundations of an alarming number of Americans were exposed by the meltdown of “08-09”. Too many individuals/households, some with excellent incomes, were living on the bubble while not employing sound principles on how to manage personal finances.

Those who were experiencing the most financial distress may have also suffered through bankruptcy and/or home foreclosure. Now, as we wrestle with the post collapse “New Economy”, what will it take for working class / middle class Americans to regain viable financial status and direction? What should we be doing now?

Seek Information About Managing Your Personal Finances

It is probably accurate to state that most adults are intuitively aware of timeless maxims such as, “do not live beyond your means” and “save for a rainy day”. The problem is that too many people simply don’t follow this advice. In the New Economy, Americans will have to seek information on how to manage personal finances and acquire the discipline to apply it. In addition to becoming better money managers, we must also find ways to earn more income in an environment of fewer jobs and stagnant salaries/wages

Some of the elements comprising the “weak financial foundations” mentioned above are:

  • Excessive materialism / impulsive buying
  • Lack of savings
  • Excessive use of “toxic” debt such as credit cards
  • Living from paycheck to paycheck
  • Not developing spending & savings plans based on budgeting finances
  • Depending on too few sources of income

Commit To Your Own Rescue

Focus on three areas.

  1. Address bad habits and commit to learning how to become much better at managing your personal finances at all levels. Intelligently manage your use of credit (especially credit cards) and learn to use budgeting finances as the basis for controlling spending and anchoring your overall long-range personal financial plan.
  2. Regardless of your background, education or experience, find ways to generate income from multiple sources. It can be done.
  3. Gain a working knowledge of how to invest, which, along with saving money will create wealth for your future and potentially that of your descendants. There are plenty of books, courses and online resources to help you. If you seek the services of a financial professional, make sure that they are certified and do not have a financial interest in any investment products that they may present to you.

How to Simplify Inventory Management Financing

In companies, one of the biggest challenges that need to be taken care of is inventory management. When commodities are being exchanged back and forth, there is a necessity to keep track of these exchanges so that costs can be contained. Unfortunately, the traditional methods of inventory management are not good enough and there is a need to identify newer ways in which one can get this job done. This is where inventory management software can be of assistance. But, if the software is too expensive, you might want to know ways in which you can still put it to use.

Evaluate your financing options

One of the simplest solutions would be to go in for inventory management financing. In this manner, you can simply have the software financed for you according to a plan that suits your budget. This is the option that most companies are making use of today because it is a practical and affordable solution for the masses. The simplicity is what makes it so attractive and worthy of pursuing. In fact, software financing is quite a big phenomenon today, and many small to medium sized business have embraced.

Implementing your requirements in stages

Once you have decided to go in for the option to finance software, the next challenge that you will have to tackle is the implementation part of it. This is something that you should be able to do effortlessly, if you go to a reputed vendor for your financing needs. Hence, get a good estimate of what you might require and then decide what you might end, eventually pursuing it till you inventory is better managed and organized.

Deciding your finance amounts

In addition to financing, one can always go in for software leasing if they are not sure about the requirements of the software. Hence, if you feel that the amount of finance assistance that you require is too high; go in for a lease where you can try out inventory management software to see if it has worthwhile benefits. It is very rare that you won’t find it to be beneficial, as it is quite beneficial in most of the cases.

How To Manage Finances While At College

Entering college must have been the dream of your life. When you were living with your parents, you might have often seen them worried about different things. You might have also noticed one thing that nearly all the worries would be related to money. Now that you have left home and stepped into college, the dilemma is a lot similar. The only difference is that it’s not your parents in the picture now, it is you. Your parents might be wealthy enough to run an IT business and gain security certification or security training for it, but when you are at college, you are pretty much on your own. Now that you are the one who has to make ends meet, here are some tips to follow.

The most successful option is to have a part-time job. Many students go to the college in the morning and work at different places when they are off from college. Many colleges might also offer you on-campus jobs. These jobs are really helpful because they offer to pay your tuition fee, your food plans or even your books expenditures. Another highly sought after option is to work at small dine-ins. Choose any job that suits your money requirements and your study schedule.

Setting up a proper budget is the key. Make an estimate of your total monthly expenses. Consider your utilities, insurance, bills, food, gas, etc. Grab a pen and a paper and start writing down the exact amount you are going to allot to your preferences. Make sure you write down the exact amount. Also, make sure that you do not spend more than that in any case. Be strict and stay disciplined about your budget.

Also set up an emergency fund. Life is uncertain and you never know when anything wrong might happen to your money schedule. In order to save it from any disturbance while you are unwell, set up an emergency fund, and make sure you do not take out money from it unless it is truly an emergency. A savings account is another step in maintaining your budget. Turn to the bank that suits your situation and your financial needs. A lot of banks offer college students different savings account with feasible benefits and interest rates.

Saving is what it is all about. Save money on every little thing that you buy. When you shop for utilities, go for wholesale rates, and opt for better buys. Similarly, you do not need to buy extra expensive clothes or shoes. Go for what is moderate in price and still good to appear. You can also save money on food. Instead of dining out regularly, eat at home. When you are going out with your friends, take special care in spending. If you think you cannot afford to head out, dare to say no.

The time you spend at college might be the best time of your life. Many people might complain of having limited money, but they cannot deny that despite being less fortunate with money, they still happen to enjoy. Enjoy your life at college but keep the saving spirit fresh within you.