By financen | June 22, 2019 - 4:55 pm - Posted in Finance, Personal Finance

Regardless of one’s financial situation, managing finances is an incredibly important part of life. Staying on top of finances doesn’t need to be a difficult task, and there are several simple ways to develop and practice money management. Here are three simple suggestions for maintaining control of finances and staying on-track with money without stress!

1. Create a Monthly Budget

Creating a budget to keep track of finances may contribute to financial well-being tremendously. Seeing where money is going and how much is being spent can positively impact choices on what to spend money on and what to save. These days, making a budget is easier than ever to do! Applications for smartphones which can connect to a bank account may be a wonderful choice to begin creating a budget and monitoring funds.

2. Seek Professional Financial Advice

It may be advantageous to consult a financial professional for assistance, such as a tax and financial expert at Quon & Associates tax consulting company, for example. Working with a professional to assist with managing taxes and finances can be very beneficial, and it may even alleviate anxiety about having to manage money independently. An informed professional may be able to answer questions about credit, debt, investments, taxes and other money-related issues. It is critical to work with financial advisors and experts who are reputable and trustworthy. Therefore, be sure to do lots of research before choosing to hire an advisor.

3. Read About Financial Advice and Continue to Learn

It may be a great idea to read books on finances and money management. There are hundreds of books that offer tips and suggestions about managing money. Additionally, there is a plethora of information available on the internet about financial advice, and most of this information is totally free of charge! It may be helpful to read as much about money management as possible from trusted resources. Continuously learning about finances may lead to creating wealth and eventually paving a pathway to financial freedom!

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Do you sometimes get the feeling that your finances are spiraling out of control? The consequences of having poor control over your money can be devastating. For example, in the US, some 800,000 people filed for bankruptcy in 2016. Meanwhile, the average credit card debt is around $6,000 per household.

Thankfully, there are some relatively simple tips that you can use to feel as though you are back in charge of your finances again. Which of the following ideas could you try out to help you manage your money in the best possible way?

Track Your Income and Spending

A big problem in a lot of households is that of not knowing exactly what comes in and what goes out each month. How can you possibly hope to stay in control if you don’t even know what is going on each month?

The smartest move here is to set up a simple way of keeping track of your income and expenditure. This can be done very easily using Excel or you might prefer to you prefer to check out the best expense tracker apps, such as Penny, Personal Capital, or QuickBooks.

You will hopefully see very quickly where the problem lies. Are you simply spending more than you earn, or are you falling behind with loan payments because they fall due on a date that doesn’t suit you? 

Get Some Breathing Space

It can be incredibly de-motivating to get caught up in the cycle of struggling to get through to the end of each month. If times are tough then it might seem impossible to imagine there being light at the end of the tunnel.

Getting some breathing space can be vital in feeling that you have a chance to put your finances back under control at some point. One way of doing this is to look for a fast approval personal loans no credit check site. This will give you access to the cash you urgently need with no fuss.

Find the Right Long-Term Solution

Is there a long-term financial solution that is perfect for you? There almost certainly is, but finding it may take a bit of work on your behalf.  Therefore, you should set aside time to explore your options calmly and in-depth.

Could you earn a second income or reduce your outgoings? What lifestyle changes could help you to take control of your finances in a way that suits you? Consider all of the options before settling on which one you think would suit you best. If you get it right then you will ensure that a brighter future lies ahead.

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In order to maintain your home budget, you can get a software package for managing your personal budget. You can read the reviews about these best personal budget software to make your decision. Some of the reviews may be very helpful and others not that great. So you have to make your own decision about choosing the right software package. Once you purchase the software, it will do the job it is required to do.

When you are looking for solutions to your personal financial requirements, you want to create custom lists and reports that won’t require budget items limited to corporations. Hence, unlike many financial software producers who just want one software for all purposes, you will find the home budgeting software very useful as it will plan and track your income, expenses and investments according to your requirements.

What are the benefits of home budget software?

Any competent user who is working on computer based spreadsheets will rather create a complex workbook for tracking the income and expenses will be quite difficult. When you get this software, you are able to create alerts and reminders so that you don’t miss any important date or deadline. You will easily remember the payment dates as well as other events and it will leave a good impact on your personal finance and credit scores.

This personal finance software has the custom reports feature that will allow you to search for any data within a given range. For example, if you want to know how much you spent for the first six months in restaurants, you will be able to pull the report through this software. Or, if you want to keep a track of how much donation you have made to your church or community, this software will be very helpful.

Tips on choosing the best personal budget software

If you are a beginner, you don’t have to use software with all the advanced features. Keep it very simple. Then you will look for the features and functions that you will need to control your budget, like visual reports and flexible reporting with configurable user options. If you want to track investments in your financial plans, then will need software that can retrieve current stock pricing.

Finally, you will choose the right software that will help you in achieving success. You can set all the goals that you want, but if it is not capable of including successful completion of these goals, then it is probably not the right one for you. Make sure that you research the company or the software developer before buying it. You can check out in the forums where all the technical issues are discussed and solved.

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Personal finance

Knowing how to manage your money is absolutely crucial to building wealth, saving for retirement, and simply meeting your day-to-day needs. Keep reading for some simple and effective ways to take charge of your personal finances and make better decisions about your money.

Track Your Spending: The only way to determine whether or not you are sticking to your budget is to keep tabs on how much you spend. You can do this by saving every receipt and adding them up by hand, or you can use software or websites that sync your bank and credit card accounts in real time. This method works best if you use your debit or credit cards for most of your expenses. If you pay primarily with cash, consider using an envelope system to divide your money for different categories of expenses.

Stash something in savings: Whether you can afford to save $10 a week or $1000, anything that you can place in your savings account for emergencies or unforeseen circumstances will no doubt come in handy someday. Ideally, you should try to save six months’ worth of expenses. This could see you through a bout of unemployment, a temporary disability, or another issue that prevents you from earning an income.

Take the time to calculate a budget that will be easy for you to follow: You should add up everything you earn and all the expenses you cannot reduce. Your rent, mortgage payment, car payment and car insurance and your utilities should be added up, and you should put aside enough money to cover all these things as soon as you get your paycheck. Use the rest of your paycheck to pay for groceries, gas and other expenses but try putting as much as possible aside in a savings account for emergencies. Make good use of the tools available to you such as online banking to manage your budget.

You should stay away from certain financial products that are going to cost you a lot on the long term. For instance, using credit cards to pay for your purchases will cost you a lot because of interest rates and late fees if you get behind on your payments. It will also be harder for you to manage your budget if you can spend next month’s paycheck thanks to your credit card. If you are in debt, focus on paying your creditors back as quickly as possible with the help of a quick loan online and stay away from credit cards if possible. Investing your money in the long-term and putting money aside for an emergency fund should help you get by without having to borrow money.

It is easier said than done, but do not spend more than what you make in income. If you do not have enough money to pay for what you had spent on, you will go into debt. Be mindful of what you can afford, and spend within your means.

You can see that there are many ways in which you can improve your personal finances. It is not hard to do, and it just takes a bit of learning and discipline. If you take care of your money, it will take care of you when you need it.

If you can no longer afford your lack of money management skills, now is the time to change your habits. By following the basic steps outlined here, you can learn to make smarter decisions about how you handle money, improving your ability to build wealth and live comfortably!

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Although there are many benefits to acquiring a financial education as early on in our human growth and development as possible, as much as 20% or more of Americans never discuss money management with their children.  Psychologists and financial experts believe that instilling in children ethical work principles, self-reliance, and financial literacy could lead to a happier life. You may find that your recent college graduate has an outstanding debt but very few debt relief options. This is because they haven’t been taught how to become financially independent. If this is the case and your child is looking for debt relief options, read on, finding debt relief may be easier than you think.

Allowances and chores are popular parental strategies, but they are not enough. To help your child deal with debt relief and find the best options for financial success, instead of handing out a spending amount, children can participate in the decision-making process of allowance and become aware of the reasons why it is beneficial for him/her to know how to manage their spending money.  After all, money doesn’t grow on trees. Debt relief options are at your child’s fingertips. It’s how they manage their life that counts.

Budgeting and saving are the most crucial factors to tackle during conversations with your child.  Discussing and setting short and long-term goals lead to achieving the necessary skills to find debt relief options when education and ca loans are weighing  heavily on their finances.  First and foremost, it pays to get into the habit of saving.  Curbing instant gratification purchases such as ice cream, fast food, or the new shoe style, will lead to a debt-free life when you’ve applied the best debt relief option of all: saving for a rainy day.

For many young adults, the cost of living can be extremely difficult to meet.  Student loan debt, for example, is one of the most corrosive elements preventing young adults from obtaining credit and achieving financial independence. Parents are instrumental in helping children reach their financial potential by promoting and showing them the money management skills necessary for success. In fact, debt relief options are simple and straightforward. But they must also be consistently applied to daily living habits.

Many college grads find themselves having to move back home, not because they are looking for a smooth ride, but because the cost of living is higher than their ability to make ends meet. This is true today in most metropolitan areas and beyond.  You may need to step in as a parent and your child’s best friend.  Intervening to help your child find debt relief options and become financially independent is something both of he/she will one day be grateful for.

The following guidelines are proven to develop sound financial judgment in young adults to help them cope and prevent economic hazards.  Don’t wait until you have no debt relief options available.  Prevention is the key to financial wellness.

  1. Define expectations

Whether your child is living back home with you or has moved out on their own, most parents would like to help their children meet the responsibilities of adult life on substantial grounds.  Communication is the key to defining expectations you have of them, especially if they are still living at home, as well as those expectations society places on young adults when they are in the real world surviving on their own.

It’s not that parents don’t want their children to have a nest to return to and be comfortable, but that may hinder their child’s ability to develop the necessary skills to fly way.  When your child is in debt, finding a debt relief option that works for them is where parenting comes in handy at any age.

Be clear and consistent about the boundaries and rules your grown child must abide by at home if he/she is living with you; this will guarantee a safe transition to their own nest. Set realistic goals, decide on a step by step course of action.  Follow through.  Reconvene and discuss what is working and what is not working on a regular basis.  Always keep the communication door open.

  1. Budget, budget, budget

No matter what the circumstances are, even if your child doesn’t have a job yet, a budget can be created so that when he/she does have income, it will be easier to follow through on the plan.  The secret to finding debt relief options is in how well they can stick to a budget.

Becoming aware of the daily cost of living is an eye-opener most young adults don’t develop until later on in life when they have had to figure it out on their own when they have already acquired debt.  Why wait when they can be ready sooner. Frustration is easy to set in when in debt and it may seem like there are no right or quick debt relief options.  But planning for success is the way out of the struggle.

If your child is gainfully employed but the goal is to gain a higher financial position before taking the leap, budgeting and sticking to the budget is the only guarantee to a financially independent existence.  To consistently follow the daily budget limits, checking and reviewing statements and account activities is the best medicine.

  1. Get rid of the unnecessary fluff

There are two little words used frequently that have strong ties to financial success. Discuss  Wants vs. Needs with your child and find pleasure in being able to control frivolous desires that lead you down the wrong fiscal path.  Once the fluff has been eliminated, financial gains will follow, and instant gratification will turn into long-term satisfaction.  Allow and expect your child to cover their phone, gas, and insurance payments. This will make them responsible and reliable. Every debt is manageable, but it takes determination and perseverance: the best debt relief option for everyone.

  1. Motivation is the precursor of change

If everyone saved a percentage of their disposable income instead of spending on things they want versus their future, there would not be any need to find debt relief options. Instead, we would be able to have the big things we desire for our future lives that much faster.  Saving can make a huge difference in being financially independent.  “To motivate your child and create the beneficial habit of saving, you can, for example, offer to match their first $500 saved,” says financial advisor and mom, Stephanie Bussell, of Omaha, NE.  When her daughter came back home after college, she was able to save enough money to move into her own one-bedroom place in less than a year after she got hired by an IT company.  “We used to play games like these when she was in grade school,” recalls Mrs. Bussell.  “She’d get an allowance and was asked to save 20%. If she did, I would match that with another 20% and this made a huge difference in her savings habits.”

“When she found that her graduate student loan was a little overwhelming, she moved back home and was able to make two years worth of payments on the loan with a bit of extra income from a side job. Making this sacrifice really gave her the confidence she needed and was a great debt relief option,” elaborated Mrs. Bussell.

  1. Rent is due

It’s OK to charge your child rent.  Even a small insignificant amount is helpful.  What you want is to build the responsibility and reliability of having to meet a monthly due.  You may want to give it all back to them when they decide it’s time to settle down on their own.  But don’t give it away. Building good financial habits is key to success in life and becoming debt free.

  1. Debt managing

Everyone has to get into debt at one point or another in life.  Whether you are buying a vehicle or acquiring a mortgage on a home, sound debt management is a skill that we all need to learn.  The first debt a child acquires could be a small amount they can pay off quickly, but making payments on time and knowing the terms, benefits, and responsibilities of having a loan are priceless.  Student loans are an excellent example of how not knowing how to manage debt can pull young adults under significant financial stress.  It may be difficult to find the right debt relief option if your child has unpaid education loans and doesn’t make any payments on the interest of the loan.  The unpaid interest will roll over into the principal, and pretty soon the loan principal will double, and there will be no end to it.

Getting the details in print is not enough sometimes.  Making calls and applying even small but consecutive payments to the interest of a loan during hard times is paramount to becoming financially independent.

  1. Vision and career planning

Degrees take effort, time, and resources to achieve. But many young adults lack vision when they graduate from college.  Knowing what their career path is and how to get and stay on can be the most challenging postgraduate activity for young adults.  They focused on getting the degree, but when they finally walk, then what? Many become discouraged when they can’t find the right job.  Planning for and researching career paths is the first step.  In some cases, relocation is necessary since some industries are centralized in certain geographic areas.  The cost of relocation must be computed into the plans.  If one job is only covering the essentials, think about a side or part-time money making venture that will help meet the goals set for a certain number of months.    “Taking the time to visualize and plan a career path while at the same time paying at least the interest on outstanding debts can be the best course of action for a new grad,” says Heather Placencia of Jonesboro, WI, financial planner and educator.

Every child’s circumstance is different and complex.  Smart money management, however, is simple: spend less than you earn and invest in your future by saving between 10 to 20 percent of your income.  No matter how long it takes, the first step to finding debt relief options begins with setting financial goals with your child before incurring in debt.

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By financen | March 23, 2017 - 3:44 am - Posted in Credit, Personal Finance

If you are in need of money, you must understand where you can find it and the factors that lenders will look at when they make their decisions about whether to approve an application. You should avoid taking risks that might harm your future so look closely at the advisability of borrowing against real estate or from your 401 (k) which is your retirement fund to provide comfort in your later years.

Your credit score is central to being approved for a loan and you should certainly obtain the copy you are entitled to annually from the three bureaus; if there are any incorrect entries on any, report it and get corrections done as a priority. One of the factors in your credit score is your level of debt against your available credit. If for example you pay off a credit card balance with a personal loan, don’t close the card account because you will be reducing the credit you have access to even though best advice is not to build up a balance once again.

You should only borrow what you can afford to pay back to avoid getting into trouble even if a lender offers you more; that is temptation similar to the irresponsible use of a credit card.

Your Mortgage

Where you are looking for a mortgage, try to make a significant deposit; it will mean immediate equity in the property but often a better interest rate as well. Mortgages are long term, up to 30 years, and though future income is not guaranteed you can only make informed decisions when proceeding with a purchase. Down the line your real estate may well be able to provide security towards further borrowing.

Personal financeHopefully you manage your finances well in the future and if you have been saving in a 401(k) retirement plan for some years, compound interest will be your ally. Regular monthly saving grows far more quickly than you would expect while there are tax advantages in such an investment anyway. It is your money and you have access to it if you wish, though you are obliged to repay from your taxed income. The problem is that if you withdraw any money, you will lose the growth that the borrowings will have earned you until it is repaid. There are better ways to get cash than touching your 401(k) though some will require that you have a good credit score and you make a realistic application. This is where your real estate can come in.

Refinancing

Current mortgage rates are low and refinancing is certainly something to consider. You need to look at all the elements of refinancing, including all fees for settling an existing loan (with nation21cashloans.com) and setting up a new one. If you have significant equity then you can take some cash out when you do the refinancing.

This is something that is certainly worthwhile if the sums add up. If you can get a fixed rate you will know exactly what your future commitments are while there are tax benefits as an additional advantage. As long as you accept the consequences of not making your payments on time and you can accept the term involved, there is little against refinancing if all the detail is included.

Home Equity Loan

You will be borrowing additional money without it affecting your initial mortgage that continues to run. Such a loan is for a fixed term at a fixed interest rate that will certainly be higher than you are paying on your mortgage.

Such a loan is fairly simple and can bring tax advantages yet you will need to have a good credit score and you should understand how much you will be paying back in total.

Home Equity Line of Credit

This is a facility that also offers your real estate as security. It is flexible and you can take money as you need it and again there are tax benefits but the interest rate charged is variable. Be certain that you understand everything because sometimes you will be offered an interest only start with your monthly repayments rising after a certain period. Just as with credit cards, there is temptation to spend when you have a credit facility like this. Think about the number of people who have succumbed to temptation and now have expensive debt on their credit cards.

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By financen | February 3, 2017 - 6:28 pm - Posted in Debt, Personal Finance

Many people in the US, especially freelance workers, struggle to keep their personal finances organized. But with working from home on the rise, freelance workers are set to reach 40 percent of the workforce by 2020. So, whether you work as a developer, designer, translator or manager, if you want to manage your money better, check out these few tips.

Don’t get dragged down by bad credit

Before you worry about your credit rating, make sure that you get an accurate copy. There are several credit rating bureaus you can check, including Experian and TransUnion. Study your report carefully, as it may contain some errors or even include debts that you have already paid. How do you go about setting the record straight? Send a letter to the credit report company that explains the error so that they can remove it and clean your slate.

Learn how to manage your debt

Learning to manage your personal finances is about learning how to set a budget. But, before you can realistically put money aside for certain expenses, you need to pay your debt off first. This can be particularly hard for college students who graduate with thousands of dollars to pay off. But, debt can also be disguised in other forms, such as credit card debt. Start paying off the higher interest debts first and allocate money each month to pay off your debt. Later on, you can simply continue to pay out this money – into your savings account.

Set your budget

Setting a budget is vital if you want to make sure that you live to your means. When you’re a freelance worker, you may not always have the same amount of income every month. So, separating your fixed costs, such as rent and utilities, from your miscellaneous expenses, like clothing and whim purchases is vital. Cut out any spending that isn’t completely necessary, such as your daily coffee or candy bar. You can live without those, right? And every little helps.

Personal financeThink like a saver

You may need to change your habits, if you’re better at spending money than saving it. So, try to put a part of your monthly income aside, for emergency use if needed. Also, consider your mid and long term saving goals, such as taking a vacation or saving up for a deposit on a house. Consulting with a financial advisor, or downloading a savings tracking app, like Mint or Level Money can be a great help.

Get a side-line job

If you’re lucky enough to be in a position where you don’t need to take on a second job, then good for you. But, if you want to boost your income temporarily, think about taking on more clients or extra work. Thanks to technology, there’s a plethora of jobs that you can do online, from writing and design, to customer service, or even selling homemade crafts on sites like Etsy. If you’re skilled in a second language, you could apply to work with an online translation service. You’ll need to have excellent command of at least two languages and, in some cases, an additional specialty.

Look for free activities

They say that the best things in life are free. While you may crave a night in a luxury hotel or a 5-star all-inclusive, your budget may not accompany you right now. So, try to enjoy your life and include activities in it that don’t involve spending money. Take up a sport, like running or cycling – cycling to work can even help you save on bus or gas fare. Check out local events where you live and invite friends to you, rather than going out.

Learning to become finacnailly smart takes some common sense and a lot of dedication. But, if you can instil these disciplines in your spending habits today, you’ll be learning how to manage your personal finances now and for your future.

Author Bio

Christina Comben is Content Manager at translation and localization services provider, Day Translations. Multilingual and qualified to MBA level, Christina is passionate about writing, traveling and continued education.

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