Three Personal budgeting strategies
By financen | September 23, 2010 - 2:11 pm - Posted in Personal budgeting strategies

Have you set up any financial goals for your future or is most of your time gone daydreaming thinking what would have happened if you had some extra money in a month? There are so many people who are living from paycheck to paycheck and are never able to figure out how they spent their money in a month. It is important to make a personal budget and take full control of your money.

If you want to regain control of your cash flow, it is important to do a personal budgeting. This will help you to start meeting your financial goals because you have got a plan for yourself and how you are going to spend your money.

By following the simple budgeting strategies, you will be able to save a lot of money for paying off the existing debts or for making a down payment on a home or to buy a new car.

Every successful person or business have a perfect plan of how they will be using their money and keep a constant watch on it. They are able to control their finances and make smart decisions with their money. You can use the same strategies for your personal finances and become successful. You need to follow three personal budgeting strategies in order to create a good cash flow

Income: There are many people who really do not know how much they actually earn in a month. It is important that you know exactly how much you are earning in a month because money is your most valuable wealth budgeting tool so that it can be allocated properly.

Expenses: This is the part that everyone hates. It’s always a good idea to track down all expenses from your mortgage to the soda you bought at the convenience store. Keeping a track of all the expenses will help you to understand where your money is is going in a month.

Set your financial goals: When you have the perfect understanding of your income and expenses, prioritize your financial goals. You will come to know exactly how much you can earn in a month and how much expenses you can do in a month. You can always find ways to tweak your expenses in a month so that you are able to create more savings and this can be used to pay off your existing debts, save for a rainy day and start investing in your retirement and future.

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How to open a checking account?
By financen | September 9, 2010 - 4:10 pm - Posted in Checking Account


There are many people who have a checking account, probably one or more than one. A checking account is like a saving account, but the money is usually easier to access in a checking account. If you do not have a checking account, you must be thinking of opening one. Before you open a checking account, there are certain things that you should keep in mind.

The most important thing you need to decide before opening a checking account is to know where to open one. There are many people who prefer to open it with their local banks, however you have other options available to look at. Different banks have different requirements and restrictions on opening a checking account. You need to check with different banks and examine their requirements and restrictions.

Many banks require you to open a savings account before opening a checking account. However, if you have already got some kind of loan from the same bank, then you can open a checking account without opening a savings account.

In addition to a savings account, you need to deposit a certain amount of money in the savings account before they will let you open a checking account. You need to keep at least $50 all the time in the savings account, otherwise the bank will charge you a small monthly fee.

When you open a checking account with a certain bank, check the fees associated with that account. Many banks charge a monthly fee, also referred as a bank service charge. There are many banks that will offer you free promotional gifts like a free set of checks within a specified period of time. If you need additional checks during that period, the bank will charge you a fee. Every bank or financial institution has its own terms and policies. Check with your bank before opening an account with them.

When a checking account is opened, many individuals do not consider all their options. If you shop with different banks, you will find some that won’t charge you any fees at all. Free checking accounts are available all around the world. You need to do a little research before opening a checking account with just any bank.

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How to Reduce Credit Card Debt
By financen | September 8, 2010 - 3:26 pm - Posted in credit card debt

Credit card debt is a common problem facing by the customers today. As people find it easy to carry a card instead of money, they have the habit to use their credit card for a small investment also. Sometimes there expenses are more than their credit amount and this result to huge balance. As the balances increases the debt too increases and hence people easily fall in credit card debt. By adopting some careful steps, it helps a customer to reduce credit card debt.

The first step which should be considered to reduce credit card debt is to stop using credit card. As long as you used it, credit balance increases and more easily you are fallen in debt. The more the debt is, the more money you have to pay. If you need a credit card, it is secure to keep only one rather than many, so just cut off all your other credit cards. You could have one credit card which could use in case of emergency. While going with a single credit card and avoiding debt, you can consult your credit card companies for the lower interest rates. Owe the credit card with lower rate of interest. Go for the special offers.

Following are few steps to help you to reduce credit card debt:

1) Avoid using credit card for every payment. If you are purchasing then pay them off by giving money, instead of using credit card. If you cannot avoid it, then better don’t purchase the item.

2) Just prepare a list of all the credit cards you are having. Start from the credit card with minimum balance to high balance.

3) Do the payment regularly so this would reduce your balance. Don’t reduce your payment amount once your balance starts reducing.

4) If you have got any other income instead of spending it anywhere else, better put it completely on your credit card balance. This would reduce credit card debt considerably.

5) You can also negotiate with your credit card company. If are having hard financial times then consult with your company to reduce your interest rate. You could give them the amount which you can easily manage.

6) One way to have a good credit sore also prevents you from credit card debt. Go to find a credit card with zero percent introductory rates. This credit card can be used to pay off all your credit card debt. Once you come out of your debt then do the payment for your card. After a certain period when your introductory interest rate is over, then search for the other credit card with zero introductory rates. In this way one with a little debt over his head could easily reduce credit card debt and have a good credit score.

7) The other step to reduce credit card debt is debt consolidation. Some of the companies offer you to consolidate your debt in case you are unable to pay off your debt. These companies offer you with an affordable interest rate and you could cut up your debt by large margin.

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