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Personal finance information and tips

Personal finance information and tips

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Set Financially Survive in the Wedding Season

pf3Attending a wedding makes most people spend money in an amount not less. This is in accordance with the results of related research. You have to spend money to give some gifts as well as your preparations to attend the wedding. You are obviously going to have to shell out a few bucks for the gift, your attire, and the parties before and after, but these can be controlled significantly by one simple measure – planning! Head into the wedding season without a plan, and you won’t know what hit your savings. On the other hand, a little planning, even though it may end up with you going slightly out of budget, will keep you within spending limits and help you get through the wedding season financially. To make a plan, consider the following questions:
– How many weddings have you been invited to?
– How many involve the same group of guests?
– How many weddings do you absolutely HAVE to attend?
– How many people are you close to among the guests?

Why is this important you ask? So that you can prepare a

Step to Keep Track of Your Money

pf2Here are some questions test that better you answare, before we take a look at few ways to keep track of your money. Ask yourself these questions, and answer with a ‘yes’ or a ‘no’.

  • Do I borrow money too often?
  • Do I owe anyone money?
  • Am I usually late to pay my bills?
  • Do I run out of money before my next paycheck arrives?
  • Have I put off doing something that I actually need to get done but can’t because I can’t afford it?

If you answered most of the above questions with a ‘Yes’, there is no other way to break it to you but to say – you need help, friend! It is not everybody’s cup of tea to manage their personal finances. However, the good news is, you can learn to do it pretty soon and quite effectively too. The following tips on how to keep track of your money are going to help you save money. It is never a good idea to live paycheck to paycheck; so if you don’t want to do that, follow the tips given below and start keeping a tab

Step to Become Independently Wealthy

pf1Being rich is the dream of most people. Worked hard in the a productive period then enjoy the results in old days. The desire to live a comfortable and relaxing in old age became a dream of most people. How to achieve this is by working hard. And whether your hard work today is enough to make you rich life in old age? Do not let your hard work now, but can not live comfortably later. The following are ways to become financially independent.

And before your crafty mind starts thinking of how much money is needed to be independently wealthy, let me tell you, there isn’t a fixed number or amount. Financial independence is something that is achieved step-by-step, not all at once. While there are suggestions that financial independence and being independently wealthy are different, the underlying fact is that both goals target financial security. The paragraphs below will give you some ideas about this concept.

Steps to Become Independently Wealthy

Save, Save, and Save
– Regarded as the oldest rule in the book, this step is the first to become financially stable.
– Save a

Some Benefits of Belonging to a Credit Union

Credit cards allow you to make purchases. Choosing the right credit card will give good impact to you. It’s a better time than ever to belong to a credit union. Through cooperative programs like the CO-OP Network ATMs, they also offer cutting edge convenience and security. Members get all of the benefits of dealing with a nationwide network while enjoying the personalized service they were built upon.

As they become more competitive in areas like ATM access and online banking, they may look increasingly like banks from the outside. But from the inside out, credit unions are unique. Instead of operating for the benefit of shareholders, as banks do, credit unions are owned by their members, for their members. When you join and open an account, you become a shareholder.

What this means, in practical terms, is that your membership offers you access to lower interest rates on loans, significantly lower fees on accounts, and higher rates on savings. Because they are not-for-profit organizations, any excess funds collected are returned to you, the shareholders, in the form of dividends.

They have been innovators in bringing the convenience of nationwide banking to their members without sacrificing the spirit of community. For example, they have teamed up

Why You Should Have a Financial Planner

Financial management required accuracy, to avoid mistakes. Spend money wisely, including things to do. Important the financial set correctly. Lest mistakes in regulating the financial pose a problem for you. To avoid such problems, seek the services of a professional financial planner. Here are some of the primary reasons why one should have an expert money adviser.

1. Manage Income

One of the best ways to meet monthly expenses and save a certain percentage of income is by planning. Experts in this niche help clients to understand the amount of money that they should set aside for tax payment, savings, and monthly expenditures.

2. Increase Cash Flow

Most people change their spending patterns due to an uptick in income. A money adviser can teach one how to improve cash flow by monitoring expenses and spending patterns. More importantly, wise spending, tax planning, and budgeting results in more savings and less spending.

3. Grow Capital

Needless to say, an increase in cash flow results in an increase in capital. Safeguard the future and consider channeling some of the money into investments that offer recurring profits. An accredited financial planner helps clients to choose the best investment opportunities that exist in the world today.

4. Safeguard the Future

It is imperative

Tips For Managing Financial Accounts In Your 20s

When you ‘re young and just starting manage their own finances, then a lot of things you need to consider. Expenditure greater than your income will make it difficult to manage finances. To overcome this, you need the financial plan you carefully. Setting up a plan while you’re a young adult will help things get easier as you develop some experience and achieve greater levels of stability. Here are six crucial tips for creating personal financial stability in your 20s.

1. Continue to Live on Your College Budget

If you’ve just started your first professional job, the accompanying lifestyle can get expensive fast. You probably need a new car, a new place to live, and appropriate clothing. Instead of relying on your new salary, it’s wise to continue living like a college student at least until you have a plan for how to manage all of the new expenses within the confines of your existing financial accounts.

2. Temporarily Live at Home

To get those financial accounts started on solid footing, consider temporarily living at home. This will allow you to get your finances on secure ground, with the added benefit of having more flexibility to start paying back your student loan debt and come

How To Organize And Pay Your Bills

Settle the monthly bill is the duty of every person. If you do not pay the bills month by regularly it will cause problems. Therefore it must be good to set the time to pay the bill. Your goal should be to pay off every single bill on time, every time.

Now, how can you make sure you pay your bills the right way every single time? Simple! Use a checklist. In this article, I’ve taken the liberty of creating a checklist for you. Check it out, and ask yourself if there are any holes in your current bill-paying routine.

1. Create a list of all your outstanding expenses and debts.

If you have to pay for something, make sure that it gets added to this list. Categorize the items where possible (fixed vs. monthly expenses, bi-weekly expenses, and one-time expenses.) Put the most expensive payment at the top and the lowest one on the bottom.

2. Develop a budget that ensures you can pay these bills and expenses each month.

Do you know how much money you make each month? If your expenses add up to more than you’re making, you need to evaluate your spending. Cancel unnecessary subscriptions. Call your cell and landline providers,

Reasons Why Must Pay Bills On Time

The bill is a cost that must be paid, this is our duty. When paying the bill should be timely, because it would be good for you. There are beneficial financial reasons to pay your bills on time.

Late fees are a no-value purchase

Late fees are free money to the company you are paying. You pay them a late fee, but you receive no value in return. What can a late fee cost you? Fees can range from a few dollars to $50 or more. Some creditors charge a late fee and add on additional finance charges, which might be calculated as a percentage of the balance owed on the account. Being late on your bill payments means you may pay enough in late fees and finances charges to cover another bill entirely.

Interest rates may go up

Some lenders include language in the contract that allows them raise your interest rates if a late payment is made. Some lenders may forgive one – or even a few – late payments, but frequent late payments can result in an increased interest. Higher interest means you pay more over the life of the account or loan. Some credit card companies will raise your interest

Smart Money Moves

Use your money wisely, then you will not regret. Do not let your hard earned money you end up with no benefit. Here are three smart money moves you definitely won’t regret in the long run.

Pay down high interest debt

The most important (in our opinion) of smart money moves is paying off high-interest debt. High-interest debt is easily one of the first forms of debt you should work to pay off quickly. Loans with lower interest rates like mortgages, student and auto loans are generally manageable with their month-to-month payments. Carrying around high-interest debt is difficult for many reasons, and it often feels like you’re not making any progress with the principal when you’re making the minimum monthly payments. It can feel like you’re only pay toward the interest and in many cases you’re paying very little to the principal on a high-interest loan and paying more toward interest.

Work to pay off high-interest debt quickly, so you can work toward our next step. Creating an emergency fund.

Create an emergency fund

Once you’re out of debt, it’s important to create an emergency fund to avoid getting back into debt if an emergency transpires. Medical emergencies, a job loss, your car breaks down, your

Receipts and Bills, How Long Should You Keep

Receipts and bills are usually received regularly at a specific time. For example, such as the monthly electric bill. Many people are actually confused with how long they need to keep these bills and receipts and so, they go on retaining them for years together. Suddenly they realize that, the receipt pile is occupying a major part of their drawer or filing cabinet. This space could have otherwise been used for storing other documents. Well, my article will help you deal with this very problem. Read on…

Valid Duration of Receipts and Bills

Gas and Electricity Bills
These documents make for a good proof of payment as well as proof of address. If there are any kinds of disputes pertaining to these bills, they ideally get solved in less than a year’s time. However, I suggest that these bills should be retained by you for not more than 2 years at a time.

Credit Card Bills
Credit card payment bills and receipts can usually be disposed off within a period of 50 days to 3 years time. These bills are important if you can expect a rebate on the bills from your organization in the next few years. Make sure to keep a copy

Plan Your Established Life In Old Age Start From Now

Live comfortably and relaxed in old age. To achieve this goal, it must be started now. By working hard and taking seriously.

Think of four or five major highways all coming to a point where they meet. This is a good way of visualizing what we are facing. The challenge is that no one knows if they will all meet at the same time and when that will be. These “highways” could be named “entitlements”, “money supply”, “world unrest”, “debt”, “jobs”, just to name a few biggies.

On the “entitlement” front our government (with possibly the best intentions) have created an atmosphere over the last 50 years where many citizens take the approach that the government is responsible (to what degree is debatable) for their well-being when in fact government was never intended to take this role. These social programs have caused a major drain on our productivity and correcting them (or eliminating them) is political suicide. On the “money supply” front the decision of President Nixon to remove us from the Gold Standard (where each dollar in circulation was backed by gold held in reserves) is turning out to be a tragic decision. The ability to print endless amounts of dollars

Set Personal Financial Budget

Money is indispensable to sustain life. Regulate the financial right will make life better. Your money basically, is the heartbeat of your lifestyle. To continue living the same lifestyle and to reach higher standards, personal finance budgeting is very essential. Spending is inevitable, if you have money. However, money, or your resource is always limited and your needs are unlimited. Reconciling the two by prioritizing your demands will help in managing your personal finance budget. This practice of budgeting will help you save your money on inconsequential items and teach you the importance of prioritizing.

Need for Financial Budgeting
The need for budgeting arises because of the fact that you are responsible towards yourself. Responsibility towards oneself means, a constant struggle for the better. Thus, the need for personal financial planning is to fulfill the self-actualization need for improvement.

Monthly Financial Budgeting
Make a chart of income and expenditure, which you make all through the month. Based on this you will be able to make successive budgets. Here’s a chart that you can follow.
Net Income
Expenses At Home
Rent/Mortgage
Insurance
Home Repairs
Home Improvements
Electricity
Water
Natural Gas and Oil
Fuel
Telephone
Groceries
Child Support
Health and Fitness
Other Loans
Entertainment
Contingency

How to Manage Your Joint Finances

Regulate the financial couple things we should be doing when already married. Many couples waiting to settle before the wedding. Stable financial became the main foundation in fostering marriage. That can spell trouble for a new couple; when two people who are used to spending freely without consulting someone else are all of a sudden asked to share financial responsibilities. As a newly married woman, I have first hand experience with how difficult it can be to merge finances with the love of your life. We were both employed long before we met, and financially stable as independent people. Rationally, one might think that would mean we would be financially stable as a couple, but creating one budget from two independent ones is sometimes more difficult than it looks. No one can say what will definitely work for you, but here are a few tips to keep your heads above water.

Where Did the Money Go?

Even if you and your partner keep your finances mostly separate, you are still jointly responsible for rent or mortgage payments, food, and other shared expenses. When each of you are spending money from your joint accounts outside those shared responsibilities, you might find that your money

More Money? More Problems?

Have a lot of money to make someone’s life better. And whether it has a lot of money causes problems facing increasingly well? The following information about whether to have a lot of money causes many problems. It is very imperative that humanity becomes more conscious of the inalienable significance of thought in shaping every individual’s destiny.

You should beware of your thoughts because they are so powerful that they have the potential to shape your destiny. It is a fundamental truism that you cannot do what you did not think of, for as long it is a conscious act, because actions are products of thoughts. However, there are two categories of actions – behaviours and habits. Behaviours are exhibited occasionally, but habits, according to Aristotle, are behaviours that become part of an individual. Actions could be consciously executed but habits are unconscious to an extent because they are part of an individual.

Habit is otherwise called attitude. This is the primary factor that determines your destiny. If you want to predict your future, all you should do is to examine your attitudes. This is why it is commonly said that your attitude to life determines your altitude in life. The point being

Losing Your Wallet, How to Resolve

Wallet containing valuables, money, identification, credit cards, and others. Lost wallet means loss of resources yourself. It would be bad, if there are bad people who misuse your identity card. You need to be aware what needs to be done in such a case to protect yourself from things like credit car fraud, identity theft, etc. Once you get over the initial shock of losing a wallet, it’s time to think clearly. Do not panic (easier said than done, I agree). Think of ways to amend the situation. Here’s how.

Dealing with the Loss of Your Wallet
– Once you are sure the wallet is not on you, hunt for it. Try to remember where you last used it, where you were when you last used it, what did you use it for, etc. Rake your brains and see if you recall where you put it back once you finished using it. Then look for it again in those places.
– If you are sure you have lost it, call the place you last visited with your wallet. Most public places like shopping malls have a lost-and-found center, so chances are if they have come across the wallet, it might have been

Information About Personal Finance for College Students

Being a college student makes a person feel the freedom, including in regulating the financial himself. Usually in the first month some college student will be detailing all the costs of living that will be issued. This is totally fine and completely natural (but keep it safe, guys) – as long as you calm down and get to work once the rebellion is out of your system. Because now you have to act like a grown-up person, with finances and everything.

Seriously, it’s incredibly easy to graduate college with a mountain of debt, and don’t assume you’ll snag a high-paying job right away – you won’t. So you’ll most likely be underemployed, badly paid, with crippling monthly bills. Then six months later, your student loans come due. Of course, you’ll get a promotion or a better-paying job eventually, but in the meantime, those bills are still due. It’s better to just avoid the debt in the first place.

Avoid Loans

Avoid student loans like the plague. Apply for grants, chase scholarships, work and save, do whatever you have to do to avoid loans. If you can’t afford your dream school without them, look into cheaper schools. Or, take your core classes at a community

Consumer Price Index

Consumer price index or CPI is the data accumulated over time about what is paid by urban consumers, both goods and services.  CPI used to determine living cost of the general population. It ruminates on the prices paid by the urban consumers for items like insurance, housing, gas, and food. The Bureau of Labor Statistics uses a geometrical mean formula to calculate it in the basic indexes. This method of calculation isn’t comprehensive as it does not take into consideration the consumer substitution for an item in the index.

Calculating CPI
To help you understand, if one of the items is beef and its price rises, the consumers might substitute it for chicken. This consumer substitution is unaccounted for when calculating the consumer price index. It is difficult to take into account the lifestyle changes, pricing, and consumer preferences; hence, the Bureau of Labor Statistics takes a survey of the number of families living under urban conditions to calculate the CPI, which in turn, decides the raise that you get.

2014 Increase

The Bureau of Labor Statistics issues an occupational outlook handbook, which provides information about the education required for a particular job, the earnings, and the job prospects. An employer uses this handbook

How to Stop Living Paycheck to Paycheck

Every human being is always dissatisfied. If you already have the object A, still want the object B, and so on. It is humane, because human nature is never satisfied with what you already have. Dissatisfaction is the root of most problems that occur in life. Actually, that could be termed OK too, as long as you are spending within your means. So what is it that is not OK, you ask? Well, it is when you are spending beyond your means, to live the way you want to. When you do not have the money, yet you spend on that extra purse, or cell phone, or that gorgeous dress, or a new car, or whatever. Before you know it, you have used up your money in debit cards, so you turn to your credit cards, reach your credit limit, and now you have those terribly annoying warning letters, flooding your letter box and crowding your email. Reminds you of the movie, Confessions of a Shopaholic? There is a very thin line between living paycheck to paycheck, and the above described scenario. It can vanish far too easily, and before you can say ‘damn’, you’ve been hauled into the credit bandwagon.

Some Financial Problems in a Marriage

One of the best things that happen in life is when a person can marry his beloved partner. Married brought a lot of happiness for the couple. This is true, provided that the couple understand each other and are committed to the marriage that has been done. However, married life can suffer a setback, if there are financial issues in a relationship and the partners do not work it out properly to solve these problems. In studies conducted by experts, financial issues have been included as one of the top reasons for a divorce. So, it is always better to be aware of financial problems, if any, and find effective ways to deal with them.
Monetary Issues and Their Solutions

Handling Finance
This is one of the basic issues that married couples face. They are not clear about whose salary should be used for household expenses and whose should go in for savings. Lack of planning leads to confusion, ultimately resulting in differences between a couple.
Solution: Couples should try different ways to handle their finances and check which one works the best for them. According to surveys, around 64% of couples have joint accounts, 14% of them have separate accounts, and

How to Manage Finances After Buying Your First Home

Home is everyone’s primary needs. Could buy a house with his own hard work, can make a person feel satisfied.  If you’re at a young age and buying your first home with his own money, you should be able to arrange financing after the purchase of the house. However, it’s also very exciting to think that you are going to own your property for the first time ever. This is truly the American Dream at work! Chances are, your mortgage payment will be more expensive than whatever rent you were paying before you were a homeowner. You may be worried about how to budget after you close on the house, but you will catch on quicker than you think. If you couldn’t afford the house, the bank wouldn’t have given you the loan, so get ready to crunch some numbers and enjoy the first year living in your new abode.

Pay Attention to Your Lending Officer
Before your loan is even approved, your lending officer should sit down with you at the bank and give you a quick run down of the numbers. If they don’t, you should ask them to do so, or find a lending officer that will; it’s totally