If you don’t take your financial future into your own hands, no one is likely to do it for you and your personal finances will be tossed back and forth like a ship with no sails- going nowhere. It is no one else’s responsibility to handle your personal finances. It is yours and you must take control by great discipline and wisdom in order to experience success in your finances.
The first thing you can do to take your financial future into your own hands is to create a budget. List all of your income and expenses and get a clear picture of where you are financially. As you do this, I want you to take each category and decide the amount that you want and/or need to spend in that category monthly.
For example, if you want to allot money each month for eating out, specify what that amount is and stick to it. Keep it reasonable. If you want to purchase one new outfit per month, specify it and stick to it. Of course you will want to list all of your bills and make sure that you have enough income to cover all of them before adding recreational categories. Read More
It is important to be mindful of the dangers of credit cards before getting one or continuing to keep what you have. Credit cards are fairly easy to acquire and almost every store accepts them, so you ought to understand the fine print of the credit card terms before using them.
Credit cards are not bad in and of themselves. When used with discipline and awareness, they can be viewed with a positive mindset, but when they are abused and the fine print is ignored, they are viewed negatively.
When you use your credit card and charge an amount of money, it is best that you pay off that amount when you get your monthly statement. If you don’t, you will be charged an interest fee. If you continue to use that credit card and only pay a minimal amount each month, it may become difficult for you to pay it off. What you may be paying each month is simply the interest charge alone, which will not decrease your bill in any way. Read More
Debt – the word itself can give a feeling of having butterflies in your stomach. It is one such word that each one of us wants to get rid off. Many of us make various plans and strategies to ensure a debt free life but it is easier said than done. A debt pay off plan depends on various factors such as the amount of debt, nature of debt and the amount of your income. However, it is rightly quoted that, “Nothing is Impossible” and thought of getting rid of debt is no different.
What leads to Debt?
Your behavior and spending patterns are very crucial factors in deciding the amount of debt that you have. It could very well be your emotionally driven behavior and attitude that has an impact on your financial state. Are you an impulse shopper? Do you make purchases just to feel better? Do you try to keep up with the Joneses even if you can’t really afford to? Do you buy what you don’t really need?
Lack of proper financial planning can also lead to accumulation of debt. Budgeting plays a vital role in controlling and maintaining your inflows and outflows. If you have not sat down and created a budget, it is to your advantage to do so. Do your best to stick to it. If you lack of proper budget plan, it will lead to poor financial stability and create more debt. Read More
If you would like to save more money this month, the following tips and you may be surprised at just how much money you can pocket with some wisdom and effort.
1.Cut out fast food and eating out.
Many people do not realize that eating out adds up big by the end of the month. Even if you only eat at fast food joints, which are cheaper than restaurants, before the end of the month you could easily have spent $100 or more. I challenge you for one month to cook your own meals, skip eating out, and see how much money you can save in one month. Tally up what you normally spend and compare numbers at the end of the month. You may decide to stop eating out once and for all or just for special occasions once you see the savings.
2.Make a grocery list.
Planning your meals and making a grocery list can save you more money this month. Without a list or a plan you are likely to spend at least 1/3 more money than you normally would. Also, try to keep grocery trips to one per week. Compile your list and perform your shopping in one day. We all know that a trip to the grocery store for one or two items, such as milk and bread, tends to result in milk, bread, and a host of other foods that looked good at the moment. One trip per week will save you more money for the month. Read More