The Good and the Bad of Money Management
Good money management needn't be difficult. In fact, there a number of easy steps recommended by most financial professionals to help manage your finances better.
Pay your bills on time to avoid late fees.
Don't wait until the red bill turns up! Make notes of due dates in your diary and remember to allow extra time for postal payments to reach the recipient.
Pay more than the minimum on your credit cards.
If you are paid weekly then pay a little each week rather than waiting until the monthly statement arrives.
Read your bank statement regularly.
Keep an eye on all your incomings and outgoings.
Check your credit report annually for accuracy.
These days identity theft is very common so you need to make sure you
are not paying someone else's charges.
Look around for and switch to credit cards with lower rates.
Many credit card companies offer low interest rates for transferring balances from another card.
Follow a monthly budget.
This may be easier said than done but if you are sensible about your outgoings then you will find managing your money much easier.
However sometimes things can go wrong. We all want to be able to be in control of our finances but we often make mistakes without realizing it. If you are concerned that you are using bad money management then you should always seek advice from a financial professional.
Here are some of the most common bad money management errors:
Not paying your bills on time
Keeping high rate credit cards
Neglecting to put aside emergency funds
Leaving preparing a will until it is too late
Not reading your bank statement carefully
Neglecting to contribute to a retirement account
Not checking your credit report annually for accuracy
Only paying the minimum monthly payment on your credit cards
Buying the first insurance you come across without shopping around
Failing to adjust your W-4 annually to make sure you are not paying too much
If you address the above issues wherever possible then you will no longer be guilty of bad money management and you may be pleasantly surprised how much better off you are financially in the long term.
Top 10 Ways Managing Your Money Is Just Like Riding a Bike
An avid cyclist and bike racing fan, I sit transfixed during the many hours of Tour de France coverage every July when the race rolls around. This year, during some of the less-than-scintillating early miles of the sprint stages, my mind wandered a bit, and it occurred to me that there are some interesting parallels between winning the Tour de France and winning at personal finance.Having watched Lance Armstrong pull off the win for 7 years in a row, I've compiled this list of the Top 10 Ways Managing Your Money Is Just Like Riding a Bike:1. If you take safety precautions (e.g. helmet/emergency fund), you'll feel a whole lot more relaxed and confident on the journey. 2. The better prepared you are, the greater your chances of succeeding. It's important to learn from the past, but you must also scout out the road ahead and evolve with the constantly changing environment. 3. Crashes happen. The actions of other participants, bystanders, and the media can sometimes distract you from your goal. If you expect the unexpected and are able to respond with a level head, you'll be better off. 4. If you take too many unnecessary risks, you might end up out of the race, and sometimes it can take quite a while to recover. 5. But you'll probably have to take at least some calculated risks to come out ahead. For example, you might improve your performance by using cutting edge products, e.g. ultra-light wheels for big uphill climbs or, in the financial world, Health Savings Accounts (HSAs.) But you also make some tradeoffs, e.g. less stability going downhill or, with HSAs, penalties if you withdraw the money for something besides health care. 6. There will be rainy days, and there most certainly will be ups and downs. The one who weathers the tough days the best usually comes out ahead in the end. 7. You don't have to come out on top ("beat the market," so to speak) every day ? or any particular day, for that matter ? to win the overall race, the race that really matters. 8. You can go a lot farther if the team you surround yourself with has skills, experience, a well-defined goal, and the right motivation. 9. Even if you start at a huge disadvantage, you can emerge victorious if you have the right attitude, understand the rules of the game, and persist despite setbacks. 10. A little bit of luck never hurts!So the next time you're in doubt as to which road to take on your personal financial journey, consider looking to the peloton for guidance and inspiration. Whether your goal is a yellow jersey on the Champs-Elysées in July or a secure retirement, there's a surprising amount to learn from watching a bunch of bike racers circumnavigate France. Congratulations, Lance!
Retirement Income Needs---Less Than You Think?
It is widely written that you need 75% of your presentincome to maintain your present life-style in retirement. Ifyou make 100 thousand now, figure 75 thousand inretirement.
Bankruptcy Chapters Explained
Personal Finance ? Why You Should Compare, not Despair
Sorting out your personal finances can be a tricky and exasperating time. Whether you are looking to obtain money through a loan, protect your finances with life insurance, medical, travel or car insurance, save some money through an individual savings account (ISA), apply for a credit card or a mortgage, change a telephone or fuel utility supplier, or simply decide what the best current account is for your needs, the choices are seemingly endless as well as being extremely complicated. They can also be potentially serious if you get it wrong. With so many options, and so many companies trying to get you to use their product, it is difficult to know where to turn.
Ways to Save Energy and Slash Electricity Bills
1. Lighting & Light Bulbs Install low energy light bulbs in rooms you use regularly ? they last up to 15 times longer than a normal light bulb and provide the same lighting for a quarter of the running cost. Turn off the lights when you leave a room for a long period and don't use several light bulbs where one will do the job. Teach all family members to turn off lights when leaving a room.
10 Tips to Make Sure Your Financial Budget Will Succeed
You've analyzed your past expenses, put them into spreadsheets, loaded Quicken with all of your data and come up with a budget. Now what? The tough part! You actually have to stick to your budget and put your plans into action. This is easier said than done. In many cases you will have forgotten about your budget and your financial goals 6 months or a year down the road. How do you keep this from happening to you?
The Wonderful World Of Address Labels
Ever wonder where address labels come from? Avery® is perhaps one of the most well-known manufacturers of address labels. Rightly so in some respects. Avery® contributed much to the world of professional labels. Stan Avery, founder of the company started the company in 1935. During that time the company, named Kum-Kleen Products, produced self-adhesive labels for many purposes.
Are You Ready To Be Fired?
Your boss has just informed you that your department is being reduced by two and you are fired. After he leaves, what are you going to do?This is not about finding a job it's about being prepared for financial change. How you prepare for employment change is different for everyone. Being prepared for financial change is the same person to person.
Budgeting is Bothersome
It doesn't take much for you to get behind on monthly bills, but it sure takes some time to catch up. The comparison in my mind is to weight gain. A one-week vacation can easily pack on 5 to 7 pounds. Losing that weight however, can take a good month of cardio. That's no fun, and neither is trying to find the extra cash to pay last month's credit card payment.
University: A Course in Personal Finance
Recent findings from the Educational Policy Institute indicated that the UK is the third most expensive place in the world to go to university. Combine this with figures from the Prudential, showing that a third of university students have considered abandoning their studies due to the financial strain they have encountered, and it is not surprising that many prospective students are finding the need to seriously think through the merits of going to University.
Vesting and Your 401(k)
Do you have a 401(k) retirement account? Are you vested yet? Before you move on to your next job, it is critical for you to find out if you are fully vested in your retirement account before you make the move. If you are not, you could lose hundreds if not thousands of dollars in employer contributions.
Adverse Debt Levels Blight UK Consumers Personal Finances
Debt levels are at an all time high in the UK. The younger generation tend to be feeling the pinch the most, but parents are increasingly being required to bail them out, often at great expense to their own limited mortgage or retirement savings.
If I Had a Structured Settlement, I Would Use It to Pay for Gas
Has anyone been to the gas pumps lately? Soon $3 a gallon will be the asking price and we'll either have to become cyclists or create some additional income. I plan to do both of course because you can balance thrift and greed pretty well as you ride your bike to work.
How Electronic Checks Work ? Will Paper Checks Eventually Go Away?
Traditional checks probably won't disappear anytime soon, but processing checks electronically is sure to continue! Have you ever been asked to fill out your account and routing number when paying for something online or over the phone ? or have you provided a paper check to pay for something and it is given back to you after it is run through a machine? Did you scratch your head like I did the first time that happened?
How To Survive The Grocery Shopping Blues
If you are the normal consumer, then you've probably experienced the Grocery Shopping Blues. Most supermarkets use this trick to their advantage to squeeze more money out of their customers and turn a tidy little profit for themselves.
The Benefits of Banking Online
How many drawers did you have to look through to find a bank statement the last time you needed one? Chances are you did not lay your hands on it as readily as you would have liked. If that is a familiar scenario in your home, help has arrived in the form of online banking. Even if you are among the most organized, online banking offers convenience you can't beat.
Personal Finance - Have Consumers Had a Belly Full of Personal Debt?
For months, we were trigger-swipe happy, putting our groceries, clothes, holidays and service charges on our credit cards. We wanted mortgages, we took out loans, we watched Property Ladder and What Not To Wear. Whether you were born middle class, had middle class aspirations, you became middle class through your spending. Debt united people around the UK, we sympathised with each other on what we couldn't afford ? but it didn't matter, we still bought it. Soon everybody had a bottle of Jacob's Creek in their kitchen and olives and humous in the fridge.
Single Mother and Learning how to Save
Saving may seem easier if you were saving for a new car, or a vacation however when it comes to saving in general it may prove to be more challenging because you may not necessarily feel you are receiving a reward from it. However saving pays off, especially as a single mother. All you need to do is simply spend less than you make each month.
The Wright Place - Finances
Women have a love/hate relationship with money. Most of us do not enjoy dealing with it, yet we know not having finances under control will cause our entire family to suffer.
Financial Fitness - Are You Exercising the Right Muscles to become Financially Fit?
Are your financial muscles well toned and healthy or flabby and weak? Do you want to change your relationship with money so you can have control over your financial future or do you want to continue to complain that you don't have enough? Exercise these 10 muscles to achieve Financial Fitness.
|© Athifea Distribution LLC - 2013|