Posts Tagged ‘Credit Cards’

Personal Budget Planning

Monday, January 5th, 2009

Add budgeting to your personal finance repertoire.

The key to your financial success in life is your own personal money management skills. Your personal money management practices make up your own personal method of reaching both your goals and your dreams. No one likes the idea of personal budget planning, but you will never know if you are getting the most out of your money if you do not implement some techniques for personal budget planning into your life. Everyone wants to keep up on their bills, pay off loans and credit cards, and stay ahead of debt. Successful asset and debt management is an excellent source of pride as well as good credit.

Whether we use credit or not, all of us want to have a good credit score and credit report. So unless you have an unlimited amount of money that you can simply spend in any way that you wish, you are going to need to formulate some semblance of a personal budget in order to get your bills paid and in order to manage your assets as well. Personal budget planning can seem difficult, but should not be an overwhelming process by any means.

Creating a household budget begins by figuring out what all of your monthly and yearly bills are. Then you are going to want to add in any retirement funding, savings goals and spending money so that you have a clear cut picture of how much you need to spend, because what doesn’t matter is how much money you make – what does matter is how you spend the money that you make. By implementing personal budget planning techniques into your daily life, you can get a feel for how what you make relates to what you spend, and how cutting down expenditures in certain areas of your life can actually help you save a significant amount of money.

When you fail to follow personal budget planning, your debt may overcome your income, meaning that you would be unable to make payments on time. If you make payments late or make no payments at all, you will put yourself in serious mounting debt with no way out. You cannot simply spend money as you wish and hope that there is enough left over at the end of the month with which to tackle the bills. You absolutely must implement techniques for personal budget planning if you want to manage your finances right.
Personal budget planning is actually quite easy when you consider how many resources are out there for it. Most people use budgeting software on their computers to prepare a household budget. If you do not have any fancy software, another opportunity is simply to use excel to track money in and money out. When you have a clear cut picture of where your money is going, that is when you can truly begin to implement smart money saving strategies to get your finances on track.

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5 Tips for College Students on Budgets

Wednesday, December 31st, 2008

When you are in college, it can become easy to get caught up in your busy, stressful lifestyle. With all of the studying and working that you have to do, coupled with hanging out with your friends, working part time jobs and participating in extra activities, it can actually become extremely easy for you to forget about your finances. Unfortunately, your finances are a vital part of your life. Here are some proven tips for a college student’s budget.

Living on Ramen?

1 – Plan ahead.

You need to figure out where your cash flows are coming from by listing incomes from parents, student loans, jobs and other sources. Then you need to figure out what your monthly expenses are, including food, books, health and other activities and fees that you need to contend with. Make sure that you are making enough income to handle your expected expenses, and then allow for extra money to deal with emergencies. Once you have established a basic working budget you just need the discipline to keep to it.

2 – Save on your food.

When you were living with your parents, obviously eating was an expense you did not have to think much about. However, now that you are in college it is one area that you need to pay attention to. If you have a food allowance, use it to its fullest potential and avoid eating out because this will destroy your budget in no time. Whenever possible you should plan meals and pack your lunch.

3 – Take advantage of student discounts whenever possible.

Use your student ID and organization memberships to get discounts whenever you can. They may seem silly but they can really add up over time.

4 – Use cash whenever possible.

If you already have money on your student ID, use this first. Avoid using your credit cards or debit cards any time that you have cash. You should use plastic only in emergencies, because cash is easier to track and gives you a better idea of how much money you have. Most college students end up leaving school with higher credit card debt than before, and this can add up to years of paying off debt because of a couple of years of poor spending habits.

5 – Keep yourself as busy as possible.

Join clubs, groups and organizations in whatever field you are interested in, in order to keep yourself busy. Keeping yourself busy will help you to stay away from things that you would normally spend money on when board. You may find yourself surprised at how much money you can save over time simply by spending less on things that you do not need, and following your student budget instead. Sticking to your budget is easy when you keep your mind busy and yourself entertained.

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