Posts Tagged ‘expenditures’

How Much Money Do You Really Spend?

Tuesday, June 9th, 2009

Overspending is an enormous problem for Americans right now and the sad truth is, many of us do not even know we are doing it. If you are finding it hard to make ends meet at the end of the month, or you are desperately waiting for that next paycheck to arrive, you may need to take a hard look at your financial situation, your budget and how much you spend every month.

Track how much money you spend on small things.

We typically consider our rent or mortgage payments, car loans and utilities as the only items that need to be budgeted, but there are many small items that can crop up and eat away at your bank balance. These are typically unnecessary expenses, and over time, enough of them can quickly add up. Let’s take a look at how to determine how much you spend and how you can get your expenditures in line with what you make.

It’s a great idea to keep a little log book and write down everything you buy for the period of one month. Everything, no matter how small, should be noted down in your log. At the end of the month, total everything up and see just how much money you have going out the door. This is probably the easiest way to figure out what needs to be cut, since you’ll have everything right in front of you. Here are some of the most common culprits.

1. Eating Out.

Americans spend thousands, if not tens of thousands, eating out and these expenses can quickly add up. You can save quite a lot of money simply by cutting out one meal out a week, and even more if you really get serious about cutting back. Once you’ve logged how much you spend on food, you may be surprised at how much of your paycheck is missing.

2. Recurring Subscriptions.

This is a problem for many online. You sign up for something, forget to ask for a refund before the trial is over, and before you know it, you’ve got several “memberships” or recurring fees that you don’t even know about, all being taken right out of your account every month. These will add up fast, and can do a lot of damage if they are not caught in time.

3. Superfluous Items.

Even though these items are typically small, they take up a big chunk of your budget. All too often we don’t think about the little, “it’s only a dollar,” items that we see at the store. While each one may be inexpensive, when you add them all up, it can be shocking to see just how much you are spending. The log book of your monthly expenses really comes in handy to see which of these items can be cut from your budget.

By taking the time to see how much money you actually do spend, you can stop overspending before it gets out of control and starts to eat away at your paycheck.

Photo Credits: 1

Originally posted 2020-10-10 05:16:41. Republished by Old Post Promoter

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Do You Need a Money Manager?

Monday, June 8th, 2009

Money managers for many are necessary.

If your idea of organizing your finances is throwing a receipt in a big pile, you may want to consider the benefits of hiring a money manager. There is a new trend in the financial world where daily money managers are becoming very popular, and for many consumers, they are very necessary. Let’s take a look at what a daily money manager does and how they may be able to benefit your personal finances.

1. Organize paperwork and receipts.

When it comes to getting your paperwork in order, or keeping a record of all of your receipts, most of us end up failing miserably. Trying to track down little slips of paper is maddening at best, and for those of us with little time on our hands, the task of getting our paperwork organized is simply too much. We put it off and before long you end up with a slew of jumbled papers and you can’t find the one receipt you really need. A daily money manager will catalog all of your paperwork, filing it away and help you keep track of expenditures by organizing your receipts.

2. Paying bills on time.

If your schedule is hectic, or you simply aren’t good about dates, paying your bills on time can be a struggle. A daily money manager can be used to help you make sure that all of your deadlines are met, and that nothing is left unpaid by the end of the month. Once again, for those with a busy lifestyle or an inability to keep everything running smoothly, a daily money manager can be a true financial lifesaver.

3. Mediation.

A daily money manager does not replace an accountant or a lawyer, but they can assist in mediating between their clients and these professionals. For example, if you have filed a claim with an insurance agency, a money manager can assist you in handling the communication with the agency and getting all of your necessary documents together. The vast majority of daily money managers are trained and have backgrounds that include legal, financial, and insurance expertise.

4. Day to Day Basics.

For many of us, the devil is in the daily basics of keeping our finances ordered. Instead of letting things get out of hand for months at a time, a daily money manager can offer assistance in keeping checkbooks balanced, paperwork accounted for and everything you need to have handled in your personal finance life done.

As we get busier as a society, it is clear that there is a definite need for daily money managers. If you do decide to hire a daily money manager to help manage your finances, there are a few things to consider ahead of time. First, you will need to make sure that they are accredited and licensed. This professional will have access to your documents and it is vital to ensure that you can trust them. Look for a major national firm or someone in your local community that you can rely on.

Photo Credits: 1

Originally posted 2020-10-09 05:14:08. Republished by Old Post Promoter

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Personal Budget Planning

Wednesday, May 6th, 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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Originally posted 2020-01-05 05:52:54. Republished by Old Post Promoter

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Teach Your Teen About Saving Money

Thursday, April 9th, 2009

One of the biggest reasons why having a teenage child can be difficult is because teenagers tend to spend money easily and freely without any real regard for what goes into earning that money in the first place. Teenagers tend to spend a great deal of money on clothes, shoes, toys, video games, computer stuff, without ever really buying anything that they need. One of your biggest jobs as a parent is to teach them how to save their money.

First of all, you should teach your teenager how to save money by opening them up a bank account. When they have their own bank account, they will have a paper transcription of how and where they spend their money. Deposit their allowance directly into the bank account, and explain to them that once the money is gone for the month, it’s gone. This will teach your teens to be more savvy when saving money because they will have a better idea of how much goes in and how much comes out, and will learn to better track their expenditures accordingly if they know that the money will eventually run out if they are not careful.

Give a man a fish and you feed him for a day.

Another consideration that you need to make when it comes to teens saving money is a really valuable quote that applies to many situations including this one: “Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime.” What this quote means is that giving your teenager an allowance, or money for the movies, or for any other reason, they will use that money and then it will be gone. If on the other hand you teach your teens how to handle their money and save their money, it will prepare them for a lifetime of financial fitness, which is the most ideal situation. By teaching your teen how to earn and save money, how to invest, and so on, you are preparing them for a lifetime of intelligent financial decisions. This may not prevent them from making poor decisions in the future, but it will better prepare them for what life throws at them as they get older.

You absolutely must be able to teach your teenage children how to handle their money. Once they understand what goes into making or earning the money, saving the money and investing the money, they will spend their money more wisely in the future. Teach your children how to invest, and how to get the most out of their money, and you will find them being excited about saving their money rather than spending it frivolously. If you want your teens to be savvy when it comes to saving and investing their hard earned money, you have to teach them the value of that money and what can be done with it besides buying designer jeans, ring tones and other toys. Not only will you benefit, but they will benefit significantly as well.

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Originally posted 2020-12-09 05:03:43. Republished by Old Post Promoter

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Teach Teens to Save Money

Thursday, March 26th, 2009

Teach your teen about money.

One of the biggest reasons why having a teenage child can be difficult is because teenagers tend to spend money easily and freely without any real regard for what goes into earning that money in the first place. Teenagers tend to spend a great deal of money on clothes, shoes, toys, video games, computer stuff, without ever really buying anything that they need. One of your biggest jobs as a parent is to teach them how to save their money.

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You absolutely must be able to teach your teenage children how to handle their money.

Once they understand what goes into making or earning the money, saving the money and investing the money, they will spend their money more wisely in the future. Teach your children how to invest, and how to get the most out of their money, and you will find them being excited about saving their money rather than spending it frivolously. If you want your teens to be savvy when it comes to budgeting, saving, and investing their hard earned money, you have to teach them the value of that money and what can be done with it besides buying designer jeans, ring tones and other toys. Not only will you benefit, but they will benefit significantly as well.

Photo Credit: 1

Originally posted 2020-11-25 05:01:04. Republished by Old Post Promoter

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