Posts Tagged ‘financial goals’

Managing Money Wisely

Friday, July 3rd, 2009

Managing your money wisely in 4 steps.

One of the hardest things for many people to accomplish is managing money wisely. We may all know the basics, and understand that spending too much is a good way to get on the road to financial ruin. However, when push comes to shove, we end up making mistakes that may take years to undo. If you’re serious about managing money wisely, there are a few tips that you can implement today that will help you reduce the mistakes you make and help you take better advantage of your successes.

1. Always weigh the consequences.

Impulse buying that cannot be controlled is a sure recipe for disaster. If you are trying to start managing money wisely, the first step to take is to make sure that you weigh the consequences before making any purchase, big or small. When you start to consider the consequences of a frivolous purchase, resisting the urge to buy it will be a lot easier. For example, let’s say that you have had your eye on an LCD television that costs $6000. Once you spend that money, it’s gone, since your television will never earn any more for you. What could you do if you invested that $6000 instead?

2. Set yourself up for success.

Many people fail at managing money wisely simply because they make it too hard to succeed. Whether it is a strict budget that can’t possibly be kept, or constant spending that can’t be controlled, if you are not setting yourself up for success, you may have a hard time getting there, especially at first. Try setting a budget that you can easily keep. Once you have this down and you’ve gotten into a routine you can start saving more money. By making changes gradually, you can ease into managing your money more effectively and it will be easier to get there.

3. Set goals.

Setting financial goals is a vital component of managing money wisely. When you are working towards something, sticking to a budget or waiting to make a big purchase are a lot easier. Try to set financial goals for this year, five years and then further into the future. Create milestones along the way of what you would like to achieve and then keep these goals in a prominent place. They will help you stay focused and motivated to keep managing money wisely.

4. Pick yourself back up if you fall.

We’re not perfect and even the best of us do make money mistakes from time to time. The key is getting right back up and trying again. Anyone can keep a budget, and anyone can learn to create more opportunities for income. The key is staying motivated, and avoiding having discouragement keep you from managing money wisely.

These are four easy steps that you can start using right now in order to start managing money wisely. Don’t wait to formulate a plan for your financial future. The best time to start preparing for tomorrow is today.

Photo Credits: 1

Originally posted 2020-11-03 15:40:29. Republished by Old Post Promoter

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Teens Saving Money

Wednesday, July 1st, 2009

Help your teen build strong money management skills.

One of the best ways to build a strong financial foundation in teens is by starting a savings plan early on. Over the past few years, there have been more teens saving money and the results are clear. When you take the time to teach good financial practices to your children, these skills will carry them through life, helping them to build up a nest egg that they can rely on in the future. If you want to start your kids down this financial path, here are a few tips on how to get your teens saving money now.

1. Set up a reward system.

At first, before the benefits start to kick in, your child may need some extra incentive to start saving money. Try setting up either a reward once they reach a certain dollar amount, or you may even want to offer to match their savings, dollar by dollar. This is a great way to get your teens saving money and offers them some real incentive, as well as hard evidence, that saving is very beneficial. Even if you only add a few dollars to their account at a time, this extra money will help them get motivated and stay focused.

2. Start discussing sound financial principles with your child.

Once you’ve got your teens saving money, it’s a great time to start talking about setting financial goals, and working on the follow through. For example, you can ask your child to set a goal as to what they would like to be able to buy, that they cannot afford right now. This helps them see the value of the hard work they are putting in towards saving for that item and once again, will keep them motivated. However, it is important that they understand that spending all that they have saved up isn’t the best solution and that they should have long term goals, as well as short term goals.

3. Take them to the next level.

Once you have your teens saving money and they are learning more about goal setting, you can take their lessons to the next level by incorporating information about setting up more than one stream of income. Help them to set up a portfolio, use a p2p lending service like Loanio to lend money, or open a high yield savings account for them so that they can start to watch their money grow. This is also a good time to start talking about investments with your teen, even if they can’t quite make their own just yet.

4. Get them interested in continuing education.

One of the best ways to get your teens saving money is by teaching them how the stock market works and how they can add to their savings account easily. There are numerous online sites that will provide users with free example “money” that can be used to invest in theoretical stocks. This is a great training method that has no risk, but can be incredibly useful in teaching lessons about stocks. You may even want to take part in these yourself and set up a competition to see who can make the best theoretical picks.

Photo Credits: 1

Originally posted 2020-10-31 04:55:15. Republished by Old Post Promoter

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Is Some Debt Good For Your Credit?

Wednesday, May 20th, 2009

Does debt improve credit?

There is no doubt about this, first of all: Getting into debt is more than capable of getting you into trouble. Although there is definitely a large downside to debt, borrowing money can also do you some good. Some debt is actually good for your credit, but only if you understand why, and how much debt is good in comparison to when your debt has become too much.

With the help of credit, you can achieve some of your financial goals. Debt allows you to take advantage of experiences and opportunities that enhance your life, like buying a car or purchasing your dream home, going to the best school or taking a cruise around the world. Getting the true value out of your credit has to do with developing a spending plan that allows you to get there in the time frame that you have set, without ruining you financially.

With the help of credit, you can send a message to potential lenders. If you have never had any debt, then you have never used credit before and will not have a credit score or a credit report to speak of. In today’s world, however, it is difficult if not completely impossible to live without credit, because credit is vital for purchasing most big ticket items, like higher education, vehicles and homes. Credit is also heavily relied upon for the purpose of preparing for life’s emergencies. For all of these reasons, having a good credit reputation is going to show potential lenders that you are a good and healthy credit risk by showing that you can handle a little bit of debt. By showing your capability to repay debt, you can put yourself in a good position to attract creditors offering favorable terms and rates.

Credit and debt are also capable of giving people a sense of how responsible you are. If you had no debt or credit history, you would find yourself being disadvantaged in other ways. Should a prospective employer check your credit record and come up empty for example, they may find this strange, and not want to hire you. Without a credit record, employers, lenders and other individuals lose out on a potential way to appraise who you are. Debt and credit are important for getting an apartment, applying for car insurance, buying a home, even sometimes renting a car. Even if you can afford to do some of these things, using debt and credit to create a history of how you handle money is an advantageous option in favor of just using cash for everything. Credit is not only a tool for extra income, but it is also a way to show lenders, employers and other individuals how responsible you are when it comes to borrowing, spending and repaying your money.

Photo Credits: 1

Originally posted 2020-01-19 05:45:46. Republished by Old Post Promoter

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Defining Your Budget and Crafting Your Financial Future

Saturday, May 16th, 2009

A budget or spending plan is a specific money management tool that is designed to put you in control of your spending, keeping you out of credit trouble and other financial trouble. Your budget is vital because it is your personal plan for spending the income that you have, making good use of your credit and otherwise managing your finances in an efficient and effective way. Many people incorrectly treat budgeting like dieting, where you’re forced to suffer in order to achieve your goals, but this simply is not the case. A budget, on the other hand, is like the speedometer on your car in that it is letting you know how fast or how slowly you are going so that you can adjust accordingly. Your budget lets you know how you are doing in terms of earning and spending, so that you can make the necessary adjustments.

What are your budgeting goals?

Most people are spending out of control without realizing it, which is why a budget is so important.

Here is a short list of some of the things that a budget can do for you:

– A personal budget can help you reach your financial goals, serving as a compass that keeps you on course and helps you put money aside so that you may reach your goals.

– A personal budget can help you control your money by allocating money for all of the different facets of your daily life, allowing you to better keep track of how your money is being used.

– A personal budget can help you to live within your means by showing you how your expenses compare to your incomes so that you can adjust things accordingly.

– A personal budget can help you to free up cash. One of the biggest bonuses that comes with budgeting is that you can decide how much you intend to spend, rather than spending all of your money on things you do not want or need, a budget will grant you the power to make smarter and better informed decisions regarding how you spend your money.

– A personal budget allows you to free up cash because an effective budgeting practice will involve your entire family and will help you come up with ways to free up money and better spend the money that you have.

– A personal budget can help you prepare for the unexpected, because you can put aside money every month for emergency expenses as part of your budget, and this will help you cover a variety of expenses including emergency auto repairs, medical bills and other expenses that come up unexpectedly.

– A personal budget can help you get out of debt, and even more importantly, stay out of debt once you are there. Budgeting will bring your expenses in line with your income, so you will stop adding to your debt.

Photo Credits: 1

Originally posted 2020-01-15 05:33:43. Republished by Old Post Promoter

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