11 Jun 2020

How To Manage Your Money - The Ultimate Goal Of Your Future

Hallo! Welcome back for today, in which I will be giving you some personal finance tips, that will save you some headaches in the short run and in the long run should help you with your ultimate goal of increasing your overall wealth. If you're a living from paycheck to paycheck with nothing to show at the end of the month, then chances are you need to manage your
money better.

Even if your life isn't filled with money problems it's likely you could still make improvements. Here and there and the advice in this post should help you do just that having good financial skills improves your quality of life in all kinds of ways. It'll give you a better credit rating which means you'll be more likely to be accepted for a mortgage or a loan for something really important you won't have debts hanging over your head.

How To Manage Your Money

And you'll get a warm satisfied feeling at the end of the month when you see you've still got a decent sum of your paycheck left that you put towards savings or investments. Welcome to a luxe calm the place where future billionaires come to get inspired. If you're not subscribed yet you're missing out so Alexis. It's time to dive in and brush up on your personal finance skills.

Look at the best way to how to manage your money better

1. Make Budget Plan

Make a budget every month of all the advice on this list. This is the most essential and we'll be referring back to it repeatedly. In fact it's such an o-brainer you probably already know you should be doing this. But very few people actually do the reason isn't just because most people find it too boring to go through loads of numbers. It's because looking at sums you're going to have to part with can be kind of painful and a lot of people try to avoid it. 

You'll see your life improve and all kinds of financial worries will disappear. So what should a monthly personal budget look like? Well you don't have to be a math genius to do one a budget. Snapshot of the money you have going in and coming out take a piece of paper or better still keep a notebook and divide the pages into two. On the Left you should have the money coming in from salary and any other sources of income.

That's the easy part the hard part is the money you expect to go out. Which you should estimate at the start the MA. This should include household bills and living costs. What you expect you'll spend on food? And other essential items. Also travel expenses for your car or public transport, restaurants, entertainment, sports, trips and holidays. And the items it's easy to forget about like money you expect to spend on presents for family or friends also.

Add in any other regular payments you have to make this could be insurance subscriptions or debt repayments. Also on the expenses side set a target for savings as well as a small but regular contribution to an emergency fund. We'll touch on these later the left and right hand sides should add up to the same amount if your expenses are more than your income. You'll need to find places where you can cut them down.

If you're lucky you'll have more income than expenses then you could either add more to your savings target. You could justify a little extravagance and increase the bill for say leisure or luxury food shopping. But once you've made the budget the most important thing is you don't put it away in the drawer. And let it gather dust use it throughout the month to guide your spending decisions and try really hard not to oversee.

Anywhere even if you don't quite manage it in your first month don't worry as long as you're not too far off after your first. You'll become more realistic with your predicted expenses and overtime. If you put your mind to it balancing your budget should start to come naturally.

2. Spend Less Your Expenses

Consult your budget for large spending decisions. So here's a common mistake you want to buy something like a holiday, new laptop, or an extravagant gift and you've just been paid.  if you can justify the expense in the relevant category if you're thinking of booking an expensive holiday. Your budget for leisure covers it then go ahead but if it doesn't that means if you pay for it at the end of the month.

Your budget will be in the red so what do you do the answer is to save up for it. Include the amount you're saving each month in your budget work out. How much you can set aside for it each month? And how long it'll take you to save up? And while you're saving you might even decide you don't really need it after all number three keep track of smaller expenses to small purchases here and there.

A birthday present for relative there we often forget to factor these. But they really do add up and when you hear people saying they don't know. Where all their money goes it's usually on a load of small to medium purchases they forgot all about. If this is a problem for you should try writing all of your spending down in a journal if you're keeping a budget any small purchase.

You make would be covered in some section of it. If you've blown your whole monthly budget for leisure on just two meals out. You know you need to make some changes were keep track of everything and pretty soon. You'll be able to see where it's going and how you can cut down on things? You don't really need number four get your debt under control or better.

But it's already been going for more than a year remember that more and more businesses you subscription-based business models. Small amounts add up when you've got a lot of them. They're eating away at your earnings every month if it's really necessary or useful.

And Emergency fund keep aside a stash of money for the unexpected. You ever know when you'll need it unexpected repairs on your car or house. A piece of equipment you need to buy because something broke unexpected medical expenses. You aren't insured for or if you don't have an emergency fund you'll be digging into other expenses for these. 

But if you do have some money set aside you'll be covered on your budget. You could put a small amount of money into this each month and only dip into it. If it's a real emergency whenever possible when unexpected expenses. Come up try to justify them in another part of your spending.

3. Invest Your Money 

A monthly savings goal and keep it in a separate savings account. So the endgame is increasing your wealth right well. Keeping money in the bank isn't going to help you with this. Interest rates on bank accounts are close to zero. Make your money work for you far better options are investing in bonds a portfolio of stocks or real-estate.

And you won't be able to buy these without disposable income which will come from your savings. That's why you should have a savings goal each month and indicate it on your budget. You'll find that having a savings goal really will motivate you to save that's. Because the thought of having that money for investments at the end of the month and the long term wealth.

They'll bring you will be even more tempting than unnecessary purchases and until you decide what kind of investment to put them into place them in a savings account which is separate from your regular bank account savings. 

Accounts do have slightly higher interest rates than bank accounts but they're still small the benefit is by keeping your savings in a separate place. You're less likely to spend it and in the end this money will go toward what it's intended for long-term investments.

Feel like a beginner when it comes to managing your finances well remember that every goal on finance management was once a beginner too. So why not invest in some courses on personal finance? You'll be able to find free or moderately priced online courses in personal finance. 

Which share in-depth advice on how to send less and save more manage your money better. Your bonus build up financial discipline bit by bit and after a while it'll come naturally. If you're so far away from achieving the kind of financiald  disciplineWe've been talking about heret that you think you'll never be able to achieve.

It to spare a lexer remember there are lots of people in your position start with step one and create a budget then you've got to force yourself to take all the steps in it at first. You might find it difficult but stick with it and over time it'll come naturally to you pretty soon. You'll see yourself getting less money related headaches and then you'll realise you have more money left at the end of the month.

Before you know it you'll feel motivated to follow the steps and you won't even need to push yourself to do them.  Then you'll have mastered discipline when it comes to personal finance and you'll have become a natural at managing your money.

4. Shop On Online

Use price comparison apps and websites. So we've already said you need to be cutting down on smaller expenses. The ones that add up without you noticing it most of the time a great way. You can do this is by shoppinga aroundfor the best price and there ares several price tracking websites and appsto.

Help you with this for online shopping you could use in Google shopping calm or Amazon and even for grocery shopping. There are several websites you can use just keep in mind. They will differ a bit depending on which country you're in.

Use personal finance apps. So creating a budget from scratch seems like a bit of a headache or maybe. You're not that confident about your skills to organize it. Well or record every purchase you make well there's no need to despair.

Because there are tools out there that make it a lot easier personal finance apps like mint or money strands. Which are both free are perfect for the job they'll display all your account balances and transactions.

And they'll track your spending habits. So you can see where you've been going over your budget. They'll also remind you of upcoming bills and even keep track of your investment portfolio.

Thank you for spending some time!

10 Apr 2020

Top 9 Most Popular Important Money Resolutions 2020 - Tips For Save Money

Have you even thought of saving money for the new year ? Every new year, we definitely take some resolution, but we must take another resolution which is resolved to save money. So let's learn about some important resolutions for save money. We are offering 9 important ideas for 2020.

The New Year begins with New Year's resolutions, but new Year's resolutions also disappear as the day passes. Many of us make resolutions but we rarely follow these resolutions. After some time, we forget about our resolutions.

Money resolutions
Money Resolutions For 2020

Although money is not everything but it is the most important part of our lives. If you manage your money properly, your life will be much better.

So, if you want to manage it properly, you need to adopt some important money resolutions for 2020.

Best 9 important money resolutions for 2020

Here are some 9 important funding resolutions for 2020 which will help you achieve your financial goals. And of course, strick for this for at least four months and see great changes in your life.

1. Track all your expenses

Do you know how to save a lot of money by tracking your day just for day expenses? You need to track each expense that you try to track your monthly expenses for at least 2-3 months and you'll know how you're wasting your money on every small but unnecessary purchase.

There are many mobile apps available that help you track all your expenses efficiently. By tracking your expenses, you can learn how to manage all your expenses and reduce wastage.

2. Make a spending plan

If you're saving enough to reach your goals or not, you can use any of these money to save suggestions to reduce some of your expenses. Like a diet, a budget is only as good as how well you strick to it. Consider using a cash management site like Mint to monitor your expenses online for free. If you do not want to track every nickel and money, you can also give yourself a special weak or monthly allowance for discretionary expenses like shopping, food and entertainment.

3. Protect your credit

Set your bill on auto-pay to avoid missed payments. AnnualCreditReport.com you make sure to check each of your 3 credit reports for free every 12 months and dispute any flaws you may find. To protect yourself from identity theft, you can get free credit monitoring for sites like Credit Karma (Equifax and TransUnion Included) and FreeCreditScore.com (Experian Cover) and protect on your credit report to prevent someone from opening the freeze Can credit your name without the PIN you installed.

4. Become financially literate

These days is readily available on the Internet for more investment information, and also in business newspapers or books. You can follow them and also learn about stocks and bonds, how to save, how to invest and where to invest.

By becoming more financially literate you will invest in a safe and proper direction. Some workshops in your field and classes organized education on finance in which you can learn a lot by joining.

5. Paydown Credit Card Debt

The available amount of credit card debt on a U.S. adult with a credit card is $5,673, for data compiled on U.S. credit card debt on creditcards.com.
Wheel the Federal Reserve doesn't raise interest rates right now, that can pay interest on debt and you can add costs in the long time. Deal with that loan in 2020 to save money.

Consumers can first consign payment methods like paying their highest debt on their own at ougat (the loan called the Everlaunch Method) or paying their smalest unmount of the first loan (from the snowball method zero). With the payment, thos will be able to cut self-structure credit counseling, low interest balance transfers, personal loans or even debt settlement.

6. Start an Emergency Fund

Nearly 10 in (28 percent) of U.S. adults have no emergency savings, according to the report Bankrate's June 2019 Financial Security Index. While the same survey found that one in four adults have rainy day funds, their funds don't include enough money to cover three months' worth of living expenses.

If you're one of those Americans, then you have a good time to set up your emergency fund for a goal. An emergency fund that is required to keep money together to deal with unforeseen events, thereby making the possibility that you can cover the inevitable surprise costs and reduce the situation of moving towards debt, like a flat tire or medical bill.

From your paycheck or from your checking account, consider setting up automatic transfers to the savings account. With this strategy, Money is "Out of sight, out of mind, The chance is that you will be less tempted to spend it.

Even save small funds as much as $250 to $740 so you can save them when something happens in the family at difficult times, according to an April 2016 Urban Institute study. So, don't feel like you need three to six months' worth of expenses saved immediately. Start small and keep adding to your emergency fund in 2020.

7. Assess Your Property Portfolio

Chris Battle says, Analysis weather your mortgage is still a good deal, who runs The Property Hub Meet-up in Dubai. And he adds, you have a fixed rate that is set to expire shortly.

Before switching out of an existing mortgage, watch out of any exit fees or application charges on your new deal.

Mr Battle says, If you have investment property, check they are still profitable and you have appropriate insurance and a good managing director where necessary. Anybody considering buying in the U.K should start their search sooner rather than later, as the new conservative government has suggested introducing an additional 3 percent stamp duty change for overseas buyers, regardless of whether they are investing or looking for occupy the property, he adds.

8. Be careful when buying insurance from the bank

Banks generally tie-ups with insurance companies. These agents try to push products for existing bank customers. Due to this cross-selling, banks sometimes sell insurance plans to customers without telling them about the details of the product. This is where the most mis-selling takes place. Often these products are sold as an investment product promising higher returns.

Therefore, it is your duty to be vigilant while buying insurance from the bank as a customer. Insurance is not an investment product and therefore, blindly buying insurance policies in the name of investment will not meet your future financial goals. Moreover, premature termination of these policies can cause enormous damage.

9. Make smart decisions

A pair of yeezys will look great with their denim for the Chinese New Year, but don't have your favorite pair of shoes, that's just as comfortable and half the price, will the same thing do? Does it have a wants or a need?

To determine whether something is wanted or needed, I ask myself these three questions:

Do I need it?

Will I use it within the next week or month?

Can I afford it without touching my savings?

Only if the answer is yes to the trio I will go ahead with the purchase (so no Yeezys, Dang!). That being said, if you really have, really wanted to do something for a very long time, that's fine too! Give yourself a small break by making allowances for 1 or 2 impulse purchases in a year. Just make sure they don't eat too much into their hard-earned savings.