5 Ways To Manage Your Money Better

5 Ways to Manage Your Money Better & Take Charge of Your Finances

Learn how to manage your moneyDo you put off making changes to better manage your money? If you have financial fears, does the prospect of financial planning seem next to impossible? If so, you’re not alone. Almost one half of Americans find this scary, and it doesn’t have to be.

There’s no need to postpone a much-needed review of your financial situation any longer. Getting your finances back on track and knowing where your hard-earned money is going, is not that difficult. Over 80% of Americans say that they would like to be in better control of their finances.

For that reason, we offer a simple checklist of five options that you can review to fit your specific personal circumstances. By following them, you will be well on your way to being in control of your money.

  • First and foremost, get rid of credit card debt. Many individuals are carrying several credit cards with high balances with high fees and very high interest rates. Many are only able to pay the minimum payments required, and in doing so, will be paying on those cards into old age.

Our first recommendation is to create a workable budget and stick to it. Debt retirement should be budgeted, and any extra money needs to be applied to your debt. If that doesn’t appeal to you, then obtain a debt consolidation loan to repay every credit card in full. Going forward, stop using your cards and don’t create any more debt.

  • Review all of your service providers. Look at all of your monthly expenses and see if its possible to lower them by switching to a competitor. This applies to auto insurance and your cable and Internet provider.

You’ll be surprised to see just how high a cable and Internet provider can get their bill up by those impossible to refuse offers you get from them. There are ways to cut that bill practically in half without much difficulty. As you try to manage your money better, this is one area to pay particular attention.

If you’re into apps, there are some that personal finance apps that allow you to track all expenses and even to save. We also suggest that you get a good budgeting software program to setup a budget and get your finances back on track.

  • Be prepared for tax season. There have been some major changes to the tax law and you need to review your various benefits to see if you still qualify for them. In the past, you were able to use your home equity line of credit interest as a deduction, no matter what the purpose of the loan was.

That no longer is true, and a deduction for this interest can be done only if the loan was used to improve the property or to acquire a residence. In addition, there no longer is a personal exemption deduction. File your return early, and if you get a refund, use it to retire debt.

  • Take advantage of retirement contributions. If your employer offers a 401(k), try to maximize your contribution. Often times, the employer will make a matching contribution, and this will help your retirement fund to grow even more.

It’s to your advantage to begin retirement contributions as early in life as possible in order that they will have a long time to grow. Continue to explore options that will have your retirement account well-funded.

  • Keep your APY high. There are many types of savings options that are better than a local bank savings account. The APY, or your annual percentage yield, can be much higher with some online savings institutions. Check them out carefully and see where you can benefit the most.

Don’t postpone this very important financial review. If you want to manage your money better, see where you need to make changes. By taking advantage of the five options in this article, you can be on your way in becoming debt free and taking control of your money.

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5 Managing Money Tips for Newlyweds

5 Managing Money Tips for Newlyweds

Tips for managing your moneyGetting married is still at the top of the list for being one of the most important decisions that we make. It’s amazing how those two words “I do” or “I will” can change our lives in very significant ways, especially in managing money.

In some states, marriage can change our financial picture whether we intended it to or not. There are a number of issues that newlyweds will need to discuss, but we’ll touch on the five that should be dealt with first. It’s very important that both spouses get on the same page as quickly as possible to avoid potential conflict.

File a Joint Account or Married Separate

The first important issue to discuss is the area of taxes. Usually this will focus on whether to file separate tax returns or to file jointly. Generally, filing jointly will result in lower overall taxes, however, this is not always the case. There are some situations where filing separate returns result in less taxes.

Some other caveats to consider. When filing jointly, both spouses are liable on the return. If, as an example, one of the spouses makes an error in reporting or not reporting income, both are View full post…

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Money Management Tips for College Students

6 Hot Money Management Tips for College Students

Money management tipsStarting college is one of those times when you had better learn about money management. In that regard, we are offering these basic money management tips to help guide you.

You’ll not only be meeting new friends, but experiencing that new freedom you dreamed about. In most cases, you’ll also discover that you now have a lot more financial responsibility…a lot more!

A study done by Sallie Mae discovered that more that 84% of new college students had one or more credit cards. The bad news is that many students were using these cards the wrong way. With an average balance in excess of $3,000.00, many were spending more than their income allowed.

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How to Manage Your Money With the 50/20/30 Rule

How to Manage Your Money – The 50/20/30 Rule

How to manage your moneyThere is a budgeting concept that we came across recently. It’s called the 50/20/30 Guideline and shows you how to manage your money.

A firm, Learnvest Planners, say they use this plan for their new clients and shows them how their money is being spent. They say that it can be effective for a new college graduate in their first job or even a young family with children.

Most budgeting programs have different categories where you allocate a certain sum of money. The 50/20/30 rule breaks it down to three basic categories where a certain amount of money is allocated each month.  The plan also allows you to decide the order of the money being allocated.

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Learn How To Manage Your Money

Learning How To Manage Your Money Effectively

Learn how to manage your money & control spendingOnline budgeting software has worked for many individuals. However, as you learn how to manage your money, you’ll find that there are numerous methods that work.  Some folks like the online method and others prefer software on their own computer.

Some say they don’t like a budgeting software program at all, and would rather use a spreadsheet. Some individuals who have tried it said that they had more questions that actual solutions. By far, the biggest complaint was that a user seemed to not have control of their finances.

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