5 Ways to Manage Your Money Better & Take Charge of Your Finances
Do 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 able to manage your money better.
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.
Getting 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.
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…
Starting 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.
There 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.
Online 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.
This is one topic that can stir up a hornet’s nest big time-and quickly. How to manage your money after marriage “has no one size fits all” solution. You can ask this question to a dozen couples and get that many different opinions. This topic is also responsible for many divorces so please read this with a broad and unbiased mind. (You can flame me in the comments below)
A married couple needs to be able to communicate with each other on how to manage your money, and in a way that each respects the others views. You won’t always agree, and that’s okay, just don’t be disagreeable. View full post…
4 Tips on How to Manage Your Money More Effectively
Congratulations! The day that you’ve been dreaming about has finally arrived…you’ve graduated from college and hopefully learned how to manage your money. Now, depending upon the career field where you have your degree, it could be a bit of a challenge landing your first job. Soon, you’ll know how to handle your money.
We recommend that you follow these four tips on how to manage your money just as soon as you find that first job. Don’t delay, because you most certainly will be tempted in many ways to spend.
This is true especially of recent college graduates who have been living quite frugally juggling their pennies during those college years. They must learn how to save money.
Control is one of the most sought after aspects of life. There is nothing worse than realizing you have some debt and do not know how to pay for what you need. Money should be a source of achievement and not stress. As you age, you begin to realize the reality & importance of how to manage your money.
1. Debit cards are great money tracking tools. I recommend only using a credit card when you have to and know that you can pay it off at the end of the month to avoid excess finance fees. Using a debit card keeps your spending in check and at the end of the month, allows you to account for every dollar spent. Debit cards over credit cards and cash is the first step in learning how to manage your money by seeing exactly how you spend your money.
How to Manage Your Money and Take Control of Your Spending
There are a few simple steps for you to learn how to manage your money. To begin with, you need to understand that you’re in charge and not your bills. Take the time to find out exactly how your money is spent.
Most individuals can only guess where their money goes after they pay their fixed expenses such as the mortgage or rent, utilities, auto payment, and perhaps a student loan. If you want to take control of your spending and also get your debt under control, you must identify your spending patterns. Then learn how to manage your money by re-allocating funds that are spent on items that are unnecessary.
Our firm provides the information in this website for general guidance only, and it does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with a competent professional tax, accounting, legal, or other professional advisers. For information on how to use this data, you are advised to read our Legal Disclaimer page and our Circular 230 page.