10 Personal Money Management Concepts High Schools Should Teach
Personal money management topics are highly neglected in the school system and I believe this is something we all should be very concerned about. Our children grow up with virtually no concept of personal money management, the importance of money, or what to do with it when they have it.
It’s a mistake to rely only on parents to teach their children these things because many parents don’t practice good personal money management themselves. It’s a vicious cycle and it needs to be broken.
How to break through the financial conversation barriers with your partner
(BPT) – For most people, personal finances are a private matter. When you are in a relationship, it can be difficult to discuss this typically taboo subject of a financial conversation. Whether you have been married for years or are just beginning to date, fear of your partner judging your financial choices (big or small) runs deep.
Money challenges can create stress and cause walls to form in a relationship. Financial conflicts have even worse repercussions. Tackling the topic head-on can lead to a deeper understanding of each other’s financial history, emotions and goals for the future.
In fact, talking about personal finance, while not a particularly romantic topic of conversation, builds intimacy in any relationship, according to View full post…
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.
There are a few programs available, such as the Federal Housing Authority (FHA) and the Home Affordable Refinance Program (HARP) that have options for individuals with bad credit. These programs are not based on your credit score, and they don’t even require a credit check. Yes, you can refinance with bad credit.
Another organization, the U.S Department of Veterans Affairs (VA), offers mortgage refinancing to individuals who have bad credit. These are done through various lenders who determine their own requirements, and will vary by the lender.
Some of the statistics from August 2017 bear this out. Ellie Mae View full post…
Posted: October 20, 2017 Under: Mortgages By: Gust Lenglet
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…
If you think getting married is a tremendous emotional step, you would be correct. But, it’s also a major financial one too. Each one has their own individual goals and ways to handle money. We offer these money management tips in an attempt to get both spouses on the same page and frame of mind.
It’s best to discuss money management before marriage and decide on the method of handling the finances. Both long term and short term goals should be discussed. A lot of stress can be avoided later in marriage if these financial issues are taken care of early by View full post…
3 Reasons Why You Should Be Using Money Management Software
We’ve found that many individuals have financial problems due to a lack of understanding in the best way to manage their money. Quite often, they make mistakes that prove to be quite costly, especially when it involves an increase in debt. Money management software can be a big help in many cases.
There are several reasons that these individuals get into financial distress.
Some don’t know how to control their spending due to credit card mis-use. They see items they want and charge it to a credit card. Before too long, the credit cards are maxed out and just paying the minimum balance is very difficult.
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.
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