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…
(OL) – Buying a home for the first time is a big deal.
To help you get ahead, we’ve outlined some first-time home buyer tips by calling out six of the biggest mistakes that you should avoid going into the purchase of your first home that could end up saving you a lot of time, money, and frustration.
Mistake #1: not getting pre-approved
Many first-time buyers make the mistake of thinking that they don’t need to get approved for a mortgage until they’ve found their dream home.
Unfortunately, that often ends up being too late.
These days, most sellers require that pre-approvals be submitted along with any offer, and, since your finances need to be vetted before the lender will agree to grant you a loan, this process can take days or even weeks.
The College fall semester is right around the corner and if plans haven’t been finalized on how you plan to pay for it, don’t delay. Especially if borrowing for college is necessary. College costs continue to increase and the average cost for just one semester at a public college is around $7,000.00 and around $13,000.00 at a private school. These amounts are after grants and scholarships.
To cover the cost remaining, many families use a combination of current income, savings, and loans. It’s highly recommended to borrow money only as a last resort. Some colleges allow you to pay some part of the balance in installments, so it’s a good idea to ask.
There are still many families that have no other choice but to borrow to cover some part of the cost. A survey done by Sallie Mae indicated that almost 42% borrowed some amount of money the past year.
Let’s begin by stating one important statistic…US citizens in general not very good savers. It’s a known fact and there’s no point in trying to white wash it. For the current year of 2016, the average rate of savings in America was 5.6%. Not very impressive. We offer these tips for saving money to change that.
According to the Bureau of Economic Analysis, the high income earners save a lot more of their income than the middle income earners. The middle income earners actually save a very small percentage of their incomes, practically nothing. Why is that? We all are aware that we need to be saving more, and yet we don’t.
Will Personal Finance Software Solve My Financial Problems?
Many people have been in this common situation before – you’re keeping your bills current or are ahead in your monthly payment loan. Payday rolls around and you get your paycheck and decide to treat yourself. You go out a few times, buy a few things (all small affordable purchases), and suddenly you wonder where the money went. A good personal finance software program would have been able to track those purchases.
We all are familiar with this situation and can relate to it. Budgeting is important no matter what your income level is. Using a good money management software program will make the process so much easier, plus it will provide many helpful reports. View full post…
Do a search on the internet for no credit check loans, and you will be bombarded with all types of offers. From approvals in ninety (90) seconds to depositing up to $10,000.00 in your checking account in a matter of a few hours.
Individuals that have low credit scores, and/or bad payment records, are the ones that these online lenders seek out. Unfortunately, these same individuals are the ones that usually need emergency type loans, and they are often caught in the short term borrowing cycle.
So far this year, it hasn’t been a very good one for proper tax planning by investors, and it’s doubtful if we will see any positive changes by the end of the year. China has been struggling with their economic slowdown and declining oil prices have hit us as well. Couple that with the US economy that is still floundering about because of inept policies from the current administration, and it’s no wonder investment portfolios have been hammered.
What Should I Look For in Personal Financial Software?
I’m sure we’ve all had this situation before: you take a look at your credit card or bank statement and stare at it in disbelief. “When the heck did I spend all that money,” you think. Situations like these aren’t particularly uncommon for virtually anyone in almost any financial situation, and they serve as good illustration of why good financial prudence is necessary.
However, good financial planning often isn’t as simple as “save as much money as possible” or “just pay off your credit cards”. Rather, financial planning is often a complex strategy designed to maximize your savings, eliminate your bad debt, and give you up to date access to your net worth now and in the future.
As such, personal financial software should not only be intuitive but also give you the tools you need to keep yourself financially stable.
There are certain professions where it pays to have insider information. The truth is that professional financial advisors put saving for retirement as a top priority.
Financial professionals have witnessed over and over the effects of not having ample security in the golden years. Retirees often find they do not have enough money saved or enough emergency savings account money saved to allow them to live the way they have always dreamed.
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