Right Ways To Manage Your Personal Finance

August 23, 2016  //  Posted by: Crowe  //  Category: Personal Finance

Managing your personal financeManaging your personal finance is the thing which you should be focusing on right from the time you start to earn money. As these is the stage where you need to develop the habit of managing your personal finance along with making savings. If you learn to manage your personal finance in an appropriate manner, you can achieve your goals very easily and would be financially very much stable in your whole life. Of course managing your personal finance is not going to stop the bad financial contingencies but what it will do is to help you tackle it in the best possible manner and get yourself back on the track easily. Here are some of the right ways which will help you to manage your personal finance like a pro.

  • Track your spending

When it is said to track your spending, it should be definite time period. You can take a month and if it too longs for start then you can also consider a week for initial stage. If you keep a track on your spending for a week you will get an exact idea as to where when and how you spend your money and is it totally necessary to spend such a huge amount of money. For managing your personal finance, it is not only enough to track your spending it is also important to analyze your spending as it will make you aware about of your money. Consider every type of spending while managing your personal finance like debit card spending, credit card bills and also real money. Keep a diary with you and note down every minor expense of yours whenever you make one. This will be the best thing as here you will not forget any single thing.

  • Make a household budget

By taking into the account the data you have collected of your monthly or weekly spending, you must work forward on it and make a household budget. We all know budget is just like the rules which are made just to break, But if you want to become a pro in managing your personal finance then you must make a household budget and follow it regularly and peculiarly. While making the budget makes sure that you are realistic with your budget, if you sincerely want to follow your budget then you need to realistic and mark down all those expenses which are necessary and you can’t stay without making those expenses. Of course there will be little ups and downs but it should not be more than little.

  • Save some of your money

The most important thing of managing your personal finance is to make adequate savings. It is of no use if your expenses are higher than your income and at the end of the month you are left with empty hand. Thus while managing your personal finance, you must put some of the income on a side as your savings and take the rest in your expense consideration.

Advantages and Disadvantages of Checking Account

July 26, 2015  //  Posted by: Suzan  //  Category: Personal Finance

Checking AccountChecking account is very useful account for the people who don’t want to carry their cash everywhere. Checking account is considered as the primary tool in US banks. You will observe people opening more of checking accounts as compared to the savings and current account. Opening a checking account is very easy and simple. Its procedure is not complex as compared to the other account in the banks. The concept of checking account are widely accepted by the financial institutions, banks or the credit unions because it can help the them to sustain and make their prestige of the bank. Checking account is considered a featured account which is stored with many benefits for the customers opening the checking account. There are many advantages of checking account but it is also supplied with the disadvantages too. These advantages and the disadvantages will help you to ascertain the concept of checking account.

 

 

Advantages:

  • Checking account is such account which can be opened with the nominal fees of bank. Unlike other accounts in the banks. People is resolved from the problem of caring cash at everywhere but with the help of the checking account the checks are prepared and paid off against cash. This account is more safer as compared to the other accounts in the bank.
  • Another benefit is the direct deposits of check. Account holder firstly would have to go the banks to deposit their checks in their respective checking account but the problem have been solved by introducing the feature of direct deposit. With the help of direct deposit the paychecks gets automatically deposited in the respective checking account of the account holder.
  • Checking account also provides with facilities of debit cards so that faster access can take place for the account holders. And majority of banks have established their ATMs as several distance so that the account holders can withdraw their money from the account. Even the checking account holders can use the different banks ATMs for withdrawing their money with the ease.

Disadvantages:

  • The biggest disadvantage of checking account is the overdraft fees system. Account holders have the perception of minimum balance in their checking account which can be maintained in the account but the bank charges overdraft fees if the balance fall minimum. The bank will send the message and details regarding the overdraft fees to the account holder of the checking account.
  • Other disadvantage of checking account is the limitation on the number of withdrawals from the ATMs. All banks have their different idea and system and accordingly they function. This demerit restricts the account holder to use the ATM service for many times. It is possible that the bank can charge additional fees for undergoing the transaction through ATMs.
  • Before opening the checking account in the bank it is advisable to note down all the necessary information of the bank and the prescribed information because it can create problems afterwards. Because every bank have their different rules and regulations which can be varied and not according to the requirement of the checking account holder.

Financially troubled ones are helped by Payday loans

October 17, 2013  //  Posted by: Financial advisor  //  Category: Personal Finance

Payday loansThe government is showing a new ray of hope for the Payday loan companies by shutting down the payment of the day when they are not working. It is an interesting factor for these companies who were about to lose their existence day by day. The government employees who were experiencing a fixed paycheck even if they bunk office, are getting too much headaches these days with the change in rule.

The main thing that is bothering the government employees these days is the amount of monthly income that will be deducted from their salary, if they take a leave from office. Though they have no fear of losing their position at office but the less amount of paycheck brings a wrinkle on their forehead automatically. This situation will insist the government employees to seek help from the payday loan companies so that they can some extra to meet up the loss.

If you have a good planning for your household and have already made a savings account then that money can help you with the loss that you can incur in your monthly paycheck. But if in case you failed to do so, a payday loan is necessary to run the expenses. Most of the people depend on the paychecks every month and for them it is going to be a very stressful situation without a loan taken.

You can even carry on with your credit card which also has a limit. The credit limit can also fall short to meet up the lifestyle that you usually maintain. The result can ask you to cut down your expenses which in no way easy for you. It is advisable for the affected employees who though are sure of not losing their job, but are taking day off from work and are going to incur a good amount of loss to immediately change their financial plan and opt for a payday loan before it is too late.

Basic difference between currency and true money

December 04, 2012  //  Posted by: Financial advisor  //  Category: Personal Finance

currency, true moneyDo you have a clear idea about the difference between currency and true money? In all probability, you do not. Currency is basically the circulating exchange medium. It is used as the intermediary in trade and currency in used to avoid barter system like the yesteryears. Currency is the standard measurement of value. Some of the key benefits of currency is divisibility, durability, easy transportation, capable of mutual substitution and is fungible. Therefore, currency is used easily throughout the world.

Meanwhile, true money has all the attributes of currency mentioned above but there is a difference. Money is a store of the true value. While paper currency is designed in such a manner that it loses its value over time, true money holds its value over time. The most popular examples of true money are gold and silver and they have been in demand for more than 5000 years. So, true money is far valuable compared to currency.

Essentials of claiming back PPI

November 19, 2012  //  Posted by: Financial advisor  //  Category: Personal Finance

PPI claim, creditYou have to be careful that you are not missold when it comes to PPI. First of all, you have to contact the lender. You may contact the lender by phone but it is advised that you contact in writing as in that way, you will be able to record the conversation as evidence as it may be useful in future.

It is a misfortune that many banks and providers of loan would plead ignorance and even suggest since you have made a signature on the contract you will be liable for it. The statistics are in your way. It has been seen than more than two third of the complaints have managed to get the compensation from the banks or the loan provider for a misselling of the PPI insurance. However, it will also be important for you to follow up the case with persistence. These are some of the things that you will have to consider in this regard.

How can you save money from your earnings?

August 15, 2012  //  Posted by: Financial advisor  //  Category: Personal Finance

Tips to save money, money saving ideasThe aspect of saving money is one of the most important concerns of our daily lives that we would always want to totally in our control. For many among us it is really hard to save money as what we earn is more than enough for our daily needs, for the rest of us it is really a challenging issue to manage their expenses within their limited income.

If you would like to efficiently save money from your earnings, then there are certain aspects that you would essentially need to consider. One of the most important things you should do is that you should make a budget of your expenses. Making a monthly budget would enable you to know exactly what your essential expenses should be in various spheres, in the span of a month. It also would help you quite lot to track how much amount you have spent in which sphere

What is unclaimed money?

July 18, 2012  //  Posted by: Financial advisor  //  Category: Personal Finance

Unclaimed money, financial tipsUnclaimed money is the money which is abandoned by the owner and the institution or company hasn’t been contacted by the owners for the money. This money can be in the form of money or valuables in a safety deposit box or a payroll check or stocks and bonds or dividends, inheritance money, utility money or even RS tax refund checks. Every year, this unclaimed money amount keeps rising. Now, it is somewhat around 40 billion dollars. And till today, none of it has been legitimately claimed.

If the money remains unclaimed, the family members are contacted. If that is also not possible or if false information is provided, then the money stays with the bank for a certain time period. After that time is over, this unclaimed money is sometimes used by the government for betterment of the citizens and use of the country. Unclaimed money is a problem which has been existent for years now.

Account opening woes

June 27, 2012  //  Posted by: Financial advisor  //  Category: Personal Finance

Tips on Account opening, Account openingIn the traditional sense, an application has to be submitted by an individual if he or she wishes to have an account opened to his or her name with a particular financial institution. The person may have to wait for a long time before the process is cleared. Meanwhile, the financial institution will run a background check of the applicant. The history of the condition of credit of the applicant will be analyzed by the financial institutions.

Therefore, people who do not have a good history of credit may face a problem with getting a financial account opened to their names. If the institutions do not have a special program for those consumers who belong to the underbanked class, the section of these consumers will be at a disadvantage. If the processing is done manually, it may be a problem to respond in good time even for the traditional credit history holders.

Dealing with bookkeeping firms

May 28, 2012  //  Posted by: Financial advisor  //  Category: Personal Finance

Bookkeeping services, business tipsEvery business big or small has a system of bookkeeping. Large companies have separate departments whereas the small companies find it hard to ensure such big structures. The bookkeeping reflects financial status of any business organizations and firms. It helps to get a clear view of the financial status of the business, its profits, losses etc. It helps you to understand the sales, expenditures, incomes, and various other pertaining financial transactions.

There are firms that offer bookkeeping services and they are cost effective. Hence, if you run a small business firm, and cannot maintain you own bookkeeping department, then these external firms are your perfect solution. You can visit various online sites for better and reliable information about these business firm. This service helps you to increase your profit and thus makes you a successful businessman. But it is vital important that you must be sure of the authenticity of the bookkeeping service that you are going to join.

Organizing your personal finance

May 27, 2012  //  Posted by: Financial advisor  //  Category: Personal Finance

Manage  personal finance, finance managementManaging money can be a difficult task for most people irrespective of their financial condition. If not planned properly it can lead to a position where one is in need of cash even though his/her earnings are high. While most people find it very difficult to do so, one just has to follow a few basic rules for that perfect balanced financial condition. And following these rules are not that hard too.

The first thing that one must keep in mind is the input and the output that is the amount of money that they earn and the amount that they spend in the same period of time. One should then find out what the necessary expenditures that occurred are and what were the splurges that they did. Now they need to figure out a way to cut down on the splurges and allow for only a few to happen in the period of time.