Monthly Archives: May 2016

Money Management Tips

images-7Teenagers find it hard to manage their money. If they take some simple measures, the task will be much easier.
TAGGED UNDER: Financial Management Financial Planning Money Saving
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When you are a teenager, you often have a limited amount of money at your disposal. So, it is very important that you spend that money judiciously. It is likely that, you are unable to figure out as to where all your money has gone. It is an indication that, it is high time you develop the habit to monitor your expenses and spend more carefully. Some of the tips given below can help you in this task.

Start Budgeting

The money that you get every week or month is fixed. So plan your expenses in advance. Make a list of those expenses that are essential and allot a certain amount to each of them. It should include major expenses like cell phone plans, restaurant bills, gas for car, etc. Additionally, a small amount has to be kept aside for some minor unplanned expenses, which are bound to happen.

Monitor your Purchases

Planning your budget is not very tough. But sticking to the budget is a difficult task. Keep a close watch on your expenditure. It can happen that you make several small unnecessary purchases in a day, and that may sum up to a really big figure. In order to avoid this, pen down the things you bought and their price everyday. On weekends, find out if your expenses matched up with the estimation in your budget of the week. If not, then make sure you cut back on a few spending in the following weeks to fit your expenses. When you succeed to restrain your expenditure, compliment yourself.

Save for Expensive Purchases

When you come across an expensive item like a cell phone, that you wish to buy but do not have the money, you feel disappointed. You feel that luxury items like these are not meant for you. Do not lose heart. That does not mean you go out and buy it impulsively. Start saving some amount every week. Suspend all kinds of unwarranted spending for a few weeks. Eventually, you will be surprised to find out that, you can actually afford to buy the things which once you felt were out of reach.

Avoid Using Credit Cards

You may feel it is very convenient to buy things using credit cards, just because you do not have to use cash on the spot. Later, you will realize that you have ended up paying more than you had wanted to. It happens, because the interest rates charged by credit card companies are very high. So it is better, if you shop using cash payments in order to save a good amount of money.

Handle Cash Machines with Care

There is no doubt that cash machines are very convenient to withdraw cash. But, it often happens that after withdrawing money from a cash machine, we tend to forget how much cash has been taken out. This can lead to the risk of overdrawing on your account. So, make sure that you keep a track of it.

A little bit of attention and practice will help you develop the skills of money management. It is one such quality, that will help you all your life.

Trade Finance Systems – During the Economic Ups and Downs

Trade finance systems are a pivotal conduit for the world’s economy. The World Trade Organization evaluates that between 80 – 90% of worldwide exchange is dependent on the exchange of money technique for financing. Quick development in the worldwide economy, consolidated with changes in controllers’ capacity to recognize routine tax evasion procedures; like physical money pirating and bank exchanges, has made universal exchange an inexorably appealing parkway to move unlawful assets through budgetary exchanges connected with the exchange products and administrations. In the International Financial Arena, “what have you accomplished for us of late?” is not an inquiry being put to the U.S. The Europeans have seen the home loan emergency spreading their direction like a trans-Atlantic infection that they can’t flee from.

The European Union is irritable with the U.S. also, with the worldwide monetary emergency; another time in trade finance systems may have started. It was sufficiently terrible when the U.S. money related emergency spread to Europe. However, when Congress voted down the bailout arrangement toward the end of September 2008, European Union pioneers charged the U.S. Congress of having taken leave of their faculties. The U.S. Money related System has been censured as under-controlled and uncouth and it wouldn’t have been long until changes would have been proposed to put some separation between the U.S. framework and that of Europe.

A couple hacks from the individual you are managing and you expand your space. When you continue coming down with bug from somebody, you need to move away all the more significantly. That is what is going on right now in U.S. – European relations. The European Union needs more prominent administrative force in global fund and needs these changes to spread the administrative energy to Europe, China, Brazil and India. Lately, the French, British and German pioneers have called President Bush and asked him to call a universal gathering to institute such global changes. A European summit has as of now been arranged!

There is by all accounts a developing accord in Europe that the U.S. is losing or has effectively lost its superpower status in the worldwide money related framework. With the loss of force of the monetary focus in New York, force might move to Europe, Asia and the Middle East. Add to this arrangement of issues the breakdown of the World Trade Organization’s round of trade commodity finance talks in July 2008, and we might be made a beeline for a more protectionist exchange atmosphere to oblige lower exchange development spilling out of the monetary emergency.

How to Survive Being Broke

Losing your job is never easy, but in a tanked economy it can lead to a disaster. Read through the article to learn some tips on how you can pull through in these difficult times.
TAGGED UNDER: Financial Planning
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By Ben Smith

So you’ve just been laid off. You’re frantic about what to do because you don’t have any savings. Your bills are not suddenly going to disappear. How in the world will you make it until you have a regular income again? Do not fear, because we have seven tips that can help you keep the cash coming in and pay your bills.

The very first thing to do before trying to make more money, is to eliminate all your unnecessary spending. If you have some optional monthly expense that you can do without, cancel it. Cut back on things like eating out, going to the movies, and anything else you normally do that isn’t absolutely essential.

Apply for any kind of work: If you are desperate for funds, one of the most productive things you can do is apply for a job, any job! It doesn’t matter if you’re overqualified. Some income is better than none.

Tell your friends you are looking for work: Let’s be honest. If you have a personal connection to a potential job, you are more likely to land the job than someone without it. Even if your friends don’t know of a full-time position that you are qualified for, they may know of something part-time that can help.

Find freelance work online: If you can write or take photos, you can find work online. Some websites offer talented freelancers the opportunity to make some extra income doing things they enjoy. When searching for freelance work, however, be careful about getting involved with any site that requires you to pay an initial fee. These can be scams to take your money and not deliver results. Look for reviews of the site from people who have used it, to be sure you’re actually going to get what you pay for.

Check the classifieds: You may think of the classifieds as a place to look for a full-time job, but lots of short-term opportunities also exist. You can take a look at both the newspaper as well as the posts on Craigslist in your area, to see if there is something you are qualified to do. Another alternative is to create your own ad announcing the services you offer. Again, beware of people that want your financial information before offering you work.

Sell your belongings: It may be painful, but desperate times call for desperate measures. You can hold a yard sale to get rid of some of the things you don’t really need. If you aren’t in the mood to hold a yard sale, you can try taking your more expensive items to a pawn shop in order to get some quick cash.

Sell your own body products: It’s possible to make a little money by selling plasma, sperm, or eggs. Human plasma is something that exists in your blood that you can be paid for. It’s not a huge amount of money, but it does add up, and it is decent money for sitting still for a few hours. Check with your local Red Cross if you are interested in selling plasma. If you’re a man, you can contact a sperm bank to see if they are seeking donations. If you can make it through the rigorous screening process, then it is possible that you can GET PAID TO donate sperm. If you are a woman, you can donate your eggs to be used in fertility treatments. Of all the options mentioned here, donating eggs is the most lucrative. If you are interested, check with a local fertility center.

Welfare: If you are completely out of options and you simply have no way of making money, welfare may be the way to go. There are many different programs designed to help people who need financial assistance. Don’t let pride keep you from something that can help you get back on your feet. To find out what programs are offered in your area and their requirements, check with your local authorities.

So there you have it, seven great ways to keep some money coming in even in these tough times. Lacking a source of income can be a huge inconvenience, but it is possible to survive until you can land another full-time job.

Disclaimer: This article is for reference purposes only and does not directly recommend any specific financial course of action.

Financial Planning for Women

It has been observed the world over that women have less time to consider financial planning since they have their families and career as priorities. It has also been observed that women tend to handle money differently than men. In some cases women are dependent on men for their financial needs. Considering all the above it becomes vital for a woman to plan her future, and secure it financially.
TAGGED UNDER: Financial Planning
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Financial planning – the term in itself refers to making of concrete plans to improve your financial power. Now, unlike what some people may think, financial planning is not at all difficult, all you need is to be aware, think and calculate. After all, financial planning is a mathematics, which is rational and as simple as 2 plus 2 equals 4. So fear not, here are some tips, plans and some do’s, also some don’ts.

Now, here, I shall be taking you through some great investment and planning channels, plus some tips for planning your expenses well in advance. Financial planning for women involves handling two primary aspects related to personal finance, expenses and investment. When you receive your paycheck, there are two things that you can potentially do: one, use the money for essential expenses; and two, investment the money. Note that common savings is also included in expenditure.

Planning for Expenses

Personally, guys no offense, I believe that since women are capable and do manage one of the most difficult institutions in society, that is their family; they are better at handling expenses (not through credit cards), than most men. This was not a compliment, but a fact.

So, principally, about 20% to 40% of your income is going to be spent on essential expenses, food, clothes, make-up and cosmetics, rent and commutation. Now before the month starts, calculate and estimate how much you would spend on each item. Also you would need to include some expenditures such as a couple of parties, sleepover and hangouts while doing so. Some of you may have medical expenses hence consider those too. Listing these out was the first step, next analyze and make a list for identifying the expenses which you can cut down. If you look, observe and think properly, you will notice that, except for things such as food, rent and medication, you can cut down on almost everything.

The third step is to make a table of budget with 22-30-31 columns (covering days of a month), whichever is appropriate. In this table, write down the expenses that you have estimated and throughout the month try to stick to them. This can be quite difficult and also quite easy. Since sticking to the budget is not always possible and some unexpected expenses tend to come up, one can always put away certain amount of money as a backup fund.

Planning for Investments

After you have paid off all your expenses, you can turn your attention to investments. Again this can take about 30-40% of your income. The following are some excellent options which you can use.
Life Insurance: If you have a family, then this is the most important investment for you, as a life insurance not only pays off all the returns on investment, but there is a death benefit which is available which ensures your family’s financial security and well-being. You can invest up to about 10-15% of your income in such an insurance policy.
Funds and Securities: Mutual funds, variable annuities, Systematic Investment Plans (SIP), Collective Investment Schemes (CIS) and other mutually invested funds are medium risk investments. Here you have a 5-7% return on investment along with the total amount that you invested initially. This facility is termed as guaranteed minimum returns facility. Apart from the minimum returns in such schemes, you also receive the bonus and portfolio performance returns, which chiefly depend upon the portfolio performance and also economic conditions. Again this can take up about 10-15% of your income.
Government Provided Investments: These are the most secure of all as INVESTMENT OPTIONS. Channels such as IRA, 401(k), government bonds and certificates tend to provide a good rate of return that accounts to about 5%. Such investments will take up even lesser than 5% of your income.