So much of life is made up of unexpected adventures that we could have never foreseen. That’s part of what makes life so exciting, but it’s also what can make it so stressful and unmanageable. You know what they say: “Even the best laid schemes of mice and men oft go awry.” That’s definitely the case with finances, when months of savings can be blotted out by a single auto accident or personal injury. You never know when you’re going to get stuck paying a mighty deductible on an insurance claim, or when you’re going to need expert bail because of a case of mistaken identity. Planning for the unexpected can help you to better deal with a stressful situation when it arises. Here are the most common wrenches that can be thrown in the clockwork of your finances:
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smart finance
I recently skimmed Suze Orman’s book entitled The 9 Steps to Financial Freedom
Respecting your money means taking care of it properly. To quote Suze: “Your money is governed by how you treat it: it’s that simple. It thrives when you are being responsible, respectful, and doing honorable things with it.”
In other words, don’t abuse it and it will actually take care of you. Spend money within your means rather than spending more than you earn. Be honest with what you have rather than pretending you are rich.
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Smart Couples Finish Rich: 9 Steps To Creating A Rich Future For You And Your Partner by David Bach
Smart Couples Finish Rich
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If you think your bank is costing you too much money, then now is the time to look at ways your bank can help you save money rather than spend it. Although there will always be bank charges and fees, there are ways to save money using banks and make the most of their services. Here are some tips about how to cut down on bank costs and save yourself money.
Savings
One way to save yourself money through your bank is to open a savings account. If you have a fair amount of money in your current account, then transferring it to a savings account with a high interest rate is a good idea. Having a savings account does more than just save you money; it earns you money. The interest generated from a savings account means that you are making money from the money that you store. However, you should remember that many banks charge a fee if you go below a minimum amount in the account, so keep track of this in order to save yourself money.
ATM charges
Another way that you can save money when banking is to use free ATM machines. Some ATM’s charge you a fee to take money out, either for the convenience of because the ATM does not belong to your bank. If at all possible you should stick to ATM’s that don’t charge you money. If you do this regularly then you could save yourself ?100 a year or more.
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Starting Out: Smart Strategies For Your 20s & 30s, Investors Group
I stumbled upon Starting Out while doing a search in my local library database. It’s a great book full of easy-to-understand information and advice on how to handle your finances from a young age. The book was put together by Investors Group and I think everyone should read it, even if they are no longer in their 20s and 30s.
The book discusses the basics on everything from figuring out what kind of an investor you are to what an RRSP is and how it is best used. It provides key ideas that if followed would promote your financial success. It provides advice on managing debt, building a credit rating, how to choose appropriate bank accounts, and much more.
If you want to learn more about the different investment options available and how they work, you will find this book very informative. As well, it discusses the different types of risk associated with different investment types. Out of all the books I have read to date about investing, this book is by far the easiest to comprehend.
Although the book is fairly short (about 120 pages), it covers a lot of important material that would be helpful for anyone who isn’t already financially savvy. I highly recommend that you check to see if your local library has this book available. It is well worth the read as it will help you to achieve financial freedom if you are willing to follow the advice and strategies discussed.
Most of us have done it at one time or another: lent money to a friend or family member. The loan is usually done in order to help a loved one meet a goal or to take care of a pressing need. We choose money lending because we want to help. Unfortunately, all too often extending a personal loan can lead to a negative situation. Here are a few points to consider when you are faced with the possibility of floating a personal loan to someone you care about.
The thing about money lending is that the recipient obviously does not have the resources at hand to effectively take care of the matter at hand. That is why you have been approached about the personal loan. It is important that you have an informed understanding about the ability of the recipient to be able to repay the loan within a reasonable amount of time. The repayment schedule should be discussed in detail and the terms of repayment should be perfectly clear to both parties. This is done so that the transaction can be done according to perimeters that both you and the recipient feel confident can be met in a timely manner.
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The majority of us are sticklers for finances at work, but often disregard our personal finance at home. For those who are not accountants, the process of keeping financial records and ensuring all financial items are squared away can be quite boring and often confusing. Instead of ignoring your personal finance until a problem arises, take the initiative today!
The most important aspect of your personal finance is undoubtedly your credit. Your credit score, often a mystical number of much confusion, is critical to your success in the financial realm. Without a respectable credit score, you will be unable to borrow money or obtain a home or vehicle loan. This number can literally hold you back from completing your goals and can severely limit your future.
The credit in your name has a direct bearing on the credit number. Thus people who do not use their credit cards properly and have huge bills running in their names lend a bad streak to their credit. A point to be noted is that it is not the amount you charge but it is the amount that is kept on credit that poses the threat of being harmful. It is important to keep a check on the monthly statement and you should endeavor to pay it in full each month.
In today’s society, identity theft is often a problem. If someone steals your identity, they can wreck your finances, ruin your credit, and tarnish your good name and reputation. In order to prevent identity theft, carefully monitor all your financial statements and safe guard your personal information.
The attitude of most people towards money is spending today and saving later, thus relegating saving for a later part of their life. But this habit catches them unawares in the later part of their life where they get jolted with the rude shocks of a fast approaching retirement date and a non-existent retirement fund. So do not wait for tomorrow, start saving today by putting some portions of your income in the retirement fund account.
One of the best ways to handle the finances is a budget. This is the best way to keep a tab on the finances and keeping the spending in control. When you create a budget you need to make two columns, one meant for the incomes and the second for expenditures. You need to mention all the items of expenditure in the expenses column such as rent or mortgage payment, car payment, insurance, utilities, and food. Whatever is left after deducting all this from the income is the monthly excess that of course can be used in different ways.
It’s a good idea to consult an accountant if you are not sure about setting your personal finance records straight. This person will help you correct any potential problems and ensure nothing goes wrong in the future.
The world of finance is fascinating. There’s no need to be scared of it. Just keep your finances straight and you will be able to build, or rebuild, your credit score.
About the Author
David Neehly is an independent Investment writer for “Investment Finances” at http://InvestmentFinances.com You’ll find all the latest Investment news there.
