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8 Smart Tips to Better Personal Finance in 2018

Personal finance tips

Many people aren’t so good with numbers, and even turn to feel that learning how to properly manage their personal finances is so hard that it might as well be almost impossible. If you find yourself in a financial situation that scares you, this is the perfect article for you. You will discover the best ways to better manage your personal finances and protect yourself from bankruptcy and financial destruction.

You should take your budget seriously

Budget, budget, budget – yes, whatever you do, make a budget. The only way to know what is coming in and what is going out is with a budget and a ledger. Whether it’s with pen and paper or a computer program, sit down and get it done. Your finances will thank you for it.

Track you expenditure

If you want to minimize the amount that you spend, in a spreadsheet, track every single penny spent. This will allow you to see where you are wasting money and where your necessities are. Analyze this information, and improve your overall spending habits to put more money in your bank account.

Make good use of internet call services

Use Skype for overseas calls. You will find that it is not going to cost you much money and it is going to be much easier than messing around with calling cards. If that is not an option, use your cell phone rather than the hotel phone. You may have to pay more for minutes on your phone but you avoid being overcharged by the hotel.

Resolve to clear all your debt

To best manage your finances, prioritize your debt. Pay off your credit cards first. Credit cards have a higher interest than almost any other type of debt, which means they build up high balances faster. Paying them down reduces your debt now, frees up credit for emergencies, and means that there will be less of a balance to collect interest over time.




Take advantage of flea markets

Flea markets can often be a productive way for one to supplement their personal finances. An individual can purchase goods for a cheaper price than they would pay in stores or they can sell items at the flea market for a financial gain. However a person wants to use them, flea markets are beneficial for personal finances.

Don’t spend unnecessarily

When paying down your debt avoid unnecessary expenses such as credit monitoring services. You are able to attain a free credit report from each of the three credit reporting agencies each year. Apply the extra cash to your debt instead of paying a third party company to monitor your credit report.

Keep your savings account and checking account separate

Here’s a universal truth: If you see you have money in your checking account, you will spend it. Period. The fast track to building up savings starts with opening a separate savings account , so it’s less possible to accidentally spend your vacation money on another late-night online shopping spree.

Diversify you investments

Diversify your investments using mutual funds. It’s difficult and expensive for a small investor to create a diversified portfolio using individual securities, but a no-load mutual fund can provide instant diversification at low cost. You can invest as little as $1000 in a fund that holds anywhere from 20 to several hundred securities, for an annual fee as low as 1%. Diversification helps to lower investment risk by reducing dependence on any one security to provide a favorable return.

Remember, that no matter how bad you are at math or how much numbers scare you, you can learn to intelligently manage your personal finances. By making the right financial decisions, you can greatly improve your financial situation and protect your money. Carefully read this article, apply the tips to your life, and don’t be surprised if the status of your finances quickly improves.



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How to Get Out of Debt and Never Get Into it Again

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There are far too many people who go to the extents of borrowing money from friends, family and financial establishments only to buy stuff that add little to no value to their lives. One of the dumbest things you can do is to borrow money to spend on luxury.

Sometimes however, it becomes inevitable to borrow and the only time you might want to borrow is to invest the borrowed money in a profitable venture. Even with that you must have done in-depth research to determine your expected income flow, the time to repay, and your ability to pay back.

Below, i have suggested 5 steps that you can implement to kick debt out of your life for good.

 Accept your current state.

Some people have made borrowing so part of their lives that they never even realize they are constantly either borrowing or paying. They work to pay back loans and live on borrowed money. First acknowledge that you have are in a serious financial crisis, and make up your mind to discipline yourself out of it. Till you do that, you will forever be in debt.

Stop borrowing immediately

You can’t admit that you’re in debt but still continue borrowing. What then is the essence of your realization? Just stop borrowing immediately and you have very well taken another great move out being in debt.

Create a financial plan

Make yourself a financial plan that guides your spending. Do well to cut out on all expenses that are not necessary, and allocate a purpose to every cent that comes your way. Check out how to create a good budget here: How to Create a Successful Budget in 5 Steps

Set up an emergency debt fund account

So now you have made cutbacks on some of your expenses. What you should do next is to open an account and redirect all saving made from your cutbacks there. This account will be for the sole purpose of catering for your debt issue. By no means should you touch this account for any other purpose, If you really want to become debt free.

Keep track of how far you are going

You can always make adjustments to your plan to cater to changes in your income and expenditure. Especially take not of how much money you have saved so far in your emergency account so that you know how much and how long you have left to clear all your debts. You can organize this in an excel spreadsheet.

So far as you are in debt, you can’t make as well as save money. You will never gain absolute control of your finances so do yourself some good and stop spending lavishly and pay your debts.

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How to Create a Successful Budget in 5 Steps

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Many people, at the end of the month wonder where their money went. Almost as though it vanished into thin air. This is mainly as a result of not planning how to use their money.
Budgeting is telling your money where it should go, rather than wondering where it went. Making you the master and not your money. If you’re planning to go on vacation, buy that latest car, or pay for other bills, a budget is the first step towards making your goals a reality.

Follow these proven steps for creating a realistic budget.

Determine Your Net Income 

The first step in creating a budget is to find out or identify how much money you get. Care should be taken not to assume that the money you receive monthly is the money you actually have at your disposal. Your actual money is what is left after all deductions like taxes and social security have been made. What is left after all the deductions has been made, is what is called your net salary, and the number you should use in making your budget.

Keep track of Your spending

Keeping track of your spending is very helpful in many ways. It helps you determine what you spend money more or less on, and how you can can make informed adjustments to your spending. Some expenses can’t be adjusted because they are fixed. Rent, car payment, electricity bills etc are all fixed expenses.
Some expenses however are not fixed and necessary adjustments and cut backs can be made. Food, partying, fuel etc can all be adjusted for maximum and efficient spending because they are not fixed.
List all these expenses and determine what adjustments if any, you can make to them. Make sure to put down all your daily expenditures.

Make Your Goals Clear

When creating a budget, it is important you keep in mind what your goals are. Both long term and short term goals must be made clear. For example, if you want to get out of debt in the short term, then it will be prudent that you cut down on your expenses so that you can soon accomplish your short term goal of getting out of debt.

Plan

You can get an idea of what you’ll be spending in the month using the expenses you determined. Use that as a guide to determine how much you should budget towards each expense. Prioritize your expenses and make sure to adjust to meet your more pressing expenses. Expenses which are not needs, for instance going to the movies can be cut down.

Review

It is very important that you regularly review your budgets to make sure that you are staying on track. You may have to to make some adjustments to your budget for reasons such as increased pay or increased expense or even a steep decrease in your income. Whatever be the case, follow the steps outlined above if you want to make any changes to your budget.

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10 Things You Can Do to Increase Your Salary

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Are you comfortable with what you receive at the end of the month from your “all-day” job? Many people work 9-5, 5 times every week only to lament about what they receive from their employers at the end of each month. But quitting is not an option because you love the job and the role you play. Or you just aren’t finding any better paying job yet. What if I told you that you can significantly increase the salary you earn at the end of every month, and that all depends on you?

Many employers pay you based on the role you play in the company and the value you add. And so the more you add value, the more your pay rises. Although ultimately, it depends on your employer to decide whether to raise your pay or not, there are things you can do to prove that indeed you are a valuable asset to your team’s maximum success. You don’t have to quit your job if you love doing it. Reality is You’ll have be to be more or do more in order to have your salary increased.

Consider these 10 tips to increase your salary.

Take on Additional Responsibility

If you’re capable and ready to, then you should consider putting up your hand to take on extra responsibilities. Taking on more responsibilities gives signals to your employer about how serious you are. It also serves as a solid basis for you to deserve a salary increase. You could ask your team leader if you can assist in some tasks relating to his manegerial duties and help out.

Master and Become a Boss at What You Do

How long have you been doing what you do at work? Are you at the level where others come to to you seeking solutions to tough problems? If you are, then you are well on your way towards an increase in your salary.

Stay Current on Your Skills and Knowledge 

Learn all you have to learn from your responsibilities at work, but don’t stop there. As the industry is constantly evolving and new knowledge and information keeps emerging, you need to keep up to date on your knowledge and skills so that you won’t be left behind. Having up to date knowledge in your field gives you an upper hand over your colleagues and that definitely will reflect on your paycheck.

Gain Additional Qualifications

The more skills you have to bring to the table, the more your employer sees you valuable. Having additional Qualifications is a sure way of negotiating for a promotion at work which will surely result in an increased salary. Your practical experience coupled with a sound understanding of the theories behind what you practice makes you a better employee.

Seek Feedback on a Regular Basis

You should make it a habit to regularly seek feedback and constructive criticisms from your manager about your performance. Not only will you learn about what to improve or keep up, but you will also realise which areas your manager thinks you are doing very well in. This also is a good basis to succeed in negotiating for a salary increase.

Be Consistent on Your Performance 

Because you have been able to increase in rank and increased your salary does not mean you should relax and get lax about the things you did to get there. You need to demonstrate consistent performance so as to move further and further. The way you keep your self up there determines how long you stay there. So don’t lose guard. Keep your performance level high.

Do The Dirty Job

There may be roles that no one wants to take up. It  will be a big plus to take them on nonetheless and perform them. Let your impact be felt everywhere. Managers notice whatever employees do which adds to the company, so when the time comes for promotion or other incentives, people who exhibit excellence and dedication towards the job are given golden spoons.

Be Unique

Don’t be like every other employee or try to Compare yourself to them. You’re different and each of you have a different level of dedication to the job. You’d be telling your manager that you’re just like any other employee and hence you don’t deserve to be paid any higher. So set your self apart from your colleagues and stand out as a hardworking and serious employee.

Take active part in professional organizations

Get involved in professional organizations in your field as it is a good way of bolstering your carrier. It also serves as good networking opportunities for you.

Be Kind

Be kind to everyone in the work place. Don’t look down on anyon but show appropriate respect to each and every employee as well as your manager. This might not instantly result in salary increase but in the long run it will come handy.

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