7 Ways to Organize Your Finances

As with any aspect of life, a certain amount of organization skills is needed if you want to succeed. This is just as true when it comes to your finances. Your finances are like your house. They need to be kept in order to avoid many pitfalls like over spending, incurring debts, and even bankruptcy. Knowing how much money enters into your bank account and how much you need to shell out for your day-to-day expenses can help a lot in making sure you are on stable ground.

Financial stability is key to a secure and comfortable life. You do not need luxury, of course, but it will not hurt if you won’t have to endure sleepless nights thinking how you can make both ends meet. The times also dictates the need for you to organize your finances as the economy dwindles and the likelihood of losing it all and living out in the streets becomes more and more possible each passing day. You can dodge this misfortune by making sure you are on the right track when it comes to your finances.

Create a Set Budget

Setting a budget is the most important step in organizing your finances. In order to do this,you need to determine how much you earn so you can draft your projected expenses. What are you current and recurring bills? Do you have investments and mandatory savings? If you have student or car loans, mortgage, utility bills,and other liabilities, you need to list them all down and prioritize them on your budget scheme. After determining your goals, you can then calculate your income and expenses. Make sure that the latter does not exceed what you earn.

Track and Monitor Accounts

Make it a habit to track and monitor your accounts. It does not make sense to create a budget list and leave it at that. You need to follow up as the current month rolls by.You can do this by choosing a sound system that will organize everything in one place. It can be done through the use of the good old pen and paper, a spreadsheet, an online software, or a financial software. Pick one that will suit you best and commit yourself to tracking every transaction you make that involves money.

Analyze Your Spending Habit

This brings you to the importance keeping your spending habit in check. Many use the tested and proven method of listing down all your daily expenses, even if it is just cheap coffee from a vending machine. Seeing your expenditures after a month can help you determine why you exceeded your current budget and which aspects you should cut down. It will also help you stop and think before you go on a shopping spree on your pay day.

 Weigh Your Wants and Needs

In relation to tracking your spending habits, you should also take a closer look at your wants and needs. How much are you shelling out for items that you barely use? By segregating those you indulge in from the things you really need, you will find it easier to stick to your budget. Do not be afraid to adjust and forego your mere whims.

 Keep FinancialDocuments

Every transaction you make, whether it has to do with the bank, credit card, or bills, should be well-documented. Make sure your financial documents are saved and kept in one place so that you can consult them when problems and complications arise in the future. This includes your bank statements, copy of tax returns, and insurance statements.

Save for the Rainy Days

Of course, you should not only track your expenses but also your savings. Commit a certain percentage of your income for savings. Sure, getting an insurance can take care of your future should anything bad happen, but it is different if you also set aside a fund that you can easily access during emergencies. It is advisable to save at least three months’ worth of your usual income as a cushion for rainy days. Life is unpredictable and you might lose your job or get sick without warning.It is sensible to be able to stay afloat should you face trying times.

Find Additional Means of Income

Organizing your finances is not limited to budgeting and tracking down your expenses. You should also be able to prepare for challenging days by finding ways to get extra income. This will help you organize your finances better because with additional income, you will have a solid source of fund for your savings. You will not need to make your head ache trying to fit in all the expenses on your limited budget every month.

 The best way to earn extra money is through doing freelance jobs or launching your own online business. The latter is possible by using an online e-commerce platform that suits your business model best at minimal cost. Some of them allows you to take advantage of the power of social media by integrating them into your social media pages and turning them into an eCommerce store.

Organizing your finances is easier than you think. As long as you know the basic steps and apply them diligently, you are on the right path. It is a good idea to remember, however, that constant practice and commitment are needed if you want to reach a stable financial ground and safeguard a secure future.

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3 Ways the Internet Has Improved Personal Finance

The internet is good for a lot of things and makes our lives much easier. It makes for easier communication, easier shopping, easier research and so much more. It has had a wide-reaching impact on just about every industry out there, including personal finance.

This article is going to look at three huge ways that the internet and technology itself have pushed the personal finance world forward and made it easier and more accessible for everyone. Without any further ado, let’s check them out!

Helps People Build Knowledge

One of the best parts about the internet as a whole is simply the massive amount of information that it holds. Whatever you are curious about learning or knowing, you can find out about it on the internet. In fact, there are nearly 2 billions active websites on the internet, many of which are informational in nature.

So while learning about finance used to take purchasing and reading books or attending courses, not anymore. There are dozens of different websites out there that can help you learn about the ins and outs of personal finance. Some will teach you about savings, some will host great discussion about finance, a few will teach you about investing and many others will teach you just about anything else you could ever need.

These resources make it easy to learn about finance, for free, with nothing but your phone or computer. While it might take some time, the internet has made it more accessible than ever to learn about finance.

Allows For a Whole New Way to Borrow

In addition to education, the internet has made it a lot easier to borrow money as well. Getting a loan is something most of us will need to do at least a few times in our lives, and it can be a big choice. As a result, we need to put a lot of thought and research in it. Thankfully, the internet makes it simple to see reviews of potential lenders, as well as making it simple to discover what type of loan is right for you.

Also, on top of being able to help you research loans and lenders easier, the internet has also provided us with a new way to get a loan. Several online lenders have come about that make it quicker, easier and cheaper to secure a loan than ever before, all from the comfort of your own home.

If you want to learn more about online loans or secure one, be sure to visit QuickLoans.net.

Software and Apps Have Increased Efficiency

Advancements in the internet have led to a variety of apps and software to come into existence. These apps and software come in all shapes and sizes, and there are dozens that can help you in your personal finance journey.

Some will make budgeting on the go as easy as possible, others will let you check bank accounts in seconds, and some will even help you automatically save or invest money. Best of all, many of the best finance apps out there are completely free to use, so there is no reason not to download them and use them daily.

In conclusion, just like it has advanced many industries, technology and the internet has done a lot for the world of personal finance. It has made things simpler, more efficient and more streamlined than ever before. As technology and the internet continue to improve and come out with new innovations, it will only continue to improve the personal finance industry.

Surviving Until Your First Pay Day: How Do You Do It?

There’s nothing worse than getting a job in order to earn money, only to find out that you’ve started right after everyone else in the office had been paid. This situation could leave you out of pocket for up to a month in some cases and with travel expenses coming out of our potentially empty bank accounts on top of usual expenses, surviving until your very first payday could seem pretty much impossible. While payday loans online could be available in a financial emergency, knowing how to save and survive until payday is a skill you could benefit from in the future too. With that in mind, here is our guide to surviving until that very first paycheck is placed in your hand.

Work Out What You Do Have

First things first, you need to work out what money you do have, whether that’s the funds in your bank account or the cash down the back of the sofa. Having a better idea of what you have available to spend can help you build a better budget for the month or work out what you still need to pull together to be able to survive.

Try And Use Cash Rather Than Card

Once you’ve worked out what you have, draw out what you need for the month and use cash only where possible. This will not only help you keep better track of what you’re spending and where it’s going, but it can also make it easier to budget effectively. You could opt for the age-old ‘envelope’ budgeting method, in which you put cash into different envelopes for different outgoing costs. This way, you can’t take money from the ‘rent’ fund, for example, to use on entertainment etc.

Restrict Luxury Spending

We all need entertainment in our lives, but restricting how much of our money goes onto this is the best way to save a bit of money when times are tough. Instead of going to the movies, why not opt for a night at home in your pyjamas with your favourite DVD instead? You can pick up snacks for under half the cost of a movie ticket, or even make some of your own with what’s in your cupboards without having to spend a penny. Alternatively, why not head out for a picnic in the park with kids or your partner for an hour or two out of the house without spending any more than you would’ve on lunch anyway?

Ask For Help

If you’re really struggling for money before payday, you could ask your friends or family for help? While this method isn’t always possible for everyone, taking a ‘loan’ from your parents, for example, is probably going to come as ‘zero interest’ which will be much better for your bank account come payday. Asking for help from those closest to us is often the hardest method of getting the money we need, simply because we don’t like asking but there really is no shame in asking for help when you need it.

Consider Selling

We all have something in our homes that we haven’t so much as looked at since it was bought and it’s these items that prove to be the best money makers. Just because you haven’t found a use for your clutter, doesn’t mean nobody else will! There’s a buyer out there for pretty much everything, especially if your clutter has a use so why not consider listing a few things on eBay? Besides, it’s not only a great way of making a bit of money, but it’ll also help you declutter your home ready for this new stage in your life!

The first month until your first paycheck can be tough financially, especially when you’re paying out for new expenses like work clothes and travel. Hopefully, our guide can help you get through the month and remember – it’ll be worth it when that pay slip is in your hands!

How a Vehicle Check Could Save You a Fortune

When shopping in the used car market, motorists will always be looking for ways to save money. This can be a dangerous game, as if you are not careful you could end up making a bad choice and drive away with an unsafe or even illegal car. This could end up costing you a huge sum in the long run, so it is always best to be patient and careful when shopping for used cars.

One of the best ways to protect yourself is with a vehicle history check from HPI. These cost just a small amount and could save you a fortune long-term, so they should always be used as part of your process when browsing for used cars.

Avoid Scams

One of the key ways that a vehicle check will save you money is that it will protect you from used car scams. If you were to buy a stolen car or one with outstanding finance, this could see the car taken away from you and your money gone forever. Scams like this can be hard to spot, but a history check will ensure that the car is legal, that there is no outstanding finance amongst other important factors.

Condition

The more that you know about the car’s history the better – how it performed in the past will determine how it performs in the future. These checks will reveal the MOT history – this includes the test date, recorded mileage, previous results, status, due date, refusal notes and advisory notes. All of this information will help to determine if the car has been looked after, if there are any recurring issues and whether or not it is roadworthy. If it is due an MOT, be sure to get the seller to get the vehicle tested before making the purchase as otherwise, you could find that you foot the bill for any costly repairs.

HPI finds that 1 in 3 cars that they check has some kind of hidden issue, so the value of these checks are clear. Without carrying out a thorough check, it is far too easy to purchase what seems like a fine automobile only for its past to quickly catch up with you and cost a fortune. Whether this is the fact that it has outstanding finance or simply a faulty clutch, this would be a nasty surprise and significantly impact your finances (and possibly leave you carless). The checks are quick, easy and affordable, so always carry them out before parting with any cash.

When Life Sneaks Up On You: 3 Resources You Can Use When Life’s Unexpected Moments Pop Up

Whether it’s an unexpected medical emergency, your car breaks down, or you accidentally break something, render it useless, and need to repair it as soon as possible, it’s good to have some sort of a backup plan that allows you to handle the problem and get back up on your feet. Today, we’re going to discuss the top 3 resources that can get you out of trouble when life just doesn’t deal you the cards you’d want:

  1. Your savings

Of course, you need to actually have some money put on the side for this to be counted upon, but the concept of saving money is really important; a little bit of planning things in advance can make life so much easier later on. While true that you won’t be able to amass a small fortune in a couple of days, just think about how much money you can accumulate if you don’t go overboard with your spending habits and funnel it towards your savings stash instead.

For starters, set a goal of how much you’re comfortable putting aside each month. Depending on your overall income, it could be $50, it could be $100, or any amount you see fit. But even just a $100 a month will turn into $1200 a year, a whole whopping grand. Just think about how many emergencies this could cover.

  1. Insurance

By paying a small monthly premium and opting to actively protect yourself against predetermined disasters, having the right type of insurance can effectively save you from a financial disaster. For example, some people choose to have their car insured (having a car insurance of some sort may even be legally required in certain countries), so when something happens, the insurance company jumps in and covers the repair costs without you having to worry about it.

Depending on what you’re most exposed to in your life and the risks you are taking on a regular basis, you may want to consider a specific form of insurance custom-tailored to your needs (like personal injury insurance, for example).

  1. Personal loans

If you simply haven’t had the time to prepare in advance and life catches you unprepared, personal loans are an option to consider. These types of loans are used for non-commercial purposes, may be unsecured, and repaid in monthly installments. However, do keep in mind they have a rather high-interest rate, which is something you need to consider before making your final decision.

When it comes to personal loans, it’s easy to get swayed into borrowing more money than you actually need, simply because most of the providers are willing to offer you lower interest rates when you borrow a large sum of money. But no matter what you do, the most important thing is making sure that you’re going to be able to pay it back when the time comes, otherwise things could end up unnecessarily complicated.

Conclusion

When life gets sour, don’t panic and retain a calm mind instead, even though every cell in your body wants to start screaming and throwing tantrums. By remaining calm and level-headed, you’ll find that most of the unexpected problems in life are solvable in one way or another, especially if you’ve prepared for them in advance.

When to Buy In Bulk

There are many stores out there now where you can go to buy items in bulk. These stores usually require you to become a member to take advantage of the savings they offer when buying the bulk items. When people want to spend money on groceries and household items, this is an area they tend to investigate to see if it is worth it to join. Do you really save money buying in bulk? Are there items that aren’t worth it? Below is my opinion on what is and isn’t worth buying in bulk to save money.

What to buy:

There are certain items in the bulk items store that are more appropriate to buy in bulk and will also save you  money. Things such as toothpaste and trash bags are great items to buy in bulk. They are reasonably sized so they won’t take up room in your house and they don’t go bad. Dishwasher detergent and Laundry detergent is something that is used in pre-measured increments so you won’t overuse. Soap in general doesn’t go bad so you can’t go wrong. You will save money and be stocked up for awhile which avoids you having to run out to restock all the time. Foods that are not perishable such as oatmeal, dry rice, dry beans and dry pasta are great as well. They can prepare countless meals and they last for a long long time. Diapers are one of the number one items commonly sold in bulk. If your baby just moved up a size than it is a good opportunity to stock up.

With the money you will save it is just like going on Casumo Online Casino and hitting the jackpot!

What not to buy:

Buying in bulk offers the incentive of saving money, but sometimes this just isn’t the case. For example, perishable items are not good items to buy in bulk. This is for obvious reasons. If they can grow stale or go bod in a relatively short time period than you are wasting money on buying the large amount of items. You are wasting money because you end up having to throw away most of the product. The same goes for any unnecessary items. This is a huge temptation in bulk stores. If you are using something more than before just because you bought it than it probably isn’t a good idea. An example of this is desserts. If you have a whole tin of brownies and are eating the brownies just because you have them, than it isn’t a good idea. You can also run into problems with buying items that you don’t have space for. Often times you are tempted in these stores to buy large amount of groceries and then you get home and have no where to put them. This is not good for anyone. While you think some of these things you are buying are saving you money, they are also adding hassle (and clutter) to your life.

Bulk buying can save you quite a bit of money, but only if you buy things logically. Choose bulk items that make sense, and you’ll find yourself saving more than cents.

Does Today’s Youth Know How To Handle Finances

In grade school, high school and college, you are forced to take many classes on an array of subject matters. Anywhere from English, Math, Science, Foreign Language, and History. If you were lucky you may even be exposed to special courses such as art, music, health, home economics and trade classes. One thing that most of us were not exposed to are personal finances, meaning every day finances that a family deals with in a home. I personally think this would be a good idea to help men and women learn to do things from a financial perspective in a classroom that may appear to be common sense but aren’t.

What can be done?

Similar to a home economics class that teaches you how to cook and sew, or a woodshop class that teaches you to build things made out of wood, a financial 101 class should be introduced into high schools to teach students the essential financial tools of running a household. This class would be mandatory so students would not be surprised by the responsibilities involved in financing their lives and their family’s life when they are on their own. A recent study in Canada by LowestRates.ca showed that only 31% of millennials could pass a financial literacy test. Financial literacy simply means the ability to understand how money works in the world. This is disturbing.

Subject Matter

There are many items that should be addressed in such a course. Kids need to be able to function in the real world. It would be ideal to teach information on mortgages, taxes, insurance, bank accounts, etc. These are all subjects that are addressed on a daily basis as an adult. All of us have been forced to figure it out, but wouldn’t it eliminate the unnecessary stress of starting off on your own?

How do you balance a checkbook? How do you make a budget? How can you begin to save money? What is a 401K? What do you need insurance for? How do you get insurance? What is involved in buying a new home? How do mortgages work? What is a loan? How do you get a credit card? How do you maintain good credit? What are taxes? How do you file and pay taxes?

All of these questions could be addressed and help today’s youth in understanding their financial situation better when they are on their own.