Monday, June 21, 2010

how to budget personal finances






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The best way to get the most out of short term credit is to create a personal budget. Nobody wants to be on a budget. But everybody has to be on one, no matter how much money they make. When short term cash advances or payday loans become part of your financial strategy, controlling spending with a budget is the best way to make sure the money being borrowed is used in the best way.


Why create a personal budget?


Creating a personal budget involves working with all the information available about your finances. It may sound elementary, but when you decide to get a payday loan, you have to know where your money is coming from, how much you have and where it all goes. One of the biggest reasons most people avoid budgeting is that they would rather not know how they really use their money.


Budget before you borrow money


Creating a personal budget isn’t as bad as it sounds. Most of the work is front-loaded at the beginning. Once your finances are dialed in, tracking income and expenses is pretty much automatic, if you stay on top of it. CNN reports that what may seem like drudgery gets spiced up by facing the reality of foolish spending habits. It’s better to learn what they are on your own. Most of the foolish spending is pretty common and fairly easy to eliminate.


Personal budget for debt reduction


To create a personal budget, get started by making a list of all of your regular monthly expenses, including what you spend on fun things like eating out, entertainment and hobbies. It’s very important to include minimum payments toward debts, including payment in full of personal payday loans at the end of their term. About.com says don’t forget to build in money for debt reduction. Use software like Quicken or Microsoft Money to make it easier. These personal-finance programs have the built-in budget-making tools that can create your budget for you.


Settle emergencies with instant money loans


Subtract expenses from earnings to see how much you can expect to have left at the end of the month. If your personal budget comes out on the negative side, go back over each expense, look for places to make cuts, and figure out where you are willing to make sacrifices to get out of debt. After taking care of emergencies with instant money loans, debt reduction should be your first priority. Then you can start saving money to meet your financial goals, like a nice vacation, retirement investments or an emergency fund.


Live by your personal budget


All the time you spend creating a personal budget will be wasted if you don’t put your budget to work. Try to live within your budget. See how it feels. At the end of that first month, look over your spending to see if it matches up to your budget. If things are still out of whack, consider small money loans while you figure out how you can work harder to control spending. You may have to rework your personal budget to be more realistic as far as how you actually spend your money. Then, crunch the numbers again until you’ve made it right.


Personal budget tips:


Here are some money-saving tips courtesy of freefinancialadvice.net:




  • Do not use credit cards. If you must, pay them in full each month

  • Consolidate your credit cards and student loans at a better rate

  • Refinance your mortgage or car loan at a lower rate

  • Use coupons to shop–try coupons.com for free local coupons

  • Occasionally buy generic, or non-name brand merchandise

  • Stop smoking

  • Don’t try to compare yourself to your friends and neighbors





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An effort to help teens manage their money is truly challenging. Consider this analogy in terms of teens managing their money: You're the government, and your teens are huge Wall Street firms. The government says it has no choice but to bail out the Wall Street firms, "because they are too big to fail." Your teens may say that you have no choice but to bail them out, "because you love them so much."

This leads to your first step as a parent helping teens to manage their money: You can't let them put a guilt trip on you.

Your task is difficult because corporations are targeting this generation's teens like never before, which leads to peer pressure running amok. The precursor during the 1980s was name-brand sneakers. Nowadays, you will see "teens manage their money" by matching a peer's iPod, and if they have earned their own money, it can be hard to argue with them. But then, they'll be broke and ask you for a $20-spot (or more) to go out on a date.

As you can imagine, the web contains no shortage of tips for how to help teens manage their money. The vast majority are well and good. For example, teens should save a certain percentage, teens should write down spending priorities, teens should keep and review a log of their spending, and so forth.

We wish in this article to offer a Big Idea that is unique, not as an alternative to the standard strategies for helping teens to manage their money, but as a complement.

The Big Idea is, share your own personal finances with your teens. It doesn't occur to most parents to do this, but this concept will bring some understanding and even some humility to all but the most materialistic and selfish teens.

Start with your family income. There's no reason for it to be a big secret. Next, outline your taxes to arrive at post-tax income. Then get into all of the monthly payments: The mortgage, if you still have one. The utility bill. The grocery bill. Health insurance, if you aren't covered at work, or co-pay, if you are covered. Car payments, if you still have them. Gasoline, not just for the car, but for the lawnmower; in other words, include everything.

Hopefully, there will be more incentive for teens to manage their money after they see what you go through, day by day by day.

Advice for your teens to open their own bank accounts is solid. In fact, this step can be taken way back in the elementary grades. A newer issue that you will confront is whether to help your teens obtain a special checking account and/or credit card for high school students, with your name jointly listed.

We'll let you decide the pros and cons. A national survey indicates that about 10 percent of teens carry credit cards, and 30 percent have checking accounts. We mention this just in case you choose to take a "con" position and your teens respond, "Aw, c'mon, everybody has one." Not true. FYI.

SOURCES

http://parentingteens.suite101.com/article.cfm/helping_teens_manage_money

http://www.creditloan.com/credit-cards-becoming-popular-among-teenagers.html

http://www.ehow.com/how_4848714_teach-teenagers-manage-money.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_art

http://www.ehow.com/how_5287780_teach-teenager-manage-money.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_art


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