Monthly Archives: July 2013

Personal Finances Better Managed

Managing personal finances

    Managing own finance

Many think that managing own finances does not come much in handy. But this not so; take it from me. However little money you may earn, and whether you spend on others or on yourself, it is always better to have an idea of the gross amount, and the money expended or invested. Then you will know where you stand with your finances.

Collect and Document Assets

As a first step, have an accounting of all your financial holdings, including bank accounts, stocks, retirement account balances and other funds. The sources of income including real estate, investments, petty cash and savings; all this must be brought to list.

Track spending

For keeping control on your personal finances, it is better to track all expenditures for a fixed period of time, say one month. As expenses, cover all mortgage payments, utility bills, credit card purchases, student loan payments, debit card transactions and other such expenses, even small expenses like bus fare and coffee bills. Tracking the expenses is a crucial step. It helps you to have an idea of your expenses, letting you identify and eliminate overspending, compulsive shopping or other financial misdeeds.

Create Actionable goals

You should have clear, action specific financial goals for successfully managing personal finances. Set apart willfully a fixed sum every month, towards credit card debt, some amount to a child’s college savings account, or invest in some retirement account. Stated specific goals become a reality easily. So specify dates and the exact amount of money for it. Put up goals somewhere, to be seen by you often.

Money management

      How to make money

You will have a direction to your actions if you put up priorities while managing personal finances. Your priorities can be categorized as primary and secondary goals, to have the money guided according to priorities.

Managing Debt

Debts should be classified as good and bad between them. To take loans for education, home or college is not a bad idea. Such loans can be considered as investments with a relative staying power. But CNN Money advises caution against accumulating credit card balances for the payment of food articles, vacations etc. The first priority to be towards paying off high-interest balances, and if possible making more than the minimum required. Do not take advances against long term investments, such as a home or retirement account.

Keep in mind that money management is not a silly affair, but a task to be completed with seriousness, and something that can decide how much money you have at the end of each month.

Profit Maximization Through Creation Of Finance Acumen For Non-Financial Managers

Financial stagnation

   Classes on finance for non-financial managers

During times of financial stagnation, every manger is expected to know the fundamentals of finance and accounting. At every organizational level, you need to identify the profit drains and provide solutions at once. It is advised to know the tools of accounting, its concepts and techniques to provide valuable business solutions. In this context, knowledge of finance for non financial managers is gaining significance.

How to get financial knowledge for non-financial managers?

Companies take the initiative and make the employees enroll for accounting and finance sources for gaining knowledge in the finance field. This could give an insight to non-finance managers on many concepts and terms used in finance, which they can put in to practice in future.

Since business is all about finance and accounting, gaining knowledge about these subjects will be an added advantage. Sound financial decision-making is aided with the help of knowledge and experience in finance and accounting.

Employees who are unfamiliar with the finance will be allowed to undergo crash courses to get a grip over various concepts like financial decision-making models, fixed assets, depreciation, trial balance, cash flow impact, budgeting and planning. These courses are specifically designed for non-financial managers. The lessons are split up into small topics so that it could be understandable.

Most companies are now cognizant that the knowledge on finance and accounting provide the effective ways to explore the potentials of its employees. The courses allow the non-finance managers to understand and make decisions on financial matters.

Couple talking to a financial advisor

     Knowledge of finance for non-financial managers

Managers at the supervisory level receive benefits from these types of crash courses. With the knowledge of accounting, they can analyze and give reports based on the work done by the accountant at the primary level. Even though the concerned financial managers repeatedly review these reports, it would be an added advantage if non-finance mangers do take care of it alone. Moreover, it saves time in decision-making.

It is also wise to impart knowledge on financial concepts for workers. They will be able to apply it during work and fix errors that strictly relate to financial procedures. It eventually helps in improving the productivity and competency of the employees at all levels.

Finance for non financial managers facilitate the demanding needs of the jobs in middle and upper level management. The classes make non-finance managers to arrive at quick financial decision-making and provide suitable business solutions.

Tips To Care For Your Pet Gerbil

cool pets

              Taking care of cool pets

Many kids aspire to have cool pets as their companions at a certain age. However, the responsibility of choosing the ideal pet for their kids often falls on the shoulders of the parents. You can do that task taking in to account the peculiarities of the character of your child. Parents who know their children well can easily select cool pets that are right for their kids.

Gerbil as pets

This pet animal is the choice of many parents owing to many factors such as its lifetime, ease of care etc. Those who have a pet gerbil to care for might be looking for some good tips to care for the animal. The tips are not easy to come by from friends or neighbors since cool pets like Gerbils are not found in many households.

Gerbils are neither nocturnal nor diurnal pets. They have a number of sleep/wake cycles in a day. These cute animals are cleaner compared to many other pets of their size. They consume less food and hence produce less waste. They also do not drink much water and have a bearable smell!

The average life span of a Gerbil is three years. This makes the animal an ideal pet for small kids. For those looking for caring tips for Gerbils, here are some.

Basic essentials

Like any other pet animals, Gerbils also have some general requirements as given below.

The cage

The cage should be spacious and clean. The average size of a cage holding one Gerbil should not be less than 5 gallons. Since these animals prefer living in pairs, it would be ideal to have a cage that is larger than 10 gallons. A glass aquarium with a mesh lid would be a suitable choice for a Gerbil cage. Since Gerbils are clean animals, make sure that you clean their cages at least once in every two weeks.

ease of care

       Tips to take care of cool pets

Food and water

Even though Gerbils do not drink as much water as other pets do, it is important to make sure that they have access to clean drinking water at all times. When it comes to food, it is advisable to get the Gerbil food from pet shops and feed them with that since such food will have balanced content of nutrients. Take care not to over feed your pet Gerbil.

Exercise

You can keep an exercise wheel in the Gerbil’s cage to help it get adequate exercise. You can also let them out of the cage and encourage them to run around for some time. This will help keep them fit.

Gerbils can be cool pets if you take good care of them. Use the tips given here to keep your pet Gerbil healthy and happy!

Financial Planning For A Better Tomorrow

managing personal finances

Better management of personal finances

Properly managing personal finances is the key to a successful and safe financial future. However, this kind of management needs a lot of planning and immense amount of will power to execute the plans and perseverance to stick on with the same. Let us learn some tips that can make this task easier for you.

Proper budgeting

The most important step towards managing your personal finances is creating a proper budget. This will help you keep track of how much you are earning and how much you are spending on a regular basis. Keeping the receipts of expenses and documenting the same is ideal when you do budget planning. Fatten up your savings account by configuring automated regular transaction of money from your earnings. Spend money with discretion and avoid unnecessary expenses as much as possible.

Saving and investing

Gaining control over your finances becomes an easy task once you master the art of saving and investing an appropriate percentage of your earnings. An ideal savings account should have at least six months worth of living expense money in it. Choosing money market accounts over regular savings accounts can help save more money in the form of interest. Putting your money in a Certificate of Deposit is an even better way of earning higher interest rates.

Your risk tolerance as well as financial goals should be on the top of the list of criteria that decide the pattern of your investment. Investing in stocks and bonds is a great option for those who don’t mind taking reasonable risks to ensure better returns for the invested money. Diversifying your investments is also a great option to ensure an almost steady income.

Retirement planning

Again, your financial goals as well as employment status come in to play while choosing the retirement plan that is ideal for you. The 401-k, which is an employer sponsored retirement plan, is a great option for some. An IRA or ROTH IRA are good options for those who work in companies that do not offer retirement benefits.

safe financial future

Safer future with personal finances management

High-Interest Debt

Paying off the high-interest debts that you have can help save more money in the future. Debt consolidation is another option that can result in lower interest rates and better savings. The money saved thus can be invested wisely to get more returns.

Plan wisely today for a better tomorrow. Make managing personal finances your priority to ensure better returns and permanent peace of mind!

Non Monetary Advantages Of Strategic Management

Finance for non financial managers

Finance for non financial managers involved in management

A company’s mission involves increasing the profit or returns on investment by fulfilling its strategic goals, which are initiated by the management. When the strategic goals are dealt with, they include the monetary benefits as well as the non monetary benefits. Planning the goals and providing suitable guidelines by the management, can be termed as strategic management. Other than dealing with the financial profits from strategic management, you need to be well aware of the other merits that can increase the credibility of the firm. Finance for non financial managers would depend upon their efficiency in strategic management.

Strategic management as a guide

When you reach a large firm, you may not be aware about the processes, functions or goals set by the firm. Well planned management would provide you with enough guidance about how the business functions, about the different processes involved, about the plans that are set and the targets that the company has kept as goal. Thus strategic management can be considered as a complete guide for a newcomer. He thus gets a rough picture or blueprint about the firm.

Amalgamating the decisions set by the organization

A company would consist of many managers and employees. Each one of them would be assigned to do a particular task to achieve the company goal. If the work assigned is not planned in a proper way, the employees would take a decision which is entirely different from that of their employer. To avoid wasting resources on inane decisions, the managers can follow the company strategy that would help to utilize the resources in a better way, thereby saving time. The proclivity to attain business goal can be fulfilled if strategic management is followed, by combining or merging the decisions taken by both individuals and managers. This will motivate them and guide them to achieve the company goal.

The performance made can be calculated

efficiency in strategic management

Finance offered to strategic management

Unlike other management plans, strategic management helps to measure the results made by the firm. They would have set metrics for different categories, and depending upon these criteria, they make the performance analysis quite easily. When the performance gets evaluated, the managers can improve or set new goals or strategies, which can help the business further.

Make an unbeatable environment

A firm that lacks strategic management would alter its decisions and plans according to changes in the environment. They would be highly unstable with regard to implementation of their business goals. Following strategic management would anticipate the changes that can occur in the future, and the initiative that would enable them to overcome it. Finance for non financial managers would be decided after considering their caliber in strategic management.

The above noted are the non profitable benefits of strategic management.

What You Need To Do To Manage Personal Debt

Managing Personal Finances

Personal Finances Managed

To avoid personal debt in today’s society is not possible. Loans are taken so that you can pay for the following.

  • Vehicles
  • Education
  • Housing

It may seem frightening for you to see your salary being paid on money that you owe. Don’t worry, given here are some tips to make this seem less stressful for you. Please read on in order to find out more.

Tips For Managing Personal Finances

  1. The first and foremost thing that you have to do is consolidate the student loans for lower payments. Through consolidation, interest rates on your older loans is brought down. But the time needed for you to pay them off is extended. If this is done during your grace period, there might be added benefits for consolidation.
  2. Following which, you have to list your average payments. A personal budget has to be set up. To round amounts up is advised. Also set aside a certain amount of money. Do not forget to include the following living expenses such as gas, rent, electric bills along with your debt payments.
  3. Do not adopt the lifestyle of a spendthrift. To reduce your household expenses is quite simple-just make coffee every morning instead of buying it on your way to work. It is the small changes made over time that results in big changes.
  4. It is important to have a credit card which is suitable for your spending habits. I am sure you will want to have a month-to-month balance. For this, you will need a low-rate card, but if your card is paid off every month, look for the one having a low fees. Do not use your credit card too often because it increases your personal debt.

    Payments

        Manage Personal Finances

  5. Finally, you are advised to consult a financial advisor. Counselors will be in a position to assist you when it comes to creating a long-term plan for you to overcome debt. Some non-profit groups have free debt counseling available to the public.

With that, we come to the end of the instructions to be followed when it comes to managing personal finances. I hope you find these tips useful. May all your debts soon become a thing of the past soon. I hope that you overcome your debts soon and have a considerable amount of savings in your account. I hope that you become financially settled soon.

To Start Your Career As A Money Manager

daily money manager

          hire a daily money manager

If you are strong in mathematics and finance, becoming a money manager may be a good career choice for you. A daily money manager is someone who can help people with their finances, accounts, taxes, etc. This involves sufficient skill and patience and you should be knowledgeable in various State and Federal tax laws and other procedures.

What are the functions of a money manager?

People suffering from mental illness or disability and the old generally require some help with their daily financial transactions, billings, documentations etc. Others like those who tend to travel a lot require the services of a money manager to handle their financial accounts and bills efficiently. Even normal professionals who find it difficult to rein in their spending or manage their debts hire the services of a money manager.

  • As a money manager, you will be helping  your clients with financial management and investment planning.
  • The money manager should do all the financial work like organizing all the invoices and bills, making prompt payments like deposits and withdrawals on their client’s behalf and obtain the necessary receipts and signatures for documentation purposes.
  • You may also have to manage your client’s bank, mutual fund and stock market accounts. In addition, you need to perform periodic audits and generate the necessary financial reports.
  • Help your client plan his taxes and insurance schemes and file his annual IRS tax returns.

How can you become a Money Manager?

You should have the necessary educational qualifications in fields related to finance, economics, taxation, etc to start working as a money manager.

  • You need to clear the Certified Financial Analyst Examination or the Certificate in Investment Performance Measurement Examination to get a job as a money manager in any of the reputed Daily Money Management firms. There are other similar certificate programs offered by the CFA Institute.

    financial transactions

                   more on daily money manager

  • You can begin your career as a daily money manager after gaining enough experience in a finance related job. You can join as an intern in any of the money management firms and slowly work your way to the top. Look for a part-time job while preparing for your qualifying exam.
  • Look for an entry-level finance job in big business houses, credit card companies, banks and other financial institutions. Once you have cleared the various certificate programs of the CFA Institute, ask for an opportunity to work as a money manager.

Once you have the qualifications and the necessary on-the-job experience, you can even start working as a self-employed money manager. Help your client manage his finances and make some smart investment decisions.

Role Of Retail Managers

Daily Money Manager

Daily Money Manager

Have you ever understood the concepts of store departmentalization and centralization? This enables allocation of duties to different individuals in a company or an organization. In a store, a retail manager maintains the money management as well as staffing. This person holds a responsible role in the business as a whole. Did you know the store opening in the morning as well as money handling is in the hands of retail or assistant managers?  Let’s look into various  money management aspects.

Who is the daily money manager in a store?

The answer is a retail manager. The duty of this individual might vary in its complexity from one store to another. The main two responsibilities carried by a retail manger are:

  1. Store security
  2. Banking aspects

This is important in analyzing the orientation and changes in a business. The performance of the store is easily understood from the records maintained by such managers.

Store manager duties

Most of the stores would require the retail manager to see to the secure store lock down every day. This is important to take care of the amenities and products stored. For a better set up, security staffing could be availed. This does not make the retail manager free from securing the store responsibly. These managers should also collect cash from the store and record it down on a daily basis. It is their duty to keep it safe according to the store’s policies. They have to deposit it safely in a bank or other financial institutions. The store manager has the responsibility to keep it safe until it is deposited as well.

Store size doesn’t matter

Store Security

Daily Money Manager Duty

A retail manager should be flexible to work with the size of the store. The main duty they might need to perform is managing the staffing and allotting them to different departments. He/she also performs the management function in an organization or a store to a certain level. It is not necessary that they always get to control the employees in the store as the store owners might decide this. In small stores, retail managers would have more power over the employees.  In large organizations, better departmentalization distributes such power among team leaders.

Now, it is an undisputed fact that a retail manager act as a daily money manager in an organization. To play the role of a retail manager efficiently, one might need experience as well as insight in solving emerging financial crisis.

Online Tools For Personal Finance Management

managing personal finances

      All about managing personal finances

People work hard to make money and get different kinds of jobs to that end. There are people who work for the government, for companies, the financial sector, as well as in other sectors. Even if people manage to attain a monitory benefit, many of them find it difficult to manage it effectively. A lot of folks have an overwhelming tendency to spend too much money. They might not even think about the budget when they do, and this spending pattern would lead to needless debts. If proper planning is done, your needs can be met within the budget.

There are several online management tools that help you to manage your finance in a better way. Let us check out some of the online websites for managing personal finances.

Mint.com

This websites provides several financial management tools to the user. Initially the website provides assistance in making a budget, and the amount that is spend for each category is entered. They also help to create limits for each category, which when exceeded, the site notifies the user of it.

This website also provides assistance in setting up savings. Most probably, just because of spending without proper planning, people would find it difficult to retain money as savings. This website helps you to plan your savings in a better manner. Even if you are not willing to disclose your personal information on the website, it is not a problem. This can be treated as a convenient feature of Mint.com. Just this information is more than enough, such as the email address, password and zip code. There is no need to provide personal information like your name, address or any contact number.

Yodlee.com

monitory benefit

     Method of managing personal finances

This website helps the users to manage their investments in a better way, and from a single location. All the transactions that occur from an account are tracked by the program. In order to protect the data of the user, Yodlee.com gives out alerts regarding fraud, or for reminding users to make payments that are due. This helps to avoid late payments.

Excite Financial

This is a free tool meant for financial management. This tool is capable of importing data from over 7500 financial companies. The data gets imported to your profile. The data in Excite can be accessed from anywhere around the world.

These are the tools meant for managing personal finances efficiently. Hope you will give this a try!

The Task Of Money Management

Managing personal finances

How to start managing personal finances

Money management is obviously a big task no matter you earn big or low. Whether you are a salaried person or a businessperson, it is vital to have a clear idea about managing personal finances. You are never late to start controlling your finances to liberate yourself from the awful situations of debt.

As a fundamental step, you need to take in to account the details of all cash outflows. Moreover, you need to enhance your savings with a focus toward the future needs. For this, you need to make a rough note of all your cash inflows and outflows during a particular period of time, say for a month or a week, whichever is convenient.

Prerequisites in money management

There are some fundamental requirements while performing the tasks of managing your personal finances. Let us check it one by one so that in future you will be freed from the burden of debts.

Keep an eye on the costs

No matter what your income is, you need to have a regular check on your spending as well. This will help you improve your savings too. It will not be a bad idea if you start writing down your expenditure. Try to cut down those unwanted expenses to make sure that you are getting enough savings out of your current income. If you look in to the expenditure list, you can find many expenses that can be completely avoided.

Start budgeting

One of the fundamental requisites for effective fund management is to start budgeting. It is fundamentally a list of expenditure and revenue. You should add all your revenues on one side and expenses on the other side and compare both. However, make sure that your expenditure is well below your income during which you prepare the budget.

money management

Managing personal finances effectively

Debts should be paid off at once

You should pay off your debts immediately as it can have a negative effect on your financial health. If the cost of finance is high, make sure that it is paid off at once. If you have a low interest rate, it implies that you have enough opportunity to save. Make use of the credit cards wisely, as it may seem good but actually can make a dent on your wallet. Loans should not be defaulted under any circumstances.

If you quickly glance through these, you can find that managing personal finances is not a big task. All you need is to have a bit of patience along with the right discrimination to find ‘what is need of the hour’ when it comes to spending money.