Monthly Archives: August 2013

Ways To Master Personal Money Management

Personal money management

              Managing money effectively

In these times of severe economic crisis, mastering personal money management has become more important than ever. You should make sure that you draw up a personal financial statement at least once a year to check your finances. You can easily calculate your financial worth by summing up the total value of your assets and subtracting your liabilities from it.

How to manage money effectively

Given below are a few simple tips to help you get forward with managing your money effectively.

  • Open a bank account somewhere you can go for more than just one financial relationship. This can be a savings account, checking account or a personal or auto loan.
  • Direct deposit is a great way in which you can put a check on your spending. When you cash in your check, take advantage of this scheme. If you do not have money in hand, you will not be as tempted to spend it.
  • One of the oldest and most effective ways is to pay yourself first. Every month, set aside at least 10% of your wages. Over time, this will accumulate into a good amount, which you can then invest to get better returns.
  • Set up a monthly bill paying system. Whenever you receive a bill, review it and note it down into your calendar. Make sure that you pay your bills on time in order to avoid fines for being late.
  • Request a copy of your credit report. When you get it, examine it to see if there are mistakes. An inaccurate credit report can have a negative impact on your overall score, so if there are inaccuracies in your report, get it corrected right away. This is especially necessary before making a large purchase like a home mortgage.
  • Seek professional help before ruining your credit. This can include cutting costs to save money, looking for sources of additional income to pay off your debt and even seeking advice from professionals if you cannot do it on your own.

    Credit report

                  Effective money management

  • Try and restrain your ‘see it, spend it’ attitude. Make sure you buy only what you need and not everything that you want. While shopping, look around for the best prices and spend in a disciplined manner so as to be able to save more.

Those were a few tips to help you with your goal of effective personal money management. Keep these tips in mind to help you get the best value for your money.

Some Personal Money Management Tips

Money Management Tips

       Tips For Money Management

When it comes to managing your personal finances, the first and foremost thing that you need to do is to secure your financial future. You will be able to manage your money better if you prepare a financial plan. Your personal financial situation is the deciding factor of your financial plan and which tips to follow so that your plan is best implemented for managing your finances. To manage your money most effectively, it is required of you to make up your mind about the financial goals, and the time by which you want to see your goals accomplished and how much money can be set apart for your goals. Given below are some useful money management tips.

Arriving at a budget

To prepare a budget assumes utmost importance when it comes to managing your personal finances. Through a budget, you will be able to track where your money comes and goes. A budget lets you bring down unnecessary expenses and saves for purchases and also for retirement. When you prepare a budget for the first time, you are well advised to keep all of your receipts and document your expenses in a ledger. As far as possible, try to make automatic contributions to the savings account. To save money will be easier when you do not see it. Your discretionary spending has to be prioritized. Also, make it a point to do away with unnecessary spending which you might not be able to fit into your budget.

Advice for saving and investing

To learn how to save and invest will assist you when it comes to gaining control over your finances. Some financial experts advise you to economize on at least six months worth of living expenses. Pick a bank that is FDIC-insured and which provides a competitive interest rate. Most of the time, money market accounts tend to have higher interest rates and it will do you well to place your money in a Certificate of Deposit. When it comes to picking an investment, it will be required of you to search for higher returns. You are well advised to invest in stocks for that. In case you happen to be a conservative investor, you are well advised to take into consideration bonds or mutual funds as an investment option.

Personal Finances

         Manage Money Better

How to plan your retirement well

To choose a retirement plan is dependent on your employment status, not to mention, financial goals. A retirement account that holds its own for being really popular is a 401K. This happens to be an employee-sponsored account.

Those were some money management tips that you will surely find really useful. Save as much as you can and be well equipped for a secure future.

Proper Money Management To Ensure Financial Stability

Money management tips

       Tips to manage your finances well

Money management comes naturally to some people while others struggle with the same. Proper management of your finances can be done using number of techniques. But the effectiveness of such techniques vary from one person to another depending on their net earnings and necessary expenditure. However, some steps can be followed to accomplish the basic money management in an effective way.

For those who are trying to do the same, here are some useful money management tips.

Proper budgeting

Many times, we ourselves may not be quite aware of our spending habits – necessary or unnecessary! The only way to keep track of this is by devising a proper budget plan. Creating a budget worksheet can be the first step towards this. To begin with, calculate your total income for a month. Creating a budget plan that works on a monthly basis have proved to be more effective than weekly or yearly budgeting plans.

Once you sum up your earnings, start tracking your expenses for a month. This should include all the necessary expenditure such as your utility bills, mortgage payments, fuel expenses, insurance payments and grocery charges. After you factor in the mandatory expenses for a month, find out how much money is left. From the balance amount, decide upon a comfortable figure to be transferred to your savings account every month. Make sure that this is a figure you can manage to put away every month.

Whatever money is left after expenses and savings, can be spend for entertainment, eating out, long trips and such. Make sure that you keep track of all such expenditure on the budget worksheet, no matter how trivial you feel the expenses are!

Debt management

Budget worksheet

     Tips to manage your money well

An average person is bound to have one kind of debt or another – usually in the form of mortgages, car loans and student loans. While it may not be practical to completely avoid debts, proper debt management can keep the money you pay on interest to the minimum.

Interest you pay on your debts can eat up your earnings even before you realize it. Many a times, you may not even be left with enough money to credit in your savings account on a regular basis. Hence, if you have more than one type of debt, try to pay off the one with the highest interest rate first and slowly work towards paying off the rest.

These money management tips can prove to be useful to anyone irrespective of how much they earn every month. Master the art of money management to make your present and future completely worry- free!

Accounting Is Not Restricted In Business

Finance for non financial managers

      Finance for non financial managers

Every business setup or a firm would have its own accounting department. However, it is not always the sole responsibility of this department to deal with the business finance. Finance for non financial managers and its analysis could be multidisciplinary within a business. For any budget holder, financial data as well as reports are indeed important tools used in accounting. Let’s see to the basic principles involved in financial issues. In business, you might have to ask a few questions to yourself to analyze financial aspects better.

Basic requirements in business

  • Do you know the difference between accounting and finance?
  • What is the need of financial statements?
  • Who would be the audiences and what do they want?
  • What is the role of financials in business?

Enrolling in finance for non financial managers

It is better to enter into a MIT business course, if you are not passionate about numbers and want to do something in finance. This would help you understand the roles that are open in finance reporting and uplift the confidence level to make situational judgments in business. There are so many terms and aspects to learn in accounting related fields.

Financial statements employed

You might come across data from different statements used in recording financial matters. Here is a list of the financial statements used in accounting department.

  • Cash flow statements
  • Income statements
  • Position statements
  • Statement of movements

To carry on a financial analysis, it might be substantial for you to understand the data resources involved.

Accounting methodologies adopted

Now, what do you know about the various accounting principles and methods practically used in business and finance. The different sections included are:

  • Financial accounting
  • Data analysis and interpretation
  • Measuring performance at different time intervals
  • Valuating business
  • Accounting management
  • Information systems management
  • Strategic planning and accounting management
  • Using value drivers
  • Involving valuation tools
Cash flow statements

Performance measures for non financial managers

This would be in such a way to make you understand the important aspects in accounting and other intricacies associated with the same. There are even post course options to sharpen the skills, to help you with finance studies and management. You may also opt for an in-house option in this business course to excel as well.

When dealing with finance for non financial managers, there are many factors that play in. It might require a qualified professional with sufficient experience to understand the situations better.

Choosing The Best Money Management Options

Personal Money Management

                             Personal Money Management

Personal money management is indeed important to have a control on the money flow in your day today activities. The income should not be lower than your expenses to have a good life ahead. If you do not gather savings in life and follow an unhealthy money-spending attitude, eventually you are going to regret for the same.

Personal money management

While selecting a preplanned money management tool, what you need to consider is the practicality of that method in your life. Just because your friend uses this and succeeds in money management, doesn’t mean it would work for you as well. Most importantly, you should have a positive mindset to follow the budgeting formulated by the tool, as your willingness is important in this case.

Selected money management tool

Many people make a mistake by choosing a tool that has the following problems:

  • Hard to understand the functioning and instructions provided
  • Inconvenient mode of working
  • Time consuming approach to make calculations
  • Reliability factor
  • Budgeting mechanism doesn’t fit your way of living
  • Too much of input required for getting proper results

Pen and paper budget

This is the basic requirement for business as well as personal money management. The technology has created computerized systems to avail you easier managing tools. The budgeting process for your total family income should be done by preparing a list of vital expenses in a priority-based order. The savings part is also given importance in such a process. This is mainly done with the aim of meeting unexpected expenses that are probable to pop up. You could just use the traditional pen and paper method to do this. For this, you could simply download a template from the web to make your work easy. Using a computer system would help you with a faster and error free calculation.

Money Management Tool

  Tools For Personal Money Management

It is important for an individual to maintain a wise budgeting to avoid debts building up. When you hit financial crisis and start taking loans as a savior option, you would enter a bounded life full of liabilities. You could not manage the expenses with the income you were having; how are you going to manage the same expenses plus the loan repayment amount now. Think about it and have a control over your personal expenditure.

Using normal methods or high tech tools, you should get a grip on money management for a good life ahead. Hope you understand the need for money management in a person’s life.

Money Management Tips For Marital Harmony

money management tips

  Excellent money management tips

Majority of the couples avoid money or budget related topics during their private moments. They think it’s appropriate for keeping away petty quarrels and egoistic disputes. Actually it’s always better the other way around. Mutual discussions about savings, expenses and the spending budget will certainly help in the long run. Be it for marital harmony or proper money handling, talks related to money management are important and beneficial. A recent survey proved that couples who have a regular check on their balance sheet will do great in terms of money. The good thing is that there are numerous money management tips for handling your budget and expenses. One of the best ways is to register on the money management site known as Mint.com.

Get started with Mint.com

Now prior to your session with Mint.com, cracking a bottle of wine will be a nice idea to get started. This will help in avoiding arguments at the surface level itself. Now the next step is to take out the laptop and register onto Mint.com. You will be really glad since it hardly takes fifteen minutes to upload your accounts on the site.

After that you will find the balance sheet showing the amount of money at hand, expenditures and what is to be paid off. This will really help in knowing and understanding the inward and outward cash flow. Now this will be your basic information on the site with the current available details. Then comes the prioritizing part where you divide the rest of the days with your monetary plans. Details like debts to be paid and expenses to be made must be entered and kept separately on a date wise plan. This is very essential for knowing the savings amount and planning the expenditures accordingly.

Balance sheet

             Proper money handling

Furthermore, you can schedule the main events that require spending of money on this website. This will actually serve you as a reminder of the events and the amount of money which is to be spent. Once these details are entered, the site will automatically update and keep a track of the events to be followed.

This process proves to be very crucial and helpful in accomplishing your targets at the earliest without any lapse due to lack of money. Once the program is set as such, you won’t find any difficulty in handling your monthly expenses. The systematic procedure will ensure proper inward and outward flow of money.

So all you couples out there, take some strong initiative for getting some excellent money management tips. This will certainly help in enjoying a happy, smart and economical married life.

Stretchy Magic Is A Scam

Stretchy Magic

     Stretchy Magic lids swindle

Container lids are often needed to store and carry foods. There is nothing as convenient as silica material lids for storing food. However, before you purchase the Stretchy Magic container lids, think twice! Read on to find how it spoils your plans in the kitchen.

Even though it is claimed to be used as a container lid for storing food articles, you may find it difficult to stretch the silicon based lids. It requires you to apply some pressure to get it stretched to the desired size. Likewise, it is difficult to remove the lids from the containers. There is no guarantee that food remains safe for a long period.

It never returns to the original size once stretched and used. Moreover, it comes with supporting projections through its sides that are a real annoyance. The storage becomes more difficult as it eats up your space. Imagine the plight of storing food with these lids while refrigerating. You cannot use the limited space in the refrigerator. Moreover, the projections can get stuck anywhere and make the container fall easily. Due to this limitation, you cannot cover glass containers with Stretchy Magic lids.

Stretchy magic container lids

             Stretchy magic scam

The product never helps the space constraint difficulties in your kitchen. In fact, silica container lids are chosen to cope with the space constraints. Furthermore, it rips easily when it is stretched. There is nothing said about the quality of the material used in the making of the Stretchy Magic. Stretchy Magic does not last for a long period. Since it loses the grip easily, it is not tested well on certain bowls. There is nothing mentioned about the lid regarding its heat resistant capacities.

The customer enquiry response is so poor that you cannot even get the follow up regarding the delivery and shipping of the product. It is complained that sometimes the product is delivered only after a 10-week period.

Personal Finance Managed Online

Managing personal finances

               Managing personal account balances

When you have trouble keeping track of all of your personal finances like credit cards and bank accounts etc, what should you do? You always wish you could get someone else to manage it for you. To entrust someone with all the physical records in the traditional way could be suicidal, as there is a chance of misappropriation and embezzlement by that person. Even otherwise, in this age, nobody would want to carry out such operations for you, except at exorbitant cost. So then what would you do? You go in for an online service. Do you want to keep all of your personal account balances at your finger tips? This is easy, provided you have that sentiment to guide you.

A good control over your money helps you to have financial freedom. Whether you are young at age or close to retirement, it makes no difference to your need for self accounting. So grab control of your personal finances at the earliest.

Steps to take while managing personal finances

  • Enter the websites of all of your financial institutions, and enroll for the internet banking facility that they provide. If you find it difficult to enroll for an internet banking facility, collect information from your bank regarding this. Remember to keep your user names and passwords safe and accessible, for you may require them later.
  • Choose a financial management website you can join for free, such as Mint.com, Wesabe.com, and the like. There are paid alternatives out there, but then you really wouldn’t need all the services that they offer, and many of those you can get for free.
  • Enter your internet banking information on your new financial management website. You should only enter your login and password. Do not provide your account numbers.

    Internet banking facility

                                Managing personal finances online

  • Check your financial management site daily for your entire account balances and transactions. Your website would update such information periodically. Some of the sites remind you to pay your credit cards on time, while some display your spending habits as a graph, and warn you if your credit card balances are falling or kept too low.

This is one of the best ways that you can be managing personal finances online and stay updated on them. If you need more services than the free websites can offer, then go ahead and join a paid website that offers the services you require.

Need For Undergoing Finance Courses For Non-Financial Managers

Finance for non financial managers

   Courses on finance for non-financial managers

Understanding the concepts in finance and accounting is needed in every levels of management. It does not matter if you possess finance acumen or not, it is highly useful to know the tools of accounting, its concepts and techniques to equip yourself with decision-making relating to finance and accounting. In this context, knowledge of finance for non financial managers is gaining significance.

How do courses on finance for non-financial mangers help the business?

  • Non-Finance managers undergoing courses on financial concepts can integrate financial policies while implementing decision making and budgeting. With the knowledge of concepts and terms, they could conduct the analysis of financial reports and statements like balance sheets and profit and loss statements. It will facilitate the non-financial managers to check the financial feasibility.
  • It also enables them to understand the cash flow statements to determine the status of the business, calculate the cost of business activities and controlling the day-to-day financial requirements.
  • Another benefit of undergoing courses on finance helps the non-financial managers to control and supervise the budgets deployed in different departments. Often, budgeting is a tedious process and demands the understanding of finance and accounting concepts and principles. Courses on finance help those mangers who are not involved with finance to understand the fundamental principles employed in budgeting. Ultimately, it aids in quick decision-making process.
  • Courses on finance are intended to develop superior managerial skills among non-financial managers. Some companies insist the employees on gaining the knowledge on accounting and finance concepts. They can later put in to practice while analyzing the financial statements.
  • Since finance is the lifeblood of a business, gaining knowledge about the financial principles and methods will be an added qualification for non-financial mangers.

    Cost of business activities

     Finance and accounting for non-financial managers

  • Non-financial managers need to undergo crash courses to know about the various concepts like financial decision-making models, profit and cash flows, financial planning and budgeting.
  • Courses on finance allow the non-financial managers to understand and make decisions on the financial matters in time.
  • It helps in improving the productivity and expertise of the managers.

Finance for non financial managers facilitates easy decision-making process that involves financial matters. The courses may vary depending on the institution that offers the facility. However, the basic purpose of any such course is to impart knowledge in analyzing the financial reports like balance sheets and profit and loss accounts.