Category Archives: personal finance management

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.

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.

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!

Managing Finances On A Single Income

Managing personal finances

  Managing finances on a single income

Managing personal finances on a single income is always challenging. If you have switched from a double income, and have moved out of your comfort zone, you may feel as if you are under great financial pressure. Sometimes you may even consider that you are on the verge of going bankrupt. Therefore, it is better to plan your finances, and avoid the tension & stress related to financial pressure.

  • The first thing to do is, start a discussion about money management with your spouse. Do not let the financial pressure build on you and crack your bond. Suggest setting limits on the ways of spending, and evaluate your expenses together. Work out on how to minimize the costs, and how to increase your family savings.
  • Build a working budget around your income, and try to sketch your expenses in advance. Plan new commitments and include them in your prepared budget. You may plan for buying a new house, travelling, holiday expenses, or spending on education costs. Predict the future costs and make sure that your budget plan has got it covered.
  • Try to save some amount out of your income before committing for the expenses as per your budget. For example, you can save 10 percent of your income as soon as you receive your paycheck, then set aside 35 percent for your household expenses; use 15 percent for any debts to be cleared, set aside 15 percent for transportation & fuel expenses, insurance, and maintenance, and use the rest 25 percent for utilities, daily expenses, and entertainment.

Maintain a good shopping habit. Prepare a list of required items at home, rather than dumping all the things in your cart, which you come across in the store. Make a list of required commodities for a week, and stick to the list. Try not to overspend on purchases.

Minimize the costs

          Managing personal finances

Clear your debts on or before due date, to ease the pressure from lenders. Expand your savings account. Opt for a credit card with lower interest rate. Check all the aspects carefully, like annual fees, or any hidden charges. Be careful while planning for a loan, and check all the required documents vigilantly before signing the agreement.

Managing personal finances is very important, as you are responsible for all the consequences faced. Improper planning may lead you to critical financial state, because of your poor decisions. So plan your finances, and prepare an appropriate budget to lead a worry free life.

Are You Good At Managing Your Personal Finances?

managing personal finances

       Manage your personal finances effectively

Managing personal finances is a simple task if you approach it in the right way. This is not an easy one-step process. Dividing the task in to smaller tasks and finishing them in a structured and timely fashion is the key to simplifying the process. Let us take a look at the vital steps involved.

Manage your credit history

A perfect credit history is the gateway to financial security. A well-managed credit score can ensure that you get low insurance premiums quotes and loans for very low interest rates. Your credit score is a reflection of your financial responsibility. Hence, do regular follow ups to ensure a healthy credit score.

Regulate your mortgage payments

Ideally, your combined mortgage payments should not exceed 30% of your net earnings. Ensuring this will keep your mortgage payments well within your budget. Take care not to invest in land or property with loaned amounts that cannot be comfortably paid off with a percentage of your current income.

Manage combined finances

If you and your spouse are both earning, you have to manage both your finances in an effective way. The federal government offers many mortgage plans, which are ideal for earning couples. Such schemes often help you save more money than when you avail them as a single earning member. Try to invest considering only one person’s income. This will prove helpful when one of you want to take a break from your career.

financial security

                 Tips for managing personal finances

Pay your taxes

Pent up tax payments can cause money loss in the form of interest. It will also adversely affect your credit history. With the help of a tax consultant or using an online tool, work out your taxes and pay them off on a regular basis.

Save up for the future

Decide upon a fixed percentage of your current income that you want to save for your future. Without fail, set aside that amount every month in a separate account. You can also use savings plans such as the 401K, which will help you save a lot on your income tax payments. Purchasing stocks and bonds or investing in real estate also offers better financial prospects. Nevertheless, always take care not to put all your eggs in one basket!

Your present and future lifestyle depends a lot on your personal finances. Hence, a well-devised plan for managing personal finances is essential to ensure a comfortable and carefree life!

All About Personal Finance Management Software

managing personal finances

       About managing personal finances

People may find it difficult to manage their finance in a proper way, due to incorrect budget planning. A lot of times this can land them in trouble, which can be avoided with proper finance management. The latter ensures that you’re left able to meet your requirements, and it also lets you save some money. To handle your money well, you can seek the assistance of personal finance management software.

There are people who use credit cards for all their needs, and do not take care of how much they would get charged in the end. Personal finance management software would help to track each and every transaction for which a credit card is used. It will keep a record of your personal as well as business transactions, and also assist by keeping a record of invoices and receipts, as well as taxes. Managing personal finances well entails that you keep a complete track of these records.

Let’s discuss two of the most prominent financial management programs – Microsoft Money and Quicken. Microsoft Money is normally included when you purchase a new computer.

How to use Personal finance management software?  

retirement accounts

             How to manage personal finance

These software programs work more or less in a similar pattern. They start a new profile for the user, and in the profile you can make registers that include all your savings, checking, mortgage, credit cards, businesses, as well as retirement accounts. The transactions would be downloaded by the program, or this can be done by you. Since you have all the transactions ready, you can make payments, give due dates, set reminders, prepare charts for recording your spending pattern, or go through the account balances.

Merits of financial management software

If you have a software program for managing finance, the automation can help with the tracking of invoices, management of accounts, the tax calculations, the outstanding invoices, and the list of vendors and customers. You would definitely find that tax calculation is pretty easy if you have installed this software program. You can easily fill out the forms for tax information. You can also avoid late payments if you have installed this program. If you are an investor, it would keep you updated about minute stock information, making it easier to arrive at timely decisions.

To enjoy the complete benefits from a financial management software, read the instructions before installing it, and utilize it for managing personal finances in a better way.

Some Tips For Managing Your Personal Finances

do personal finance management

control your personal finances

So, you are wondering how to rein in your spending and control your finances better. Managing personal finances is easy if you can enforce a certain amount of self-discipline. Hiring an accountant is not feasible; neither you have time to go through some esoteric volume on personal financial management.

Where to start?

If you want to control your finances and the spending spree

  • First calculate your monthly or weekly net income. This is the final amount after you have paid all your taxes and other financial obligations. This is your entire personal income.
  • Calculate all your monthly expenses. Make a note of all the small, even trivial expenditures. It could add up to become a big sum at the end of the month. If the total monthly expenses are way higher than your monthly net income, you are in trouble. You are in a losing struggle against mounting debts, bills and other dues.
  • The only solution for this mismatch is find an additional source of income or get rid of a substantial portion of your expenses, which you may not prefer.
  • Make a priority-wise breakdown of your expenses and find out how much percentage of your net income they constitute.
  • For example let us consider the categories like mortgage, transportation, groceries, savings, etc. Let’s say that your mortgage and other loan payment takes up  40% of your income and your monthly transportation expenses about 20%, your food and grocery expenses say about 15-20% and a contribution of about 10-15% to your personal savings account. That leaves about 10% for any other unavoidable expenses.

How to turn things around?

However, even  after following the above mentioned steps your financial state of affairs may not look good. But you can turn things around by effectively managing personal finances.

manage your personal account

personal account management

  • To start with, try to reduce your phone, electricity and other bills. Get rid of all the unnecessary expenses like your movie channel subscription.  Purchase food and other groceries from the local discount store. Make a list of things that you need to purchase. Mark the things that can be put off for later.
  • Stick to a monthly budget. Start creating a special provisional fund for any expenses above your budget. Keep a watch on this amount and try to keep it within 10% of the net income.

So by following these guidelines and by streamlining your expenses, you can live within your means and contribute something to your savings account at the end of the month.