Personal Finance, Loans & Insurance

They say money can’t buy you happiness, but it provides you comfort in life. Worries over financial matters in the family can increase tension. Managing your personal finances can save you and your family from a lot of trouble. Here are areas you have to bear in mind and why you should manage your personal finances:

Necessities of the family. You have to save money so that you can buy groceries and other personal necessities of yours and your family, and to be able to tend to other things such as water and electricity bills, maybe school tuition of your kid, school supplies, fixtures, fixture repairs and the like.
Unforeseen Casualties. One should be prepared when it comes to floods, accidents, death, failing health and the like. Acquire insurance for these. There are some cases in which these casualties are self-insurable; however most require that you sign an insurance contract.
Tax. Taxes are one of the expensive expenditures that occur in the household. When your income rises, you will have a much higher tax payment. The government may give incentives, like tax deduction, that may lessen tax burden.
Retirement Planning. How much expenditures would occur when one lives after retirement? Can the household income support it?

With these in mind, you cannot sleep peacefully or think clearly, can you? Here are ways on how to manage your finances:

Save. Allot a portion to your income as your savings. A large amount of savings will make you be prepared for any unforeseen events and casualties. Ten dollars a week seems a good start. If you can go any higher than that then it’s good. But don’t deprive yourself and your family of necessities.
Budget. Create a simple guide or a list as to what will you be spending and how much money you can afford to spend. Stick to it. Sticking to your budget will lessen your burden from other personal finances you may deal with later. When shopping or simply going to the grocery store, why not write a list or simply remind yourself that you should only max your expenses on a certain amount?
Set priorities. Carefully plan your finances. Prioritize what should be needed at first than settling on what you want. Choose: A new bag or paying the electricity bills? Setting priorities first can eliminate consequences that will tear your family apart. Overcome your splurging habit – this will make it easier for you and your family.
Don’t “play” with your credit card. Exceeding your card limit and paying it late will cost you an enormous sum. Credit Cards have limits. Control yourself and don’t be impulsive when it comes to buying.
Make yourself aware of the present interest rates. When borrowing money from financial institutions or having your jewelry pawned, pay attention to the payment terms and conditions. Pay before or within the deadline date and you will save yourself from any problems that will happen.
Deposit your money in the bank. Know your bank – whether they’re trustworthy or the bank is not that reliable. You can choose from a variety of accounts available – savings account, time deposits, etc. Savings accounts have rates that can raise your deposits a little higher.

Wouldn’t life be great if dealing with money was easy? I’ve created a list of 5 ways to make finances easier to help with personal finance basics. The nice thing with making your banking more simple is you have the opportunity to save more cash and have more free time for yourself. Banking is actually easy.

1. Use Direct Deposit: Direct deposit is the 1st and simplest way to make your financial situation a lot easier. Surprisingly many people don’t use direct deposit and still venture to their financial institution every week to deposit their paycheck. Your place of employment likely offers the option for direct deposit and it will save all kinds of time and in some cases money.

2. Create Two Checking Accounts: This is another way that helps you to understand how much cash you can spend each month and how much money must be allocated for bills. One way to make this work is to make one account to deposit your paycheck and the other account is used for bill payments. If you do this you won’t over spend and will always have enough to pay all of your bills.

3. Create a High Rate Savings Account: Many financial institutions offer a high rate savings account and this is a feature you should consider. A high rate savings account is a great place to store money for your emergency fund and these accounts can offer saving rates of three percent or even higher. You can make tiny contributions from one of the two checking accounts that will quickly help the balance grow and will do so a lot better than all other types of accounts.

4. Automate Your Banking: Every bank has the online option and it makes life really easy. Online banking is personal finance basics at its best. This feature allows you to check your account from just about any location and schedule regular bill payments. The options are endless, online banking is totally safe and you can do banking from the comfort of your own home.

5. Create a Bill Calendar: You should think about creating a written calendar for yourself, to help prevent mistakes. It’s good to write down when your bills are due in a journal or on a notepad as a constant reminder. Make sure it is written in a place you will look at around once every few days. Having a written reminder will limit over spending and helps to prioritize your finances.

Banking doesn’t have to be difficult. The more you simplify the personal finance basics in your life the more likely you are to save more money and not miss another bill payment. Although you will have to make a little effort to start out it should be easy breezy from that point on.

Benefits of Being on Top of Your Personal Finances

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The majority of our high schools, colleges and even graduate schools don’t have a course teaching the really needed skill of personal finances. This is the reason why most Americans never took this kind of training and don’t know how to handle their personal finances. I have read about high school principals saying that this kind of knowledge doesn’t help the students on their preparation for the real world.

And when some school do provide some kind of personal finance class, it is more probable to be related with economics. There are a few lucky people that get the opportunity to study with great success the financial basics reading some books, doing internet research or talking to friends illustrated on that matter. But sadly, there are others that never do or they do it the tough way losing their money and assets. This deficiency in personal finances education causes severe problems and concern on the individuals. Next I will present some facts about personal finance that will shock you:

United States, one of the most economically powerful countries in the world, is actually having filled near 1.5 million personal bankruptcies annually, which represents almost 1 in every 80 households. This means in the next 10 years, almost 10% of all households will fil bankruptcy.
If you ask American adults about 401(k), less than 10 percent of them understand it well enough to explain it to another person. And when we go to a municipal bond, less than 1 in four will do it.
Twenty five percent of the adults between the ages of 35 and 54 have not yet started to save for retirement and studies show that only one fifth of baby boomers are saving correctly for retirement.
Financial stress is one of the main reasons for marital problems. And remember that one of every two marriages ends in separation in America.
Do you know how the grace period on a credit card works? Almost 80% of American consumers don’t know it. And even more people doesn’t get that credit card interest starts accumulating straightaway on any purchase when you have a credit card with already outstanding debts.
On a test made by a well-known Survey company, almost 35 percent of the individuals who took the test responded correctly less than 50 percent of the questions. These outcomes become shocking when you discover that the questions only had two or three multiple choice answers!
A little more than half of the people who took a multiple choice investing test didn’t know that when you need to know the best measure of a mutual fund’s return you have to look at their total return.

There are huge consequences in our society because of this lack of personal finance knowledge. People spend too much money year after year buying inefficient and low quality financial products and all this lower the long term economic growth of the country. People just spend too much but save too low!