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Tag Archives: Finance Tips

How To Effectively Follow Your Goal on Budgeting

22 Jan

                                                GUEST ARTICLE
To effectively reach goals in life, you must first map out a clear plan of action. A personal or family budget goal is no exception. To attain a desired goal, such as purchasing a new car, home or living debt-free, you’ll need a plan to follow so you can reach your goal on budgeting. Follow these tips to get started towards effectively setting and following a plan that will lead to your goal on budgeting.

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Family Meeting
Start your goal-setting with a family meeting. Gather the family together and discuss how much money comes into the household and how much goes out on a weekly or monthly basis (if you live alone or if this is a personal budget, gather your check stubs and bill receipts). Then brain-storm for ideas on ways to increase income and decrease spending. Even the youngest members of the family should be involved in this start-up process so they can begin to learn the value of a dollar.

Make a Plan
After discussing expenditures, like food and energy costs, make a plan of action on how to cuts those costs. Setting a generic goal like ‘cut down monthly grocery bill’ will not help you effectively follow a budget. The plan must be concise and doable (if the money-saving steps are too difficult, no one will follow them). For example, set a goal of eating out one less time each week by cooking an inexpensive family meal to take its place, or opt to have a ‘meatless Monday’ to save a few dollars on the monthly grocery bill. Each dollar that is saved by making a plan and working the plan should go into a special savings account and spent only towards the agreed upon budget goal.

Have a Goal
Why do you want live by a budget? A clear, desirable and attainable goal will help you stick to a budget when you get the urge to splurge. That goal can be anything you and your family agree upon, such as braces for little Johnny, a family vacation to Walt Disney World or to be debt-free in five years. Keeping your eyes on that goal will help you stick with it when the going gets tough.

Make Saving Fun
A little family competition will make saving money fun and increase the savings. Play games to see who can save the most money each week or who had the best idea to increase household income. Compare notes once a week and give kids non-monetary rewards for turning out lights, turning off water and packing their school lunches, all of which will save money.

Limit Spending
Limit impulse purchases by setting a limit on the amount of money which can be spent without consulting your partner. If you have to stop and take time to discuss buying a pair of $150 pair of shoes with someone before you buy them, odds are you won’t make the purchase unless they are absolutely needed. The spending limit can be as low as $20, make the limit comfortable and doable so it will help you effectively follow your goal on budgeting.

 

Author Pam Johnson is very money conscious. She is currently going back to school for her MBA online and doing in affordably. She is a contributing author for affordable mba programs

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Posted by on January 22, 2013 in Articles

 

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10 Books Worth Investing In

17 Sep

The financial services area is so deep and  so broad, there are enough good  books written about it to keep investors busy for a lifetime. If you are an  avid reader, here are 10 books you’ll want to add to your reading list. If it  has been a while since you last picked up a good book, any one of these  recommendations is well worth a trip to the bookstore or library.

“The Battle for the Soul of Capitalism” (2005) by John C.  Bogle John Bogle, a mutual  fund giant and long-time advocate for the little person, takes a  hard-hitting look at everything that ails the financial system in the United  States. From overcompensated CEOs and overpriced  mutual funds to Wall Street research scandals and the focus on short-term  results over long-term gains, Bogle lays bare the truth behind what went wrong  with capitalism. He also highlights the impact that mutual funds and their  boards of directors have on the corporate policies of the companies that they  run, and he provides a prescription for how stockholders can exercise their  will, reclaim the companies they own and put the financial system back on  track.

“Conspiracy of Fools: A True Story”  (2005) by Kurt Eichenwald Written by a senior investigative reporter  at The New York Times, this entertaining look at the Enron  meltdown introduces readers to the rogues’ gallery behind the biggest failure in  corporate history. From influencing the nation’s energy policy to misleading  investors and analysts, the audacity, arrogance and greed of these  characters is presented in a novelistic style that will keep you reading from  the first page to the last.
SEE: Business Owners: Avoid Enron-esque  Retirement Plans

“Freakonomics” (2005) by Steven D. Levitt  and Stephen J. Dubner Popular, thought-provoking and controversial  are all good words to describe this look at how a self-proclaimed rogue  economist “explores the hidden side of everything.” This is an economics text  written for the average reader, not for Rhodes scholars, and it explores a host  of real-world topics ranging from violent crime and the hierarchy of drug  dealers’ networks to backyard swimming pools and baby-naming patterns.  “Freakonomics” and its 2009 sequel, “SuperFreakonomics”are interesting  departures from the financial services genre’s usual fare.

“Fooled by Randomness” (2004) Nassim Nicholas  Taleb Taleb draws on his experiences as a professional trader and  math professor to provide an intellectual look at the role of luck in achieving  financial success. He provides food for thought to anyone curious about the role  of skill in stock picking and the value of psychology in decision making.  Whether you believe that great fortunes are made through hard work and  persistence or merely via the fickle hand of fate, this book will bring a new  perspective to your ruminations. Fortune declared it one of “the  smartest books of all time.”

“Bull’s Eye Investing” (2004) by  John Mauldin When John Mauldin looked at the future, he didn’t see  the traditional buy-and-hold methodology  as a viable stock market strategy. Mauldin highlights the virtues of absolute  return investment vehicles, such as hedge  funds and old standbys like gold, as ways to make money in a decade that he  predicts will be marked by stagnant markets. Citing factors such as new  accounting standards and rising pension  costs, he paints a bleak vision of the future and uses a variety of studies to  make a compelling argument for his outlook and investment approach.

“A Mathematician Plays the Stock  Market” (2003) by John Allen Paulos

Most people know that numbers  play a huge role in stock market analysis, and they assume that mathematical  genius provides some hidden insight that mere mortals cannot hope to match.  Using personal insight from his own efforts to beat the Street, Paulos provides  a humorous and entertaining look at the mathematical theories and technical  analysis methods that all too often fail. If you like math, you will love  this book.

“Value Investing Today” (2003) by Charles H.  Brandes

Benjamin Graham, Warren  Buffett and Charles Brandes are all giants in the field of value  investing. Their stock screening, portfolio construction and insight into  the markets made them all famous – and rich. Brandes introduces the strategies  behind the success of the value approach. The third edition of this book,  originally published in 1989, updates supporting data and adds several new  chapters, including strategies to capitalize on international markets.

“The Millionaire Mind” (2000) by Thomas J.  Stanley

In his earlier book, “The Millionaire Next Door,” Thomas J.  Stanley collaborated with William D. Danko to provide a profile of the “average”  millionaire. In “The Millionaire Mind”, Stanley provides a detailed look at the  type of thinking that helped these millionaires amass  their wealth. Everyone who aspires to millionaire status shouldn’t just read  this book, they should study it.

“John Neff on Investing” (1999)  by John Neff The legendary manager of Vanguard’s Windsor Fund built  his reputation as a bargain  hunter extraordinaire. With a contrarian approach to picking stocks, Neff  bought low and sold high. For investors who count themselves among Neff’s many  fans, this account of how he got the job done is well worth the read. That said,  anyone reading this book in hopes of finding a shortcut to making a few bucks  will likely be disappointed – there are no quick fixes offered  here.

“The Millionaire Next Door” (1996) by Thomas J. Stanley and  William D. Danko

If you have ever had a burning desire to know “how  the other half lives,” this is the book for you. When looking for the rich, “The  Millionaire Next Door” advises us to forget the Lamborghinis, yachts and  personal helicopters and focus instead on the people who live across the street,  because the average millionaire isn’t who you might expect it to be. Many of the  folks with seven-figure bankbooks live in average suburban neighborhoods, drive  average cars and live just like the rest of us!

 

This list  of books is sure to broaden your perspective and may even make you question what  you already know. Regardless of which book you choose to read, when it comes to  finance and investing, a little knowledge can go a long way.

Source Investopedia

 

 
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Posted by on September 17, 2012 in Finance,Taxation and Investment

 

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Finance Term:Waterfall Payment

27 Aug

A type of payment scheme in which higher-tiered creditors receive interest and principal payments, while the lower-tiered creditors receive only interest payments. When the higher tiered creditors have received all interest and principal payments in full, the next tier of creditors begins to receive interest and principal payments

For example, this type of payment scheme would work for a company repaying more than one loan. Assume this company has three operating loans, all with different interest rates. The company would make principal and interest payments on the more costly loan, and make only interest payments on the remaining two loans. Once the more expensive loan is paid off, the company can make all interest and principal payments on the next, more expensive loan. The process continues until all loans are repaid.

Source : Finance Journal.

 
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Posted by on August 27, 2012 in Finance, Economic terms and Buzz Words

 

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Money-Savers That Turn Into Money-Wasters

25 Aug
Frugal living has become the mantra for people  since the rise of costs of living and Great recession started,  although some of people have been wisely frugal for their whole lives. However,  all money-saving tips are not equal. Sure, taking your lunch to work is a quick ways to save about Tshs. 5,000 to Tshs. 10,000  every weekday, but some other  methods for saving your pennies could end up costing you more than you  realize.

Skimping or Cheating on  Insurance
Before you cancel your insurance policy, you need to think  hard about the consequences. A damaged third part insured vehicle or a damaged home could cost a  lot more than the money you save on your insurance premiums. Raising your  deductible through a bank could be a better way to save, but make sure you can really pay that  deductible without incurring costly debt and bank charges. 
Buying  Things Just Because They’re on Sale
Frugal shoppers live for sales  and discount coupons, but don’t get so caught up in the sale that you end up  buying things you don’t need. Stock up on items you really use when they’re on  sale, but never buy something you wouldn’t purchase if it wasn’t on sale. You’ll  end up with a houseful of unwanted items and then may not have the money  available for something you really need. Ladies you know what I mean, we ran to buy discounted shoes and clothes that we do not even need.
Driving Extra for a  Discount
Sometimes you can’t see the forest because of the trees. If  you are focused so much on saving a few shillings per litre of gas, using a  coupon at a distant store or finding a better price at a store 20 miles away  defeats the purpose. Don’t forget to calculate how much you are spending on the  extra gas needed to get there. You’re also adding miles to your possibly  overworked car. A friend of mine drive all the way to town from Mikocheni to buy Us dollars for her DSTV bill because she claims DSTV exchange rates are bad, by a 5 shilling per dollar, you are driving to town to save TShs.400/- for a Usd 80 monthly DSTV bill. Not so clever!
Skipping  Car Maintenance
Car maintenance is one expense many people like to  skip, but the lack of routine maintenance can end up costing thousands of shillings in car repairs. You may even have to replace your damaged  car.
Not Funding Your  Retirement Account
If you’re scrimping and living from paycheck to  paycheck, the idea of skimming money off that check for a far-off retirement can  be daunting. We all know the Social Security fund  saga going on in our country.
Think about this: if you put away a few shillings everymonth for  years, those shillings will eventually turn into thousands. Plus, you may be  reducing your tax burden by using pre-tax shillings for the social security contribution (Employee’s share of contribution). If you  have an employer who’s matching your contributions you are throwing money away  by not at least saving the maximum match amount.Employer might convice you to get more by avoiding NSSF he is saving while you are losing his part of contribution.

 

Buying Cheap  Items

Cheap clothes, cheap shoes, cheap hardware items and cheap  electronics are all readily available, but if you find yourself replacing them  often you may end up spending more money than if you had bought a good quality  item in the first place. Your better choice is to look for good quality items on  sale. Chinese items are playing a big part into this category! selling good looking bad quality items at a lower price!

 
Living Cash Poor
If you try to  save money by keeping only a small amount of cash in your wallet, you may end up  wasting money on ATMs. If you go to your bank and avoid ATM fees, that’s fine,  but many people end up spending around Tshs. 5000 every few days to pull out Tshs. 50,000 out of  their accounts.
Buying the  Wrong Groceries
While bulk grocery shopping can seem like a great  bargain, if you end up throwing away tomatoes that’s gone bad, you’ve  simply wasted money and food. Some people skip buying expensive fruits and  vegetables, but they could pay for that later on because they’ll need extra  vitamins and possibly have health issues.
The Bottom  Line While saving money on small things can add up to big benefits,  make sure the initial savings won’t result in unforeseen consequences in the  long run.
MF
 
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Posted by on August 25, 2012 in Articles, Finance,Taxation and Investment

 

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Exchange Rate: Tanzania Shilling Vs. US Dollar – as of JULY 2012

24 Jul

USDTZS – Tanzania Shilling Exchange rate

The USDTZS spot exchange rate appreciated 5.0000 or 0.32 percent during the last 30 days. Historically, from 2009 until 2012, the USDTZS averaged 1476.3800  reaching an all time high of 1813.5000  in October of 2011  and a record low of 1277.9000  in June of 2009. The USDTZS spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the TZS. While the USDTZS spot exchange rate is quoted and exchanged in the same day, the USDTZS forward rate is quoted today but for delivery and payment on a specific future date. This page includes a chart with historical data for USDTZS – Tanzania Shilling Exchange rate.

SOURCE:http://www.tradingeconomics.com/

 
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Posted by on July 24, 2012 in Business News, Finance,Taxation and Investment, Tanzania News, Uncategorized

 

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Finance term: Macaroni Defence

08 Jun

Meaning:

An approach taken by a company that does not want to be taken over. The company issues a large number of bonds with the condition they must be redeemed at a high price if the company is taken over.

It is called macaroni defence because  if a company is in danger, the  redemption price of the bonds expands like Macaroni in a pot!
 

 
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Posted by on June 8, 2012 in Finance, Economic terms and Buzz Words, Finance,Taxation and Investment

 

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Should you Pay in Cash instead of credit Card?

03 May
Should you Pay in Cash instead of credit Card?

In this article i will focus on just one technique to improve your finances by  taking a close look at how making purchases with cash can contribute to your ability to budget, save and invest.

A Plastic Affair

 With the proliferation of plastic  alternatives to hard currency, some people consider carrying cash a  throwback.
To be fair, plastic is much sexier than a piece of colored  paper with a dead president staring vaguely into the distance. Some banks even  allow you to customize the graphics that appear on the credit  card/debit card or choose from a range  of designs and colors the company is marketing.
There  is also the security advantage with debit and credit cards. Debit cards are  protected by your personal identification number (PIN) and credit cards by your  signature (and for some cards, a PIN number too). Cash is only protected by your  ability to defend it should someone else want to take it from you.
Moreover, nowadays cards are as widely accepted as cash shops. And yet, from a personal  finance view, cash is almost always the better choice for making a purchase.  Here’s why:
1. Overpaying

One of the drawbacks of credit and debit cards  is that they encourage you to spend more than you intend to by giving you easy  access to more capital. With cash, spending more than you intended requires  going to a bank or ATM to get more and then going back to the store to complete  the purchase. For most people, this provides time to reconsider whether their  budgets can handle any extra strain.
Generally speaking, only carrying  the cash you are prepared to pay for a given product will prevent you from  buying the next level up and paying for features you don’t need. This works for  small-scale purchases, but buying a computer or a car can involve large amounts  of cash that probably shouldn’t be carried around. If a check  can’t be used, a debit card is better  than a credit card because you are spending money you have rather than money you  don’t.

2. Over-Shopping
Just as  cards encourage overpaying for one item, they also allow you to buy more items  than you mean to. Stores are set up to make products appealing in order to  persuade shoppers to buy more. Sometimes a shopping list isn’t enough to protect  you from impulse buys.

According to the  Dunn & Bradstreet study found that people spend 12-18% more when using credit  cards than when using cash. And McDonald’s found that the average transaction  rose from $4.50 to $7 when customers used plastic instead of cash.
So  what can you do to avoid this? Only carrying enough cash to buy the things on  your list can limit the damage. This is  the best way to keep shopping within your budget. If you are motivated, you  will find discounts or cheaper alternatives to your regular brands to make that  cash go further and maybe earn yourself a luxury item.
3. Cash Vs. Credit Cards
 Cash in this article, is strictly limited to money you have already earned and is sitting  there for you to use. Using your Visa to take a cash  advance and then carrying the cash with you will not solve the essential  problem of using high-interest debt to cover your expenses.
Cash has one  very clear advantage over using a credit card: If you buy something on your  credit card and end up carrying a balance, or only make the minimum payment each  month, you will incur interest at a rate of 20% or more of your purchase (which  can have you paying Tsh.20,000/- or more for every Tshs.100,000/-  you spend). If you save up enough  cash for the same purchase, you are giving yourself the equivalent of a 20%  discount by not using your card. Before  you even sign up for a card, make sure you know what you’re getting into.
4. Cash Vs. Debit Cards
If this article were only  dealing with cash as a better alternative to credit cards, no one would dispute  it. In contrast, debit cards seem to enjoy a protected status despite the  overkill on ATM fees and foreign ATM fees. Forgetting the fees, a debit card’s  main failure is that is trivializes purchases. Being a square of plastic, it is  hard to tell how much of your money is flowing through your debit card.
For most people it becomes a matter of 10,000 shillings here, 100,000 Shillings there, another 40,000  over here and so on until  they give up keeping track of how much has been spent in a day – let alone a  month. Then it’s a shock to their systems when the monthly statement comes  and it’s far too late to do any good. With cash, you can see the damage as it is  done and hopefully curtail your spending before it gets out of  control.
The Bottom Line Using a credit or debit card  offers more security than cash in most cases. For large purchases, carrying cash  is often not an option and writing a check or getting a bank  draft  may be more trouble than it is worth for some. Furthermore, if a debit  card is used responsibly, it is an ideal replacement for cash. A credit card can  also be a convenient tool, but it’s only a fair substitute for cash when the  balance is paid in full at the end of each month. Otherwise, your ultimate  reward for paying with your credit card will be paying off an even bigger  debt.
If you struggle to avoid overspending, shopping with cash is one  way to stick to your budget and limit impulsive spending.
For more Saving and Budgeting Tips check Out My article here: http://monfinance.com/2012/03/23/finance-tip-budget/

 

 
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Posted by on May 3, 2012 in Articles, Finance,Taxation and Investment, General Knowledge

 

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Loss leader Strategy

29 Apr

 

What Is a Loss Leader?

A business strategy in which a business offers a product or  service at a price that is not profitable for the sake of offering another  product/service at a greater profit or to attract new customers. This is a  common practice when a business first enters a market; a loss leader introduces  new customers to a service or product in the hope of building a customer  base and securing future recurring revenue.

The loss leader strategy is more than just a nifty business trick – it is a  successful strategy if executed properly. A classic example is that of mobile phone company giving away a free network Locked Mobile phone knowing that you will need to use their network only on that Mobile phone. Cool huh!?

This startegy can be used for retail shops as well, At the shop kwa Mpemba he offers a kilo of Sembe at half a price; and doubles prices on other products, we all run kwa mpemba cause sembe price is very low and assumes everything else is cheaper at Mpemba’s shop, more sales and more profits for mpemba.

On International marketing; The Lower price of Amazon kindle Fire is one of the the Loss Leader strategy; Even if Amazon pays more to build the $79 Kindle than it sells it for, the company has several other ways to bring in money from the device. This Kindle model includes ads that show up as screensavers and at the bottom of the device’s home screen. And Amazon sees all the devices in the Kindle family — and the free Kindle apps it offers for mobile devices and computers — as a way to spur more sales of its digital e-books, music, games and apps. Definately It is making its money back through media content.

 

 
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Posted by on April 29, 2012 in Finance, Economic terms and Buzz Words, Finance,Taxation and Investment, Uncategorized

 

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Financial Planning tip; Create or Update your Will

05 Apr

 

AUTHOR

AUTHOR

Creating a Will is not our Culture; Majority of Tanzanians  don’t have a will and do not see the importance of having one. Many people think creating  a will is bad omen!

If you have dependents, no matter how little or how much you own, you need a will. If your situation isn’t too complicated you can even do your own with and find a lawyer to legalise it. Protect your loved ones. Write a will.

Who needs a Will?

1. Do you care who gets your property if you die?

2. Do you care who gets your money if you die?

3. Do you care who is appointed guardian of your minor children if you die?

Wills are not just for the rich. Regardless of how much or how little money you have, a will ensures that whatever personal belongings and assets you do have will go to family or beneficiaries you designate. Without a will, the court makes these decisions.

If you have children, a will is a must, to ensure that you get to choose your children’s guardian. Few people plan to die in the near future, but if you die suddenly without a will, you’ll be subjecting your family and loved ones to confusion and anxiety at what is already a difficult time.

Note that the best of wills won’t be any good if nobody knows how to find it. Make sure your family members and your executor know where your will is kept.

I will find a lawyer to guide us on how to go about creating a Will and share.  

 
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Posted by on April 5, 2012 in Articles, Finance,Taxation and Investment, General Knowledge

 

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Finance Tip before You Walk Down the Aisle

30 Mar
Finance Tip before You Walk Down the Aisle
Though it  might be an exciting time when you’re considering taking the plunge and getting  married, don’t  forget that you really need to have a serious talk with your new partner about  money before you get married. Though this may be an awkward discussion to  have, especially in our African Culture, this may sound really bad,especially for men.  What kind of man who cannot provide for his Woman!

” Mwanamke Matunzo”

before you commit yourself into “Till death do us part” contract you need to know what that person earns, what debts they owe and what  their financial plans are for the future. When  you make those vows, you’re also agreeing to a financial partnership with your  beloved. You will need to know that their goals and spending habits are  compatible with yours and that you’re not marrying someone who will drain you  financially, destroying all the hard work you’ve done to create a financially  secure life for yourself.

 I say Long gone are the days of considering  single women to be spinsters. Women  are becoming more and more comfortable in taking control of their own  finances, shaping their financial futures and turning their goals into  realities.
        Monica.
 
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Posted by on March 30, 2012 in Articles, Finance,Taxation and Investment

 

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Finance Tip: Know Your Market Value

26 Mar
Finance Tip: Know Your Market Value

Hello MonFinance readers, i hope you had a wonderful weekend. Today i am going to give you a tip on getting paid what your job  worth; and how to ask for a raise if you feel underpaid .

It sounds simple, but many people struggle with this  basic rule; getting paid what you’re worth and of course spend less than you earn .

Whether you are employed or self-employed,  Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even one hundred thousand shillings a month can have a significant cumulative effect over the course of your working life.

After reading this and you feel underpaid; then you have to ask for a raise in a professional way.

How do you ask for a Raise?

Many employees make the mistake of asking for a raise because they need more money, can’t pay their bills, etc.  Your personal budgeting and financial problems are not your company’s problem.  Need has nothing to do with it, so it’s best not to talk about need when asking for a raise.

Base your request on your evaluation of your skills, productivity, job tasks, your contribution to the company, and the going rate, both inside and outside the company, for what you do.  Look at the entire situation from your company’s perspective, and base your approach on THEIR needs, and on what YOU can do for THEM.

However, no matter how much or how little you’re paid, you’ll never get ahead if you spend more than you earn. this is when the Budget Tip apply.  Often it’s easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in big savings. It doesn’t always have to involve making big sacrifices.

Happy reading.

Monica.

 
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Posted by on March 26, 2012 in Articles, Finance, Economic terms and Buzz Words, Finance,Taxation and Investment

 

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Weekend review: Become Your Own Boss in 12Months by Melinda Emerson

24 Mar
Weekend review: Become Your Own Boss in 12Months by Melinda Emerson

Melinda Emerson, known as “SmallBizLady,” is one of America’s leading small business experts.  She is a seasoned entrepreneur, professional speaker, social media strategist and small business coach and the Start-Up columnist for Small Business Trends. Melinda is Forbes #1 Influential Woman for Entrepreneurs and ofcourse an Author of the Bestselling book ‘Become your own Boss in 12 Months’ I love this woman, i am following her on almost ALL social ,edia platforms, twitter,facebook,wordpress,Blogger you name it!  I keep asking myself.. I need to meet this woman and a learn a thing or two from her. Seriously.

About the Book

This book will inspire and guide you stage by stage if you are planning to start your business. You need to read this book before you go out and make any major moves. You’ll find it easy to read, well organized, and chock-full of useful information to get your started. What I really liked was that it’s not your typical business planning book as Melinda cares for your total entrepreneurial success – not just your business plan. She also gives advice on maximizing social media for your business and even touches on e-commerce as well. I highly recommend it for any aspiring entrepreneurs out there.

I short this book is;

  • Great book for starting entrepreneurs
  • Very well written
  • Breaks down the process of becoming an entrepreneur in a reasonable time-line
  • Not your typical “business planning” book (includes a life planning section amongst other unique sections)
  • Includes great advice on getting ready to start the business, leaving a job, marketing, even social media
  • Loved the way Melinda weaved her personal insights, advice, and tips into each chapter

For more articles from Melinda, visit her blog http://www.succeedasyourownboss.com

Have a Blessed Weekend. Catch me up on #MonFinanceBlog facebook page.

Monica.

 
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Posted by on March 24, 2012 in Books and Articles Reviews, General Knowledge

 

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Finance Tip: Budget

23 Mar

For you to  be financially health, build yourself a solid budget  and stick to it.

This is just good sense for absolutely everyone – Men,Women, single,  married or divorced..Employed or student, Everyone.

Examine your monthly expenses, remembering to include  everything from housing costs, utilities, groceries, car payments, gasoline,  insurance and esthetics. Do the same for your income. Subtract your expenses  from your income, and see what you’ve got leftover. You can divide the remainder  up based on what you’d like to save and what you’d like to budget toward discretionary spending. Don’t  forget to factor in money towards repayment of credit card debt, student loans  or any other debts you may have. You’ll want to get debts  paid off as quickly as you can in order to save yourself those pesky  interest costs. You should also examine methods for reducing costs, like eating  meals at home or reducing the amount you spend on entertainment  expenses.

MJ.

 
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Posted by on March 23, 2012 in Finance, Economic terms and Buzz Words, Finance,Taxation and Investment

 

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