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Fix your Finances in 7 Days- Day 6

Teena — Thu, 05 Nov 2009 09:23:33 +0000

We have just two days left to complete the money managing rituals. I sincerely hope all of you would have without fail followed the steps. On the sixth day we are going to turn our attention towards emergency fund.

It is quite important to have an emergency fund set up, as you never know what emergency situation might encounter you. When we face such situations, it is not only embarrassing to seek favours from various sources, but it is also quite dangerous not to cat quickly due to lack of money.

Hence by all means once should try and save for those rainy days. Make sure you allot at least 10% of your take home pay towards emergency fund. You cannot compromise on this one. If you could add more to the fund, the better. But if you have more debt piling up, try to clear that off first by paying more debt payments and allotting only a small portion towards emergency fund. Once the debt comes down considerably, you could put more money to the emergency fund.

If you have been doing this much so far without any interruptions, then i assure you that your financial success is guaranteed if you follow the same path throughout.

Fix your Finance in 7 Days- Day 4

Teena — Tue, 03 Nov 2009 21:10:01 +0000

Hi everyone!!! I hope that all of you must have done your 3 day ritual regularly and i am sure you are sensing some improvement already from within. Today , the fourth day we are going to concentrate on Credit Cards

Analyze the payments you are making for all your credit cards every month. Ask yourself if you really need the number of credit cards that you own. If not surrender some and have as less as necessary.

Also make the monthly bills on time to keep a clean record of your credit score. Make use of offers given by the credit card companies. Do not fall victim for marketing gimmicks and buy a credit card on an offer as the APY might be a lot higher compared to the traditional ones without offer.

Determine how much credit card debt you owe to the company and start allotting a considerable amount every month.

Thats it!!! We are done for the day. This will not take more than an hour to analyze. So you can go to sleep with a satisfaction that you have completed more than 50% in your attempt to fix your finance.

Bank Accounts and Periodic Reviews

Teena — Sun, 11 Oct 2009 01:11:32 +0000

You must have already known that asking for a better deal from utility provides regularly could save you a lot of money, but did you know you could apply the same rule to your bank?

Are you still using a brick and mortar bank like i do? Then here are some tips that might help you.

Ask for better interest rates, enquire whether there is an account similar to your existing one, with better interest rate.
Do not forget to ask about free checking because its not advisable to waste money on service charges and other similar fees.
Enquire if the bank has a new website through which you could automate all your payments. This way you would never miss paying any bill.
Keep yourself updated with any new promotion that the bank might be running.

Have some more tips to add to the list? let us know.

Love and Money

Teena — Sat, 10 Oct 2009 22:38:22 +0000

It is believed that money is something not to be mentioned in a polite conversation. But this rule doesn’t apply if you’re in a serious relationship with someone.

Talking about money to your significant other is an important part of your relationship, if you are planning for a future together. Here are some things you must remember while talking about money to your partner.

Take it Slow:

As it is a sensitive issue, take it slow and steady. If you think your partner is spending too much, instead of staying ‘You’re spending a lot’ , its better to ask if she/he has thought about setting up a budget. It might take sometime for your partner to adjust to tracking his/her spendings, but do not give up at the same time do not try to impose your ideas.

Keep money out of your every conversation:

It is not advisable to talk about money all the time and give your partner a feeling that you are obsessed with money.Talk about money when you both are calm and composed to avoid any quarrels arising because of money.

Be a Model:

Stay in control of your money and be an inspiration to your partner. Instead of putting an end to all your enjoyments, you could both save for a fun trip together.

When Nothing Works, Bring in another Friend:

If you think, the situation is out of control you could ask the person close to your significant other to talk to him/her about money. This might help especially if your partner has a great respect for the person you choose to talk to him/her about the finances.

Remember that money can bring in a great development as well as tear down everything, so act wisely. Changes take time, so exercise patience.

Personal Finance Books for Beginners

Teena — Mon, 28 Sep 2009 21:32:27 +0000

Are you a beginner in the field of investment and money management? Want to know the basics and improve your knowledge in the field of finance?Then there are few things i recommend.

Use the internet wisely. There are various websites that offer abundant information about basics of stocks, bonds, insurance, tax and anything you wnat to know. Make use of it. Reading any of these regularly for atleast 10 minutes a day can increase your knowledge gradually.

Subscribe through Google reader to personal finance blogs. For example by subscribing to 8000credit, you would know when new posts are published through your Google reader and you do not have to visit the site. This way you can keep track of multiple sites in one page.

Invest on Books like

* I will teach you to be rich

* Rich Dad, Poor Dad

* The Automatic Millionaire

* One Up on Wall Street

* The Millionaire Next Door

You can even get these books from a library or at a cheaper rate from second hand book shops.

Do not forget to practice and preach what you have learnt.

4 Tips to Gradually become Rich

Teena — Thu, 24 Sep 2009 09:55:07 +0000

There isn’t anyone who would go away from the word ‘Rich’. However not everyone is able to embrace richness, this is because the rich are disciplined about money and follow some rules to make that money stay and multiply.

Here are 4 Tips you could practice to become rich:

Love the process more than the result:

If you keep on thinking abot becoming rich without enjoying the efforts taken, it could be a difficult journey ahead. Hence although the amount you save each month might be less, be happy that you are doing your job.

Treat Yourself:

After you reach a specific goal, you can treat yourself. Not necessarily by buying a luxury car with all your savings. A bottle of wine or a movie with your spouse would do.

Keep an eye on Fee:

When you start a savings account, the interests may be attractive but make sure the fee is attractive too else the earned interest would go waste on the fee.

Use your Power

The more you save , you might be eligible for special discounts and fee waiver at banks. Use these benefits to earn more.

4 Important Money Lessons

Teena — Thu, 24 Sep 2009 09:39:04 +0000

Hi Everyone! We have come across various tips to save money, to build wealth and start investing. Yet some of us remain hesitant towards taking our first steps. I not going to give up. I will do my job to keep you all as much motivated as possible. Today i am gonna give you all 4 simple lessons about money.

Lesson 1

Never spend more than you earn. It is simple mathematics. Spend as much less as possible than you earn, the more the gap is the more beneficial it is for you.

Lesson 2

Never invest while you are in huge debt. Start paying your monthly installments towards your debt, once it comes down, you can think of investing. However if all that you have is just a home mortgage that is taken care of regularly, then you could think of investment.

Lesson 3

Once you do this the friendship takes a new level and there are fair chances that you don’t see your friend as the person yo used to before. Be careful.

Lesson 4

Prioritize and work towards your goal. You might be having one major goal to achieve which you will have to accomplish a number of smaller goals. Make a list, prioritize andgo ahead. If you fail to get things organized. you are never likely to get there.

Finance Lessons from Monopoly

Teena — Sat, 19 Sep 2009 11:13:31 +0000

Almost everyone of us would have played monopoly at some point of time or the other. The prospect of buying more properties and having a huge amount saved up in bank should have been delightful. Equally disappointing should have been getting into debt or ending up in a prison.

Monopoly is not merely a game of entertainment. Apart from increasing your general mathematics knowledge it also has few valuable lessons to teach. Lets have a look at them.

Long term asset building:

Just like in the game of monopoly , it is important to let your wealth build up by investing in properties. Else you might have to mortgage existing properties to pay the rents and bills. Just saving the money in the bank account might lead you to lose it especially due to inflation. So if you want to protect your money, invest it wisely.

Emergency Fund:

As important as investing, is having an emergency fund. Part of your savings should be allotted towards building a fund that you would use only in the case of emergencies and definitely not for your luxury purchases. If you have one such purchase on your mind, keep it as a goal and start saving every month for it but do not touch your cash cushion.

Just like in monopoly how the roll of dice determines your fate, happenings in your life could change its course , so its always better to be prepared. So next time you are on with monopoly think and apply the same rules to your personal finance, because winning in the latter is more important.

Driver or Doctor – Who Is Richer

Ben — Sat, 11 Apr 2009 05:55:29 +0000

I read a lot of a financial blogs and recently I read a very interesting story which has a very important financial lesson for all of us. The true story is about a financial blogger who happened to share a bus ride with few folks and soon they got talking.

When the other passengers came to know that one of them is a personal finance blogger, they all tried to gain some advice and in return told him their personal financial perdicament.

Long story short, the article made for a damn interesting read. I would not only recommend that you read the article, but also subscribe to the gentlemen’s blog as it regularly churns out interesting tid bits about how to save money and maximize your earnings.

Why is it important to plan personal finances.

Give the phase America is passing through, it makes sense to be penny wise. If I have to sum it up, I would say, learn to live below your means and try to make as much as you can.

Check out the article from here.