Year: 2012

17 Aug

The Complete Guide to Retirement Planning

It is completely up to that individual when to retire and how to retire. Every individual has their own right to define retirement for themselves.  A true retirement age is dependent on factors such as one financial state. A plan should be made and implemented with the help of professionals to achieve the goals that you have defined for retirement. Changes can also be made to the plan as per requirement.

  Firstly you need to manage your investments. A right place has to be chosen for making an investment, where there are high opportunities for growth. Apply for an insurance plan, which satisfies your requirements. Make the needful changes to your life style. Your retirement should also cover costs for healthcare and also social security. The outcome of your retirement planning should be sufficient enough to fund you a comfortable life style.

22 Jun

How People Fall Into a Debt Spiral

  The world on the whole itself is flooded with debt. It’s a vicious circle, borrowing and spending. People borrow money for various needs and fall into debt. Those needs have to be prioritized and analyzed. What is the need to borrow money? Is the first thing to be considered and asked by self? Companies and joint ventures borrow money on a large scale to grow their business to a large empire. Sometimes loss occurs and all the money is lost.

Borrowing money is easy but repaying it is difficult. Making a right choice always matters. When it comes to students they take loan for their education, before repaying that, they again take up loan for higher education, which increases their debt to a very large extent. Before they even get into a firm they are in full debt. To come out of debt you should stop borrowing money and make changes to your lifestyle that is affordable. You can get more information about debt spiral if you search the internet.

10 May

Money Moves You Should Make Before You Retire

Retirement is an immense and most important step in a working individual’s life. Proper planning has to be made, and measures have to be taken to implement the plan. Changes are a part of living and therefore plans have to revised from time to time. The most important thing retirement reminds us is finance. One should be financially secure to lead a peaceful and secure life at an old age after retirement.

For a good retirement plan, start saving early and avoid spending money. Firstly put a stop to credit cards, they only increase debt and also an urge to spend money. Pay off all the mortgages and make a good budget plan and go with it. Determine the amount of health insurance and apply for it. Medical insurance is a must. Invest money in such places where you have large returns. Always save a lot of money by spending less.

15 Apr

Budgeting When You’re Broke

Why are you broke in the first place, handling money in the wrong way leads to no money in hand. Whenever money is concerned, you should always be over conscious. Money must be put to the right use. Generally it’s the students who fall into this category.  They spend money ruthlessly when they have in hand.

Unnecessary shopping, eating junk food outside always require a lot of money.  In the name of socialization, students hang out and spend money. Proper budget has to be made. Cost of living and living life style should be changed and revised from time to time. Should always accept changes and expenses have to be reduced. Prioritize bills and allocate money. Living on credit should be avoided. All unhealthy means of using money should be stopped.  All the left over money at the end of the week or month should be stored in a safe place.

1 Feb

Financial Tips That Women Should Know By Age 30

At this point in life, there is certain knowledge, women ought to know. Women have to deal with finances directly, even if they have someone to handle it for them. They need to be well prepared in advance to react when a financial crisis occurs.  They need to know how to prepare a well budget plan, once the plan is ready, the next important thing is to cling to at all circumstances.

They ought to know how to set up an emergency fund and how to claim it when required. The knowledge of reading a bank statement and the measures to complain if something goes wrong is a must. The cost of running a family, satisfying all their needs without disappointing them. How to approach a lawyer, an accountant and an insurance agent when needed. How to get the taxes done. Plan strategies to save money for retirement.

14 Jan

Spending Money to Save Money: Purchases That Pay You Back Over Time

  Sometimes it’s true that you’ve got to spend money to save money. Let’s look at some things you can buy that may seem price prohibitive at first but which will pay you back over the long term. A Smartphone Smartphones, on both the Android and iOS platforms, are expensive to buy outright and cost even more over the long term when you purchase them on a plan. However, because of the incredible amount of productivity you can get out of one, smartphones may be a great investment that will pay you back over the years. If you use your smartphone to answer emails, go online shopping or any of the other tasks that you would normally use your home computer for, then you may be prolonging the life of your other devices by using the smartphone. Additionally, depending on how you use it, a smartphone can take the place of other things that you would otherwise buy, such as a calculator, set of maps, compass, flashlight, stopwatch and other things that can be substituted by an app. A Filtered Water Bottle How much money do you spend buying bottled water? Though American tap water is safe to drink, as a culture we’ve begun purchasing bottled drinks, and water, at a fast pace. It’s not cheap. Save money by purchasing a filtered water bottle instead. You’ll get the pure taste of filtered water, save money and reduce the amount of trash you generate in throwing disposable bottles away. Smart Power Strips If your home is like most households nowadays you have a variety of gadgets that demand electricity. On any given day you need to plug in kitchen appliances, home cleaning appliances, lights, computers, hand-held devices, entertainment systems, etc. And, if you leave these plugged in when not in use — and who doesn’t? — you’re allowing them to draw electricity even when you’re not at home. A smart power strip, which allows each outlet to be turned on and off separately, will allow you the convenience of having many things plugged in at once while also allowing you to save energy and therefore money. A Coffee Machine We already mentioned that Americans spend too much on bottled water each year. But that’s not even close to the amount that we spend on coffee. In 2012, it was reported that Americans spent about $1,000 a year on their morning coffee — fully half what they spent on lunches over a year. However, brewing coffee at home doesn’t cost much at all. If you’re one of the ones who make several trips a day to a cafe for to-go cappuccinos, it makes much better sense money wise to splurge on an upmarket coffee machine and make your joe at home. A High-Efficiency Washing Machine and Refrigerator We discussed turning the electrical appliances in your home off at the outlet to save money. However, most of us never unplug our refrigerators or washing machines, for good reason. These appliances need to be plugged in, and will always draw electricity. If you invest in energy-efficient models of these appliances, you’ll save money on electricity and water usage. Depending on the rates in your area, it should be easy to see a return on these products in a few years’ of use. A GPS If you mostly use your car for familiar journeys to the store or the office, you probably already know the best and most efficient way to get from point A to point B. But, if you find yourself checking your position on a road map or on your smartphone’s map app regularly, it might help you save money to buy a GPS. Not only will GPS devices tell you the way to drive so that you spend less time trying to figure it out, but the units usually track the most efficient routes, helping you drive less miles between destinations and saving you money in wear and tear on your car and tires and money for gas. Time with Experts Another thing that is worth spending money on, with the idea of getting more money back later, is time spent seeking expert opinions. Though you can do your taxes by yourself, people usually find they get a better refund if they consult an accountant. Though you might be able to lose weight on your own, a physical trainer gets you on the right track faster. Learning new subjects, and motivating yourself to be a better, more successful person is always worth the money and will often pay you back before you expect. About the Author: Maria Johnson is a counselor and financial planner who assists disadvantaged households considering bankruptcy.  
12 Jan

Budgeting Tips for Different Income Brackets

 Needs and financial goals for every individual are unique and different in their own way. A person living alone has different financial needs and another person living with a family of four will have different needs, and there are chances where both the individuals would be earning the same amount of income.

Financial needs are dependent on the income bracket. When the income level is too low, managing every penny is very important. People in the middle income bracket, will build assets. These people should talk to, there lenders and reduce the interest rates if necessary, at the same time they should start saving for future and also make retirement plans. Next, we have higher income bracket people who are trying to maximize their retirement savings. We need to focus on the goals that are important and plan life accordingly.