Tag Archives: money

One Dollar More: Personal Finance Posts for November

Another post on One Dollar More where I point out some of the best personal finance stories and posts which I have come across in November:

10 Simple Tips for Saving Up a House Deposit

There is no question that there are property deals to be had right now with homes more affordable than in a long time, especially for the first time buyer. But there is a catch. Banks willing to give out mortgages are requiring larger deposits. Check out the 10 Simple Tips for Saving Up A House Deposit from Money Hacker.

Travel Hacking for Noobs: How We Save Hundreds on Airfare, Get Free Accommodation, & Make Money while Overseas

Matt from Man vs Debt blogs on his advanced travel hacking and how that, contrary to popular belief, saving money on the road is actually quite simple.

Making Cash From Trash: The Recycled Art of Clare Graham

The unusual yet compelling art of Clare Graham is testament to the belief ‘one man’s trash is another man’s treasure’.

3 Stocks With High-Quality Growth

Growth is scarce at the moment. About three-quarters of companies in the S&P 500 index have issued financial results for the third-quarter reporting season. Read Jack Hough’s 3 Stocks With High-Quality Growth on Smart Money.

4 Home Improvements that Can Boost the Value of Your Home

While you can’t really expect to get 100% ROI on home improvements, read the four that can give a respectable return on Personal Finance Corner written by Miranda Marquit when you go to sell your home.

Writing an Awesome Personal Executive Summary

Great post on Financial Fizzle on how to write a great executive summary is to live up to its namesake by providing a short, broad overview of the entire plan. It’s a quick reference to its contents, and many parts of it may be completed even after the rest of the plan is written.

The Great Big List Of 75 Budgeting Tools, Finance Softwares And Iphone Money Apps

One of the most important things when it comes to personal finance is taking control of your money, instead of allowing it to control you. Read the post on Bible Money Matters.

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The 3 Categories of Money: Earn, Spend and Give

Money, its such a big subject but its something that we all need to understand better than we do and its something that i want to be able to teach to my kids.

There are basically only 3 categories of money; earning money (or ‘obtaining’ it), spending money and giving money away.

These are the 3 basic areas of personal finance I want to think about in this blog post.  If you’re like most people you will think you’re not earning enough, you spend too much and you need to work on giving your money away to church, charity or friends in need.

Earning Money

Doesn’t matter how you phrase it, this is the bringing in of money which means getting a job. Your income, believe it or not is the most important part of the personal finance equation and you have to protect your income if you’re ever going to getting out of dodge.

Spending Money

What do you spend your money on? Groceries, latte’s, rent, loan repayments, fuel, clothes, holidays, miscellaneous expenses. The list goes on and on. The simple truth is that if you are going to be wise with your money you should never be spending more than you earn, nor anywhere close. Dave Ramsey, for instance, would teach that you shouldn’t be spending more than 1/3% of your take home (post tax) pay on home loan repayments otherwise you’ll become ‘house poor’ i.e only able to afford the house but having nothing left over for perks, holidays, little treats and of course giving money.

Giving Money

How do you perform in the giving department? Do you give you charity? Are you generous with your money? Or are you like a lot of people who are sticklers for giving?

My post is over for tonight. Hope thats been something worth reading.

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Filed under How to's and Tips

Top Reasons Why Your Personal Finances Are In Tatters

Coming home to a nasty credit card bill

Coming home to a nasty credit card bill. Source: photo

Let’s face it – money is tight these days no matter who you are or where you live. Learning to save and correctly budget your money is a skill that eventually improve your personal finances no end. This applies not only to those with low income jobs, but to anyone who would like to sleep comfortably knowing that they are not in debt. That said, there are plenty of ways to keep yourself afloat without having to live like a ‘serf’.

Forget about the flat-screen television. Even though “everyone” has one these days, and you can sometimes get a “no payments no interest for twelve months” at your local department store, the bottom line is that this is a luxury that is unnecessary to daily living. Don’t give in to the trend! Next, ditch the premium television channels. You may be able to lower your cable bill from $100 a month to $30 a month if you can do without the higher end channels. Also, hold back on putting a TV in every room. The extra electricity that you will use adds up to a hefty sum of money.

Eating out too often is another way that people tend to spend much more money than necessary. Sure, it can be nice to go out for a steak every once in a while, but try limiting this to once every two weeks. After all, cooking at home is usually more satisfying to begin with! However, don’t use this as an excuse to eat poorly, as this will not help anyone in the long run. Stick to grains, fruits and vegetables. It is also important to get plenty of exercise to compliment your diet.

Don’t jump into leasing a car if you are looking for a new vehicle, as in the end you will pay much more money than you would if you just bought the car in the beginning. On that note, try to make your vehicle last as long as possible, as buying a new car every few years can be a huge source of wasted money.

Skip the urge to buy the latest and greatest cell phone – this is a trend, just like the flat panel TV! If you really need it for your business then go for it if you can justify it but its just a toy for the purposes of showing off then reconsider.

Another reason why your personal finances are in tatters – you constantly buy new clothes! Why not make use of your old clothes instead of spending a heap of money on new ones all the time!  Fashion comes and it goes. Try to buy clothes that will last for more than one season. Try to avoid unnecessary expenses.

Take these simple pieces of advice on board and you will be able to stay afloat a little bit better.

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Filed under General

10 Finance Tips for Working Families

We tend to assume these days that it is necessary for both parents to work in order to keep the family going. You may find that this is not necessarily so if you take a hard look at the facts. Here are some tips to help you.

  1. Consider the cost of working: You may not be making as much money from a job as you might imagine, because you might be incurring a lot of expenses such as day care for children and paid help, just for keeping your job.
  2. Make a budget: Planning is the key to success in anything that you do, and this is particularly true in finance. So know in advance how much money you are likely to need.
  3. Control your purchases: Once you have made the budget, control your purchases and expenses carefully to fit into the budget
  4. Know where the money will come from: This is really a part of the budgeting process. You should know in advance how much money would be available to you.
  5. Avoid debt traps: Taking large amounts of loans to satisfy your immediate wants, including use of your credit cards, may seem very attractive till the first statement reaches you.
  6. Live within your means: This is an extension of the previous point. If after careful examination you find that an expenditure that you’re planning to incur is not fitting into your immediate budget, wait till your financial condition improves (It always does).
  7. Set priorities: If you are to successfully implement the above suggestions, you’ll need to set priorities, so that it becomes easy for you to knock off less important items from the family expenditure list.
  8. Build a network: You’re not alone in this world. There are lots of others who also have temporary financial difficulties. If you support each other, you can avoid taking recourse to outside debts and high interest rates.
  9. Look for cheaper alternatives: If you look around, you’ll find plenty of tips that would help you to cut your expenses without sacrificing your lifestyle. For example, move your credit card to a more suitable card. If you signed up for a frequent flyer credit card but find you don’t have the opportunity to travel on it then scrap it! Shop around for a simple, low interest credit card which doesn’t have high monthly interest repayments or annual fee’s.
  10. Look for bargains: It just takes keeping an open eye or looking around to take advantage of bargains.

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Filed under Savings

5 Secrets To Saving Money

With the news constantly reminding us about the financial downturn that is happening, its probably time to start making some savings for the future. It’s easy to spend but harder to save, but there are 5 secrets to saving money that will make saving simpler for everyone.

1) In life, it is always easier to head towards a goal – and this is true in saving. Setting goals is the first step, and be it an amount you want to earn, a date you want to save until or a goal you want to spend the money on, having a focus will help considerably.

2) It can also help to have a separate savings and checking account. This is because you have to switch the money to the savings account and you will be less inclined to withdraw from there. A separate savings account acts as an additional barrier to wasting your money. If you can manage your cash flow, getting access to your own money using a debit card instead of a credit card is beneficial. Have a look around and compare credit cards if you need to switch cards.

3) There is also great benefit in drawing a budget and sticking to it. If you have on paper how much money you are going to spend and carry that amount of money with you, it’ll be easy to stay on budget. It’s very easy to spend dollars on luxury items, so organise a budget and stick to it!

4) When saving money, you don’t need to go it alone. You may not want to ask your boss for a raise but there may be overtime available, or perhaps there are additional tasks you can do. Any extra money can be put directly into savings, helping you to save more quickly. It will also help to save money by getting the support from your spouse or partner. If you are both working towards the same goal, it’ll be easier to make the savings and you can share plans about the best ways to do it.

5) Lastly, if there are places where you know you spend money you don’t need to, stop going there! If you don’t need to visit the mall, avoid it as you might waste money on products you don’t need. If you follow these 5 simple rules, saving money will be so much easier than you have ever previously realised.

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Filed under How to's and Tips