We live in times and society where the pressures to buy and to show off the things we have bought (materialism) is enormous. Our inability to afford these things or put money aside for them has pushed us to the direction of buying on credit (getting things now and paying for them over time thereafter). Credit can, if approached with caution and discipline, greatly improve the quality of our lives. It can afford us things that we need now that we do not have cash to buy, for example, we may not afford to buy houses cash but may take a mortgage bond and pay affordable instalments over time, or take out a hire purchase for a car personal or business use. Credit can however become addictive resulting in impulsive buying habits (buying things that you do not need because you can afford them through credit limit). The fact that
To verify an account, an employee must send a statement or a blank cheque from his bank. By doing this, he will provide vital information that will enable the employer’s bank to get the individual’s bank account number and the routing number. The routing number is a coded string of numbers which identify the employee’s banking institution. Another prerequisite of certain pay roll processors is a pre-note. This is an electronic transaction from the payroll processor’s bank to the employee’s bank, and it authenticates the account’s information. After such an authentication, an employee can expect regular pay checks which come on time.
This method has various advantages. It saves time because cash is easily and conveniently deposited in an employee’s account thus saving the employee time which he would otherwise use standing in long queues at ATM’s. The employees also do not need to wait for cheque clearance since, funds … Read the rest
Do not think of access to debt as a status symbol. Change your frame of mind about debt. Credit cards are a sure way to financial worries. Throw them into the bin.
Spend within your means. Do not think of spending more than what you have. Credit cards are very tempting as they are convenient to use. However, its end result is headache and financial exhaustion. Oftentimes, people who patronize credit cards are tempted to have more credit cards than what they already have. Common sense tells us why these people are now working just to pay-off their debts.
Be guided by a financial record. Take note of your regular income and the monthly expenditures for basic needs. List the items that needed to be purchased regularly with an aim of making savings. Keeping a record allows you to track your expenditures and it is really nice reading these records … Read the rest
Understand what qualifies as a risky product – There is bound to be variation in what seems risky to people. Here’s our take on the riskiness of an investment product. Products that are far riskier than what you might be led into believing, those that come without any proper guidance and information about risk factors, and ones that are not eligible for any compensation if your markets tumble unexpectedly, are what qualify as risky, as far as the scope of this article is concerned Even though it is perfectly fine if you wish to invest in risky products considering the high rates of returns associated with them, it would be better if you used the suggestions in this article to fine tune your picks.
Investments that are too risky to be worthy of your money – Despite the strict regulations in the financial markets, there are investment products that are … Read the rest
Set up a budget and try to follow every step of it. The budget will show you the way you spend the money and the actual amount that you may spend this month. You will be able to save more funds for something bigger and more pleasant than just a simple pair of shoes or a new car tool. Compare the expenses with your salary. Are they the same? Or do you even waste more than earn?
Check the statement of account every month before posting your payment. Mistakes may occur everywhere. And the payment bills are not an exception. That is why it is so important to check all your bills and figure out the exact sum of money you owe. It may happen that you pay for something you did not buy. If you’ve found a mistake contact your issuer at once for figuring out the issue.
- Start with a clean slate. Review your financial situation and recent spending patterns. Is your spending aligned with your financial goals? Re-evaluate any bad money habits that may be holding you back from making better financial decisions. Remind yourself that healthy financial behaviors can become part of your daily routine.
- Commit to financial stability. It’s easier to do something when you are intentional. Just like you set aside an afternoon to clean out the garage, set aside a few hours to clean up your finances. During this time, reflect, organize and make a conscious commitment to take responsibility for your financial future.
- Create, update or review your plan of action. A financial plan provides a road map for spending and saving, and encourages you to allocate your money toward the items or experiences that matter most to you. Your plan should include how you will handle your day-to-day finances, achieve
Are you planning to invest your whole capital in gold? Considering the ups and downs of the economy, it is important to know where you should invest and when is the best time to do it. There is a long list of factors that can affect your investment, but with a little planning and research, you can find a way that will safely preserve your money for future investments and also allow you to earn profit from it.
There are many things about gold that you need to learn. Its value is based on its weight and purity. The closest to the purest form is the 22-carat gold. Also, many pieces of jewelry and coins are not made from pure gold. Their value is computed based on the price for each troy ounce of gold. At present, this is worth around $1336, but this figure will change from … Read the rest
Create a list of all your outstanding expenses and debts
If you have to pay for something, make sure that it gets added to this list. Categorize the items where possible (fixed vs. monthly expenses, bi-weekly expenses, and one-time expenses.) Put the most expensive payment at the top and the lowest one on the bottom.
Develop a budget that ensures you can pay these bills and expenses each month
Do you know how much money you make each month? If your expenses add up to more than you’re making, you need to evaluate your spending. Cancel unnecessary subscriptions. Call your cell and landline providers, and ask them to review your current plan to see if there are any new promotions that would lower your bill. Do the same for your cable bill. In other words, do what it takes to save money each month instead of throwing it away on … Read the rest
The biggest mistake people make when attempting to negotiate with creditors is failure to prepare. It is crucial that you have an idea of what you want to get out of the negotiation before you even contact your creditor. Take a look at your monthly budget and income to determine the amount you can realistically afford to repay. You need to know the state of your financial affairs and how they can best be met by a deal with your creditor. Ask whether you need a temporary suspension of payments or just a lower monthly payments. Evaluate whether a lower interest rate would be enough to reduce your monthly payment or do you need a modified payment schedule.
Once you have an idea of what you can afford to pay and how you may be able to achieve that plan, contact your creditor. Debt negotiations are … Read the rest
Operate an efficient money production line
Imagine that your life was like an assembly line at a manufacturing company. Just like the person in charge of production, you would want to ensure that none of the raw materials were wasted and that you got as much finished product as possible out of your machinery time and employee effort.
Let’s review the Japanese words for inefficiencies — muda means idleness or wastage of resources when trying to complete a task; mura is the unequal or unbalanced use of different resources; while muri means the excessive or unreasonable use of a resource which could put it at risk.
In order to get the most out of the money you earn or have on hand to further your goals, you need to eliminate these types of inefficiencies. Your aim, like that of a profitable corporation, is to utilise your financial resources in ways … Read the rest