Ways To Budget Your Money Carefully

cfThere are literally hundreds of article and books devoted on budgeting money carefully. I will write on two methods that help me budget money carefully in hopes that others may be able to use this knowledge to help them in their future endeavors.

Method #1: If You Use A Credit Card, Always Check Your Statement Online At Least Once A Week

Most Americans probably own and use a credit card whenever they make purchases, either because it’s convenient and/or because they can get reward points for it. Most Americans are probably aware of the countless stories and articles about credit card debt. However, most credit card debt could be avoided if one pays attention every week to their credit card statements every week.

Whenever I look at my credit card statement every week, I can see how much my balance is as well as what I am spending my money on. When you take a look at what you are spending money on, you can see what expenses you are acquiring that are not always necessary such as eating out or buying things you might not need.

Small Business Budgeting and Forecasting Tips

d4As a small business owner, setting up your budget enables you to forecast your overall outgoings and profit margins. You should use it to plan ahead and judge how your business is going to perform. This should be an ongoing process of reviewing and updating your budgets, then comparing the results with your original forecast plan.

A well run business should keep on top of its budget to try and minimize potential losses. Some forecast for a whole year, while some use real time data to project results. There is also scope for creating mini budgets for different departments, within the main budget.

Where should you begin when budgeting for your small business?

The simplest solution to forecasting business performance is by creating a master budget based on your company’s performance of late. This financial document will give you a snapshot of how you think your business will do over the coming year. It’s also wise to discuss your projections with your colleagues or management team, and talk about any changes in the marketplace that might result in a change either in your projection, or between this

How to Manage on a College Budget

vgLeaving for campus or college is one of the most exhilarating experience for any youngster. It spells out freedom, new and fun experiences and independence; a different world from the authority of parents. But of course, no coin is one-sided, with freedom responsibilities always tag along; it is inevitable. One of the main challenges for a college student, especially one who is straight from the parent’s or guardian’s care, is managing their finances. It is imperative for each and every student to learn how to manage their budget and live within their means. Poor financial management may lead to dire consequences including bad debt and engaging in various illegal activities. So here are some few tips on how to make your budget work for you.


1. Many are the time that the pocket-money is barely enough to see a student through an entire semester. Of course most of the time when drafting the budget with the parent it is enough for a complete semester with even some little surplus. But a little parting here and there,

How To Budget Your Money For The Long Run

It is very tempting to spend your money without a second thought, but when you do this, you affect more than just your current status; you actually put your future in jeopardy. A person who cares about the future will take every measure to try and secure that future financially and this makes budgeting very important. Contrary to what many people think, you do not need to be a genius for you to be in a position to handle and manage your money. You simply need to put a few things into perspective and you will have an easy time putting your money into good use.

Know your current financial status

Before you can even start planning for how you will spend your money, you really need to know what your current status is. This means taking a closer look at your debts and even expenses. Student loans, home loans and credit cards should not be forgotten including any other kind of debt you might have. When you know where you stand, you get a clearer picture of what needs to be done. You then must calculate the fixed expenses and enter them into your budget before then creating a strategy on

Highlights Of Automated Travel & Expense Management Solutions

As your business reaches international levels and competitions get tough – the need for speed is imperative. It is of utmost importance to explore different options for quicker success, but it also calls for upgrading your business with the latest technological developments in order to keep pace with the changing times. One such development is Automated Travel and Expense solutions for an organization. Gone are the days of manually collecting the receipts. Your crew counts on your ability to help them at all stages of professional life. Considering that everyone now uses mobile phone applications, what if you could offer them a user friendly, fast and smart solution for Travel and Expense Management? This virtual based solution is not only faster and easier, but cheaper also which makes it a viable solution for Small and Medium Enterprises.

Only 42% of SMEs have given enough thought and importance to appointing a Chief Financial Officer, says the latest Small Business Accounting survey. And this number drops drastically for companies that accommodate less than 25 employees. This calls for an immediate action. If you are still confused why adopt this automated solution, we have created a list of reasons that you must infer

3 Reasons Why You Need A Budget In Your Business

The first month of the year is over and now it’s time to compare how you did last month. But you can’t because you don’t have anything to compare to since you haven’t yet completed your budget for the year.

It is important that you prepare a budget, no matter how small or large your business is. It’s almost impossible to experience growth and profitability without one.

Here are three reasons why you need to have a budget for you business.

1. Plan for Profit. The number one reason you need a budget is so you can plan for profit. You can’t just say “I’m are going to make $500,000 this year” without documenting how you are actually going to reach it. See within your budget you will have detailed out where this income is going to come from such as the different services and/or products you offer. You will break down which months will have higher revenue then others so that you can plan your spending. You with chart out the new opportunities and program launches costs as well as the offsetting and expected revenues. Listing out all of the way you can bring in revenue will help you determine if you

5 Reasons You Need To Save Up Money for Your Future

At the end of every month, it’s always the same question – How much did you manage to save? But then, the thought also crosses your mind… Why the need to save, when you earn to spend? If you find yourself cash strapped, there’s the always the option of borrowing some money.

Different people save for different reasons. We’ve discussed 5 reasons you need to start setting aside a few dollars each month.

1. Emergency Funding –

Emergencies are unexpected and uncalled for. A family member might take ill, your roof might start leaking or your drain pipes might get clogged, your car might be involved in an accident or you might have to make an emergency trip. It’s worse if you get laid.

It is impossible to tide over these unexpected expenses if you don’t have any savings to fall back on. So, that’s one reason you need to start saving money.

2. Retire in peace –

This is why most people save money. After working everyday of your life, you dream of living those days of retirement in peace and comfort. You don’t want to be paying up debts until the end. Neither do you want to take up a part time job to

How Can I Save More Money

If you want to save more money, you have to start using your common sense. If you are trying to keep up with the Jones’s, stop; because you will go broke. Always try to live within your means, or better yet, try living slightly below your means.

I’m not talking about going to Sam’s Club to get the free food samples that they hand out and consider that your super. I’m talking about taking an assessment of where you are spending your money and whether it is totally necessary to buy the things you are buying. It boils down to your needs versus your wants. Just make sure that the things you buy are truly important, and don’t spend more than you make.

I have friends and family members who will go out and buy their kids a pair of basketball shoes that cost, are you ready for this, $650 dollars or more. There is a big disparity in the cost of basketball shoes; they could have purchased a cheaper pair in the $50 to $100 dollars’ range, but if you listen to your kids, quite naturally they are going to want the most expensive pair.

I played basketball, and believe me, if

The 3 Financial Types of People in the World

There are 3 types of people in this world when it comes to finances. They are the Perpetually Broke Person, the Well-Off Person, and the Highly-Wealthy Person.

The Perpetually Broke Person never has any money and ultimately lives paycheck to paycheck. This is sometimes due to economic hardship, but these people exist every pay scale as the Perpetually Broke Person is always spending their income immediately after receiving it, and how much income is less important than how quickly they spend it. This is mostly on consumer goods such as clothes, electronics, and other items that can empty a bank account quickly. Another aspect of the Perpetually Broke Person is that they are amazingly good at giving away their future wealth by getting loans on things they don’t need or can’t even afford such as new cars, home improvement projects, and vacations and getaways.

The Well-Off Person is the next step up and does much better financially then the Perpetually Broke Person as they know how to manage their money by saving it for emergencies and big purchases. They also have good credit scores because they pay their bills on time and know how to take out loans responsibly. This allows

Three Types of Budgets

Whenever someone is working on a financial goal, one of the topics that comes up is working with or within a budget. The fact is that there are three distinct types of budgets, each with their own structure and approach. This subject is definitely not a “one size fits all” topic. Understanding the different types of budgets will help you track the right information for the task you are working on.

Operational Budget

Most of the time when someone is talking about their budget, they are referring to an operational budget. An operational budget is one that tracks ongoing financial activity. This the day-to-day budget of a business or a family.

An operational budget tracks both income and expenses. The purpose of this document is two-fold. First, by tracking all financial movement, or “cash flow”, a person can get a much clearer picture of the financial situation. Hopefully, this picture will allow a person to make any desired changes in an efficient manner. Second, the focus of this budget is on the difference between income and expenses. In a business, this is the profit; for a family, this is the “fun” money. What to do with this difference is another topic, for another

Household Budget Basics

If you have recently graduated from high school or college and are entering the workforce, establishing credit and developing a sensible household budget is the foundation to your future success. Creating and sticking to a budget based on your current income with a commitment to spend within your means is the first step to creating long-term financial success. The following suggestions will help you develop your budget.

• Monthly Income – Depending if you are a salaried employee, paid hourly, or receive tips and commission income you will need to determine your average monthly income. If you receive 1099, tip, or commission income, you should gather your most recent pay stubs and last year’s tax return to calculate what you typically earn on average each month after taxes. You should also consider: child support, alimony, disability, or cash income that you receive as part of your monthly income. Once you’ve added up all the sources of your typical monthly income you now know what your expenses can be.

• Monthly Expenses – Look at your checkbook and your most recent bank statements to determine what you are spending your money on each month. Start with your fixed expenses, such as: rent, utilities,

10 Tips for a Better Couponing Experience

There was a time when people bartered for almost everything. Nothing went at full price and negotiating was the norm. Couponing, in a sense, is a return to the days when buyers made their best deal with sellers, saving hard-earned cash in the bargain.

I’m not an extreme couponer, but I do save money every time I shop at my two primary grocery stores. Plus, I save money via coupons at other retailers, and it’s like putting cash into my pocket.

The most practical way to start couponing is to have a system that makes sense for you, is a process you’ll regularly follow, and doesn’t overburden an already full schedule. The following are tips that will help you develop a money-saving process using coupons that fit into your normal weekly routine.

Start by setting aside the same day weekly to clip, sort and file coupons. Thinking through the process and journaling transactions will help set up a routine. Successful use of money is always set upon routine. Using a journal system with couponing can add personal depth to the process. You can plan menus, record thoughts, and note experiences or anecdotes.

Sort, file and toss coupons regularly. Give thought to a system

4 Mistakes Young People Make And An Easy Way Out

The fact that you are out of college with no job, tired and broke. You may have enough reasons to default on your loan. That explains why 26% of American have defaulted on their loan before the age 30. This research comes from Credit Karma and Qualtrics. But the fact that you have no job doesn’t mean you should just sit and whine. An easy way can be to call your card company and negotiate on your loan. Your company will be more willing to sort you out.

Failure To Build A Good Credit Score

The effect of a poor credit rating can’t be ignored. Your credit card history carries everything. Your credit card score will determine if you can not only buy a home, but maintain it. If you will get a car insurance. If you will even get a job in certain states. A good credit card history is the key to your financial life. It is what opens the doors of possibilities for you. But the moment you abuse it, it will have no mercy on your life. So, guard it.

Irresponsible Use Of Credit Card

Being young comes with happy moments such as shopping. You buy everything that fascinates you,

How To Live Happily Within Means

In the modern world, the pulls and pressures are more for spending whatever one earns. The consumerism and materialism are the main culprits behind this pathetic situation. Even if an individual attempts to rein in the expenditure within the limit of his/her income, the lifestyle of the people in the surroundings would tempt and induce towards wasteful and extravagant expenses.

The aspirations and inspirations are the two vital factors that influence the human lives. The different combinations of these two elements produce the following three lifestyles.

1. Spend less and Save more – Frugal type where money is given importance.

2. Spend more without concern for the future – an Easy-going type that ignores the future, and

3. Spend and Save diligently – the Ideal type caring for the present and future.

The third lifestyle actually means ‘ Live happily within Means.’ This is applicable for the individual and the government as well. The steps involved in this practical concept are narrated here below.

Aim high. Pursue with a systematic and pragmatic approach. Ambition backed by the right attitude coupled with sincere efforts is desirable, but greed definitely hurts. Work towards the next level sincerely, and Overcome the hurdles and problems patiently. Remember and appreciate the

Spend Less On Your Car

Your car. You need one, we all need one. This necessity means that we are going to spend our hard earned cash on these things. So which ways are there to keep our spending in check in our cars?

Let’s look at a few ways to keep the miles ticking over, and the pounds firmly in your pockets.

1) Insurance.

This is the enemy of the pockets of all young drivers, and sometimes older drivers can be stung too. So how can you keep this enemy at the gates? This is a simple fix, use a comparison engine. It’s been said again and again, but it is very common for people to just stick with their insurer. Loyalty will get your wallet nowhere in this game! Make sure you look around, and always keep these pesky insurers on their toes!

2) Driving speed

Keeping your speed low on the motorway can save you hundreds of pounds, per year. If you use the motorway frequently, we are talking in the thousands. Remember, this is all tax free money that you could be using for something else. So remember, the speed limit wasn’t designed for optimal fuel consumption, it was designed for safety. So if you view

How To Stretch Your Salary When You’re Stuck

Sometimes your salary isn’t paying quite enough to cover all you wish it could. Maybe you got promoted to an exempt position that looks good on your resume, but now that lucrative overtime bonus is gone. You could have been offered benefits that you truly need (medical insurance, for instance), and on paper it all looks good, but in your wallet there’s not enough cash.

This is where that “B” word – Budget – comes in to help.

All the experts start with an honest assessment of where your money is currently going. If you don’t know where your money is currently going, how can you control its flow? Write down all the ugly reality on paper so you can look it in the face and deal with it.

The problem isn’t automatically solved by a higher salary; it is solved by controlling the way you spend what you earn.

You can see this in the sad tale of many lottery winners whose huge chunks of money are gone in a few years or the way even high earners go bankrupt. This means that you have hope because you can control your cash flow by choosing to work with the real numbers instead of

How To Live Below Your Means

There are a lot of misconceptions about what it is to live below your means. It’s because people often focus on the cut backs and the lifestyle change versus the huge advantages. In this high-pressure, credit-based, keeping up with the Joneses, gotta-have-it-all-right-now society, living below your means isn’t exactly fun but it is absolutely doable. Below are a few tips that can help you get started on setting some new goals to help pull you out of debt, pay bills on time and still have some change left over to live a comfortable affordable lifestyle.

• Challenge Reoccurring Expenses – Take the time to review your overall income, current bills and monthly statements. See where you might benefit from a renegotiation or an assessment of alternate options. For instance, you may be dead set on keeping your cable, but you can still call your cable company (and its competitors) to negotiate a better rate. Not to mention, streaming services like Netflix and Hulu have become a lot more popular these days and are much cheaper to have than cable. Even mundane expenses like your cellphone bill and insurance should be reassessed annually to ensure you’re getting the most appropriate coverage and

Optimal Cost Structure and Effective Scale Economies

How do firms choose their cost structure? What is the nature and function of scales of operation? What are sources of functional and dysfunctional scales of operation? These policy questions relate to the optimal overhead of a business enterprise-the appropriate mix of expenditures that maximizes the return on investment and shareholders’ wealth while minimizing the cost of operations, simultaneously.

Clearly, effective economies of scale (MES-Minimum efficiency scale) are correlated with optimal cost structure and critical to sound business strategies designed to maximize the wealth producing capacity of the enterprise. In these series on effective expenditure management, we will focus on the pertinent strategic overhead questions and offer some operational guidance. The overriding purpose of this review is to highlight some basic cost theory, strategic expenditures relationships, and industry best practices. For specific financial management strategies please consult a competent professional.

As we have already established, the optimal cost structure and appropriate scale of operation for each firm differs markedly based on overall industry dynamic, market structure-degree of competition, height of entry/exit barriers, market contestability, stage of industry life cycle, and its market competitive position. Indeed, as with most market performance indicators, firm-specific cost structure position in insightful only in reference to the

4 Ways A Budget Can Pay Off

What comes to mind when you think of creating a budget? For many people, even the thought of putting one together is unappealing. However, there’s another more positive way to look at budgeting that may surprise you. Budgeting can be a way to gain more control of your finances and empower you to do more of what you want to do in life. So while making a budget does require forethought and discipline-and may require you to reign in impulse purchases-it pays off by putting you in the driver’s seat. Over time, a budget has the power to:

1. Let you decide. When you allocate dollars as part of a budget, you give yourself a chance to be thoughtful about where your money is going and to make adjustments, if needed. For example, if you are shocked by how much you’re spending dining out or buying new clothes, you can curtail spending in those areas. Ultimately, knowing your spending patterns gives you the power to put your dollars toward the things that mean the most to you, and help you reach your long-term goals.

2. Take the pain out of daily decisions. Daily temptations to overspend become easier to navigate when you

8 Apps and Sites That Will Put Cash in Your Pocket

Are you living paycheck to paycheck? If you’re like a lot of people, your cash barely lasts until the next payday. While a windfall would be nice, it’s not likely. With little effort you can tweak your spending habits and maybe have a few dollars left over at the end of the week. Save a little here and you can spend a little there.

There are many ways to cut spending, save money and make a little extra cash. While each method may bring in a seemingly insignificant amount of change, together they add up to big savings. At the end of the week, you’ve managed to hold onto a good amount of your hard-earned dough.

Here are 8 ways to turn a pinch of technology into some great money-making opportunities:

1. InvisibleHand is a browser add-on. When you shop online it lets you know if there’s something less expensive out there than the item you’re about to buy. It works with Google so that when you Google something, it automatically checks for the lowest prices of that item and alerts you. There prices are real-time, meaning they are the price as of now, not yesterday or this morning. When you’re not shopping,