Saving N Spending |
- How to Spend Your Money Wisely – Infographic
- Be Prepared: Six Unexpected Bills You May Have To Pay Someday
- Six Ways to Manage That Money Crunch
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Posted: 18 Apr 2014 05:41 AM PDT
I found this Infographic that shows how to take control of your money. Knowing where every dollar is spent is just one part of your overall plan. Knowing yourself and your shopping habits can effect greatly how successful you will be with money. Check out this infographic and pick up a few cool tips to help you win with your money.
 Presented by SpendSmart Related posts:
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Posted: 17 Apr 2014 09:21 PM PDT
 One of the key elements in any budget is an emergency fund. It is important to set money aside for emergencies so you aren’t caught off guard with expensive bills. The fact is that while unexpected expenses are unpredictable, they usually fall into one of a few categories. Below are some of the more common unexpected bills you should prepare for:Broken EquipmentEvery appliance, tool or electronic device has the potential to break. The damage will often occur at a time when you need the item most. Since most of us rely on electronics to handle basic everyday tasks, broken items will have to be replaced or repaired as soon as possible, which can be expensive. To lessen the changes of paying for expensive repairs, keep up with maintenance and take care of minor fixes before they become worse.Medical CareOne study reported in the American Journal of Medicine showed that health care costs contributed to 62 percent of all the bankruptcies that occurred in 2007. That this was before the worst of the recent recession. The high cost medical care can result in a sudden and devastating blow to the budgets of many middle and working class people. Even if you have insurance, something like a car accident can put in the hospital and cause high medical bills. Set aside a savings account for such emergencies so you aren’t caught off guard.Car RepairWhether it be a punctured tire or a blown head gasket, vehicles have a way of developing serious problems overnight and when you least expect them. When you need your car to take you back and forth to work, doing without is not an issue. Replacing car parts can be very expensive, but they must be done, so it’s important to have a budget set aside for such repairs. Keeping up with regular maintenance can help keep your car working as it should, resulting in less major repairs.BirthWhile the birth of a child may not exactly be unexpected, the cost of it can be. New parents in particular may be unaware of just how expensive their baby will be. From medical costs to unpaid time off work, the bills associated with a birth can have an impact that lasts for a long time. Know what your insurance coverage is, and be sure to pick a hospital that fits your needs. Even with the same insurance company, costs can widely vary between hospitals.Child SupportThe cost of a birth is hardly the only unexpected expense associated with having a child. From unexpected child support increases to a sudden divorce, surprise child support bills are not unheard of. Talking with a child support divorce attorney can help save you money, however, it’s still important to have a budget for this. Since every case is different, there is no set amount you can prepare for.Home RepairsIf you own a house, you are almost guaranteed to have a major repair expense at some point. From flood damage to a broken HVAC system, the number of things that can go wrong with a home is enormous. While you may be capable of handling some of them without calling in a professional, they can still be expensive in terms of materials and time.Property tax bills, life insurance premiums and other such expenses should not be categorized as unexpected since they are recurring expenses that may be planned for ahead of time. Be sure to set aside some savings to prepare for any unexpected bills. With the right financial preparation, you can be able to pay for these unexpected bills without having to break your budget. Related posts:
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Posted: 17 Apr 2014 09:18 PM PDT
 Are you living paycheck to paycheck? Or maybe you're just trying to pinch those pennies to save up for a large purchase such as a car or home. Either way, most people can feel a bit of a money crunch each month. The trick is to learn how to manage this feeling. These six tips can help you manage that money crunch and keep your finances in check.Track Your ExpensesToday, technology has made tracking your budget simple and easy. For example, Mint.com has a great smartphone app that tracks your spending each month to help you recognize patterns. Even if you don't want to use a smart phone app, don't be somebody who gets to the end of the month and suddenly wonders where all your money went. Making a budget and tracking your expenses is the best way to detect any areas where you could cut back.Use Your KitchenWhy spend money on a meal from a restaurant when you could make a similar meal at home for a fraction of the cost? You can save hundreds each month by buying food from the grocery store instead of the drive-through. In addition, kick the Starbucks habit and brew your own coffee at home to save even more. You'll be surprised at how much is left in your bank account at the end of the month by just using your kitchen more often.Cut the CordIf you are one of the many Americans still spending hundreds each month on cable TV, a great way to save money is to switch to an instant streaming option. Now TV fans have plenty of options to watch their favorite shows. Netflix, Hulu Plus, and Amazon Prime are just a few examples. Even with the cost of internet service, switching could cut your entertainment budget in half. Some people worry they won’t be able to see all their favorite shows, but a device like a Roku brings a number of these services within the same product.Reduce Your DebtWhile carrying your expenses on a credit card can be tempting, it's important to not carry a balance over from month to month. Interest expenses are a waste of money when you consider how easily they can be avoided. Be sure you to pay off your entire balance each month, not just the minimum balance. By not carrying a balance on your credit card, you could save hundreds in interest expenses over the course of one year.Pay Down the Smaller Debts FirstOne method to having more surplus money each month is to pay down your smallest amounts of credit first. Not only does this mean fewer payments to different sources each month, thereby increasing your spending cash (to pay down other debts, right?), but by choosing the smallest bills first, you can feel like you are making headway. Seeing results can help you stay disciplined on a regular basis. Remember, your emotional state when dealing with your debt is virtually as important as your tactics. You can restrict your spending much more easily when you address it with the right psychological approach.Consider a Personal LoanIf you’ve tried these four tips and are still struggling to make ends meet, consider taking out a personal loan to help you get to the end of the month. Rather than getting a payday loan, you may want to consider applying for personal loans in OKC or in your locale. Try a bank or a credit union to get you the cash you need. Use this only occasionally, though, to keep any interest payments low.Whether you are trying to stretch your paycheck just a little bit further, or you're saving for a major financial goal, these six tips can help you get there. Related posts:
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