Tag Archive | Budget

Be Smarter with your money: Creating Your First Budget Plan

Whether you are just getting ready to graduate college, move out on your own or simply have never been wise with your money in the past, it is high time you created a budget. Living in the real world necessitates that you do the right thing with the money that you earn. A budget will help you to keep track of your earnings, track expenses and to stay on track to meet your future financial goals. People often fear that creating a budget is difficult or time consuming. In reality, though, it is simple to create a smart budgeting plan and to put it into action. You don’t even need high tech tools to get started. Grab some paper and a pencil and then follow the steps that we have laid out for you below.

Budget Creation Step 1: Make a list of Sources of IncomeSmart Money Tips for Women

It doesn’t matter if you make a ton of cash every month or are starting a new part time job, you have to keep track of exactly how much money you earn every month. Include ALL money. If you make a couple of hundred on eBay or Uber every month, be sure to include this extra cash in your budget plan. Create a column on your sheet of paper that lists how much money you make after taxes each month. This should only take you a few minutes at the most.

Budget Creation Step 2: List out Fixed Expenses

Create another column and it’s time to move onto the next step. You are now going to list your fixed expenses. These expenses will include rent/mortgage payments, car loans, utilities and even credit card payments. For the majority of people, these expenses stay pretty consistent from one month to the next; thus the title of “Fixed Expenses.”

Budget Creation Step 3: Make a list of Variable Expenses

This can be difficult, but you need to list out expenses that change frequently. Perhaps one month you spend $400 at the grocery and another you spend $600. Or maybe your gasoline payments change each month. To budget for these types of varying expenses, try to find out how much you have spent on each for the past year, add up the total for each and then divide by 12. This should give you a good ballpark figure to put into your budget. If you happen to spend more, you can always tweak this listing as you move forward.

Budget Creation Step 5: Make an Entry for Saving Money

Smart financial minds usually tell people that they need to pay themselves first. Your savings fund is your way of paying yourself. Set aside some money that will be saved each month, and add in a set amount of discretionary cash too. Stick to this step, and make sure that you ALWAYS save money every month. Even if you have to cut a bit from some of your discretionary spending, saving money will always be a habit that will pay off for a more secure financial future. Try to save at the very least 5 percent of your after tax salary, and even more if you are able to.

Total up all of your expenditures – Fixed Expenses plus Variable Expenses plus Savings. Subtract that number from the total amount that you earn every month. Do you have any left over? If so, add that extra money to your savings budget. If you find that the expenditures are more than you make, it is time to make some cuts. Find some variable expenses that you can live without – maybe cable TV or eating out – and you should be able to wind up at a perfectly balanced budget.

Go Back To School Shopping While On a Budget

Most of us are on a budget these days which means we have limited funds when it comes to back to school shopping. You can go back to school shopping while on a budget and still get everything that you need. Here are some tips for those on a budget who need some help finishing their back to school shopping.

Go through what your child had last year. Is anything reusable? If so then you should reuse it. Why buy new, when you have something perfectly good at home that you can use? Go through everything. Often times they will end up with extra notebooks or pens that they can reuse too. Make sure to take note of what you do not have to buy.

Apple Back To School

Get online. You can compare prices of the items you need to buy for your child by looking at various retailers websites. This will help you know where to go for the best deal. You do not want to overpay for anything, so this step is pretty important.

Find out when the tax free weekend is. That is a great time to go back to school shopping. You will have to fight crowds, as many people go shopping on that weekend, but not paying sales tax will save you money. That is money that you could put toward other things that you still need to get your child for the new school year.

If you start early enough in the summer with the items you know your child will need, like notebooks and pens, you can look around for deals and sales. This also allows you to spread out the cost of paying for their back to school items. By spreading out the cost it makes it much easier to pay for because you do not have to pay for it all at once, which sometimes can be a bit much with the price of things these days.

It is okay if you wait to buy some clothes until after school starts. There is no rule written down somewhere that you have to buy their whole wardrobe for the year before school starts. You can buy things periodically throughout the year as items go on sale.

These are all great ways to save money when back to school shopping. There is no reason you have to spend a ton of money at once or not pay a bill one month because you have to pay for your child to go back to school. Knowing little tips and tricks can help you get everything they need, while helping you save money at the same time.

Some Good Tips for Women Who are bad with Money

It is no secret that some women are better with money than with others. This can be changed though, there are ways to turn it around and go from bad with money to great with money. Here are some tips for those ladies who are not the best with money so they have a fighting chance to become great with money.

Forex Money for Exchange in Currency Bank

The first thing you need to do ladies is to start by changing one habit at a time. Do you have a bad habit that costs you money? It could be smoking, eating out, shopping, or anything, it does not matter. If you have a bad habit or two you should start by working on getting rid of one bad habit at a time. This will help to free up money for other things such as bills.

Work on your debt. Even if you can only afford to pay twenty extra dollars over the minimum amount due, you should pay it. This will help not only to pay your bill down faster but it will also help you to save money on interest. While you are trying to pay down debt you need to make sure that you do not build up debt on another credit card.

It is okay to seek help when needed ladies. You can go online and find a wealth of information and various articles such as this one to help you navigate yourself through the financial world. If you need more help than you can find online and you need someone to talk to, that is okay as well. Financial advisors have so much information; they have the ability to answer any question you may have. If you need their help, find one to help you.

Work on that budget ladies. Having a good budget is something that should be considered a must. You should be reviewing it regularly so that you can make any changes needed. A budget is key to helping you stay on track financially so do not just slop one together, spend the time to do it right.

Find small ways that you can save money in your everyday life. Do you buy a coffee every morning? Why not make coffee at home? Use coupons when you go shopping. There are many different ways that you can make small changes every day to help you save money, you just need to sit down and think about the changes you can make.

Ladies do not despair if you are not good with money. You have the power to change that. Ladies you are strong and you can be financially independent if you do certain things to help you down that road. Your financial future depends on the things that you do today.

Money Tips for Women of all Ages

saving and spending

There are different things women need to know about money in each decade of their lives. There are some things, however, that women of all ages need to know. Here are some of those tips that will help women of all ages.

The first has been said so many times, create and stick to a budget. Everyone should know this. If you have not created a budget by now, you should. Some women think that since they are spending less money each month than they make that they do not need to create a budget. This would be wrong. No matter how much you make and how much you spend each month you should still have a budget to help you to visualize where your money is going.

Ladies are you saving for retirement? It does not matter what age you are, how much you make, or how much you spend each month, you need to be saving for retirement. When you retire you want to be able to live comfortably and not have to worry about money. The only way to do this is to be saving for retirement. You can have a personal savings account for retirement, if your company offers a retirement plan though; you need to make sure you are contributing to that so that your company will match some of your contributions giving you more money for retirement. You can also invest money to help you have money for retirement, this is a good idea, but if you do, make sure that your portfolio is diversified.

You need to make sure ladies that you have an emergency fund. You cannot predict the future and just because you have been with a company for a long time does not mean you will have your job until you retire. Something can go wrong with the company and it could close, or anything can happen really. This is why it is so incredibly important to have an emergency fund. Most experts agree that at the minimum your emergency fund should have six months worth of income in it, a year’s worth would be even better, but you need to get to at least six months worth.

Ladies, challenge yourself to find different ways that you can save money in your everyday life. Use coupons, check parking lots for change, it does not matter what you do as long as you are making the effort. Try to stop a bad money spending habit that you have. Anything that you can do to help you save money will help you to save for your future. Ladies you all have the power and ability to take control of your financial future, so get at it.

Financial Rules of Moving In With Your Significant Other

When you and your significant other decide to move in together it is a big step. There are many things you are thinking about; among those things should be your finances. When it comes to the finances of moving in with your significant other, there are many things that you should be thinking about and taking into consideration prior to making the actual move.

The first thing that should be decided on is if you are going to be renting or buying. This will make a big difference. If you are going to be renting you will have a different set of decisions to make than the decisions that you will make if you are buying a home. This is going to be your first decision.

If you are renting you will need to decide whose name will be on the lease. Will just one person’s name e on the lease or both of your names? Having your name on the lease brings with it legal responsibilities and the right to stay there should you and your significant other break up. If you both have your name on the lease and you break up then things will be different than if only one of you has your name on the lease.

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If you are going to buy a home you must then decide if you are going to put just one person’s name on the title of the home or if both people will have their names on the title. You must also decide if only one person will have their name on the debt for the home or if both of you will have your name on the debt for the home. Again, this does have a lot to do with what will happen should the relationship come to an end.

When you move in together, the bills will be shared by the both of you. This means that you should create a household budget. This will make sure that you are able to put money together to make sure that your bills will be paid on time every month. The responsibility of paying bills is no longer just on you and you must be able to rely on your significant other for their half of the bill money.

When it comes to money and bills that affect both you and your significant other you need to make sure that you and your significant other are communicating. Money and finances are often the cause of problems in relationships and if you do not want that to happen to you and your relationship you need to make sure that you are able to communicate about money and bills with your significant other.

All of these are things that should be addressed prior to actually moving in with your significant other. Once the topic of moving in together has been brought up and you both agree that you would like to, you should then begin having these conversations before you even begin to start looking for a place. If one of you is planning on moving into the other person’s place then before you start packing your boxes, have these conversations so you can start your lives together in the same home on the right financial foot.

Safety Tips for Women

There was once a time where you did not have to worry much self-defense and women’s safety. Those days are long gone. These days women need to make sure they are able to take care of themselves if necessary. Women today are more independent than ever and are being targeted by those who want to do them harm. Women need to know how to make sure they are looking out for their safety.

If you do not know any self-defense it is a great idea to sign up for a class. It will help you understand the basics of how to defend yourself should you ever need to. Every woman thinks that it will never happen to them but the truth is that you never know if the next victim of women’s violence will be you or not. This is a great reason to make sure that you are prepared in the event that a criminal chooses you to attack.

You should always be aware of your surroundings. Always take mental notes of who is around where they are, where vehicles are, and so on. A lot of women who fall victim to violence do not make sure there are aware of their surroundings before they were attacked. This is something that you must make a habit of doing.

Stop sign

Stop sign (Photo credits: roadtrafficsigns.com)

A woman’s intuition is usually spot on. Listen to your intuition. If it tells you that something in a particular situation is wrong, then listen to it! Ignoring your intuition could wind up making you a criminal’s next victim. If a situation feels like something is wrong, get out of that situation as soon as possible and if needed find someone to help you.

There are sporting goods stores that sell pepper spray, or you can find some online. It is a good idea to get some to carry around with you. Pepper spray can give you the opportunity to get away from an attacker when you would not be able if you did not have that pepper spray. It is a good idea to practice getting the pepper spray out of your purse and getting ready to use it. Should a time come that you need to use it you do not want to get caught fumbling around with it.

When you get into your car, no matter where it is, at home, at the shopping mall, wherever, lock your doors right away. This will make you safer by making sure that no one can hop in your car while you are at a stop light or a stop sign. It will also help you not be a victim of a carjacking. This happens more than people realize, and simply locking your car doors as soon as you get in can help keep you from becoming a victim of it.

Women today have to make sure they do what they can to be safe. Unfortunately not very many women have safety at the front of their mind, but they should. You probably have heard the saying better safe than sorry, make it your mantra, say it to yourself every day, and live it!