Ways to Save Money and Manage Personal Finances

In today’s declining economy, financial problems are becoming increasingly common. Every time you go to the grocery store, the price of at least one thing you buy has gone up in price since last week. Almost daily the price of gas increases. So what can you do when you are continually forced to spend more and more, but your income stays the same? How can you take control of your personal finances, save money and get ahead?

First, you must be aware of where your money is going. Many people don’t realize this and without knowing it are spending what adds up to be a significant amount each month on little things. If you don’t normally ask for a receipt, start doing it now. Write down everything you are spending. Include cups of coffee, magazines, sodas, snacks and money spent eating out. Don’t omit anything. If you don’t know exactly where your money is going, you can’t make any affective changes, save money or take control of your finances.

Second, make a budget. Put all of your expenses into one of three categories: needs, fun money and savings. Everything you need to have obviously goes in the needs category. Be honest! Only put it here if you really need it. This includes things like rent or house payments, gas, childcare (for when you are at work, not at a movie) and food. From your fun money come things you enjoy having but can live without, like gifts, eating out, cable t.v. and toys for your kids. Finally, there is your savings. Maybe you are not saving anything yet or are not saving enough. 65% of all people living in the United States are not saving enough for retirement. Maybe you have a lot of credit card debt and can’t think about retirement until you’ve paid that off. Don’t despair! Keep reading to find out how you can pay off your debt, save money and take control of your personal finances.

Third, you have to be willing to make changes for your own good and the good of your family. Look closely at where your money is going and see what you can cut back on. Do you buy a $3 cup of coffee each morning? This adds up to $60 a month. Make your own. Start taking your lunch to work. Don’t buy the most expensive gifts.

This article covers very briefly the basics of balancing your money. For details visit my blog by clicking below because there is so much more information vital for balancing your money, controlling your personal finances and becoming financially secure than I am able to put in this article. It describes in depth each of the three categories: needs, fun money and savings, as well as the percentages of how much you should be spending on each category. It tells you exactly how to get out of debt, no matter how much you have, and how to best plan your retirement. My blog also offers a variety of ways to save money.



How to Manage Money While Playing Roulette

Money Management Techniques in Online Roulette

This article looks at some of the methods that are used to manage money while playing online roulette. It takes the commonsense approaches and then applies them to the game as it should be played. That is a foundation for all the new and old players that wish to raise their effectiveness.

Money matters in Online Roulette

The management of money will be one of the crucial elements in online roulette. The first strand will involve the establishment of a bankroll system. This will enable the player to keep in control even when they are dealing with the best online roulette. The idea is to keep the money in some sort of saving system until it is ready to be wagered on the different games. This might be the trigger that makes all the difference in terms of handling the elements of the game that appear to be problematic. There are plays that never really learn how to manage their bankroll system. They follow the instinctive model and that is one of the surest ways of losing track of the playing system and the implications that it has for the participants.

The Martingale system is not advisable in these situations because it encourages the player to double their money every time there is a loss. When people are learning how to play roulette the emphasis has always been on the possibilities of being cautious in the approach. Rushing into the agreements is not the way forward and it certainly causes problems for the players in the long run. The game if instinct alone might not be enough to enable the individual to play roulette online. They need to have a calculating attitude that will look at all the facts and come out with the best way of handling the odds that the game is churning out.

The online casino is like any other casino except that it uses the internet. Therefore the players have to make an attempt to follow the rules. This means that their money management techniques must be geared towards the instructions that are given by the establishment. Of course if they fail to hit the right spot then they are in danger of losing all their winnings. It is the nature of things. The programs for online poker follow the same tract in as much as they concentrate on the things that might be useful for playing the game in the long run. They also develop the acumen for reading the game.



Grant Management Job Skills Save Money

Grant managing knowledge can save your agency money, protect it from having to pay back money, and improve your project design. This article will focus on

  1. These 3 reasons why post-award management experience is critical to grant writers; and
  2. 4 top job skills you need “after” you have received your grant funding.

Post-award “grant management” is one of six primary skills you need to have if you want to be certified as a “grant professional”: grant seeking, project designing, writing, managing, ethics and professionalism, and relationship-building.

3 Reasons Why Management Experience Is Critical to Grant Writers

Why is grant management experience important to grant writers?

Here are three primary reasons:

Reason 1 – It Saves Money Through More Accurate Budgets – By tracking and reporting on how money is actually spent, a grant professional is positioned to do a better job in budget estimating for future grants. For example, knowing 3 things – 1) actual fringe benefit costs, 2) matching funds, and 3) indirect cost formulas … allows grant writers to more accurately estimate budgets for 1) personnel-related costs, 2) in-kind contributions, and 3) how to reimburse the agency for costs that are not readily identifiable but nevertheless necessary for the overall operations, such as maintaining buildings, grounds and equipment, and administrative staff costs.

Reason 2 – It Protests The Agency From Having To Pay Back Money – If grant writers are unaware of the requirements involved in implementing and managing a grant, they may unwillingly be setting up recipient agencies to fail, negatively affect future grants, and even cause an agency to pay back the money. I saw this happened to a large institution in my state; it was not a pretty site for the agency to have to return $100,000. Because the money had already been spent, the organization had to come up with the funds from another source. Two ways to harm an agency are to give unrealistic numbers of clients to be reached and underestimate costs and risks to the agency to implement the grant.

Reason 3 – It Improves Your Project Design – By being involved in implementing your proposed activities, sustainability plan, and evaluation plan, you can modify your project design as you go. For example, I managed all 48 post-grant awards and every penny of $6.3 million. Why? I wanted to monitor the day-to-day activities and operations. By evaluating performance as we progressed, we positioned ourselves to make critical adjustments in real time – like more or fewer classes, different times and locations – as we progressed.

4 Skills for Grant Management

According to the Grant Professionals Certification Institute, the 4 top grant management skills are:

  1. Understanding the key elements of regulatory compliance;
  2. Know best practices and key functions of grant management, such as delegation, evaluation and reporting;
  3. Manage various project and management staff and a grant management team that also includes coordinating and communicating effectively with key stakeholders and other grant project affiliates; and
  4. Establishing transitions to “post-award implementation that fulfill project applications (e.g., document transfer, accuracy in post-award fiscal and activity reporting).”



Wealth Management Helps to Grow Your Money

Wealth management is an advisory service that encompasses investment organization and financial portfolio planning catering to several different investors. Whether the client is an already prosperous, high-net-worth Individual, or a customer seeking financial advice, investment services are the key to specialised counsel and careful planning.

It can extend much further than simple investment advice. With the potential to provide assistance across all facets of an investor’s financial profile, this is support that one’s profile needs against risks. Drawing upon their in-depth knowledge of the market, advisors chart a personalised plan for their clients, one that consists of a diversified investment portfolio and different asset classes. As a client’s income increases, they continuously read just this balance through structuring of investments for further wealth creation.

Financial planners strategise investments so that the interests of dependents are adequately taken care off. It follows a holistic approach to investing and incorporates the future risk-appreciation along with planning for the best possible financial future.

These services also include private wealth management, a term used to define a more customised approach sometimes referred to as ‘private banking’. These sophisticated services cover everything from family trusts to stock options and the use of hedging derivatives. To operate at this highest level, the client should already have achieved a certain degree of affluence. The idea is for advisors to channel this success into further fiscal achievements.

The expertise provided by informed and efficient wealth managers is hugely sought after. Worldwide, returns on investments are ever-increasing and the need for knowledgeable advice and efficient management is rising simultaneously. Wealth managers are often certified financial planners or MBAs, but they can be defined as any money manager dedicated to the economic enhancement of investors.

The dramatic downturn of 2008 and the resulting global financial crisis have significantly challenged conventional investment thinking. With risk tolerances sorely tested, and long-held beliefs turned upside-down – it’s clear that the marketplace has changed. More than ever before, wealth managers are pushed to closely communicate with their clients while assessing and re-assessing all investment possibilities. For years the industry stuck with core principles, but the crisis demonstrated how little anything is really assured.

Balancing a financial portfolio can be compared to the achievement of good health. Constant maintenance is required, and balance is the key. Clients must keep feeding their investments, but moderation is a governing principle. Wealth management services are designed to guide this process, taking the stress out of difficult decisions.



Managing Your Money at Christmas

From a financial perspective, Christmas can be an extremely expensive time and if we’re not very careful the season of good will, will put us in debt for the next six months or more. Therefore, managing your money becomes even more important at Christmas time since it has the potential to damage your financial health for most of the coming year. (You’re not still paying for last Christmas are you?)

Everyone Wants Your Cash

There’s just so much stuff to pay out for and it’s not just gifts! From decorations, luxury food and cards to new clothes, travel expenses and work parties, much of which we don’t budget for. We’re expected to buy presents at great expense for all of our nearest and dearest, leave tips for the dustmen, postman and window cleaner and have a good stash of booze in the drinks cabinet for any passing visitors – it just seems never ending!

So what can you do to limit the financial damage that Christmas can have on your bank balance? Managing your money at Christmas requires two main things:

1. A small amount of time

2. Work with the budget you have (not the one you wish you had!)

Budgeting for Christmas   Money   Management 

The very first thing to do is create a budget sheet to find out what you can actually afford to spend and stick with it! It should take you no more than an hour to sit down and work out what money you have available for Christmas. First write down all of your normal monthly outgoings such as mortgage, groceries, utility bills, phone, TV, travel expenses, insurances, etc. and add them up.

In a separate column write down all the ordinary money you have coming in for that month – so wages, any benefits (such as child benefit or tax credits), rent from lodgers, any money you have saved for Christmas etc. Do this for the months November, December and January and promise yourself that you will not be paying for Christmas after January!

Being Off Work Saves You Money

Now comes the important bit: add to your incoming column any Christmas bonuses you will receive and any savings you might make because you are not at work (yes it’s often cheaper to be at home than at work!). Because you are off for a week or two, you might well be saving on travel expenses and parking fees. You might also save on paying out for lunches and coffees every day. Add all these savings to your income for the month(s); subtract the figure for your income from your outgoings and voila – this is what you have to spend. Take a bit from January if you must, but make a commitment to pay that off in January!

Managing your money at Christmas does take a little thought and effort, but by using just one hour wisely you can save yourself a lot of money and a lot of financial pressure in the new year.



Finance Books to Learn and Manage Your Money

Personal finance is hard enough as it is. It’s absolutely daunting to doing the whole thing by ourselves, especially if we’re not very well-versed in keeping logs of earnings and expenses, calculating our own net worth, reducing debts, and managing our finances by ourselves We could all use a little input from experts, especially when it gets really confusing and we don’t know where to start. Here are several finance book recommends:

Total Money Makeover by Dave Ramsey

Dave Ramsey is a great material for looking up information about personal finance. There are hundreds if not thousands of people who are inspired to get their finances straight all because of the Total Money Makeover book.

The book also tackles debt reduction by giving great advice on how best to approach this problem and gradually take shed off the ball and chains to their finances. It is especially for those who are just starting out.

The unique thing about Dave Ramsey’s book is that it includes Christian thinking and values, as well as bible teachings that he relates to money. If you’re the person who isn’t bothered by religious thinking seeping inside a finance book then this book is for you. There are Dave Ramsey fans accumulated over the years, sticking by to what they learned from the publications to help them get over their financial difficulties.

Five Years to Financial Freedom by Morris Kaplan

The book is unlike any other because it presents a somewhat clearer and more defined rule on how to

fix your finances over time.

It helps you answer the questions you ask when you find yourself in a financial constraint. It tackles how people spend more than they earn, how to change jobs, how money affects your relationships. This book helps you realize several aspects of your life that money plays a part of.

It doesn’t promise that you’ll get rich overnight, but what it does is give you a huge resource of information on how to clear all bad debts, paying for mortgage, start investing, branching out, looking into tax benefits and saving money.

The Wealthy Barber by David Chilton

Some people have noticed that this book is one of the most well-loved finance books of all time. The Wealthy Barber provides sensible advice, deep insights into finances how it affects our lives. It is incredibly easy to take in as the book is written like a story or a short, light novel.

The book is always recommended for those who are venturing out in understanding personal money management, because even if you don’t have much background on finance and accounting, it will not be difficult for you to understand.

The Wealthy barber guides the reader to implement the steps in managing their money by thinking of what we truly want in life and how we can get it. It also has a great chapter on getting rid of materialistic thinking, getting spending under our control and minimizing our debts.

For the Young, Broke and Fabulous by Suze Orman

Suze “Suzy” Orman is a famous household name. You can see her in the news, hear her name on the radio, and her face is plastered on countless publications. She is famous for her personal finance books that are sold worldwide and known for her straight-talking and no-nonsense approach to money and debt.

The book “For the Young, Broke and Fabulous” has garnered a lot of following because the message hits the younger generation, targeting their lifestyle and giving out advice on getting started in the workforce, making the best out of your first few years on the corporate ladder, and following your dreams without sacrificing your future. Suze Orman discusses how the young generation has so much potential in them and how they can save, eliminate debt, and have enough to experience life at its fullest.

Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lechter

The book has changed thousands of its reader’s outlook on how they lead their life. Rich Dad, Poor Dad is all about acquiring financial knowledge and know-how. It illustrates to us how our perspectives about what it takes to be successful in our own rights. It provides practical guidelines including how to build wealth and buy assets, avoid debt and liabilities, planning for the future while living your life today, and how to go rich by living within your means.

Rich Dad, Poor Dad is full of amazing insights about money in general. Learning about your next step, and knowing the difference between an asset and a liability.



How to Manage Your Money For Explosive Home Business Profits

What makes someone profitable when they start a home based business opportunity? Over the next few minutes we will look at the ways in which you must manage your cash flow if you plan to have make money with your home business in the long term.

Controlling Your Money, Correctly

Do you have what it takes to manage your money? If not, it’s either time to improve your skills or find someone who can manage it for you. Without tight control over the finances of a budding home based business, there is no telling what the future may or may not hold. Managing money does not mean that you can’t spend money. In fact that is a huge mistake that people make. The trick is to learn how to spend money the right way (which brings in more profits) instead of the wrong way (which results in more debts).

The first thing any entrepreneur should do when they are looking to start a home business you to do is to determine a budget for exactly what that business will cost. As you develop your budget here are some things to consider.

#1 – What is the start up expenses to get the business off the ground?

#2 – What are the expenses that will continue to keep the business up and running well?

#3 – If you have debt from start up costs what is it and how will you pay it down successfully?

#4 – What are you going to do with the profits when they start rolling in? How much will be re-invested into the business? How much will you personally take? How much will go to paying of any debts you acquired? How much will go into savings for a rainy day?

The budget should be done carefully, with a good deal of thought placed on each of these areas. On certain areas of your home business budget you might want to use percentages instead of a dollar mount. For example, determine the percentage of profits you will re-invest into the business.

Beyond the budget aspect of managing funds is the organizational aspects that need to be taken care of. Good quality, detailed accounting and bookkeeping needs to be done to manage the businesses overall success.

If you are going to do the bookkeeping yourself make sure you have a copy of a good software on your computer to make your job easier. Quick books and Microsoft money are two of the most popular

It’s also important to line yourself out with an accountant who understands home businesses and can get you maximum deductions and benefits.

Although this seems obvious, plenty of home businesses fail because of poor   money   management  in the beginning stages. Don’t get caught in the “I don’t have time now, I will do it later” mentality. If you DON’T start out with good habits it will be hard to correct as you continue on. Think Big Business  Money   Management  For Your Home Business!

If you do not think that you need to do this type of detailed accounting of your home business, you are setting yourself up for a big failure. Now, that is not to say that you can’t make a profit by being sloppy, but remember, we are talking about the long term success here.

Even very large, international companies are very careful about where every penny that they spend goes. After all, this is money that could be doing something for the business, right? It does not matter if you have hundreds of dollars to budget or billions, tight  money   management  is the key to successfully funding any business through good and bad times.

In addition, make sure you are monitoring these numbers as well. It doesn’t do you any good to put in place a system and not to utilize it to the fullest extent.

Analyze your numbers often and keep up on the following:

* Determine where money is going and if it is being done accurately.

* Determine where you can cut back in costs and expenses.

* Determine what you can do differently for less funds so without jeopardizing the actual quality of your business.

Being a bit tight wadded with your home based business is not a bad thing, assuming that you take care of all aspects of the businesses need including reinvesting and growth potential as well.

Two Principles To Remember

When it comes to business success, you will need to consider these two principles as far as how  money   management  goes.

First, consider this: “You should only be spending money when there is a potential to earn money from that expense.”

It is self explanatory, isn’t it? You should not be making an investment in your business, especially a home business owner, unless it will allow you to make more money as the end and direct result.

Secondly, consider this: “If it is not revenue, it is an expense.”

How does that play into the business that you are currently running? Does it offer you the ability to make ends meet successfully? Do you make purchases without careful thought about those dollars? If it is not revenue to you, it is an expense.

Its Not Being Cheap, Its Being Smart

Although it may sound like I’m telling you to be frugal or cheap with your business, you need to insure that the funds that you are spending will be funds that are spent wisely, without waste.

How should you be frugal (that’s a better name for it!) so much so that you will be able to find true success from doing so?

* Determine how you spend every dollar of your businesses budget.

* Is that dollar being spent the best way that it can be? Does whatever it is being spent on benefit your bottom line?

* Is there a better way to spend that dollar? Can you get more for it with another company or service or another opportunity?

* Is there a way to save your money better, with a better return on it?

These are questions that any business owner should be considering each and every day that he owns his business. What can he do better to save more in his business for his business?

Why do this?

How many millionaires or even billionaires have you heard of that still drive their old, beat up cars? Why do they do that when they can afford to have much more beautiful and expensive cars?

It is not because they do not want to spend money or that they like being cheap. The benefit here actually comes from the fact that they like to save. Saving cash for your business is a great way to find true success because you will have those funds to use time and time again when you do need them.

The founder of Wal-Mart, Sam Walton, was worth $25 billion dollars at one point in his career. Would you believe that even with that type of worth he still drove his old, pick up truck into the job each day? Being frugal has its rewards as this is obviously what led him to having a net worth of $25 billion dollars.

When you are frugal, your business will prosper, year after year. If you are a spender, you won’t have the funds to allow that to happen year after year, will you?

All of these money savings and cash handling tips may not seem like that big of a deal to you. If that is the case, you are already doing them and finding success with it, or you are actually wasting money and not achieving the success that you desire.

In the end, is it worth being a bit frugal to reach that huge net worth you’re after? There is no car in this world that can make that type of promise to you, can it? Make sure you install these money managing benefits and principals into your daily routine and long term goals within your business.



Marriage and Money Management – 4 Tips To Understanding Financial Situation

Divorce can be summed up in one word devastating.

Putting aside the emotional distress, often times divorce takes a unaccountable toll on you financially. Divorce is not only the separating of a family, it is the separating of finances. Overnight many of your bills for staples such as electricity, cable TV and phones double since they are now not shared. Ironically, research has shown that most divorces occur due to financial distress; this problem is only compounded after the divorce.

Research also shows that both parties in a relationship often times do not have a good understanding of their current financial situation. I have found in my work that the majority of the couples that I consult with do not have a good clear understanding of what their net worth is, nor what their expenses are. Over the decades of being in this business and doing multiple financial analysis I have found that it is rare to find a couples that are prepared financially if their relationship ended in divorce.

Here is a list of things that I advise both parties in a marriage do immediately to have a better understanding of their current financial position:

  1. Make two lists. First, make one list of your monthly living expenses and another separate list for your expenses that hit annually. Then, plan out 15 years with those expenses growing at 5%.
  2. List all of your financial assets. Separate the list by assets that can be sold and turned into cash immediately and those that cannot. For the liquid assets place a value on them by using the value given from your statements. On the other assets place a realistic value.
  3. Putting any appreciation aside, list the amount of income that your derive from these investments. Then separately estimate any appreciation you might realize from your investments.
  4. Determine how much money you need to have reserved in cash, just in case you lose your employment income or your assets depreciate.

By doing these steps all couples will have a better understanding of what their current financial situation is. It is usually not a pleasant exercise, but often times very necessary.



Money Talks

…I heard it once, it said: “Goodbye!”

Over the years I’ve taught several adult Sunday school classes about Christian Financial management. Much of the material I gleaned from several of the excellent books that are available. In addition, as a result of much study, I’ve discovered that there are over eight hundred places in the Bible where God tells us how to be good money managers for Him. I suggest you get a concordance and look up the passages for yourself. In the meantime, here are some of the things that I discuss with my CFM classes; perhaps they’ll help you when you think about money and stewardship:

1. The financial failure pays all of his bills and living costs first – then tries to tithe and save out of what is leftover. Usually there is nothing leftover. To be prosperous, you must pray for help and plug those money leaks.

2. We are accountable to God in Heaven and the IRS here on earth. On our financial statement, God looks at the top line (first fruits, tithes & offerings). The IRS looks at the bottom line (and everything in between).

3. The profit motive is an honest, legitimate, and scriptural motive for Christians to possess. This is so important to recognize because without an understand of this, you cannot succeed with money (See Luke 19:15-17)

4. You can succeed as a money manager if you can maintain a sincere desire, over along period of time, to achieve the goals of your money plan: Desire, Time, and the Plan.

5. Four essentials for success with money: (1) Prayer. (2) A plan to save (have) money. (3) A way to control all of your living costs. (4) A solution to the problem of debt.

6. The solution to most money problems is more personal discipline, not more money.

7. A Christian must learn to run toward his creditors, not away from them because a Christian must focus on the rights of others before his own.

8. Where money and credit are concerned, you’re in business for yourself.

9. You cannot save by buying. The planning (  management ) of  money  is more important than the money itself.

10. Recognize that the money you have is God’s money, you are managing it for Him. He expects a 10% return and He gives you the remaining 90% for your needs and wants. Good deal!

What is your money saying to you?

Terry Weber



Cost Of Love May Put Pressure On Money Management

Spending on a loved one may see consumers developing financial difficulties, it has been suggested.

In research released by Abbey, typical Britons splash out hundreds of pounds on their partners every year. However, with an average of 1,569 pounds being spent per annum those who do not plan their budgets wisely may well see their ability to manage their money come under strain as they struggle to meet other demands on their day-to-day spending, for instance credit cards, personal loans and overdrafts. The study also indicated that 5.9 million people believe that their partner does not spend enough money on them, with 792,000 splitting up for this reason.

According to the firm, a “staggering” 1,040 pounds is taken up via eating and drinking, both out and at home, while some 224 pounds per year is spent on dates such as trips to the cinema, theatre and day excursions. Meanwhile, Christmas and birthdays – perhaps obvious times for spending on loved ones – account for 133 pounds and 95 pounds respectively.

Commenting on the figures, Steve Shore, head of banking for Abbey, said: “Love doesn’t come cheap. It costs over 1,500 pounds a year to be in a relationship and love keeps on getting more expensive as you get older.”

Research from the financial services firm also revealed that those living in the south-east of England could be set for the most pronounced difficulties in meeting loans and other borrowing repayments as a result of spending on their loved ones. Consumers from this part of the country were revealed to be splashing out the most at an average of 2,031 pounds. This compares to people living in the north of England, who with a typical expenditure of 1,285 pounds per annum, are spending the least amount of money on their partners. Meanwhile,  money   management  problems may be rising for men as they are paying out 1,830 pounds every year. Women, on the other hand, have a typical expenditure of 1,307 pounds for their loved ones.

As a result, those people who are worried that their loved ones and other demands on their spending are causing them to struggle in managing their finances may wish to consider opting for a personal loan. Earlier this year, Sean Gardner, chief executive of MoneyExpert, advised that although few Britons are likely to get into debt difficulties due to spending a high amount of money solely on presents, “it’s worth considering whether it’s really necessary to buy expensive gifts when a small gesture can go a long way”.

And with consumers said to be “coughing up more than ever before” he urged them to take a moment to ponder their capacity to manage their money when considering buying a gift. His comments come after research from the company showed that the typical Briton spends 3.5 per cent of their salary on their partner. Watches, computers, digital cameras and jewellery were revealed to be some of the most popular gift choices. Once again, men were revealed as potentially having the greatest difficulty in servicing their finances due to gift buying, as they splash out some 71 pounds per month, with a low-rate loan one way of helping them to manage their spending.