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7 life hacks that’ll save you some serious money

Money – however much you’ve got, it would always be useful to have a little more.

For many people, that means working harder, putting in longer hours – or even having a second job to bolster your income.

But, before you go making life more difficult and sacrificing more sleep – you should consider whether or not you can save money in any aspect of life. The result is the same – more money in your pocket – although when you’re saving, it’s generally a lot less hard work…

We’ll take you through 7 financial life hacks that’ll make sure your money stays in your pocket.

  1. Consolidating loans

Sometimes, the financially simpler option is the key to saving a lot of money.

If you’ve got a lot of lines of credit currently open, consolidating them into one place can do wonders for the amount of interest you pay. Generally, companies who lend smaller sums charge higher levels of interest – so, putting these smaller sums together can bring the interest rate you’re paying down significantly.

Talk to your bank or a loan provider about products that might fit your need – and if you’d like to know more, the website Face the Red has some great info in its article ‘How does consolidating loans work?’

  1. Buy clothes in the wrong season

There’s a huge amount of money to be saved if you’re willing to buy your clothes and keep them in your wardrobe for a few months.

Last year, retailer H&M sold winter coats with discounts of up to 90% when spring came around and temperatures started to rise – and other retailers do exactly the same each time seasons alter. The key is knowing when sales are about to begin – and jumping on the opportunity.

To stay on top – follow your favourite shops and brands on social media, pounce when the sales begin – and feel smug and better off when next summer comes around!

  1. Ask for discounts

As a nation we’re extremely polite – and while we might make a lower offer if we’re buying a car or a house, we tend to save haggling for those big-ticket items.

We’re here to tell you that this doesn’t have to be the case – a small fortune can be saved if you’re willing to ask for a discount in your favourite stores. Be bold, ask to talk to managers for the best discounts – and offer bribes! A letter to a company’s head office or a glowing review on social media is probably worth more to the outlet than the 10% discount they’ve agreed to give you.

  1. Clear your saved card details

Here’s a tech hack that’ll save you a small fortune.

Isn’t it great that companies save our card details so we don’t have to go to the trouble of re-entering them every time we want to make a purchase with them?

Here’s a reality pill. The only reason a website saves your card details is to make it easier for you to spend money with them. Physically reaching into your purse or wallet puts a small barrier in the way between browsing and checking-out.

Use your browser’s settings options to clear your card details – that way, you’ll have to go to some effort to buy your chosen item – and sometimes, a few more seconds is all you need to ask yourself if you really need what you’re spending on…

  1. Use real money

Credit and debit cards make money quite an abstract concept.

Rather than having a pocket full of change or some notes in your wallet – money is just a series of numbers on a screen, never actually passing through your hand. This makes it very easy to spend – as there’s no emotional connection to numbers on a screen – while there is to a fifty or a twenty that’s in your hand!

Experts suggest withdrawing a day, week or month’s worth of money and actually dealing with it in real coins and notes. Studies show that when we do, we’re far less likely to ‘break into’ those bigger notes for the series of smaller transactions we can often mindlessly make.

  1. Stand up for your rights

Consumer groups report that throughout 2017, customers have been due billions in refunds that they never pursued.

Modern retail is geared towards items being more disposable – lower cost stores often trade on the basis that if something is cheap enough, people will either settle for a lower quality or they’ll neglect to bring it back should it fail in some way.

Sadly for our bank balances – they’re right. We’re more likely to throw away a cheap pair of jeans when they split than we are to take them back.

In reality, consumer law states that any item bought has to be ‘fit for purpose’ – so, if your t-shirt shrinks, your Bluetooth speaker sounds distorted or you’re a child’s toy doesn’t stand up to normal levels of play – you’ve got a legitimate right to return it and ask for a new one.

If you face any resistance, ask a shop to define what ‘normal use’ is for the product that’s failed – and don’t be afraid to take your complaint to the next level if you’re not getting the help you deserve.

  1. Think about savings differently

This next hack is more of a ‘brain hack’ than a financial one!

Saving money is great. Statistics show that around 75% of us will have some large, unexpected outgoing that we’re not expecting every year – and unless you’re going to get expensive credit to facilitate finding your way out of that issue – you’re going to need some savings to fall back on.

For many people, ‘saving’ is what’s done with money that’s left at the end of the month. Well, I’m here to tell you – that attitude doesn’t work – especially because most of us report having nothing left in the days the come before payday!

Instead, you need to start looking at saving as a monthly outgoing. When you’re paid, allocate a small amount to be transferred into a savings account.

That’s right – we said ‘a small amount’. If you’re planning on suddenly putting away half your salary – it’s just not going to be sustainable. The very best saving is done with a ‘constant drip’ attitude – small amounts that add up over the long term. Reframe your thoughts on saving – and you’ll start to see the money stacking up.

Reasons to Hire a Mortgage Advisor

Taking out a mortgage is an exciting – but demanding – time. Whether you are set to become a first-time homeowner or are moving a further rung along the property ladder, there will be a great deal of work to be done, including research and paperwork.

If you are considering the use of a mortgage advisor such as Dumfries Mortgage Advisors but have concerns about the expense that may be incurred, take a look at these reasons why you should bring our team of qualified professionals into your mortgage application.

A Mortgage Advisor Will Save You Time

Finding a mortgage deal can be fun and exciting at first, but it soon becomes wearing. There are so many different vendors out there, especially with the rise of online lending, and it can be difficult to keep track of all the different rates and options.

If you bring in the services of a professional mortgage advisor, you can focus all your energies on your new home – let us do the legwork of searching and comparing different rates and cost implications. A mortgage advisor will only bring you suggestions that stand a strong chance of acceptance too, so you will remove the risk of damaging your credit score with an unrealistic application.

Of course, the work does not end with finding an agreeable mortgage rate to apply for. There is a great deal of paperwork to be completed before any mortgage can be rubber-stamped, and the forms in question are filled with enough financial lingo to leave a layperson scratching their head. If you bring in the services of a mortgage advisor there will be no need for you to spend your time on such logistics – that’s what a professional mortgage advisor is for.

You have to keep a lot of plates spinning while you’re applying for a mortgage and buying a new home, and it can quickly become too much work for anyone to deal with by himself or herself. Bringing in outside assistance from a mortgage advisor will allow you to keep on top of your mortgage application without sacrificing everything else that’s important in your life.

An Advisor Works for You, Not Your Bank

A bank or building society will be duty-bound to perform certain affordability checks to ensure that you can continue to make repayments on your mortgage, but that is largely where their commitment to you as a buyer begins and ends. Ultimately it is a transaction between customer and vendor, and there is very little opportunity for legal recourse if something goes wrong later in the process.

Bringing in a professional mortgage advisor, however, is a different story. Your advisor will be committed to you, and will ensure that the offer that reaches you is designed to work entirely on meeting your unique needs and circumstances.

The law will also protect you if you follow the advice of a mortgage advisor; in the hugely unlikely event that the information you are furnished with is inaccurate or untrue, you will be able to seek compensation to rectify any financial shortcomings. This is not something that is open to anybody that approaches a lender directly and acts in their own interests. 

They Will Find You a Better Deal

While it’s true that a professional mortgage advisor may not be able to gain access to direct-only deals offered by high street or online lenders, this is countered by the fact that our team can find offers that you would not.

As professional mortgage advisors, the team at will have direct contact with the key decision makers of a great many vendors. Particular deals and arrangements are frequently held back from the general public and reserved for access to professionals that work within the mortgage industry, and more often than not, these will be preferable to the customer.

The savings that are available through bringing in the services of a professional mortgage advisor often greatly outweigh the costs of utilising the services of one of our professional team members, so you have nothing to lose by picking up the phone to Dumfries today.

They Provide Future Security for your Home

Once you have your mortgage in place, everything should be smooth sailing. At least, that’s the theory. Unfortunately the world continues to turn after you have signed the contract on your property, and you will need to be certain that can continue making mortgage payments if your circumstances change unexpectedly.

The mortgage advisors on the team are qualified financial experts which means that their experience is not limited to mortgages. As part of the service, our team will also be able to make suggestions for a number of different insurance packages that will help you sleep easier once you are situated in your new home.

First and foremost, our advisors will find you the best possible home insurance policy – once again, potentially finding you a package that may not be available by browsing online or simply asking your mortgage lender for a package deal.

Perhaps more importantly, however, our team will be able to recommend a policy that protects you and your partner against death, critical illness or redundancy from your job.

Sometimes unfortunate circumstances can arise, and worrying about whether you will lose your home will only make a bad situation worse. By utilising the skills and experience of our team of advisors, you can breathe easier knowing that your home is protected no matter what happens.

These are just some of the reasons why you should consider the use of a professional mortgage advisor. 

Financial hacks for small businesses

Own a small business? Stuck with how to deal with the financial side of the company? Don’t let ongoing spreadsheets and multiple pages of numbers put you off. Get your financial brain into place. We have some financial hacks that can help you so you’re not left in the dark. Running your stainless steel banding company is the easy part.

Invoice regularly

Invoices. Basically a document to prove that a customer has bought something from you and your company, a record of the transaction that has just been placed. They are very important. They essentially hold how much money is coming into your company via sales. Invoicing correctly ensures that you will get paid, your staff will get paid, and more importantly, your bills will be paid on time. So it is essential to keep up with them.

As daunting as it may sound to deal with them, don’t let all your invoices build up till the end of the month. Watching that pile get higher and higher is more likely going to put you off in comparison to doing them. Why not keep your workload to a minimum? Continuously do you invoices throughout the month, possibly even weekly will save yourself a chunk of time, and trust me, you will thank yourself for it. When you have one million and one other things on your mind to do at the end of the month, this is one thing crossed off. Don’t keep putting it off, as they won’t magically disappear into thin air as much as you wish they would.

Create a financial plan

Having a plan allows you to stay organised. Jot down a list. Where will your money be going? What expenses will need covered on either a daily or monthly basis? This will then give you a better indication of where your money will be going and what you will be doing with it, so you don’t get too much of a shock when you see £25 coming off for Adobe Photoshop every month. Having this will then take you forward into planning a budget. All your money will be planned out accordingly. It also prepares you for unseen circumstances for other resources and inventory in the future.

Plan your business around the seasons

Stay alert through all the seasons. If your business is one that performs well in summer, but when it comes to winter it tends to quieten down, you, as a business owner, need to prepare for that by planning your finances accordingly. Say you have a machine that has been playing up for a few weeks and is close to breaking down, don’t wait until the last minute to do something about it. Plan in advance. Do something about it while you have the money. If you leave it too late, you could be one machine down with hundreds of work to do, and no ability to match up to it.

Separate business from personal

And by separate, I mean have separate bank accounts. Don’t mix your business and personal together, this can only make matters worse and leave you in a wide state of confusion. When was my business trip? Wait was that personal? Where did all my receipts go? No. Keeping everything separate will make it easy for everyone, especially your accountant! (She won’t be pulling her hair out demanding for the multiple receipts that you have lost.) By having a separate business account, this allows you to keep an accurate record of all spending coming in and out of your business. This will also save time when it comes to the end of the tax year. Instead of running around crazy wondering if the meal you had that one time was business or personal, everything will be dealt with separately. Plus, your accountant will love you forever for not mixing up your accounts when it comes to dealing with taxes and book keeping.

Pay the bills

Obvious, but true. Always pay your bills, and pay them on time. Putting off bills creates late fees, which will only cause you more hassle as it builds up over time. Just as you would your personal bills, it is important to pay your business bills on time too. Paying your bills on time, as silly as it sounds, allows your business to keep running smoothly, and prevents things from piling up. Simple things like setting a reminder on your computer or writing a note in your diary for the date that everything comes off will allow you to keep up to date with everything and less likely cause you any fines or get you into any unwanted trouble.

Sales & Marketing

It may be near the bottom of the list, but it is still equally as important. Now that you have your financial side of things under control, you can look at branching out and getting your company name out there for new customers. Implementing a marketing strategy is the best way to do this. Here you can invest some of the profits you have gained, or money you have saved to reach out to new people. Whether it be online, in a paper or even just a regular advertisement, putting some money into this side of things will probably earn you more back in the long run. This way you can introduce more people to your business and what it is all about.  The budget is up to you, the more you put into it, the more you will get out of it. But by starting off small, then gradually increasing, this could see your business branch out into some new opportunities.

No matter if you are a small business selling steel strapping or a large business selling clothes, money needs to stay stable in order for the business to run smoothly. Getting on board with some financial hacks will help keep your company on track! Keeping yourself updated on all aspects of your business is a great indicator that you care enough to have your business succeed.

6 Life Hacks for Students to Make Money

Finding yourself constantly asking for money? We understand what a student budget can be like. Living in Birmingham University Accommodation, bills and the like can become quite expensive, which is why we want to show you 5 different and tremendously easy ways for you to make money.

1.      Sell Old University Books

That’s right, you can make your money back from those previous academic and university books that you don’t want anymore! Believe it or not, you can get yourself a quite a bit of money fetching upwards of about £50.

Both Amazon and eBay are a fantastic option for selling your books (and any other unwanted items). Sadly, you do have to pay for the fees and postage that comes along with selling on these websites.

Another brilliant way you can sell your University books is with this site called The Book Pond, where you can become connected with other students who are in need of these books. Attracted buyers will get in talks with you after they’ve seen your post about the books are how much you want from them. Lastly, another great advantage is the fact that there is no fees or postage to pay!

Another handy app is called Shpock, a ‘boot sale’ app where you can advertise and sell for free to people in your area. People also use this app to sell clothes and other items, so if you want to have a bit of a clear out, you can sell more than just your old books!

However, the easiest way to flog your fiction of course is to simply sell your books to friends or family: perhaps you have a family member who just started University and who could use some books, or know some students in the year below who will need your books next year. Give them a discount and it’s a win-win!

2.      Make and sell your own custom T-shirts

Zazzle is a super simple site to use, it allows you to create your own custom T-shirt designs for other people to buy. As long as you come up with the idea, Zazzle will do all the hard tasks for you from shipping to printing and collecting money.

3.      Sell photos

Got a good camera? Into photography and have some neat holiday pictures? Got some worthy snaps that could make it into a news headline? All you need to do is upload your photos to image stock sites – then sit back, relax and wait for the money to come flying on in. Anyone that uses your photos will have to pay you a fee.

Some examples of stock imaging websites including Shutterstock and Fotolia. For a news site where you can send in your news stories or photos, try Cavendish Press.

4.      FREE Lottery!

The Free Postcode Lottery is exactly what it says on the tin. How can you not resist a FREE lottery! A winner is selected everyday – yes, the prize may be ‘only’ £100, however if it is not claimed it rolls on over to the next day. Enter for free now and test your luck over at Free Postcode Lottery’s site.

5.      Make money from your parking space

You heard that right – you can get your parking space at home rented out by other people on websites such as Your Parking Space and Just Park. You can make the amount you want to charge the exact amount you want; the best parking places can make up to £100 a day! However, the location of your parking space is what will give it value – a few examples might be living in a large city or near major attractions, such as stadiums, tourist landmarks, arenas or train/tube stations.

Even if you don’t have a free parking space to sell, these sites are also great for if you just want to see the cheapest options available to park when visiting built up areas.

6.      Teach your subject

All that knowledge you’ve accumulated over your GCSE’s and A Levels is worth more than just your ticket to your dream degree – it’s worth money! Working a private tutor is both flexible and well-paid, and you can use simple sites like First Tutors to register and get local applicants for free.

Alternatively, if you’re already doing great on your degree, you can tutor others on the same degree (either in your year, or most likely a year or two below) and give them guidance on how to study and pass the exams you did with flying colours. Most tutors charge around £15 per hour but if your subject is more difficult you could charge up to £20 or £25.

7.      Manage social media for local businesses

Most students tend to be pretty savvy with social media, and believe it or not, companies will pay you to post on their behalf! Small, local businesses often don’t have the time to invest heavily in social media, so pop into some of your local high street businesses with a pitch and CV, or get in touch with some businesses from home.

You can charge anything from £100-£500 per month for the full service or charge per post, and plan all the posts in advance with social media scheduling websites such as Hootsuite, Retortal, Buffer and more. A few hours work that you can do in your jammies too! What more could you ask for?

We do hope you try out at least one of these life hacks, and that they help you earn a little bit of spare cash! If you know anyone who could benefit from trying out some of these ideas, do share it and tag them, and if you liked what you saw here, you’ll love our cheap rates on our Student Accommodation if you’re a Birmingham student.

If you found these life hacks useful then please do let us know via our Twitter or Facebook on what you’d like to learn more about, or what you found most interesting!

10 Clever Tips to Help You Save Money While Travelling

Traveling is the kind of thing that pays dividends at all stages of life. It helps us get out of ourselves and brings our life and our world into clearer focus. If there’s a downside to traveling though it’s the cost.

With many people spending so much when the travel it often leads to debt problems with many people becoming ill with stress. This article is a really good example and shares 7 ways debt can make you sick. 

If you’re like most people every expense on your trip is either coming out of your savings or will have to be paid for at a later date when the credit card bills come in. Because of this enterprising travellers are always looking for ways to cut costs and below we’ve compiled a list of 10 clever ways to do just that and bring the cost of traveling back down to earth.

Traveling Doesn’t Have to be a Financial Ball and Chain

While there’s virtually no way to completely eliminate the cost of traveling there are ways the average traveller can reduce the cost by thinking outside the box and keeping their eyes and ears peeled for opportunities. Here are 10 travel hacks you can use to cut your costs while on the road or in the air.

Choose Affordable Destinations – If you’re determined to go to the world’s most expensive cities, good luck. You might find a deal here and there but you’re going to pay a premium on most things. Instead, take some time to investigate those corners of the map you normally pass over. Thailand is a favourite destination of budget travellers and so is India. What about Peru? Machu Picchu has to be seen to be believed.

Travel During Off Months – Every country has a high season for travellers. During this time of year prices on everything from hotels to restaurants to museums and more will be as much as 50% higher than the rest of the year. Arranging your holiday for times just outside the parameters of the high season can wind up saving you bunches of money and chances are the weather won’t be significantly different than it is during the peak tourist times.

Also Read: 10 Ways To Save Money While On Holiday

Explore Alternatives to Hotels – The internet has created an entire subgenre of the hospitality industry that simply didn’t exist 20 years ago. People the world over are opening their homes to travellers through services like HomeAway, Airbnb and Roomorama. If you’re truly the adventurous type you can use a hospitality exchange which sets you up with someone willing to let you stay on their couch for free with the expectation that one day you’ll return the favour. If none of that appeals to you the world is still fairly crawling with hostels.

Use Budget Airlines – The best known airlines can charge more because they have an established reputation for getting you from here to there safely and in relative comfort. People like predictability so they’re willing to pay more to fly these airlines. Low cost start-up carriers have no such reputation however. They just want to put butts in seats and are willing to offer deep discounts to do that. You can save hundreds of dollars on your flights by eschewing the big boys and flying with the unknowns.

Eat In – If you arranged your accommodations through Airbnb or some such service or you’re staying in a hostel there’s a good chance there will be a kitchen. Use it. You can save significant amounts of money by cooking your own meals whenever possible while on the road. Even if you’re in a hotel somewhere you can still save big by hitting up the local supermarket for salads and sandwich making materials and keeping them in the fridge in your room.

Eat Local – If you must eat out avoid tourist areas like the plague. Prices will be on average 25 to 50 percent more in these areas. Instead go off the beaten track and find where the locals eat. Even in the most popular tourist destinations like Paris you can find affordable meals if you veer from the Montmartre/Notre Dame/Eiffel Tower axis and explore the back streets. You’re also liable to discover hidden cultural gems on your way that you would never have seen if you’d stayed with the herd.

Take the Bus – Or the songtaew or the subway or just walk. Sure, it’s not glamorous but there’s typically no better way to get a feel for a location then by traveling the way the locals do. You’ll also save a ton of money as opposed to taking taxis or private coaches. Like seeking out local eateries this will challenge your communication skills and may be a bit nerve wracking at first, you’ll wind up with a much more comprehensive understanding of your locale and save a bundle in the process.

Free Museum Days! – The standard admission price to the Louvre is €15. However if you are under 26 you can get in free every Friday after 6 pm. On other days they offer free admission to a variety of visitors ranging from art students and teachers to those under 18. Most major museums in other cities offer similar perks so it just doesn’t make sense to show up during peak hours and pay the entrance fee without first investigating whether you actually have to.

Call Home with Skype – Are you still paying to call home while you travel? Why, when you can call anywhere for free using Skype? Sound too good to be true? Well it’s not. As long as both you and the person you call have Skype installed on their mobile phone/PC/laptop/iPad or whatever you’ll be able to talk to your heart’s content for nothing. Nada. Zippo. What could be better?

Use Credit Cards That Don’t Charge Foreign Transaction Fees – Not every card slaps you with big fees when you use them overseas. Do some homework and find a financial institution that offers cards with free foreign transactions and secure one before traveling.

Traveling doesn’t have to be as expensive as you might think. Put these handy tips to use while traveling and you’ll see more for less and have a more fulfilling experience to boot.

Bailiffs & Debt Collectors: What are Your Rights?

If you have built up debt over the years then you are likely to feel anxious about making payments on time. The main reason for this is that you will know if you fall behind on your payments then the bailiffs or debt collection companies may become involved.

These companies are organised by a creditor in order to recover debt from you. They seem to have a negative reputation, and seeing as they are often involved as a money recovery tool, this is understandable.

If you are struggling to make repayments the you may also want to consider an IVA or a Trust Deed if you live in Scotland. This article provides some great advice “How To Help Yourself If You Cant Afford To Pay The Bills. 

Worried that a bailiff or debt collector may become involved in your debt? Want to know more about your rights and the process to expect? Here is our helpful guide to understand more about what they may mean for you.

When may a bailiff come to your home?

There is a big difference between debt collectors and bailiffs. Debt collectors are sent to your home in order to enquire about your payment plans for a source of debt, however you do not have to let them into the property, and they are unable to take anything from your home.

A bailiff on the other hand is employed by the court as a form of debt collection. They are often involved in cases such as county court judgments, child maintenance arrears, unpaid tax or parking fines. A bailiff will visit your home only when you have received a final demand from the creditor in question, and you have been given a 7 day notice that they will be coming.

Do you have to let them in?

This is a common question that is asked regarding bailiffs. The answer is that you don’t have to let them into your property, however, you should be prepared for them to use forceful entry in some circumstances.

Forceful entry does not mean that they can push past you, or break your windows in order to get into your home. But they can break a door lock or remove a gate lock if they have been given the right of entry.

A bailiff is restricted on the time that they can gain access to your property, and they are only allowed to use regular entrances, which means that they cannot get in through open windows.

There is a bailiff on my doorstep, what can I do?

The first thing that you should make sure you do is ascertain whether they are indeed bailiffs or if they are debt collectors. This can be done by asking for their ID and proof of authorisation. You will also need to have had notice that they would be coming to the property.

It may be advisable not to open the door to them until you are definitely sure of their identity. If you need to open the door in order to speak to them or see their ID, then you should try to block their entrance as much as you can. Although, this may cause some tension in the situation, so always be respectful in what you are saying and the way that you are presenting yourself.

Bailiffs want to recover the money that is owed, and removal or property is always a last resort, therefore if you can work out a payment plan with them, then this is always going to be the preferred choice. Often, they will require a payment there and then. If you can do this then you should always make sure that they give you a receipt to prove that you made the payment, the rest of the money will then be paid directly to the creditor, and you will need to cover any charges made by the bailiff for their services.

If you cannot make a payment or agree on a payment plan, then the bailiffs are able to take your belongings. They can only take belongings that are owned by you and you need to be able to prove that they don’t belong to you rather than the other way round. They are not allowed to take items that you will need such as your white goods, clothes or any equipment that is related to your work.

Is there any way I can stop them from coming to my house?

As we have said, when a bailiff is coming to your property you will receive 7 days notice. It is important that you do not ignore this notice. The majority of creditors will want to resolve the issue as easily as quickly as possible, which means that you should speak to them about arranging a payment plan.

Explain your situation and come to an agreement on what you will be able to pay on a regular basis, this is the simplest way to prevent a visit from any bailiffs. However, you should remember that if you fall behind with any payments then you may find yourself expecting a visit from them again.

Finding out that the bailiffs are coming to your property can be worrying, but you need to remember that there are still things you can do in order to stop the process and ensure that you don’t have to lose your property. You won’t be able to bury your head in the sand and ignore the issue, but you can work with the creditor to come up with a solution that not only works for them, but is something that you can maintain for however long you need to keep up the payments.

 

How to Save Up

All of us dream of saving enough money to accomplish something we have always wanted. Some of us dream of going on a holiday cruise abroad. Some want to get that dream house they have always wanted. Some dream of living a life comfort in their twilight years.

Whatever your goal is, saving money is often easier said than done. This article seeks to give you some concrete advice to help you save money.

Also Read: 10 Budgeting Tips For Low Income Families 

Set a Goal 

First things first, you need to have a concrete number in mind. This will serve as your target, your goal. This is actually a crucial step as it will give you something to strive for. Otherwise, your dream vacation will only remain in your dreams.

Check Your Finances

You need to rein in all financial documents in your possession. This is vital so that you can have a concrete idea on the state of your finances. It will also give you a timeframe for your financial goals.

Make a Budget

Now that you know where you stand, it is now a matter of planning how to get to your goals. Making a budget is simple enough – juxtapose your income flow.

https://www.youtube.com/watch?v=DD_8u_xLiIQ

Making A Personal Budget

In order to properly manage one’s finances, it is crucial that each individual crafts his or her own personal budget. It is probably one of the most useful financial tools out there. Luckily, making a budget is easy enough that anyone can do it.

Budgeting is also one of the best ways to keep yourself our of debt, we all like to spend our money and buy nice things, however sometimes this does lead us to spending more than we make. This is covered is a recent article called The Psychology of Debt which is also worth a read.

This article presents the simple steps you need to do to make a personalized budget.

Getting the Full Financial Picture

Before making the budget itself, you will first need to have a grasp on your financial situation. After all, your budget will serve as your financial blueprint. So, like with any plan, you will want your financial blueprint to be as accurate as possible.

Making the Budget

In order to make the budget itself, you will need to make a two-column table. One for your income flow, and one for all your expenses. Make sure that you deduct taxes from your income so that you get the actual amount.

This should be as detailed as possible. List down all your expenses, including food, rent, and utilities. By determining the amount of money coming in and going out, you will be able to determine expenditures you can trim or cut out altogether.

Do the budget regularly and make the necessary adjustments for every cycle. More importantly, follow it!