Personal Finance

Personal Finance Apps For Your Smartphone

Remember that foggy zone you used to be in when you wanted to take complete control of your finances? When you wanted to be more responsible in saving and spending to plan the present and future? Those foggy days are over and the days of finance apps on your smartphones that bring more clarity with ease of use are here. We are discussing top 5 finance apps that will prove to be useful to you.

Mint.com Personal Finance

This application is one of the best personal finance apps. It syncs with your bank transactions and categorizes them automatically. It creates customized budget based on your past spending. It keeps track of your spending and keeps reminding you about your budget. You can create separate mini budget for entertainment, gas, eating out- things you want to monitor. The app sends you reminders, alerts and colour codes the categories so that you know when you reach danger zone. It also offers tips on stocks and investment.

Platform: iOS, Android

Price: Free

2. MoneyWise

This app is very easy to use. It is a budgeting and expense tracking app. MoneyWise enables you to set your financial goals. It monitors the cash flow, categorises your expenses and with the help of colourful charts and graphs it lets you know about the status of the expense categories. You can export the data from this app as HTML or CSV files.

Platform: Android

Price: Free

3.Spending Tracker

This app as the name suggests tracks your expenses. It will help you unlock the mystery of where exactly your money goes every month. You will be able to organise your expenses on daily, weekly or monthly basis. It can be customized to suit your needs. The easy to read fonts and charts make it a fun little tracker.

Platform: iOS

Price: Free

4. Expense Manager

This app enables you to track your expenses across categories on weekly, monthly or yearly basis. You can search for individual transactions, set up payments alerts, import and export data from your phone to your desktop and take pictures of receipts while storing. It has currency calculator, tax calculator etc. It is a neat little useful app.

Platform: Android

Price: Free

5. You Need A Budget (YNAB)

This app is one for the whole family. It syncs with YNAB desktop software (required). It can budget across multiple accounts, analyse and can show the transactions of the whole family instantly. A free version is also available.

Platform: iOS, Android

Price: $4.99

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Personal Finance Management and It's Benefits

The major emphasis on material wealth and status symbols means that more and more people are now finding themselves firmly trapped in the debt trap, with a vicious cycle of extended credit, interest rates and penalty fees all eating into their savings. Record numbers of people are struggling to come to terms with the loans that they have taken out with their banks, only to discover that they can no longer comfortably sustain the level of interest repayment they were paying.

This is why personal financial management is essential, as it will ensure that you do not need to worry about your financial situation should you lose your job or otherwise lose your income. Remember, if you are careful with your personal finances you will be able to get plenty of different advantages for your efforts.

Credit cards are commonly the source of peoples debts. This does not mean that they themselves are faulty or dangerous, however, people do not respect them and so this means that people end up getting caught out as a result. Remember, never take out money with a credit card which you know you cannot comfortably afford.

Another cardinal mistake people commit when using credit cards is that they fail to pay them off when they are supposed to either because they genuinely forget, or because they simply do not have the cash to do so at that current period in time. The truth of the matter is that if you do not pay you will end up paying more money in the long term and this is because of the interest payments that you will be hit with.

Make personal finance management a top priority and a major feature of your life, and you will be able to breathe easy whenever the mailman comes with fresh mail. No longer will you need to worry about creditors harassing you, or hounding you for payments.

Maintaining your personal finance can be one of the toughest tasks that you will have to face in life. Make use of the personal finance tools to manage your personal finance effectively.

Personal Finance Tips: 4 Ways to Become Financially Free Even When You're Single

Being financially free can sound like a far-fetched idea for most single women. The average American today spends more than they earn and can barely keep up financially. Becoming financially free is not impossible, no matter what you might think today! Keep reading to find some personal finance tips that every single woman should know.

Start with a budget. Whether you make a lot of money or a little money, you need a budget to know where you are going. Think of your budget as your financial road map for your future. If you were going some where you have never been, you wouldn't start out just driving, would you? It's unlikely. It would be a waste of time and gas to do that. The same goes for your finances. Why would you continue to work week after week without taking some time to plan how you are going to use your money you worked so hard for? Budgeting can help you do just that. Make a budget a priority so you are not wasting time working and the money you earn. Even if you are single and don't think you make enough money, you need a budget to know where your money is being spent.

Save early and often, even if it seems impossible. Saving money each month is important on so many levels. Not only does it give us something to fall back on when times are tough, it helps us remain disciplined with our money. Think of saving your money sort of like the gas you would put in the car for the trip in example one. Without saving money, how will you have anything for the future? If you have nothing in savings, your first goal should be to have $1,000 in an emergency fund you can fall back on. The emergency fund allows you to rely on your own cash rather than credit cards when something unexpected comes up. Once you get your emergency fund built up, start contributing to your retirement but investing in your company's 401k plan or start your own fund. It's never too early or too late to start saving for the future! This is especially important for single women. If you wait until you have a better job, more money or more of something else, you might just never get started.

Debt can be crippling to personal finances. In order to be financially free, debt needs to be eliminated so the income coming in can go towards savings, rather than paying off debt. Begin small by paying off the cards with the smallest balance first. After that card is paid off, start applying that money towards the card with the next smallest balance and so on. If you receive a raise or a tax return, apply this money towards debt instead of spending it. This "snowball" effect is an excellent way to pay off debt quickly. This can be done on just one income! When you see debt being eliminated, it is rewarding and motivating!

The little things can have the biggest impact. While it may not seem like it, the little things can add up the most when it comes to your money. Spending just $5 extra a day can add up to $150 in unplanned expenses for the month. But this can also work in the opposite way. Adding $5 a day to pay off debt can equate to an extra $150 paid off in debt each month!

It can seem next to impossible for a single woman to start to get her personal finances under control. The most important thing to remember is personal finance is nearly always about behavior. If you can change some of the habits you are accustomed too, you can start to see huge a huge impact on your financial situation.

Jenny Kerr is an expert author, consultant, blogger and social media professional. She loves living a flexible lifestyle and spends most of her time reading, gardening and trying new recipes she has cooked from scratch. Jenny is passionate about helping people save money and blogs about it on her site, The Jenny Pincher She has taught her self-developed "Basics of Budgeting" course throughout the St. Louis area. She has developed a Budget Bootcamp to educate women on the topic of personal finance. She has also taught budgeting in the college setting.

Emotional Cost of Personal Finance

What's your reaction when the monthly bills arrive? Do you feel nauseous? Do you feel sick to your stomach or have headaches? Or, do you feel overwhelmed or panic?

I am sure that you are working very hard to pay off your bills. However, your bills seem to never get smaller. Actually, it looks like they keep growing! You are not sure what is happening here, but you feel very exhausted working to pay all the bills. You feel like you can't do anything you want, no matter how hard you work. You feel upset and even despair. You feel inadequate, shame, and don't know what to do.

What's happening here? Your life is being taken over by the bills! Notice, your personal finance issues are costing your health! They are affecting both your physical and mental health. Are you stunned? As you see now, personal finance issues are very much intertwined with your emotional well-being, and they can even increase your chance of developing clinical depression and anxiety.

We are living in materialistic and consumption driven culture. The society makes us feel that we constantly need to purchase stuff. I know, we just try to fit into the society's norm. We don't want to feel left out. We don't want our kids to feel inferior. So, we continue to spend money to buy things. Besides, it feels good to buy stuff. Buying kind of comforts our feeling. So, what happens then? Basically, we work for stuff, and we drive ourselves into personal finance trouble.

Are we working for things?!?! Actually, we work to improve our life, don't we? Does stuff make our life better? Yes, in some degree, but when all your basic needs are met, probably, having another "I-phone" or "Shoes" will not make our life much different, would it? Yes, we get temporary comfort from buying stuff, but it will not last for so long. Then, we start to feel anxious. So, what do we do? Buy more stuff! It's a vicious cycle.

Controlling your finances is one way to boost your mental health. Instead of buying merchandise to comfort yourself, maybe, you can learn a new way to cheer yourself up. For some, maybe, there are underlying emotional issues of your financial struggle. Maybe, you could talk to someone? It may give you a new perspective on your problems. Going to see a therapist or life coach may be one way to straighten out your personal finance issues. Instead of spending money for stuff, maybe, you may want to invest money on yourself? Investing in yourself may be the best deal for your life.

Personal Finance: A Simple But Powerful Step To Start Digging Your Way Out Of Debt

Throughout the middle class there is a personal finance disaster looming as personal debt rises to record levels. If you're struggling with personal debt levels or even getting close, here's a simple first step to turning it all around...

Credit card debt is often the biggest personal debt load after a mortgage. When you got your first credit card, you most likely promised yourself you'd treat it with respect - you'd keep it for emergencies and pay it off in full whenever you did need to use it, right? Not quite the way it turned out though, is it?

Your personal finance plan worked OK at first, but then that started to slip and through habit you started using your credit cards more and more and today you couldn't possibly pay them all off this month - or even in the next 2 or 3 months, most likely. And how many times have you sworn you'd stop using them for a while and get things back under control? Unless you're foolishly overspending for your current income and debt load, the problem is convenience.

The earliest credit cards were for those already fairly well off, to help them keep their accounting simple. They weren't thought of as credit cards but as 'travel & entertainment' cards, and they HAD to be paid off in full every month. Diners Club, American Express and a few others led the pack, and most people would be better off today if all cards still worked that way.

But then there was a demand for 'convenience' cards among the growing middle class and Chargex was created to fill that need. Over time Chargex became Visa, MasterCard emerged on the scene and department stores began creating their own credit card programs, usually at a much higher interest rate. In the 1960's and 1970's the western economies were moving ahead full-tilt and credit became easier and easier to obtain - and people slowly started using credit cards instead of cash for many, if not most, of their purchases.

In theory, that should create more jobs, build the economy and lead to greater income for all, making it easier to pay higher and higher credit card bills each month. Cardholders would make a major purchase and just pay part of it the next month, then make another major purchase before paying off the existing balance. People still made their payments each month, but each payment was more than the minimum but less than the full balance. And over time most people's personal finance plan went out the window, replaced by higher credit limits, more cards and more total debt.

You know you've hit the point where you need to pay your cards off, or at least pay them down, if for no better reason than to save all of the interest you're paying across all your cards. Fortunately, Visa and MasterCard recognize the issue too, and have a solution that can be your first step in correcting your current personal finance imbalance - the pre-paid credit card.

Don't mistake these for the gift cards you see by the cash registers of the big chain stores. These are actual reloadable cards that are accepted just like any other credit card worldwide. And while they're still referred to as credit cards, they really aren't - there's no credit involved since you can only use them up to the dollar amount you've already deposited on your account. You do pay a small monthly fee for these reloadable pre-paid credit cards, but in most cases it's far less than the interest you're paying currently.

So if you're serious about taking control of your finances and starting to dig you way out of debt, get yourself one of these cards today - or at least this week. They're available at many banks, some big organizations like the auto club, and a variety of other outlets. Be sure to find out the fees for the card, the maximum and minimum loads you can put on the card, and double-check to be sure it's a reloadable prepaid card. Most can be loaded online through your bank, but check to be sure so you don't run into any problems.

Load the card with enough to get you through each month, with a little extra just in case - there's nothing wrong with building up a bit of a cash balance. Then take the other credit cards out of your wallet or purse and put them away in a safe place for now - if you keep them on you you'll end up using them from habit, not from need. Keep paying as much as you can on them each month, just don't use them. That will keep them in good standing in case of emergency, but your balance will be dropping each month. If you're deep in debt most of your payment will be eaten up by interest, but the total will drop a bit - and each month it will drop by a little more since the interest drops as the outstanding balance does.

This is by no means a cure-all for your personal debt, but it IS a step in the right direction and a fairly painless one at that. You're starting to wrest back control over your personal finances and moving toward a viable personal finance plan. As you see your overall credit card debt receding, use the confidence and motivation it brings to tackle other aspects of your personal finances and bring them under control as well. Your current situation stems from too little income, overspending or both - your goal over time is to balance that back out in your favor. You CAN do it - just be sure to focus on solutions instead of worrying about your current debt load or worse yet, ignoring the problem.

Doug Champigny, the Success Lifestylist, is a world-famous success coach, marketing mentor, certified personal trainer, author and speaker. To learn more about Doug, consult directly with him, hire him to speak at your event or read more about this topic, visit his site at http://dougchampigny.com and be sure to add Doug to your circles on Google+.

Recovery From Divorce and Personal Finance Planning

The financial advice I would give to divorced women is: education. Find something that can educate you; whether it's creating more income, or managing money or something educational about finance.

Doing something, I'm a big believer in do what you love, because when you do what you love, the money just flows. When you're in your passion, when you're in love of what you're doing, then everything just seems to.

I know for me, the experience, everything seems to flow, everything falls into place for me. And when I do things that I think, or someone else says you should do this, that's where I always falter. But when I do something that I absolutely love, the blessings just flow.

Not being afraid of money, because sometimes women aren't used to dealing with money and have been dependent on their partner or their husband to take care of those kinds of thing. Don't be afraid of it. Look at it as a game and "oh, here's a game and I'm going to learn how to play it."

It is a game and it is something that is learnable and it has nothing to do with sex. But we, as women, we do have more stigma around money because we are, DNA wise, we 're bred that men are stronger. Men are the stronger of the sex and we are the weaker of the sexes and they are the providers, they are the protectors, they are the ones that should be taking care of us and they are they hunters and we are the gatherers.

So its DNA and that's something that men don't have to deal with. They just go out, they produce, they bring the money and that's it. They go, they hunt, they kill the deer, they bring it home, and we eat it.

So for women to have to go into, oh now I have to go out, I have to create money, I have to go hunting and kill it and bring it home, it puts us out of our feminine energy and into our masculine.

Although research shows that in actual fact women are better than men in financial terms especially when it comes to investing. It's because we don't have a problem following the rules. And we don't mind asking questions if we don't know.

They've proven that women's investment groups generally do better than men because they're willing to follow the rules. It's like OK, here's the rule, great! Follow them, perfect.

It's at the society level, on the grander level, it's shown that, oh yeah, men are in the high power positions, they're way better at money. I think it's a societal conditioning that we see it. It's like especially if you're growing up and you're a little girl you see that your dad is the provider, protector, brings the money and mom distributes. That's what I would experience, it's like my dad was the primary bread winner in the family.

So that's what I saw, my dad made the money, my mum made a little bit of money but she was the one that balanced the check book, she was the one that followed the rules, she was the one that did the grocery shopping and took care of this and took care of that and could follow the budget.

If you are interested in hearing more about moving on financially and emotionally after divorce, click on the link below for a free copy of my interview along with some other goodies!
http://www.lifecontinuesafterdivorce.com/instant-page-squeeze-marjean-1/

The Key to Personal Finance

Additional effort in managing one's personal finances will result to a more positive usage of personal resources. With attainable, realistic goals, ones financial standing will progress in no time at all. However, for the part of the individual concerned, this calls for proper planning and monitoring. There is also a need to assess at some point to see if the goals set are being met or further intervention is needed to alleviate the financial condition.

Available Income:

    Regular household cash flow
    After Budget cash or net flow

Regular household cash flow is what remains after the expected yearly expenses are subtracted from the expected yearly regular income. After budget cash or net flow is simply what one ends up with after subtracting regular household liabilities from the known assets. The part of the regular income that does not go towards normal expenses is a very important resource that can be diverted towards other personal financial goals. A balance sheet should be able to determine the net worth before proceeding to plan further on how to save enough for bigger and more important purchases.

Factors to be considered if 50% net increase is desired:

    Full liabilities
    Outstanding debts
    Investment Instruments
    Savings yield- savings + interest gained
    Outstanding student loans

It only goes to say that when liabilities decrease, a person's net worth increases along with it. The number one advice for people with plans to progress financially is to avoid taking juicy bank loans on offer as they are ever-potent dangers to one's credit score specially when the interest pile up. Recovery from debts will be a much needed boost to personal finance. The more payables are settled, the fewer the liabilities are and this carries a positive reflection on one's balance sheet and also his credit standing.

Personal investments make up most of a person's net worth and thus it is a perpetually good move to gain as much valuable assets as a person possibly can in the course of his lifetime. This is not to say that forethought should not be employed here but the contrary. Investing by buying up profitable assets should always be preceded by careful analysis, so that a purchase will actually add vigor to one's portfolio. The general trend is that if you are the risk avoidant type of investor high risk investments are avoided. These are properties which have value that changes with the ebb and flow of time like real estate, precious metals like gold and other physical goods that are known to have volatile values.

The riskier among us, those whose mettle are undeniably more resistant to fear easily trade in stocks and other financial instruments of our time. In this type of assets, the rule goes that the higher the risk, the higher the possible gains. This kind of investments no doubt needs to be studied and studied again due to the very nature of it to avoid excessive losses and to catch gains when and where they are likely to fall.

As savings is an important and integral part of a person's net worth, due research is called for to yield the names of institutions that offer better products or simply better rates for one's hard earned dollars. For example, American soldiers have the option and the privilege to take advantage of the DOD Savings Deposit program that has very high interest rates at 10%.

Savings accounts and CDs serve you in two ways: firstly by increasing your total net worth and secondly by giving a much needed buffer zone to your personal finance portfolio, as seen by prevailing trends all over. The reason for this is because such instruments are federally insured and grows at a steady, favorable rate every year.

One thing that has perennially damaged net worth are student loans as they can persist a long time after a person has graduated and worked. To counter the negative impact of this, one effective practice is to take advantage of seasonal tax breaks. With American opportunity tax credit alone, an individual can save as much as $2,500 and those who are still studying should altogether shun away from private student loans in favor of federally funded loans as these carry a lower, or fixed rates in general.

Most effective ways to maximize cash flow:

    Highly informed financial decisions
    Making and adhering to a budget
    Controlling impulsive buying
    Putting Cost cutting measures in place

Smart financial choices can sometimes spell the difference between ruin and progress. For instance, there is a choice between buying a house which becomes unaffordable later on as opposed to renting a modest accommodation. If the sale price of the house is proven to be a figure greater than 20, when the actual sale price is divided by the yearly rental, then you would be wiser if you rent. Managing personal finance need not be a daunting task; it only requires patience and practice.

Where you can cut costs:

    Cut back on unnecessary expenditure
    Cooking instead of dining out
    Look into car insurance cost cutters
    Collecting and using coupons
    Buying wholesale instead of retail wherever applicable

There is absolutely no shame in using coupons and the benefits are tremendous, it can even get to be a habit. Why pay the full price when a little vigilance in cutting and saving coupons goes a long way? If no printed material is available from where to glean coupons, the internet is always there, the perfect place to search for printable coupons.

Cook at home and cook in batches. Then freeze for later meals. Have the due diligence to look after leftovers and you will probably save a fortune in take-out budget. There is no shame in keeping eatable food and it does wonders to a family or individual's food budget.

Cut down on company offers, like phone packages, cable or internet packages, whatever has hidden charges, zero in on them and ask to get only the basic service, pay only for what you actually need and use. The extra features cost and pile up in the long run.

Carpooling is also one way to save, and if you must absolutely drive, drive safely to avoid charges. These small things all contribute towards managing one's finance in a sane and productive way. And the habits that are changed also stick, so it is best to make sure that you make changes for the better.

How to estimate: Tools in Determining Worth

    Simple Net worth calculator
    Retirement calculator- many are downloadable
    Mortgage rate calculator, again downloadable
    Spouse or partner income calculator for multiple income households
    Loan calculator, for free from many sites
    Currency converter- already in wide use everywhere
    Home budget calculator- a standard for many housewives
    FICO score range tool- again available for free online
    Student loan calculator- for up to date interest rates

These personal finance calculators are absolutely necessary when strategizing and setting up your long and short term goals, tax payments and schedules, mortgage resolutions and other financial steps. The closer the estimates are to real figures, the closer you will be to realizing your plans and these depend heavily on calculators.

Personal finance is simply net worth, cash flow, the relevant planning, savings, investment instruments, budget or allocations and cost cutting. If effort is made to understand the concepts in theory and applied wisely, a personal balance sheet and credit score will improve continuously beyond recovery and go well into growth.

Financial Hardship: When to Hire a Personal Finance Coach

We've all been at that point in our lives where our finances just don't seem to be working out, for whatever reason. Whether it is all about having to try and get out of a debt that you've created and set for yourself, or something more in line with dealing with issues related to poor credit or other problems, financial problems can take a toll on your life and greatly affect how you live and what you are able to do in the future and over time.

But financial coaching is one significant and effective way that you can get out of these financial problems and issues (or stay out of them in the first place), while learning the tools and abilities needed to maintain and manage strong finances for the rest of your life. In fact, there are a few direct benefits to financial coaching that you can use and employ as you deal with a talented and experienced financial coach that will create a game plan for your needs.

Learn the ins and outs of accounting

Unfortunately, school just doesn't teach basic home accounting and bookkeeping any more, and it's a shame because a generation of people are likely in your shoes: good intentions, great ideas, hardworking, but with little recourse for how and why to balance budget and use their finances properly.

A financial coach, though, can create all that learning and education you missed out on in a relatively short period of time, as they teach you about investing, savings, accounts, and other basic and complex ideas in a way that is designed specifically to meet your needs. Whether you're in the market for a coach to help you with major purchases (more on that below), or you just need some advice when it comes to creating a plan to save money and move forward, financial coaches are there to help over time.

Receive advice on major purchases and savings

Thinking about buying a car or a house in the near future? Are you ready for the investment and commitment? And, most importantly, can your finances and savings handle an investment like that? Financial coaches work to advise you on major purchases, while helping to prepare your assets for whatever may come your way when it comes to financial futures and outlooks for your life.

No matter the need itself, financial coaches are critical when it comes to figuring out whether or not you can make that big purchase in the first place, and if you can, how you can use that big purchase to your advantage as you seek to improve your own life and that of those around you with the investment itself. You, in turn, can walk away knowing you are capable of making the purchase, and can take specific steps to ensure it does not become burdensome over time.

I believe that financial coaches are just smart to have in this day and age; especially considering the recent recession and major credit card and housing debts faced by millions of Americans. Consider asking a financial coach to improve your financial outlook today!

Emotional Cost of Personal Finance

Personal Finance Apps For Your Smartphone

3 Money Saving Tips Which Just Don't Work

Whether you're using IVA help to manage your debt or just want to economise now to avoid that whole debt spiral, there are some common financial pearls of money-saving wisdom out there which are a load of nonsense. In this article we'll be taking a look at some of the worst offenders to make getting by on IVA help or living on a shoestring a little easier. Save yourself some major money pain by reading on...

1. Buy BOGOF
Supermarkets and big stores are there to turn a profit, not to help you with your budget. Buy One Get One Free deals might sound great, but often they're a load of nonsense. Loads of money-saving gurus will tell you to keep your eyes-peeled for these 'bargains' but, with some frequency, BOGOF prices are inflated to account for the difference.

Of course there are savings to be made, but unless you actually need two of the same product, it's better to look for individual items at a lower price. If you're really savvy and you have your calculator with you it's worth working out the individual price of the items if you're not sure if the deal is a good one. The same goes for 3 for 2 offers and their ilk, which, if anything, are even worse!

2. Instant Frugality
Much like yo-yo dieting, going financially cold turkey is a dreadful move which could leave you living like a pauper for weeks but then splurging on something you don't need 3 weeks later. The problem is the sense of entitlement that living like a monk can create. Equally, the daily grind of living on next-to-nothing can get impossibly gruelling - an impulse buy becomes more and more tempting until you've wasted all your hard work on a fancy frock you just didn't need.

If you're trying to get by on IVA help or just looking to put some extra money away every month, don't go cold turkey. Get a solid plan in place, work at it steadily, don't deny yourself a few reasonable little pleasures and reassess your expenditure regularly to make sure you're being as savvy as you can in all areas.

3. Skimp on Maintenance
You and your possessions need looking after and often these are the first things people try to cut corners on when they are trying to save. From dental appointments to fixing chips in your windscreen, not spending on these is complete false economy as, without attention, the problem will get worse and worse and ultimately cost a helluva lot more than it would have in the first place.

In conclusion - be smart - think carefully about every 'great deal' you come across, look after yourself and your property and take a 'slow and steady wins the race' approach to frugality. By ignoring those that tell you otherwise you'll enjoy financial stability much sooner with less pain in the process!

IVA help is one way to gradually handle your debts. If you're struggling with mounting debts, IVA help can get them under control so you can repay them at an achievable rate. To find out more from the insolvency experts visit the IVA Service for help today.

Avoiding Budget Surprises

If you're reading this article, you probably care about your family's financial future. Part of preparing well for the future means implementing good money management skills. And, when it comes to proper money management, nothing makes you more effective than a budget! A strong budget helps allocate funds appropriately, and ensures that everyone in the family stays on track with spending and saving!

However, you might be struggling with your family's budget. If so, chances are that you're forgetting some of these key budget categories. Take a look at our list of Budget Surprises. You might find that your budget issues might be resolved by focusing on these budget categories!

The 4 Categories

    Adjustable Interest Rates. This is a big money-drain. Frequently, when you get a loan, your interest rate will start off small (to draw you in!) and then go up after a set amount of time. If you have forgotten to adjust these interest rates in your budget, they can really start to catch up with you! Don't let credit debt interest throw your budget off. Make sure you account for it, and refresh your figures regularly.

    Technology Upgrades. Hard drives crash. TV tubes burn out. Your stuff probably has more tech problems than you care to think about. When these issues arise, you sometimes have no other choice than to spend money addressing them. Factor this into your budget! Set aside a percentage of your tech expenses each month so that when something does break, you can fix it without incurring credit debt.

    Repairs. Speaking of things breaking, if you own a home or car, you're probably used to repairs! Good money management means being financially prepared to repair your car and home. Allocate at least 10% of your vehicle's value for repairs each year. Homeowners should do the same, but the percentage rate may vary depending on the age and condition of your home.

    Deductibles. Another big one here! Set aside the cash you could need to meet your health/auto insurance policy deductibles. These can be big hits on a budget. Don't let them take down your budget plan. If you can't allocate the cash in one move, work on putting up a fraction of the money each month until you have all of the funds available. That way, if you do have to pay all of your deductible, you're prepared!

These money management techniques can help you budget well, keeping you out of credit debt. Review your family's budget, and see if all of these categories are being factored in! If not, you take account of these four categories, and secure your family's future against whatever issues may arise!

The Lee Law Firm aims to provide local residents with high quality legal representation at affordable rates. Their attorneys specialize in all aspects of credit negotiations. As debt lawyers, the Lee Law Firm attorneys understand the pressures their clients face*as they battle a financial hardship.

0% Interest Rates and Your Retirement

A recent article by Michael Finke, professor and coordinator of the doctoral program in personal financial planning at Texas Tech University, points to a problem we financial planners have been having for the last several years-a problem we might not be able to shed soon. The problem is interest rates, particularly interest rates near zero. The immediate impact of this problem is pretty simple: Money is cheap for borrowers but for savers, particularly retirees, income is hard to find. The portfolios that our grandparents lived on (spending the dividends and interest but never the principal) are portfolios that cannot be built easily today unless you have more money than you really need. Within this problem is the issue of projecting rates of return for financial plans.

First, the problem: Years ago, a study was done that showed most portfolios could withstand a 4% withdrawal rate over a 30-year time horizon without running out of money. Subsequent research backs that up, sometimes with a slightly higher number, and sometimes with a slightly lower number. Inherent in the 4% number is a rate of return that assumes a certain yield off of bonds as well as a certain return from stocks over-and-above a "risk-free rate" that we normally associate with intermediate-term government bonds. So Professor Finke asked another professor, Wade Pfau, to run some numbers on how low-interest-rate assumptions affect retirement projections. Professor Finke points out that the real rate of return on intermediate term bonds from 1926 to 2010 was 2.52%. Using that number, Professors Finke and Pfau estimate that a 4% withdrawal strategy will fail only 6% of the time over a 30-year time horizon.

But if bonds are currently yielding closer to zero, and the "risk-free rate" is near zero, then our assumptions on long-term portfolio returns are all wrong. In this scenario, Professors Finke and Pfau estimate that a 4% withdrawal strategy could potentially fail 34% of the time over a 30-year time horizon. A one-in-three chance of failure is alarming if these numbers hold true for the coming decade.

The solution is not as simple as defining the problem. Part of the solution is to save more or spend less. This is always easier said than done. The closer you are to retirement, the harder it is to make saving more effective; only spending less in retirement will affect your plan enough to make it "work" in many adverse scenarios.

Another solution, and Professor Finke mentions this, is annuitizing part of your assets to lock in both a rate of return as well as a mortality credit. In effect, an insurance company pays the people that live longer the money that should have gone to the people that passed away early. Admittedly, I have been wary of many annuity products in my career because of the higher associated costs. But annuities make sense if the costs can be reduced. Just look at Social Security or your company pension plan as annuitized income streams where the costs are low.

Annuitizing is going to get more media attention going forward because more companies are going to offer early buy-outs of pension plans in order to reduce long-term expenses-just Google the recent news on General Motors and Ford pensions. The question of annuitizing (and by extension, when to take Social Security benefits) is going to become more important, especially if interest rates stay low. Annuitizing might be an interesting answer for some people to make sure they do not run out of money in retirement.

About Jon T. Meyer, CFP®
Jon T. Meyer, CFP® is the President of Boeckermann, Grafstrom & Mayer Wealth Management, LLC, a Minneapolis-based Registered Investment Advisory firm. Jon specializes in working with retirees and individuals nearing retirement to help them create the income they need in retirement by utilizing advanced social security planning, tax planning and investment strategies. For more information visit http://www.bgmwealth.com.

Investor Returns Vs Investment Returns

Warren Buffet once said that he wouldn't mind if the stock market shut down for the next five years, an unusual statement coming from the man that some would say was one of the greatest investors of the 20th century. His quote says a lot about what makes him a great investor. Mr. Buffet is saying that he invests for the long run and doesn't need to know how much his investments are worth on a short term basis. The real message behind his statement and many others he has shared over the years is that the primary requirement for successful investment performance is excellent investor behavior.

Consider a study done several years ago by the Bogle Investment Center. This study found that the average equity mutual fund in the U.S. produced an average annual return, with dividends reinvested, of 9.6% from 1984 to 2002 (inclusive). During the same period, the average equity investor earned 2.7% in equity mutual funds. Clearly, the performance of specific mutual funds cannot account for the difference. Investor behavior (moving and switching) is the only logical explanation.

The point is that behavior, which is driven by one's beliefs or perspective, is the primary driver of investor performance, good or bad. Again, Warren Buffet: "Successful investing doesn't correlate with IQ... Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people in trouble in investing."

Your financial advisor should work to ensure that your investment performance is meeting the expectations of your financial plan by providing efficient, after-tax results. You should not only delegate the investment design and structure but also the necessary discipline to increase your probability of success.

Sometimes, investors can make a number of "mistakes" in thinking that wreak havoc on an investment strategy. Here are four major mistakes to avoid:

Mistake #1: People give too much credibility to recent experience and they project that experience into the future. This is also known as the "this time is different" syndrome. The investment bubble of the '90s was a classic example of this thinking.

Mistake #2: People who measure frequently change frequently, and this produces poor performance. Market returns do not come evenly over time. Successful investing is a long-term process and requires appropriate measuring disciplines.

Mistake #3: People are not willing to put the time into the markets in order to receive the benefits they offer in the long run. It is time in the market, not timing the market that matters most when it comes to successful investing.

Mistake #4: People avoid actions that confirm they made a mistake, even if it is the best action to take. Studies show that people will hold onto their mistakes too long in order to avoid having to admit that they've made one.

If you see yourself, or a friend, with any of these behaviors, ask yourself what perspective or belief leads them to think the way they do and have that friend call a financial advisor.

Ray Padron is the President and Chief Operating Officer at Brightworth. As a personal Wealth Advisor to high net worth families, Ray provides comprehensive financial and Atlanta investment management advice to help clients achieve their financial goals and dreams. Brightworth is an independent Atlanta financial planning firm that provides investment and wealth counsel to high net worth individuals, families and institutions. Learn more at http://www.brightworth.com/wealth-solutions/implement-an-integrated-wealth-strategy/

Basic Steps to Handle Your Finances

An organized financial management plan will be your saving grace while in challenging economic times. A reliable personal financial plan promotes profiting from good financial periods so you can get by during economic dry spells. Throughout the years, the economy has turned out to work in a cycle; experiencing times of economic growth, along with cycles of pitfall. In the same manner, the stock exchange is not constant over extended periods of time. Personal money affairs suffer from economic swings as well. Reliable money managing allows you to be prepared in the best way possible for any variations in the economy.

Live Beneath Your Means

It is probably no news flash that financial experts commonly encourage people to live beneath his or her means. Does this mean you should occupy a hut and live without having creature comforts such as a cell phone and TV? For most people, this is not what this money management suggestion implies whatsoever. Take a look at your personal spending patterns. If you are using credit cards regularly to make transactions or are not saving on a daily basis, you may well be living outside your means. Keep a close look at both the balance of your personal savings as well as your balance of total debts. You should see a trend of increasing savings as well as shrinking debts. If you do not identify this development, now is the perfect time for you to review exactly where your money goes, and get on an effective financial track.

Save for Short-Term and Long-Term

Many people today are saving through their employer-sponsored retirement accounts, while others are financing their own personal retirement plan accounts. These happen to be funds that are earmarked to utilize far down the line, so it makes sense for personal finance management purposes that you'd use a funded savings account intended for shorter-term goals and objectives, too. Financial management professionals advise you to maintain an account balance of about three to six months' worth of expenses in your savings account for a day you need it. However, in addition to that balance, a savings account can also be used to save up for a family trip, home furnishings, repair work needed for the house, and more. Saving for such things prevents the requirement to buy them on credit.

Track Your Net Worth

It is usually simple to do the minimum when it comes to money management, provided you come across no crises or troubles. However, you won't want to wake up someday and wonder why you are not getting ahead even though family and friends seem to be. Keeping tabs on your net worth frequently is a key step to maintaining your expenses. Come up with a process that keeps track of all of your savings accounts, and records of how much you spend and will owe. Every time you take a moment to pay bills, just simply open up that spreadsheet and update line items in your spreadsheet if needed. To truly track your value, have an independent worksheet that monitors your net worth at the first of each month. If your net worth grows after every month, you're probably going in the right path.

Financial management sounds complicated, and the fact is that it may be tricky for many to develop a sound financial technique of spending and saving. Often, this involves knowledge on managing your money in addition to the desire to change spending and saving behaviors. Over time, choosing healthy financial patterns become less difficult, and you will probably discover yourself to be more willing to stick to your financial plan.

Megan Yancey is a blogger who specializes in personal finance and living frugally. She advises others on good credit habits and debt management plans.

Financial Independence

How about some fireworks for our financial independence?

We just celebrated our country's independence. During the fireworks show, I got the chills listening to everyone celebrate and cheer for our country.

It's a great feeling, right? Now let me ask you this. When is the last time you celebrated your financial independence?

We all want financial independence. Give us some of 'dat. It's such a biggy. We don't want to worry about money. We want financial freedom. We want those words and results to magically fall in our lap. No more living month to month, client to client. We are kaputnicksville with the rat race.

This stuff doesn't happen overnight. You can't just buy a ticket and sit back and watch your own life expand. You have to take action and make financial independence happen.

In order to get out of the rate race, you have to do the work.

Here is how you really get ahead financially. The key is to have your assets work for you, so you aren't the one who has to do the job to produce the income. When those assets produce passive income to fund all of your living expenses, than you have financial independence. A few examples are:

* Owning investment properties (real estate) that pay you $5000 a month and your monthly living expenses are $4000 a month.

* Creating a product or program in your business that people can buy online and will cover your expenses.
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* Investing in a bond or mutual fund that pays you $4000 a month when your expenses are $4000 a month.

In all of these examples, you have to save money to create something that will be an income producing asset. You could also invest for growth and then convert that asset into an income producing asset when you need it. That means spending less than you earn and saving!

Delayed gratification in an instant gratification world isn't easy. You have to be disciplined and pay yourself first. Automatically. Right off the top of your business revenue, not your monthly salary.

The year is half over. Are you financially where you want to be? Are you headed toward financial independence? Do you even know where you want to be? If you don't, that's ok. You still can set a goal for January 1, 2013, and take steps to reach it.

What is one thing you can do right now for the month of July to set yourself up for financial independence down the road? Think how much better you will feel if you do something. Write it down, stick it on a piece of paper, and look at it every day.

Justin Krane is a certified financial planner who has helped countless entrepreneurs create a bigger vision for their businesses by showing them how to identify and meet goals for increasing revenue. Go now to http://kranefinancialsolutions.com to get ynur free financial financial toolkit and you'll also receive a free audio CD on increasing your business revenue.

Saving Money Is Not At All Difficult

It is true that the economic downturn has been causing severe hardships to many people. People are finding it difficult to make both ends meet. You may also face problems in managing your personal finances. You need not lose heart because you can certainly find ways to save money. But, for doing this, you should use your creativity and should be disciplined also. Let us discuss a few ideas.

- Whenever you decide to purchase certain items or services, you should look for the best deals. For example, if you want to get your car or house insured, you should compare the features and costs of the various insurance options available and choose the one that not only suits your needs perfectly but that comes at the most affordable cost. You can follow the same strategy for all your purchases. If you do not adopt this strategy and continue with your old methods, you may end up spending more than necessary and so, you may not be able to make any savings. So, you should immediately change your shopping strategies if you want to save money.

- Online shopping may be a good idea for making a good saving on almost all the items or services you need. The overheads of online stores are not as much as those of brick-and-mortar shops. So, you can get the items you need at lesser costs. You should make it a point to compare even among the online stores and choose those products that come at reasonable prices. Of course, you should never compromise on the quality of the products or services you buy.

- You should stop wasting items forthwith, if you want to save money. You should not forget the fact that everything comes at a cost. You are paying charges for everything including water, electricity and so on. You may argue that by avoiding wastage on electricity, water, etc., you can not make a huge saving. Though this is true, if you look at the cumulative savings you make in the long run, it will be substantial. So is the case with food items. You should not waste foods because food items are quite expensive nowadays and if you waste them injudiciously, you may never be able to make a good saving.

- You can be a smart shopper and use discounts, offers and rebates appropriately. Of course, just for the sake of availing these discounts, you should not buy items you may not need. Further, you may get certain items at a lesser cost if you buy them bulk but you should ensure that they are useful to you and they do not go a waste.

- Some people will have a tendency to buy new items. Manufacturers of products keep bringing out many new items. You should not buy them unless you have use for them. Instead, you can continue using the items you already have till the end.

- Whenever you plan a trip or a holiday, you should book the necessary train or air tickets and reserve your accommodations well in advance. This will help you avoid last-minute tensions and you may make a saving on them also.

- You can reduce the usage of your car. If you think that you have to necessarily use your car, you can combine various tasks and get them completed in a single trip. If you start using your car separately for every task, you may have to spend heavily on fuel.

- If you set the thermostat of your air conditioning equipment one or two degrees higher, you can save a lot on your utility bills. You should check if your home is well-insulated also. If there is a problem with the insulation of your home, your air conditioner may have to over-work and use up more energy. Further, you can switch to other options like using a ceiling fan when the external weather is cool.

- Most importantly, you and the members of your family should take good care of your health. By doing so, you can avoid unnecessary medical expenditure.

You can apply your mind and think of many other ways to save money. Money thus saved may be useful for you on a rainy day.

Raman Kuppuswamy writes interesting and useful articles on many topics. You may kindly visit http://dreamdamodar.hubpages.com/ and read his other articles.

Divorce Financial Planning: Take Control of Your Finances

Do you know your credit score or the details of your Social Security report? Can you find the deed to your house, mortgage, life insurance policies, car title, car insurance policies, tax returns for the past 5 years, brokerage and bank statements for the past year? Do you know what your spouse earns or how much is going into a 401k plan annually?

Getting divorced is often a wake up call when it comes to finding out what you know and don't know about your family finances.

Managing your finances is not about knowing which stock, bond or mutual fund to buy. It's about knowing what you own (assets); what you owe (liabilities); what's coming in (income) and what's going out (expenses). It is about paying attention to where your money is going and being organized.

You're going to be asked to produce a lot of financial paperwork and documentation for the court, your attorney or mediator and for your soon-to-be ex spouse. So, let's get started:

Clear off a workspace and gather all your statements: bank, brokerage, credit cards, etc. Other supplies to gather: paper, pen or pencil, 3-ring binder, hole punch, index dividers, highlighter and sense of humor.

First, we're going to tabulate your net worth (difference of what you own versus what you owe): make a list of everything you own: house, car, brokerage accounts, life insurance, retirement accounts and their value (the internet can help- try KBB.com and zillo.com). Then, list everything you owe: mortgage, car loan, credit card debt, school loans and their outstanding balance. Keep this information stored in the first section of your 3 ring binder.

Next, find where your money is going (the cash flow), or the reality of not having a clue as to where you spent all that money. The easiest way to determine your cash flow is a computer program like Quicken or QuickBooks. A useful website is mint.com. If you prefer not to use the computer, this can be done with Excel, columns on lined paper or on graph paper.

To make a budget, gather your checkbooks, check stubs and charge card statements. Give each expenditure a category and a subcategory. Example: Utilities: phone, Utilities: cell phone, Utilities: cable and enter your expenses for each month. You will get a total for each subcategory as well as a total for the whole category of Utilities. Don't forget to enter your income, including income from child support and alimony. Print a report every month, and a quarterly report every 3 months. Put these in a Cash Flow or Budget section of your binder.

It may take you several months to get a picture of your income and expenses but it will become the foundation to manage your finances as well as negotiate child support and alimony.

With a handle on your cash flow, you can look for places where you can reduce expenses or control spending. Try taking 10% off the top of your income as savings. Then, rework your expenses to see if you can still manage. Utilize whatever amount of money you are able to save to:

• Get out of debt - pay down credit cards and loans
• Have an emergency fund not invested in the stock market. Aim for a minimum of 3 months of household expenses in savings. If possible, have an additional 3 months in a short term CD or money market account
• Take advantage of retirement plans

Put this information in your Savings Goal section of the binder.

Armed with this information, a consultation with a Certified Divorce Financial Analyst, early in the process, can help you meet the challenges of divorce with more confidence and dignity than might otherwise be the case.

Renee W. Senes, CDFA, of Senes & Chwalek Financial Advisors, is a financial consultant with Investors Capital Corporation and an independent investment advisor representative affiliated with Investors Capital Advisory. A focal aspect of her practice is working with people in all stages of the divorce process to ensure that they have sufficient income and assets to sustain and support them throughout their lives.

Renee is licensed in MA, NH, ME, RI, CT, FL and SC.

Securities Offered Through Investors Capital Corp., Member FINRA/SIPC
Advisory Services Offered Through Investors Capital Advisory
230 Broadway, Lynnfield, MA 01940 (800) 949-1422

How to Satisfy and Retain Customers

If you have the choice, it is always better to focus on retaining your current loyal customers than to forsake them in the interest of chasing down new ones. Your current customers have already been impressed by your products or services and already feel some sort of loyalty to your company, while there is no guarantee that the thousands or even millions of dollars in advertising and marketing costs you invest in will attract a decent number of new customers. That is why it is more important than ever to keep your existing customers satisfied.

The first way to keep your customers happy is by making sure that you provide a quality product or service. This is obviously very specific to your business, but rest assured that what constitutes "quality" is just as obvious to your customers as it should be to you. Does your product do what it is supposed to? Does it last, and is it dependable? Does your service provide what is advertised? Does it meet your claims? If these questions aren't answered with a "yes", you will have a hard time retaining customers even with excellent customer service.

Even with the highest level of quality, without a fair price it will be difficult to keep customers from exploring other options. Now, in some areas, such as fashion, jewelry, certain types of sports equipment, or luxury services such as spas and resorts, you can afford to charge well above what your competitors do. That is, you can charge more if the quality of your product or service backs up that higher price tag. With other items, you can't afford (no pun intended) to sell your products or services for much higher than your competitors, even if your level of quality is higher.

Another advantage you can use to keep customers loyal is to provide a unique take on what it is that you do. You will see this a lot in restaurants, where the food may be very similar to that of other establishments, but the overall experience is very unique and keeps customers coming back. The same is true in the entertainment world, in most types of service-oriented business and also in collection services where the debt buyers have to work towards settlement of debts by the debtor. Try to provide something that your competitors literally cannot duplicate, and your customers will have to stick around.

It may surprise many people, but research has often showed that the quality of your customer service can be just as important, if not more important, than the above-listed factors. Competition is high these days in just about every type of business, so you can bet that someone may be able to approach the kind of quality and price that you can offer. If that is the case, customer service can be the deciding factor for customers who are not sure which product or service to spend their hard-earned money on.

Customers are busy in today's world, and you must not waste their time. Make sure that they can get answers or assistance quickly and easily, and use technology to allow them to access the information and help that they need in a variety of ways. This could mean everything from taking advantage of social networking websites to allowing customers to chat with representatives on your website for immediate assistance. Above all, make sure you take care of your customers if you want them to continue supporting your business.

It will cost your company a lot more money to earn a new customer than it will to keep a current customer, so it is important that once someone gives your business a try, you do everything that you can to ensure that they will be loyal to your company for years to come.

A customer's acknowledgement of services. "I just want to say that I've dealt with other collection agencies on this account and I paid it off because the way the people at http://www.jnoassc.com handled this matter. Very professional and treated me with respect."

Planning A Cost Effective Funeral

Funeral Planning

By planning a funeral ahead of time you can save yourself from mistakes you may make in the emotionally vulnerable state you'll be in after the loss of a loved one. Planning your own funeral may sound grim, but it can save your loved ones time and money.

Ones estate is exempt from taxes up to 5-million dollars, 10-million for couples. Gifts, which reduce the value of one's estate therefore the taxes paid on it, are also exempt up to 5-million dollars and 10-million for couples. Tax laws for estates are set to change January 1, 2013, so if you're planning on dying, do it soon.

A will is necessary to dispose of one's assets properly after death. Wills should be drafted with the advice of an attorney.

One should figure out who to give power of attorney to. There are two types of power of attorney: financial and healthcare. Financial power of attorney allows a representative to take care of one's financial needs. It is a good idea to choose a trustworthy and business savvy representative.

If one becomes incapacitated, healthcare power of attorney allows a representative to make medical decisions on one's behalf. These decisions include allowing a doctor to proceed with medicinal and surgical treatments, or deactivating life-support in the case of prolonged incapacitation. An alternative or addendum to a healthcare power of attorney is a living will. A living will states the procedures one would prefer in case of incapacitation.

Now that financial matters are taken care of, we can turn to the actual funeral ceremony.

First a plot needs to have been purchased. Hopefully this has been done in advance. Then one must decide on whether the funeral will be private or public, religious, and whether their will be an opened or closed casket. Also, one must decide whether there will be an actual service.

According to the federal trade commission the average funeral should cost about $6000. This cost includes burial, a casket, and funeral home costs. This does not include costs for a headstone, headstone photo, or porcelain photo memorial. Though a porcelain photo memorial can be purchased at any time after the funeral. The actual funeral also involves transportation costs and administrative costs.

Funeral homes are by law not allowed to force customers to buy a casket from them. A funeral director must provide prices over the phone. This gives consumers a chance to look around to find the best prices in their area. When giving an invoice, the funeral home must provide an itemized list of costs associated with the funeral.

If a funeral is pre-paid, that is, arranged in advance of the passing of a loved one, the funeral home must provide a contract stipulating a plan in case the funeral home goes out of business. A consumer can cancel the pre-paid funeral contract within 10-days of signing to receive a full refund. Cremation is a much less expensive alternative to burial.