How to Spend Money Wisely

Step 1
Most people spend above their limit by using credit cards. Learn and know how to eliminate these debt pits by budgeting wisely and sticking to it. Pay on time. Pay your balance on or before they are due to avoid late fees. It will also prevent the raise of your interest rates. Try pay cash instead of breaking your budget with the swipe of plastic object.

Step 2
Save more by making a percentage of your paycheck to a savings account. Find for the best deal. While your bank may offer a 1%-2% interest rate, online banking institutions can offer as much as 5%.
Step 3
Sometimes your paycheck just doesn’t cut it. In these situations, you may consider relying on lending options, i.e. short-term payday loan.
You borrow only the amount you can pay back. Keep in mind, the interest rate for emergency cash advances are much lower than bounced check fees, high-rate credit cards or NSF fees.
Step 4
There are resources for those who need help with money or credit issues. Research online for tips on how to live smart and save. Consult a credit counselor, visit the finance section from the library or bookstore, or share your situation with family and close friends or family.

xoxo,
eleena

Learn the Most Important Reasons to Save Money

You may be asking yourself why is there so much pressure to save money. If you have enough to pay for everything you need, why should you worry about putting any aside each month? There are a variety of reasons to begin saving money. Different people save for different reasons. Here are seven reasons that you may consider saving your money.



1. Save for Emergency Funds
It is important to have an emergency fund set aside to cover unexpected expenses. This could cover an unexpected car repair, your emergency appendectomy or a sudden job loss. Ideally your emergency fund should be about three to six months of your expenses. If you are just starting out you should put aside at least $1000.00 for this..




2. Save for Retirement
Another important reason to save money is your retirement. The sooner you start saving for retirement, the less you will have to save in the future. You can put your money to work for you. As you continue to contribute overtime you will be earning more interest on the money you have, then you put in each month. You should at least be contributing up to your employer's match and eventually you will want to contribute ten to fifteen percent of your gross income..


3. Save for a Down Payment for a House
A third reason to save money is for a down payment on a house. Your negotiating power goes a lot farther when you have a significant down payment towards your home. You will receive better interest rates, and be able to afford a bigger home. You can determine how much you save towards this each month depending on your circumstances..


4. Save for Vacations and Other Luxury Items
A fourth reason to save money is to have fun. You can save up for your tour of Europe or that Caribbean cruise. Additionally you can be saving for fun large ticket items such as a Playstation 3 or a new boat. Your negotiating power is stronger if you have cash in hand on bigger purchases. Plus you do not want to be paying off your trip to Europe in five years..


5. Save for a New Car
A fifth reason is to purchase a car with cash. You will be amazed at how much money you can free up in your budget if you do not always have a car payment. You can also negotiate the price of the car much lower if you are willing to pay cash at the dealership..


6. Save for Sinking Funds
A sixth reason is to build up your sinking funds. A sinking fund is money you set aside for future repairs or improvements on your car, home or other possessions. This planning can help you to stop dipping into your emergency fund every time you need to fix your car..


7. Your Education
A seventh reason to begin saving money is for your future education. Each year more people return to school to earn their masters or doctorate degrees. You may also consider saving for your child's education when the time comes.

truly,
eleena

Know basic accounting principles.

There are a few basic accounting principles that must be remembered when maintaining, updating and balancing your accounts. A credit in one account always equals a debit in another. Also, remember that you must subtract the liabilities from the asset value to determine the equity . Revenue alone will not give you a clear picture of the worth of your accounting.

To ensure proper accounting in each part of your life, you should follow a simple procedure - keep or make a receipt of each transactions. Analyze each transactions to determine the type of transaction, accounts involved and the resulting debit or credit to individual accounts. Record these transactions in the general journal so you can access the information in the future. Transfer, or post, the information to the appropriate accounts in the general ledger and then balance the amounts by adding or subtracting from each specific category and summing to make sure that the credits are equal to the debits. You should make any adjustments needed at the end of the period and close the account by taking the balance to zero and preparing a financial statement (balance sheet, income statements).


"If you are new to accounting, the terms and principles can be very overwhelming; however, help is always available. Take some accounting courses to learn the proper methods of accounting - courses are available at most local community colleges. Purchase accounting software. It can guide your accounting procedures and ease the confusion of assigning credits and debits. Most software does this by prompting you to enter the amount and the payee and then automatically recording the entry in the two appropriate accounts. Some software even includes a "primer" that teaches you basic accounting principles.


So, if you're a small or startup business owner and a beginner accountant, remember to record each transaction as it occurs, make sure your entries are accurate and let accounting-based information guide each of your financial decisions - ensuring the financial security of your company...."

Sincerely,
eleena

Healthy Food Daily

Healthy Food Daily

Budgetting a Family Budget

Time is money and how long you think you must work for money?
Some people quoted that he will work until such a time when money works for him.... money makes money!!!

This is very much capitalism and what I am about to share with you is the first stem to make sure one day money works for you.... finally!

Is it difficult to save money? Well many would think so but that’s not true. Saving money is not as difficult as it seems. Here are a few practical tips that you can use to begin saving money, without changing your lifestyle.

You can try to incorporate it into your family budget too.
Here goes.....

1. Change incandescent bulbs with compact fluorescent (CFL) bulbs. CFL bulbs consume 80% less energy than incandescent bulbs, but give the same brightness and illumination. Make sure to buy only light bulbs that have the Energy Star rating to ensure quality compliance.

2. Purchase online, whenever possible. Online stores pass their savings from rental costs and warehousing to the online consumer, thus they can afford as much as 70% off their rack price. When buying items online, go to Google first and search with the word, “discount code”. This can give you further reductions on the item you want to purchase. Try also online bidding: they offer at least 75% off the original purchase price, for practically new (slightly used!) items.

3. However avoid shopping to de-stress. Try walking around the beach, park or go watch a movie instead.

4. Make a list when going to the grocery and stick to it! Anything that is not on the list is not a “need”, but merely a “want” so avoid spending money on unnecessary items. When possible buy non-perishable consumables in bulk to benefit from bulk discounts.

5. Use coupons or offer vouchers when available. Take the time and have the patience to clip and organize grocery coupons. When added together, savings from using all coupons in one grocery trip can be as much as RM20-RM30. Purchase dining and shopping coupons online and print them at home. Doing so can save you at least 50% on the face value of the coupons.

Well, that's only the starting few points to think about and try. I will post further in my next posting. Stay tuned and see you again in my next posting.

Cheerio....