Is Using Personal Finance Software Safe?
Advantages of Using Personal Financial Software
One of the major challenges we faced these days is keeping track of how much we are spending and where we are spending our money. You have several options available.
- You can set up a spreadsheet in like Excel.
- You can purchase personal finance software like Quicken or Budget Pro or
- You can use an online option like Mint.
Using a financial software package offers you many advantages. With it you will be able get an overall view our your actual financial status. It is easy to get caught up in the day to day transactions and miss the big picture. With almost all of the financial software packages you just enter the day to day transactions but then are able to get quick, dynamic reports and analysis of those transactions.
Using a tracking application, either software or online, is also likely to eliminate mistakes and assure us better accuracy.
Personal Finance Software Only Works if You Do
Whichever method of record keeping you choose, the key to success is to use it faithfully. It is often easier to put off entering that check or just snag a quick cash withdrawal from the ATM and neglect making note or an entry of what we spent the money on. Holding ourselves accountable to keep records will open up our eyes to some surprising trends in our spending habits.
Protect Your Financial Data
If you choose to use an online application for keeping track of your personal or business finances be sure to exercise extreme caution. There is a danger that in putting your information out there in the cyber world that you could be the victim of identity theft or cyber hackers however this danger exists if you carry a credit card on your person or use an ATM machine at the bank also.
Take the proper precautions to protect your passwords and keep your personal data safe.
Read and pay attention to security warnings given by your bank or software manufacturer. Something as basic as responding to a bogus email that claims to be from your bank, credit card or software manufacturer can put your entire life’s savings at risk.
Don’t Fall Victim to Cyber Thieves
It not uncommon for cyber-thieves to send out links to copy-cat pages that look just like your bank or lending institution’s web site. These phony websites will ask for your user name and passwords and often even simulate a log-in failure in order to get you to enter even more personal information, like your social security number or birth dates.
NEVER respond directly to emails claiming to be from your bank or credit card company.
If you get something like this, call the number on your paper statement or the back of your credit card or enter the website URL directly. If you are accustomed to accessing your bank or credit company online, keep their web address saved in your favorties and use that link to contact them about the email inquiry.
There are a great many pros and cons to online banking and using personal finance software and if you are like me you will probably the pros out weigh the cons. If so, do so with care and use the tracking software to your advantage to improve your money management and learn to live more frugally.
Filed under: budgeting
How to Live on Minimum Wage
The Truth About...
To be perfectly honest I haven’t had to face this dilemma in several decades but this morning I came across a “How To” article on this subject and it looks to me like the authors have covered the topic very well. Therefore I would like to pass this on to all of you here at Cheaper Living Tips.
The writers presume that you have an income of roughly $1000 a month after taxes. With that some to work with they outline an excellent guide for budgeting those funds to get by.
$500 (or less for rent & utilities)
$200 Food & household necessities (toiletries etc)
$100 Leisure
$30 Cell phone or Cable (pay as you go or drop entirely)
$170 (balance) Medical insurance or save for emergencies
Read the full article “How To Live On Minimum Wage” to get more tips on how to actually manage within these parameters.
Filed under: budgeting, cheaper living, frugal living, living on less
Saving Soon Better Than Saving Big
How many of you can remember your folks telling you that you needed to take part of your first paycheck and put it in a savings account? I can and I remember telling my daughter and grandson the same thing. Starting now is more important that starting big. Stacy Johnson of Money Talks says the same thing in this weeks video.
Filed under: budgeting
With All the Wonderful New Gadgets Available How Do I Control My Spending?
A person who believes that they need all the latest gadgets may ask, how do I control my spending? Well the first thing that you must do is to prioritize. Take a serious inventory of where your money is actually going.
Every time you open a newspaper, log on to the Internet or turn on the TV set, you read or hear about some new gadget that is available. The advertisement suggests that you just cannot live without it. That if you don’t get it, you are somehow inferior. All of these advertisements suggest that you need more. They suggest that you need something bigger, better, newer.
Take your cell phone for example, since you started using a cell phone, how many have you actually purchased? And why? Because something newer and supposedly better became available. Now your cell phone can be used to take photographs, movies, and maybe by next year you can program it to cook dinner. If you already had cell phone, did you stop and ask yourself before your purchase if you really needed a new one? Or were you just convinced by the advertising that if you did not get a new one, you would somehow be falling behind the times?
It is all well and good to try out new gadgets, or replace old ones which have become worn out, however, this requires thought and planning. If you really want to control your spending you must plan on and question every purchase. You absolutely must give yourself a budget, and stick to it. This budget should include investment and savings as well as spending.
When you are inclined to buy the latest “toy” that you see or hear about, remind yourself that it won’t be long before this item also becomes “obsolete”. if you choose to make this purchase anyway, you may as well just give your money away as soon as you get it. Why not save for? Why not wait a year or two until the price comes down?
“Saving money for a rainy day”, may sound cliché, however, rainy days, arrive when we least expect them. Remember, when this happens you will need money to purchase an umbrella.
To get more help to control your spending just click here.
Article Source: http://EzineArticles.com/?expert=Trevor_Johnson
http://EzineArticles.com/?With-All-the-Wonderful-New-Gadgets-Available-How-Do-I-Control-My-Spending?&id=2269974
Filed under: budgeting, cheaper living, cheapliving
Will Your Financial Goals Work?
By Marie Jones
Setting financial goals is one thing, but setting reasonable financial goals that actually work may be a whole new ballgame for some individuals. A lot of times budgeting systems do not work because they are not flexible and the financial goals established are set too high or are just unclear. If you want to put into effect a long-term successful plan, here are some considerations to be made:
Clarify Your Goals
If you can understand your own goals, how can you expect to work towards accomplishing them? Setting clear goals that are easy to understand and not impossible to reach is your first step. You need to be able to say you are going to retire in 15 years, having saved $300,000 in the bank instead of saying I’m retiring at the age of 67. Such a statement is not going to get you to far.
Goals Must Be In Steps
Once you declare your goals, you need to incorporate them into steps that include goals for the short term, the long term, and the time in between. Create a columned sheet that includes these three phases and put goals that match into each category. This will give you a visual of what you need to do and when. You also need to ensure that each of your sort term and middle term goals will in fact lead to your accomplishing your long term goals.
Keep Them Reasonable
Logically, there is not much use in creating goals you will never reach. You can’t go into it thinking you will come out a millionaire, unless you have a reasonable plan to save that money within a set period of time. Not only will you not reach your goals, you will also likely not stick with any plan you have created. Take your goals step by step and watch and enjoy your progress.
Retain Flexibility
Times change and so will your income. You must be willing and ready to be flexible with your goals and changing them up as needed. If you give up because things didn’t go the way you wanted them to, you will not get far. You need to be proactive in creating goals, changing them, and making new ones to replace those after they have been reached. Changing your goals is not a negative action, but a very positive one you need to pursue to continue your financial growth.
Set Your Own Goals
Playing follow the leader with your finances may not be the ideal game when it comes to your situation. What goals your sister or best friend sets will not necessarily work for you. You need to work based on your own financial situation and set goals you can reach, not just work towards what everyone else is doing.
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Article Source: http://EzineArticles.com/?expert=Marie_Jones
http://EzineArticles.com/?Will-Your-Financial-Goals-Work?&id=2252272
Photo courtesy of Freefoto.com
Emotions and Your Cash Flow
Emotions and Your Cash Flow
By Greer Lean
They affect the way we spend, the way we save, even the way we use credit!
It probably sounds a bit strange putting these two polar-opposite subjects together, but they do go hand in hand, and we know it all too well.
In today’s society, money is a prominent indicator of wealth, success power, or to go in the other direction, how screwed you may be financially (however it is not the only measure).
For example, for most people, if they are having financial trouble or worries, it’s not usually when they are on top of your game and are really, really, happy is it?
No.
It’s more like negative emotions go hand in hand with financial worry, and positive emotions go hand in hand with financial happiness, and in both cases it can be a cycle…and can even sometimes turn into one of those ‘chicken or the egg?’ circumstances.
Therefore, it can be said that controlling one can mean controlling the other.
If we’re feeling down in the dumps, we can have as many opportunities as we can think of handed to us on a platter, and we probably don’t have the motivation or desire to take advantage of them. This of course has long term cash implications.
Some people also use retail therapy to help themselves feel better, i.e. you’re feeling less than average, so you go down to the local mall and buy yourself one of those brand new iPod Nanos that you’ve been wanting for ages- probably just to distract yourself from your unhappiness…to fill the void.
Unfortunately this is where we can get ourselves into trouble. So this is where you need to stop where you are, and regain your self-control otherwise your payday cash will slip through your hands before you are ready for it to.
Do you have any other things to pay for at the moment? Yes. Can you afford it right now? No, probably not. So put the iPod down, because if you don’t you’ll only end up back where you started…with no cash til payday again.
However if you must still buy the iPod, then at least there are options out there like a payday cash advance so you don’t miss payments on your other bills. You’ll avoid a missed payment on your credit history file, and you won’t have increasing bills lingering over you.
After helping thousands of Australians with their financial problems, we’ve gained great experience and insight into the everyday person’s money problems. We know what it’s like when your wallet is empty.
Our company Payday Cash Loan not only provides payday loans to Australians we also write articles sharing our financial solutions and tips, so you can take control of your finances and reach the ultimate goal – financial freedom.
Article Source: http://EzineArticles.com/?expert=Greer_Lean
http://EzineArticles.com/?Emotions-and-Your-Cash-Flow&id=2130687
Filed under: budgeting, cheaper living
Using Online Sites to Save on Groceries
Using Online Sites to Save on Groceries
By Sok K Verdery
Did you know that grocery costs were the second high household expense? If you think about it, it makes sense. How many times a week do you go to the grocery store? Well if you have kids sometimes it’s every day! If this is you then you certainly need to continue reading! Here is how you can save more money on your groceries.
Before you make your grocery list, go online and search for “printable grocery coupons”. Then check out the sites that offer these coupons and see which ones offer coupons powered by “Smart Source”. You will see it somewhere on the grocery coupons page. The reason I say Smart Source is that they are one of the most trusted grocery coupon distributors out there. I don’t print out any coupons unless they are from Smart Source.
So how does it work? Well when you are on a Smart Source powered site, you will see an option to download the coupon printer. Please note that this is not available for Mac users. Sorry. Download the coupon printer. And yes you can trust them. Smart Source is a News Corp company. Once it is downloaded, just follow the instructions.
Now, once the coupon printer is installed, all you have to do is scroll through the coupons and see if any of the items are on your grocery list. If they are, just check the box and click print coupon. It will print it out with its own unique barcode. All you have to do then is have it scanned during checkout and your discount will appear instantly. And don’t worry, these coupons are accepted everywhere.
This is real savings, so remember next time to search for grocery coupons before making your grocery list.
Suggested sites that have SmartSource Coupons: Coupons.com, CoolSavings.com, CouponShack.com
Sok Verdery
Article Source: http://EzineArticles.com/?expert=Sok_K_Verdery
http://EzineArticles.com/?Using-Online-Sites-to-Save-on-Groceries&id=2111212
Filed under: budgeting, cheapliving
Financial Freedom – How to Develop the Art of Bill-Killing
Financial Freedom – How to Develop the Art of Bill-Killing
By Benedict Yossarian
Just about everybody wants to be financially free but isn’t doing anything about it. Building wealth is the key that unlocks financial freedom. One path to take in order to build wealth is to nuke all unnecessary bills so you can save up cash.
Habits
This first item is going to hurt the most. Get rid of any vice you have right now. Almost all vices require money and since it is a habit, it can be bad for your health any way you see it. Smoking, alcohol, junk foods, soft drinks, sweets, movies and all things in excess.
You won’t believe how much money you can save by just quitting one or two of these bad habits. Quitting on them will not only save your money, your health and your life; it will also build self-discipline and character to help you mature financially.
Eating out
Let’s use the cheapest and below average reference. Suppose you eat out only once a week, at a low $25 per meal, you are already paying out $100 monthly. And if you spend on drive-through carry-outs three times a week at a minimum of $5 per meal, this converts to $60 in a month. Remember that these examples are in the lowest settings, but nevertheless, $160 a month can be used to pay off some debt.
Cook at home instead and pack your lunch to work. It costs less, tastes better than the greasy fast food stuff and should be healthier. If you can’t totally control the impulse, then at least cut it in half at first.
Grocery list
Without a shopping list, you can just walk down every aisle in the grocery store and get just about everything that pleases your eyes and taste buds. A grocery list can save you up to 50%, additional cash to pay for pesky loans and curbs impulse buying.
This list saves you money that you can see immediately and allows you to prepare daily meal plans in advance so you’ll know exactly what needs to be purchased and roughly the amount of cash required.
Clear out your junk
You probably have a lot of useless stuff hidden somewhere and just getting old. You can possibly pay one or two utility bills with that body-building set (which you’ve never used) stashed somewhere in your closet. You may be surprised that some stuff you’re no longer interested can sell big time in an auction. This can pay off that doctor’s bill that’s been bugging you for months.
Nuke your plastic
Use only cash for all your purchase. Credit cards stay with you after every shopping. Dollar bills disappear when you spend it and you instantly feel the effect once you get short of them.
If you purchase something with cash, you don’t get into debt because you don’t owe anybody anything. You might also think twice about a purchase while you’re holding on to that hard-earned $100 bill.
Putting these various bill-killing techniques and ideas into action will start to slash huge chunks off your existing debts. This will slowly heal your badly damaged credit report and start you on the road to financial freedom.
If you are in financial difficulties Benedict recommends Real Claims for PPI Claims and Wilson Field for Pre Pack Administrations
Article Source: http://EzineArticles.com/?expert=Benedict_Yossarian
http://EzineArticles.com/?Financial-Freedom—How-to-Develop-the-Art-of-Bill-Killing&id=2119649
Filed under: budgeting, cheaper living
Financial Mistakes to Learn From
Financial Mistakes to Learn From
By Martin Lukac
In this day and age, there really shouldn’t be any reason to make certain financial mistakes. Do a search of the internet and you will find that there are thousands of articles out there that warn you of the pitfalls of certain choices. Advice for living a financially stable life is everywhere. What are you waiting for?
Here are the most common mistakes that I’ve seen people make. I’ve even made a few of them myself. These are the financial mistakes that you can learn from. You’ve probably made a few of them yourself, they are very common.
Mistake #1: Using that little plastic card to get what you want.
We’ll just start off with the number one mistake out there. This is probably the most common mistake in the country. Almost every person in the US today has a credit card. It is almost like a right of passage when you turn eighteen. There are even people out there that aren’t eighteen yet that have them.
Credit card debt is the fastest way to ruin your finances. It is easy to acquire and difficult to pay off. The minimum balance doesn’t pay off enough of your outstanding balance to help you very much. You will be paying on your balances for decades. Even a $500 balance can take you over a decade to pay off if you simply make the minimum payment.
Add in the interest rate, which rarely goes down. If you miss a payment, you will really be paying the bank. Thirty percent interest is common on a credit card once a payment has been missed. And you only have to miss that payment by a day — which can happen in the mail or processing if you don’t plan ahead well enough.
Mistake #2: Buying more home than you can afford.
With the real estate market in the state it is today, many people are regretting their housing decisions. Adjustable rate mortgages are acceptable loan products for some people. But only if they can afford the maximum rate that the loan can hit if interest rates go up. Too many people only consider that introductory rate. They stretch and purchase as much as they can afford. Then, when rates go up and their rate adjusts, they can’t afford the payment. Add that to a slowing housing market, and you may have a foreclosure on your hands.
If you are going to buy a home, make sure that you purchase what you can afford. Take out a fixed-rate mortgage so that you know what your payments will be. If rates go drastically down in the next couple of years, you can always refinance. If rates go up, you are protected. Try to aim for a 15-year mortgage over a 30-year. It will save you hundreds of thousands in interest. But if you can’t do it, a 30-year fixed-rate mortgage is an acceptable loan choice for the purchase of a home.
Mistake #3: Not controlling your money.
Too many people live paycheck to paycheck. They have no savings. They have no retirement plan. They have nothing to back them up in the case of an emergency. They have no control over their money.
You have to take control of your finances if you want to retire someday. You have to learn how to budget, save, invest and spend. All it takes is a little time. And once you get in the habit, you will notice that your life has more control. You should say where your money goes, not lenders or creditors or anyone else.
Mistake #4: Not saving for retirement.
There are more seniors in the work place now than there were twenty years ago. And even more than there were fifty years ago. If you want to retire with enough money to live comfortably, you have to start putting something back today. Start an IRA. Contribute to your employer’s 401(k) plan. Figure out how much you need to invest and find a way to do it. This is your future. You don’t want to reach sixty and realize that you can’t afford to stop working. There is no guarantee that you will be able to draw social security or other forms of assistance then. What if you become ill and have to retire? What if you get hurt? Prepare for the future. Start saving for retirement today.
Martin Lukac represents RateTake Refinance Rate mortgage marketplace. RateTake matches consumers with multiple lenders offering low Refinance Rates from our network of accredited lenders
Article Source: http://EzineArticles.com/?expert=Martin_Lukac
http://EzineArticles.com/?Financial-Mistakes-to-Learn-From&id=346218
Is “Same As Cash” a Good Idea?
Is “Same As Cash” a Good Idea?
By Tim Parker
I remember when I put new cabinets in my house. It was time because those cabinets were screaming to go back to the 70’s where they came from. Old and tired, repainted so many times that much like some females I know, have no idea what their natural color was. Have you ever priced cabinets? I hadn’t either so I was shocked that one 8 foot wall of cabinets was going to set me back $5,000! What are these things made of?
This article isn’t about my home improvement woes, it’s about the exciting thing I learned at the home improvement store that day. Years ago I found out that they are happy to let me use their money for 12 months free of charge. No interest, no nothing! You may have heard of it. It’s often advertised with the words, “Same as cash.”
It’s often as simple as applying for a store credit card. When you’re making a high dollar purchase, ask the associate about this. Often it’s there but if you don’t ask, you won’t get it. Also, sometimes it’s advertised as 90 days but again, if you ask, you can often get that extended.
Why is this a good deal? What could I do with $5,000 if allowed to invest it for 12 months? There are so many possibilities but the point is that $5,000 invested wisely for 12 months could pay for a significant portion of my cabinets.
I don’t want to burst your bubble by being blunt but I have to: You have to diagnose yourself and if you aren’t the utmost is financially disciplined, this isn’t for you. If you have credit card debt or you do not pay your cards in full at the end of the month, you are to stay far away from offers like this. There is a big reason for this.
Let’s say that I got my 12 months same as cash on my $5,000 cabinets. Here came the 12 months and I paid my cabinets off 1 day late. My $5,000 bill becomes nearly $6,100! How did this happen? It happened because I was one day late and when that happens, the contract says that all of the interest from the day I bought the cabinets is charged to me. Often the rate is 21.6%. This is why this type of promotion is only for the financially savvy.
What happens if you are coming close to the payoff date and you don’t have the money? Get a cash advance from your credit card, borrow from your 401K, do anything! Almost anything will be better than paying all of the interest.
The bottom line is that you can take advantage of this great offer only if you are disciplined enough to pay it off.
Tim is the author of http://www.elementary-finance.com, a financial blog providing beginning investment and finance advice to those who have a desire to learn the basics of investing and finance
Article Source: http://EzineArticles.com/?expert=Tim_Parker
http://EzineArticles.com/?Is-Same-As-Cash-a-Good-Idea?&id=2076351
Filed under: budgeting
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Money Matters
