Budget Your Money and Reap These Benefits
Benefits of Setting a Budget
You may never have planned your life with a budget before, so now is the best time to start budgeting, before you wonder (again) where all your money went. If that’s not a good enough reason, I present ten more reasons on why setting a budget is good for you:
1. Knowledge. Knowledge is power, after all, and budgeting lets you know just where your money goes, down to the very last penny. It’s a self-educational tool about allocating your funds. Knowledge is the very first step to controlling your money. Read more
Using Credit Agencies to Manage Your Finances Better
Savvy consumers are now using the World Wide Web to manage their finances better. Modern technology now makes it possible for you to consult online credit agencies for information about your credit rating. You can monitor changes to your credit report and promptly revise your financial activity in response. And it’s not at all difficult or complicated. In fact, you just have to turn on your home computer and connect to the Internet to gain access to your financial information. Read more
Debt Mistakes to Avoid in 2007
Filed under: Credit Reports, Debt Consolidation, Money Management
Are you looking to eliminate your debt in the New Year? Knowing what you are doing wrong can help you to turn your finances around in 2007. Learn some of the common debt mistakes, then take steps to avoid them in the future.
Mistake #1: Ignoring your credit report Read more
Banks and Money
Basic Functions of Banking
The basic functions of banking are:
- The collection of funds from the public.
- The safeguarding of those funds.
- The transfer of those funds from one person to another without their leaving the bank (this is done by means of cheques or automatic transfer through the banking system, or via the Internet etc)
- The lending of that money to other parties for a return or reward called interest. Read more
Cash Management Account
The foundation of our system is strategic spending. Most of us know how much we earn each year, but have no idea what we spend the money on. Like every successful business, we need to constantly monitor income and expenditure while also ensuring that we are making a profit, in other words, saving some money.
The idea of a strategic spending is to divide your hard earned income up into small, easily controlled bundles. The first bundle taken out should be savings, a minimum 10% of your gross pay, which is transferred monthly into your cash management account. If you leave savings to what is left over, you will always find that there is nothing left over.
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