Your finances determine many important things in your life such as where you live, how you live, and what you’re able to do. So, it is very important that you get control of your finances. Here are some steps you can take today to start taking back control of your money and get on the path to creating wealth.
Start tracking your spending. The first step you need to take when taking control of your money is find out how you’re managing your finances right now. Where does your money come from and where does it go? You may be surprised to learn that how you think it’s being spent is often different than how it is actually spent.
To find out where your money is going, begin tracking it right now. Your tracking system can be as simple as a notebook page with columns, or you may want to set up a software program to help. Then write down all the money you spend as soon as you spend it. Don’t let guilt keep you from making entries. This step is meant to help you find out the truth about where your money goes, not judge your spending.
Set up a budget. If you don’t think you can follow a budget, think of it as a spending plan instead. To get your finances on track and start saving, you will need to spend less than you make. Write down where your money is coming from and on what dates you are paid. Then figure out how much of that money is spent on bills and other necessities. Write down how you will spend the remainder.
This is where you may realize you need to cut out some expenses so you can stay within your budget. Remember to plan ahead and put money aside for large purchases. Your needs will likely change every few months, so review your budget or spending plan regularly.
Start saving. The wealthy save a portion of their income so they can invest it and watch it grow. However, most of us aren’t accustomed to saving. We spend our money as quickly as we get it. To begin saving money today, contact your bank about arranging a regular automatic transfer from your account. Saving 10% of each paycheck is a good goal to strive for. While you’re getting used to the idea of saving, you may want to start out by saving 5% of each paycheck and build your way up.
Put away your credit cards. If you have your credit cards with you when you go shopping, you will probably use them. Eliminate your credit cards as an option by putting them away or even hiding them. If you remove them as a temptation, you will force yourself to live within your means by spending only the money in your bank account.
Ask your credit card companies for lower fees. Pick up the telephone and ask your credit card companies if they can work out a lower rate for your credit cards. Usually they will try to help you because it hurts both you and the credit card company if your debt goes to collectors. A lower rate means it will cost you less to carry the balance while you pay it off.
You can gain a lot more control over every aspect of your life once you control your finances. By following the above steps, you will be on the way to getting that control.
Salaries for college grads this year will average $50,199 according to Kiplinger.com. That’s 7.6 percent lower than it was in 1999. So how do you get ahead?
Questions or comments about this video? Click on the comment link below and let us hear from you. Your email address will never be shared with any third party, nor will it appear on this website along with your comments.
Finally, it’s July and winter is over! Whether you’re lucky enough to live in a warmer climate or you live in a state where you could literally have snow, rain and sunshine all in the same day, you’ll appreciate the following tips to keep your electric bill low this summer.
According to the California Energy Commission, the average home spends about $1,900 a year on energy costs. However, there are ways to not only lower your energy bills but also help the environment. Follow these summer energy-saving tips to cut your energy bills and make your home a “green” home this season.
Sustainable Power Consumption Tips
- Don’t cook! Ok, maybe this isn’t a realistic suggestion, BUT instead of using your stove or oven, you could use your microwave and use less power.
- Don’t hand-wash your dishes. Man, this list keeps getting better, doesn’t it? The truth is that dishwashers use less water than hand-washing dishes. You could let the dishwasher run and let the dishes air-dry in order to save energy.
- Fill up your fridge. The less food you have in your fridge, the more it has to work to keep the food cool. If you don’t have a frost-free freezer, defrost your freezer; don’t allow more than one-quarter or an inch of frost to build up. Frost makes your freezer work harder and use more power.
- Do your laundry efficiently. Avoid using hot water to wash or rinse your clothes. The colder the water you use, the more energy-efficient it’ll be. Line-dry your clothes to avoid using your drier, saving you energy, and money and keeping your clothes in better shape.
- Shorten Your Showers. Even if you only shorten your shower by a couple of minutes, your energy bill can be reduced significantly.
- Use energy-efficient light bulbs. ENERGY STAR-qualified lighting uses less energy and produces 75 percent less heat than regular light bulbs, which means your cooling bill will also be reduced.
- Change your HVAC system’s air filter. A dirty filter makes air flow slower and will make your HVAC system work harder and use more energy. A good rule of thumb is to change your filter every three months.
- Unplug when not in use. Make sure no energy is wasted by turning off, or even better, unplugging electronics when not in use (most new electronics use electricity even when switched “off”)
- Promote sustainable energy. Install a solar power house fan in your attic to draw cool air into your home. Buy ENERGY STAR appliances. Buy curtains and shades (if you don’t have them already) to close them in order to keep the sun’s rays from coming into your home and to help keep your home cooler.
These are just some of the things you can do to save energy and money. If you’d like to learn more, visit the Energy Star website to learn what “green” changes you can make at home. You can either look up ideas by room type or by energy usage (e.g. appliances, lighting, electronics, etc.)
Affordable homes, low state taxes, renowned medical facilities, strong continuing education programs and temperate weather are some of the many incentives that spur seniors to relocate after retirement.
But contrary to the conventional wisdom that moving is always the best choice, there are some potential challenges that the 65-plus demographic needs to be aware of when transplanting into a new environment.
Departing a lifelong home probably means leaving behind friends, family and a sense of community. One of the questions to ask before making this life-altering decision is whether you can rebuild your social network and a sense of stability in a new city, region or country.
Although the prospect of lower living costs is the impetus for many seniors to pack up their bags, seniors should be aware that there’s a spectrum of different costs on top of the price of real estate. Check out state tax rates, property taxes and property insurance costs – as well as getting up to speed on the state of the local economic climate (unemployment, sales tax etc.).
A sunnier, warmer climate may be good for mental health and the soul, but older Americans are also more susceptible to health problems caused by the heat. With aging, the sweat glands are less efficient and circulation worsens, and medications and conditions like high-blood pressure make it more likely to be impacted by a heat-related illness, such as heat exhaustion or heat stroke.
As seniors grow older, it’s inevitable that they’ll need more assistance from others, and it is likely family members will be pitching in from long-distance. According to an article in The New York Times, three out of four relatives spend at least a day a week helping out a family member from afar.
Start by talking to family and friends about your plans to retire away from home, and get their feedback. Dive into some research about the spot of interest, and read some local news stories to get the gist of other ongoing issues that could affect the landscape of the community in the future.
You might think it’s the worst possible time to ask for a raise. But that’s not necessarily true…
What do you think? Is now a good time to ask for a raise? We’d love to know what you think of the tips in this video. Use the comment link below to sound off… and don’t worry, your email address will never be published here, nor will it ever be shared with any third parties.