Tag Archive for Finances

4 Ways to Help Family Members Get Their Finances in Order

4 Ways to Help Family Members Get Their Finances in Order

4 Ways to Help Family Members Get Their Finances in OrderAnytime someone you love experiences hardship, often, your initial reaction is to help them in any way you can.

Unfortunately, when the problem is financial, it can be difficult to know just exactly how to do that.

While offering up money yourself might feel like a valid suggestion, if you’re truly hoping to help your relative get their finances together, merely providing them with money can often do more harm than good.

Instead, consider these four ways to help family members get their finances in tip-top shape.

1. Help Them Create a Budget

More often than not, financial disarray comes from either a lack of a budget or a budget that merely doesn’t work. Whether your relative needs to create a budget or find one that better fits their situation, setting up a budget is one of the best ways to assist your family member.

Sit down and acquire the details of their income and all their expenses. After which, organize an appropriate budget based on what they earn and what is a need for them. Furthermore, take a look at some of their unnecessary expenses and have them consider what they could cut out or cut back on.

2. Set Up Their Bills

After a budget, setting up regular bill-pay or a bill paying schedule is the next best step. Not accounting for certain bills and expenses can leave many people spending when they really should be saving for their needs.

Help them consider their options with automatic bill-pay and direct deposit, or assist them in coming up with a solid schedule that will always keep them on track.

3. Help Them Find Professional Assistance

Sometimes, getting someone else’s finances in order, especially if they’re too much of a mess, can be out of your depth. So, unless you’re a financial whiz, one surefire way to assist a relative is to help them find the right professional assistance.

Whether they need help with taxes, debt, jobs or even lenders, make a point to help them research and find the right help that best suits their needs.

4. Be a Resource

Although lending money might not be the best option, you can always be a resource in other ways. Be your family member’s accountability enforcer to help them make sure they stick to their budget and plan.

Moreover, be someone they can turn to with whatever they might need help with financially. Again, if you can’t help directly, help them find someone who can. For example,?installment loans are always an accessible option and you can easily just help them find a proper lender.

At the end of the day, simply be your relative’s resource to come back to whenever they have questions or concerns. Merely having a sounding board can be a huge help.

It can be difficult to refrain from jumping in and doing things yourself when it comes to family. However, if you truly want to be of assistance, take steps to help family members on the path towards good financial habits.

By setting them up with plans, goals, and budgets, you’ll set their finances in order for life.

 

 

What are some ways you might help family members who have trouble with spending or sticking to a budget?

 

 

4 Financial Steps to Take This Fall

4 Financial Steps to Take This Fall

4 Financial Steps to Take This FallFall can be a great time to get your financial house in order.

Since the summer has come and gone, the kids should be back to school and you probably aren?t spending as much money as you were during the summer season. It?s time to refocus on your budget, tighten up your monthly expenditures, and get things back on track.

To make sure that you take advantage of the fall season, try putting the following four financial steps to use.

Set a Savings Goal

As mentioned above, most people spend more in the summer than they do in the fall. That being the case, make it a goal to save most of the money which you are no longer spending on a month to month basis.

You know your spending habits best, so you should be able to estimate how much you will be able to save during October, November, and December. Even if the total is as modest as $100 per month, it will still be helpful in the long run.

Start Thinking Taxes

That?s right ? it?s never too early to start thinking about your taxes. If you have things that you are going to purchase and will then write off, buying them before the end of the year makes a lot of sense.

Also, if you would like to give to charity around the holidays, do so before the end of the year and you may be able to write that money off as well. By planning well in advance for tax season, you won?t have to stress when April rolls around.

Spread Out the Holiday Spending

While there is still time before Christmas, do yourself a favor and spread out your purchases. If you are planning on buying a long list of presents this holiday season, break those up over many weeks to lessen the damage on your budget.

While the total amount of money may wind up being the same, it could be easier from a cash flow perspective if you don?t do it all at once. Also, this is a far less stressful way to shop, and it makes sense to remove as much stress as possible from your life around the holidays.

Look into Side Hustles

Another benefit of having summer in the rear-view mirror is the fact that you should now be able to spend some time thinking about your own side hustle opportunity. A side hustle is simply what most people used to call a part-time job, although now you may decide to make money as an entrepreneur rather than an employee.

There are plenty of side hustle opportunities available, both online and in the real world, so do some research and see if any of them make sense for you. Adding even a small amount of income can do wonders for your monthly budget.

Fall is a good time of year to take a look at your finances and take steps to improve them.

 

Have you taken these financial steps? What are you working on this fall?

 

Photo courtesy of: lena1

5 Essential Steps to Right Your Financial Ship

Steps

StepsDeveloping a strong financial life is one of the most important things that anyone can do in their lives. Having a strong financial base can make living life more fun with less stress, and can lead to a more fulfilled life. If you’re feeling the pull of not being on track financially it can be a challenge to know where to start. With that in mind, the below steps should help right your financial ship or simply get started on an area you’ve neglected for too long.

Eliminate Debt

The first thing that anyone can do in order to get their finances in order is to pay off debt. Most of the time consumer debt has very high interest rates that become like shackles around our ankles. Many times this can result in hundreds or more in monthly payments just to debt.?If you’re avoiding paying down your debt out of fear it’ll never be gone, don’t fall for the trap rather start throwing money at it today.

Invest

In addition to eliminating debt, learning how to invest is important to growing your wealth. There are many different forms of investing that a person can engage in, just find one you’re comfortable with and get started. The stock market and real estate are two different examples that anyone can do. In order to start investing, simply pick up a book or search online to start learning.

Increase Income

Another way that is often overlooked to help finances is to simply increase the income you make in a month.?A common excuse I’ve heard many times is that it’s not possible to make extra money or only that it’s only for certain people. That’s simply not the truth. With the Internet, there are many ways to make money online?even with very little skill. If working on a computer isn’t your thing you can always pick up a side hustle in your home town.

Eradicate Bad Expenses

There are many expenses that people have per month that can easily be eliminated with very little change in lifestyle. Cable television is a great example of an expense that can be eliminated. With the average monthly cable bill coming out to be just over $100, it’s an easy expense to cut.?If you feel like you can’t survive with cable you can always get rid of channels you don’t watch to lower your bill or cut the cost altogether and use one of the many cord cutting options available. This is only one expense, but can lead to great savings over time.

Have a Plan

Finally, a person must have a financial plan for what he wants to accomplish in order to transform his financial life. Being knowledgeable about updates and offers by their banks can be beneficial. Switching your current account?to banks who offer better incentives is a step towards better financial planning. It is much easier to work more and decrease expenses if a person knows exactly what they are working towards. There are many different financial plans available online or in books, and you should pick one that aligns with your values and dreams.

 

 

Photo courtesy of:??Depositphotos.com/ponsulak