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If you depend too much on your salary or undergoing financial disaster, it’s a sign that it’s about time for you to get control of your finances. One of the most vital strategies to achieving that is by monitoring the money you have coming in versus the money you have going out. This is in order for you to be able to create a solid budget – and simply stick to it. Here are the steps that could help you get started.
1. Evaluate your income
Ask yourself how much money you have coming in. Your monthly salary could not be much of the problem. Most people tend to forget other income such as your second or part-time job, any form of financial support or any miscellaneous cash that tend to be overlooked. Add it up and jot it down.
2. Calculate your expenses
Establishing a budget could be complicated when it comes to determining how much money you’re spending. Firstly, you have to write down of all your fixed expenses – which would include rent, mortgage payments, car payments, insurance, utilities, cable etc. Then, don’t forget to include variable expenses such as food, gas, entertainment etc. Last but not least, you should include miscellaneous and maintenance expenses like property taxes, car maintenance etc. Upon adding up your out-going monthly expenses, deduct them from your income – the amount you get will tell you whether or not you’re overspending. This will also help you get a better idea of where you should reduce your expenses.
Please use our MyFinance Budget Portfolio to track your daily and monthly expenses.
3. Reduce unnecessary spending
Now you’ve reached the stage of determining where you should cut your expenses. Evaluating which expenses are actual needs versus wants is a quick way to know areas that you may be able to reduce costs.
4. Set aside savings for emergencies
These modern times, it’s really important to have savings for emergencies. Putting aside an adequate amount of money for savings or emergencies can make a huge difference especially when you’re facing an unexpected job loss or a financial disaster. At least 3 to 6 months’ salary would be an ideal amount that you should have in your emergency fund. If you have not started saving for emergencies, it is always better to begin with a lower amount now than not having at all.
5. Stick to a budget plan
Once you’ve created a solid budget alongside a good financial plan, the problem you may have now is how you should stick to it. It may not be as easy – but once it works out, it is sure worth the efforts you’ve put in. If you have a spouse, work together to make sure both parties are responsible for any spending oversights. In case one of you overspends, set certain rules to make sure proper control takes place. If you’re single, you can still keep your financial matters interesting by finding a support group among your friends or rewarding yourself financially when reaching certain goals. Be it a vacation or even dinners with your friends – it definitely constantly helps keep you reminded of your financial goals.
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MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators
1. You’ll improve your spending habit.
Based on the categories of expenses that you’ve listed, you can now start to put them in a budget form. There’s a lot of financial websites which can be used for this purpose. Through this way, you will be able to keep track of your spending and be able to improve your spending habit for the coming months. You can also learn to improve your financial skills each month. You could use the extra money that you have for something that will benefit you in return. You can use it for saving, giving or investing. Remember, overspending should always teach you a lesson to be more careful with your monthly spending.
2. You’ll improve your financial situation.
There are some categories which require you to keep a running total. You can always input your budget and expenses in our MyFinance Budget Portfolio to make it easier. Every month should be the new beginning of your budgeting. Changes are inevitable as you’re required to be prepared for this. Make sure that the spending plan should be flexible. This is needed for unexpected occurrence. We should have guidance on our spending so that it is organized and proper. A spending plan is a something which you have to get used to. It takes quite some time. Don’t worry, you will be able to familiarize yourself with the pros and cons as time goes by. After having a spending plan, you’ll realize that you have a better understanding of your financial health and improve your financial situation over time.
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We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators
1. You have to be ready
You have to make sure that you’re responsible enough to use your credit card wisely.
2. Get a job
You have to be financially stable either from a part-time or full time job.
3. Look for the right credit card company
Find the right credit card company that suits your needs.
4. Ask someone for help
You might want to ask someone who has the experience of using credit cards to get their advice.
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We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators
1. When you're sad or depressed
Shopping is a great way of distressing. Thus, it is important that you really know what you’re buying instead of being massively affected by your emotion.
2. When a major financial change just occurred
A big occurrence that truly affects your life might affect your decision to use your credit card. This might include when you’ve just lost your job or had a major health problem.
3. If you're in the market for a mortgage or to finance a car
If you've spent too much on your credit card or have a lot of balance, you might not qualify for the best interest rates as your credit history isn't good. Making on-time payments a year before buying a house or a car might be a good decision.
4. When you're hungry or sleepy
Rational and informed buying decisions are needed when you’re about to deal with your spending. Remember, your spending comes with short and long term consequences.
5. When cash saves you more. Sometimes, paying in cash gives you more room to negotiate the price. Learn when not to use your credit card when they are less beneficial as compared to using cash.
Read More : http://MyFinance.com.my/articles/detail/7221231406
We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators1. It helps you ease your expenses
A credit card can help you keep track of your daily expenses.
2. Credit cards are the ultimate cash alternative
You might find credit cards convenient especially when it comes to buying something expensive. Bringing way too much cash is definitely risky and dangerous.
3. Personal finance at your fingertips
All credit card companies have their own websites which enable you to check your account regularly to avoid unwanted circumstances. You are also able to make your payments online and on time without worrying about being charged a late fee.
4. It’s convenient and hassle-free
Unexpected situations like short on cash, emergency spending are among the contributing factors to the increasing number of credit card users. Credit cards are also beneficial while travelling. When you're travelling abroad, you surely don't want to be carrying around too much foreign currency.
5. Credit rating
When applying for a car or home loan, your credit rating will help you in getting the margin of financing and the interest rate you will receive.
6. Rewards
Just like the bonus card of a gas station, the more you spend the more you will be rewarded by the credit card reward points.
7. Protection says it all
If you lose your credit card, you can simply call your credit card company number provided on your statement or the back of your card. Don’t worry, they will get back to you as soon as possible as you’re not going to be charged a single cent.
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We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators1. Remember to choose credit cards that give you rebates on your purchases. Through this way, you are able to save even more just like when you’re buying things at a discounted price.
2. Do not ever forget about your accumulated credit card points. Use them wisely. You can exchange them for food outlet vouchers or supermarket shopping vouchers.
3. Use your credit cards to its maximum advantage through your spending. It is vital for you to always be on the safe side by being more debt-savvy and economical in using your credit cards.
4. You should always remember to always take time to read the terms and conditions in your credit card agreement and statements. Make it a practice to check your credit card statements for suspicious or unauthorized transactions.
5. Always remember to check your year to date summary transaction in your yearly January statement. This summary statement helps you understand the interest payments for your outstanding credit card balances. Examine thoroughly your credit card statements in January every year as card issuers are required to disclose the following:
• Total credit for the year
• Total Interest
• Total finance charges
• Table on minimum payment warning
6. If you find any faulty or unauthorized transaction in your credit card statement. Call your card issuer to get them notified as soon as possible. It can be done either verbally or formally through writing if it involves a big amount of money. You may also contact the card issuer for clarification if there is anything you’re not sure about in your monthly credit card statements.
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We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | Calculators
The Do’s
1. Choose a credit card based on your spending affordability;
You might want to make sure you can pay for what you spend to avoid incurring unwanted debts.
2. Read reviews;
You should read the credit card reviews in our credit card details to see which card suits you best.
3. Read the terms and conditions;
Be sure to check out the terms and conditions before you’re truly interested in applying for a credit card.
The Don’ts
1. Grab the first offer;
Remember, a low interest rate and a great reward package does not simply mean the credit card is worth taking.
2. Skip a payment;
Pay your credit card on time to prevent your credit rating from being affected.
3. Carry over a balance;
It is advisable for you to pay your credit card bill in full every month to avoid any interest payments.
4. Close your previous credit cards;
Owning a new credit card doesn’t mean you have to close your old or current credit cards especially if you’ve used it over a long period of time.
5. Apply for more than one credit card at once;
Not only does this burden you in so many ways, but it also affects your credit rating. Credit cards can be convenient to most people to help you get your loans when buying car, house, etc as well as an ultimate cash alternative when you don't bring your cash. Despite it being used responsibly, there are times when you have to think twice before using your credit card.
Read More : http://MyFinance.com.my/articles/detail/7211181405
We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
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