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Monthly Archives: January 2017

All about Smart Money Moves

Pay down high interest debt

The most important (in our opinion) of smart money moves is paying off high-interest debt. High-interest debt is easily one of the first forms of debt you should work to pay off quickly. Loans with lower interest rates like mortgages, student and auto loans are generally manageable with their month-to-month payments. Carrying around high-interest debt is difficult for many reasons, and it often feels like you’re not making any progress with the principal when you’re making the minimum monthly payments. It can feel like you’re only pay toward the interest and in many cases you’re paying very little to the principal on a high-interest loan and paying more toward interest.

Work to pay off high-interest debt quickly, so you can work toward our next step. Creating an emergency fund.

Create an emergency fund

Once you’re out of debt, it’s important to create an emergency fund to avoid getting back into debt if an emergency transpires. Medical emergencies, a job loss, your car breaks down, your roof leaks, emergencies come in all shapes and sizes. You want to be prepared.

There is a lot of chatter about how much you should have in an emergency fund. The average is anywhere from $1,000 as a small goal to six months of living expenses in the event of a job loss. You have to figure out where you land in terms of the amount you aim to save for your emergency fund.

Check your credit report

A staggering amount of people have material errors on their credit reports. According to the Federal Trade Commission 21% of people in the US have errors on their credit reports. By checking your credit often, (monthly or bi-monthly) you can gain valuable insight into not only the health of your credit, but any misleading, incorrect or inaccurate information on your credit report.

Personal Finance can Help Save Cash

If you are trying to save up money to go on a vacation, buy a house or retire early, you need to remain as disciplined as possible when it comes to breaking into that savings. Before you contribute to those funds, be sure to calculate exactly how much you will need to make it that month so you can better avoid early withdraw from that account.

Search for cheaper utilities to get better personal finance. If you have had the same gas company, cell phone plan, or other utility for a while then shop around for a better deal. Many companies will gladly offer you better prices just to have you become their customer. This will definitely put more money in your pocket.

One of the things that you need to take into consideration with the rising rates of gasoline is miles per gallon. When you are shopping for a car, look into the car’s MPG, which can make a huge difference over the life of your purchase in how much you spend on gas.

To avoid surprise deductions from your checking account, access your account online at least once a month. Scroll back through the previous month and make note of all the recurring automatic deductions from your account. Go ahead and deduct those in your check ledger now – even if it puts you in a negative balance. The money won’t be gone until the debit is posted, but you will know not to spend money on unnecessary items until you have built up enough of a balance to cover your recurring automatic debits.

Find the financial institution that meets your savings goals. Avoid paying monthly transaction and maintenance fees by finding local credit unions, banks or thrifts offering free checking accounts. If no completely free checking is offered in your neighborhood find an institution where you can make your account free by signing up for direct deposit or you using your debit card a few times a month.

You should never be afraid to invest in yourself, you never know when it will pay off. If you’re the innovative type and think you can really do well in business, then you should take the risk to invest in yourself. You shouldn’t put a strain on your entire financial situation, but you should still be willing to invest in you.

Information of Money Management

Once you know how much money you spend per year to run your home, you can subtract it from your earnings to arrive at your discretionary income. If you have quite a sum left you can either save it or if you have a mortgage you might like to pay it down prematurely. If you practice your money management you should have a clean credit. Instead of paying your mortgage on a monthly basis you could try out the option on a bi-weekly basis. This will definitely affect the interest that would get accrued over time and would let you own your home even sooner. How soon that could be will depend on the mortgage size and the interest rate that you might have committed to. But make sure that you have a budgeting strategy in place.

While budgeting, you might like to equalize your payments across the year but only on condition that it will not cost you anything extra. For eleven months you might decide to pay a fixed amount for your hydro consumption and in the twelfth month adjustments are made based on which you might have to pay more or pay less depending on how closely the current year’s consumption pattern followed that of the previous year. If you make use of these money management tips it can get a lot easier to manage your personal finance.

For effective money management, it is crucial that you adopt some kind of budgeting strategy. Set up your budget based on your actual expenses remembering to include everything. Equalizing your payments gives you a clearer picture of what is expected from you every time you get your salary.

If your money management has gone out of hand you will have to begin somewhere. Start by cutting down on your energy bills. Try to refinance your mortgage at a lower rate of interest; this can save you a lot of money. Or if you are paying rent, negotiate a better deal with your landlord when you find that the rates have gone down. Sacrifice your lavish lifestyle and keep to your budgeting plan.

Personal Finance Spreadsheet

Money is a need, and pretty much like the air that you breathe, you cannot live without it. Money is necessary to buy food and clothes, pay mortgages, pay taxes, and so on and so forth.

But, you don’t really need a lot to survive and be successful. You just have to be at the helm of your finances with the aid of some tools. If you’re making a mess of your budget, a personal finance spreadsheet can come in handy.

Such financing tools run parallel to the Microsoft Excel that you see on your computer, only that a finance spreadsheet is specifically tailored to meet the financial needs of an individual or a business.

If you’re not a computer savvy person and personalizing a spreadsheet is too much of a hassle for you, there are plenty of free personal finance spreadsheet templates available online. Searching for a good spreadsheet template, however, can be tricky because there are communities of sploggers who are really good at cornering the search results on the Internet. A splogger is a person who plagiarizes contents taken from another website.

If looking for a good spreadsheet template is too gargantuan of a task for you, you can get rid of all the hassles because websites such as,, and allow you to download the best personal finance spreadsheet templates available online.

Vertex42, mdmproofing, and PearBudget all have a huge collection of spreadsheet templates and other financing tools that can make life easier for everyone. You will find all sorts of templates, from one that can help you with household budgeting to one that can assist you with tracking your debts. They give the most effective solutions to personal finance troubles that even the most well-known finance calculators cannot truly solve.