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Saving money is on just about everyone’s mind these days. Money is not that easy to save. We’re all accustomed to living just at the edge of our means. And this is a dangerous way to live, especially as we age and grow responsibility.

One of the many reasons that this behavior is difficult to break, especially in western countries, is that the conversation via materials is relatively loaded and significant. It’s not easy to go against the grain and get the used car when just about everyone else on the block seems to have a new shiny white F-150 or a Silver Mercedes E350. This sounds pretty easy to do.

Just get the used Honda Accord and save 8k, but it’s not so easy. We’re all held to a sense of comparison. We hold ourselves to it. And we communicate success through our ability to keep up. That’s the hidden language that is behind the model of economics that remains to be the most distinguished in our world.

So what to do? How do we break the mold and forge forward as a fiscally responsible individual? How do we break these habits that have been conditioned by generations?

Continue reading ‘How to Save Money For Your Family’ »

He has been termed as a legend; many know him as the king of pop and the supreme entertainer of all times. Michael Jackson transcended all races and touched the lives of many people. Whether his influence on his fans was positive or negative, I leave that to you to make your own verdict.

The one thing that Michael did is make money from his music. He paid close attention to his potential and found ways to perfect his music and dance moves while keeping his wardrobe up to date with the relevant costumes. He made good use of his talents to generate immense wealth but the sad part is that he did not manage this wealth properly.

Continue reading ‘Financial Management Lessons to Be Learnt From Michael Jackson’s Life’ »

Most people can enjoy and appreciate a super fast meal when they are on the go. Whether it’s at the local pizza shop or at their favorite hamburger place, even during this economy crisis, people still make room in their budget for fast food goodies. It’s only natural to want to change up from homemade food from time to time. Even the most frugal person can eat out on occasion because they know how to do it without spending a mint.

While there are a myriad of different fast food options and “dollar menus” are very much en vogue, there are still some basic no-no’s that will cause you to blow your family’s budget if you are not wise about trying to get the maximum saving. Cost-conscious people can keep their budget in tact by avoiding some of these more costly fast food options:

Don’t buy a drink unless you get free refills. Order a small drink that you can buy for cheap. Then, get all of the refills that you can handle. If the restaurant does not offer free refills, then, if you don’t mind, order the complimentary cup of water to accompany your meal. You can always have something to drink at home or stop off at a supermarket where you can get a whole 2 liter soda for $1 or less. It’s just not worth adding up to $2 to the cost of your meal by ordering a drink. If you just can’t forgo the drink, order it with little ice or completely without ice. The machines that the drinks are made in are already cold. So, ice is just a ploy to give you less drink!

Continue reading ‘Fast Food Don’ts That Will Break Your Family’s Budget During This Economy Crisis’ »

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Friends are extremely valuable assets. They are there when we need a shoulder to cry on. They are willing to help us out whenever possible. They are the wind beneath our wings! Hey, simply put, friends are good. This is especially true during an economy crisis.

As more people try to save and find alternative ways for getting the most out of every dollar, friendship starts to have even greater meaning for us. How so? Because there are some great discounts, deals, and saving opportunities that are best when they are shared with friends. In fact, some of them require more than one person in order to get the special pricing. Sound too good to be true? Well, it’s not. Here are 5 of the coolest things that you can split with your buddy so that you both can enjoy saving, cost-cutting, and of course, have a blast in the process:

Eating at a restaurant is even better when you can get a huge discount off of the regular rate. Many restaurants offer tons of “buy one, get one” specials that will allow two of you to eat for the price of 1. To maximize the savings, drink water, and skip the high priced dessert. The two of you could have a fab meal and save more than 50%! During this economy crisis, everyone’s learning that they don’t need all of the expensive extras, and that is especially true when dining out.

Continue reading ‘5 Things That Are Better When Split Between Friends For Saving, Cost-Cutting and Having Fun!’ »

Even before finding another source of income to supplement your salary it is first very important to implement changes to your spending and saving habits. By doing this one will secure a stable financial base in the future. It is imperative to have a habit of saving as a way of acquiring financial discipline.

A habit of saving will ensure that you become financially independent in the future, but there are some radical steps one needs to adopt early to achieve this. The first thing to do is monitor your expenditure, this you do by writing down your daily expenses. Note the amount of cash you use on each item that you purchase for about two months. This way you will know where you are overspending and hence review your monthly expenditure.

From there determine how much you can afford to save on a monthly basis, making sure that you don’t overstretch yourself. Also as you save put aside some money for emergencies.

Continue reading ‘Saving Principles That Will Ensure Your Financial Success’ »

Budgeting and financial planning are the cornerstones of responsible money management. Not only that, but they are vital in developing a workable plan for the future, and can even reduce stress. While many people shy away from the accountability and responsibility required to create and maintain an accurate budget, buckling down and building a budget can ultimately help reduce stress and worry, and lead to a more pleasant and fulfilling life. So, what are you waiting for?

Before getting started, it’s important to define what a budget is, and what it is not. It is not just a list of where your money goes each month, and it is not a hard and fast rule that can’t be bent or broken. A budget is a comprehensive overall picture of your financial situation where money comes in, where it goes out, and what it’s spent on. A budget is a plan, a map of the financial future. It should include salaries, bonuses, bills, insurance, savings, and other expenditures. It should be divided into wants and needs and should be organized as a line-item list, with each item categorized and accounted for.

Most importantly, a budget should be accurate. Creating a budget that is inaccurate is a complete waste of time. People often create budgets that reflect where they want to be financially, or that ignore certain one-time-only expenditure this is not going to be effective. Instead of focusing on where you want to be and fudging the lines of where you are, make your budget an accurate and honest reflection of your current economic situation. Once you have that in place, you will be able to more easily identify where changes can and should be made, and you can begin to transform your financial situation by spending and saving responsibly.

Continue reading ‘Budgeting 101: A Beginner’s Guide’ »

When you hear Wi-Fi, Bluetooth, 3G, highspeed, high definition, 1080p, Blueray, LCD, Smart Phone, and iPad, what comes to mind? First thing I think of is high priced toys. These gadgets are a weakness of mine, but my wife could take them or leave them. I tend to spend money, where she would rather do without to save money. Have you ever bought something, thrown a party, or taken a vacation with a justification of we deserve it? There is nothing wrong with rewarding yourself or loved ones by splurging on material items or going on a nice vacation, but it should not take precedence over being fiscally responsible. It is acceptable to reward ourselves once we reach certain financial goals set from a previous year or once we meet an investment goal.

Continue reading ‘Spending – Paying Down Debt – Saving or Investing’ »

Saving money (especially in a deflated economy) can provide financial peace of mind as you build a war chest and gain financial security through economic highs and lows. But the savings accounts available to you through main-street banks are designed to make them money, not you. Don’t get me wrong, saving money is #1 on my ‘must-dos’ for becoming financially fit. However, I just don’t think a bank savings account is the smartest place for your hard-earned money. Here’s why.

Continue reading ‘How to Become Rich Saving And Investing Why You Dont Make Money in Bank Accounts’ »

As parents, the children will do. Summarized in the popular saying, extrapolation, “As the Father, the Son as” the truth is some of what we do as parents, our children will be taken into account in their adulthood. So instill good habits now to benefit fully.

Continue reading ‘How Do I Teach Them About Budgeting And Saving For Your Children’ »

A friend of mine has had this ongoing feud with her mother.

She says she does not make enough money to save for her future and that saving is pointless as anything you put in the bank is eroded by inflation anyway.

Her mother is scandalised by this notion as she firmly believes Benjamin Franklin’s maxim that a penny saved is still a penny earned. Actually more once you consider taxes. Continue reading ‘Running on Empty Financially’ »