Money Management Tips to Help You Avoid Falling in a Bind

Money is something that runs our lives. Whether we like it or not, money is a vital piece to our lives. If we do not have any money, we struggle; if we have an abundance of it, we can live our lives vicariously. In order to avoid falling in a bind with money, here are a few money management tips.

The first thing you want to do is make sure to pay all of your bills on time. The first bill you pay late will lead to the next bill, which in turn leads to the next bill. It is easier than you might expect to fall behind and get so far behind that you have nothing to do but curl into a ball. Do whatever you can to pay these bills on time.

The next tip is to read your bank statements regularly. Unfortunately, there are times when people will make charges onto your account without you realizing it. Identity fraud is something we have to be familiar with in our society. In addition to unknown charges, it will also help you become familiar with what you are making purchases of. This can help you cut back on anything that is hurting your account.

Part of unknown charges and paying attention to your account is checking your credit report annually. Having good credit is essential to the finance aspect of your life. You want to keep your credit as clean as possible. But if you do have bad credit, you will be able to work towards repairing it before it is too late if you check your credit report annually.

When money is not an issue, most people spend it willingly and do not take care of it. What you want to do instead is build an emergency fund for you to fall back on in case something goes wrong. You should have an emergency fund of at least three months of living expenses. Then if something goes wrong, you will not be in a complete bind.

The next money management tip is to shop around for the best insurance rates and coverage. Insurance is not cheap, but it can help you out in the future. If you take the time to actually research, you will be amazed at how much insurance companies vary from one another.

Lastly, put together a monthly budget for you to follow. One of the worst things people can do is spend money whenever they want without knowing where it is going. Having a monthly budget will allow you to better manage your money and avoid falling into money problems. And whether we like it or not, money does dominate our society.

Forest Marie is a successful Internet Entrepreneur and a top CarbonCopyPRO producer who specializes in teaching others how to build an international CarbonCopyPRO business on the Internet. To learn how Forest and his team build dynamic CarbonCopyPRO organizations, you need to download Forest's CarbonCopyPRO Secret Blueprint

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Money Management Guide

When the prices of commodities are booming and expenditure is increasing in every manner, it becomes essential to make some planning for your income.

• The best way to take care of your money is to plan a budget. A budget should keep a track of all your expenses. The indispensable expenses like education fee of the kids, the bills, the fuel, taxes etc. should be estimated and subtracted from the monthly salary. Then monitor the other likely expenses like gifts on friend’s birthday in that month, your anniversary, weekend outing and the like. The amount that is left after reducing the essentials should be planned in such a manner that you end up with little, at times even negligible savings.

‘A Penny saved is a Penny earned’. Savings are very crucial in today’s life. But many people do not understand the relevance of savings. An individual, who develops the habit of saving money, never falls short of it especially in exigency situations.

If the outlay outweighs the income, situation is called a negative cash flow. In this case you ought to be extra vigilant while spending money. Try to reduce the weekend trips, partying at home or outside, purchasing needless items etc. If possible make a new budget where you have optimized the costs. It then becomes your duty to abide by this budget in order to avoid pitfalls. While if the case is other way round i.e. the cash inflow is more than its outflow, its time to cheer and of course make some savings for the future.

• Next good thing you can do to manage your money is to make investments. Investments can be of different types. You can invest in a property or land, in banks, in stocks etc. The investments you make not only keep your money secure but also give you good returns. Like money that is kept in a fixed deposit in a bank is supplemented with interest amount, the cash invested in purchasing shares of an eminent and successful company, always give a great output etc.

If you are investing in some trust or insurance policies, your wealth will not just be beneficial for you till the time you live; it will also be a financial security for your children and grandchildren in future. So investments generally are rewarding, they do not go futile. But before making any investment, you must enquire about the pros and cons of it. For instance, high risk is involved in investing money in the stock market as the economy is fluctuating unbelievably. Here, you should acquire complete information that when to purchase the stocks and for which company that will never let you down etc. The case is not different with investing in property, but the risk factor is not so high here. The rates for property are never stagnant. So it is better to purchase the land when the market is down and sell it when the prices take a flight. In any case, first acquaint yourself with all the facts and basics, and then only invest. Remember your purpose is to make money from money not to lose with whatever you have.

• Are you a credit card bug? If you are and your expenses do not meet the income, forget the credit cards. The credit card money is charged with high rate of interest. Though it is the easiest form of money, yet it can be very troubling later. People keep on withdrawing the money from the bank’s or company’s credit and the interest simultaneously keeps on accumulating. Finally, the credit card bill comes as a nightmare to many. So it is better to avoid using credit card wherever possible. Try to use it only in case of an urgent situation.

• Keep an accountant if you yourself are not able to keep a track of all your transactions.

Money Management is simple, if you become a little judicious.

Mansi aggarwal writes about money management guide. Learn more at http://www.learntomanagemoney.com .

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Where Did My Money Go? 5 Pillars of Money Management

Let's be honest, money can be slippery. It can slide out of your hands before you can even say, "goodbye." For most of us, spending money isn't the problem. It's holding on to it and making it grow that gives us the most grief.

While I was doing the research for my first book, "Cool Stuff" They Should Teach in School, I interviewed financial planners, investment analysts, and wealthy businesspeople. After collecting this information at the ripe old age of 17, I was seriously confused. But after writing, reading, and re-writing about the topic, I began to notice a pattern of basic money management rules emerge.

I learned that managing money correctly doesn't have to be an overwhelming process. Those people who are financially free tend to live by five very simple principles.

Rule #1: Take responsibility
One of the biggest myths I see today is that we all deserve a great life full of nice things, plenty of money, and tons of happiness. The truth is, there is only one person in charge of the quality of your life ... you!

The first step to becoming financially independent is to take responsibility for your own money. When, where, and how do you spend your money? Those questions may seem obvious, but most people hesitate to answer them. Be aware of your spending habits. All of these rules are related, but you have to realize that your actions determine whether you're digging for spare change in the couch or flying first class to Fiji on your vacation.

Rule #2: Pay yourself first
It may seem selfish, but if you don't pay yourself first, you'll never be financially set. This means take the first ten percent (or more-it's your future) of what you earn and invest it right away. Remember, money never seen cannot be missed.

My parents introduced this rule to me at a very young age-even though I was only getting paid one dollar an hour. Today, I thank them for it because I now have money saved up for emergencies and have laid a strong foundation for my future.

Rule #3: Give before you get
You don't get a tree unless you plant a seed. And investing requires the same process. You'll never become rich unless you plant your money into a worthwhile investment. The more time that passes, the more your money will grow. (That's right, just like a tree)

Your dreams will come true as a result your own responsibility, sacrifices, and patience. For two summers, I sacrificed tons of time I could have been hanging out with friends and going to the beach in order to finish my book. But giving my time and effort has contributed to getting the life I want. In other words, we might have to give up some things now, to make things easier (or better) later on.

Perhaps Zig Ziglar said it best: "Do the thing things you need to do when you need to do them and the day will come when you will be able to do the things you want to do when you want to do them."

Rule #4: Opportunity cost
Whether you're buying a coffee, an expensive outfit, or a car, each choice you make has an opportunity cost. In short, this means that when you make one choice, you're giving up another alternative. Any decision that leaves you with two or more choices is an example of opportunity cost. Essentially, we are all faced with the same situation ... We must choose between "the pleasures of the now" or delayed gratification. Each dollar we spend shapes our financial condition. How are your money management decisions contributing to your future?

Rule #5: Get your money to work for you
There are two categories we spend money on.

i) Assets
ii) Liabilities.

To simplify things, I like to call these Money Eaters and Money Makers.

The name gives it away; you don't want to spend the majority of your money on liabilities or Money Eaters (ME) because these things will devour your dinero. Look at these purchases as junk food to your bank account. It's money that you spend on yourself for immediate pleasure, hence the first letter of each word: "ME." Money Eaters are things you buy that decrease in value once purchased, (music CD's, clothes, stereo equipment, etc.)

On the other side, you want more of the M&M's ... or the Money Makers. Like the name suggests, these are purchases that allow your money to grow or investments that increase in value. This is what some people refer to as, "making your money work for you." Yes, it's definitely a good thing.

Think before you spend. If you spend too much money on "ME" you'll never have the freedom you really want. Search for M&M's and invest in things that will make you more money ... not eat it. Don't just work for money, have your money work for you.

- Kent Healy

At a young age reality gave Kent D. Healy a wake up call. He realized that he was not getting taught the important life-skills in school that he needed to become successful in the real world. Kent then partnered with his brother at age 17 to write his first book, "Cool Stuff" They Should Teach In School.

Since the book has been released, the overwhelming positive feedback has driven him to start his own publishing company called "Cool Stuff" Media, Inc. The success of this company and the personal development material created by Kent has made him one of the most popular and sought-after young experts on the topic of success.

Kent is a columnist, personal life coach, entrepreneur, and speaker. He has teamed up with some of the world's most respected leaders in the field of psychology and personal transformation-including the recent release of his book, The Success Principles for Teens which he co-authored with Jack Canfield.

Whether you're looking for motivation, self-improvement information, parenting tips & resources, class educational materials, or more FREE stuff, be sure to visit http://www.coolstuffmedia.com to see the many different ways we can help you. Hope to hear from you soon.

Follow Kent on Twitter: http://twitter.com/Kent_Healy

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Money Management And Gambling

In this article we're going to cover the art of money management as it applies to gambling.

Money management is important in all walks of life, where any type of investing or spending is involved. Because of the risks involved in gambling, especially in casino gambling, money management is more important than even knowledge of the game itself. Unfortunately, most novice gamblers don't understand how important this is or even that they should do it. Hopefully, this article will help the novice gambler understand how to better manage their funds when hitting the casinos.

So what exactly is money management? Well, it's what it sounds like. It's managing your money in such a way while at the gaming tables so that you minimize the possibility of loss. This is in direct opposition to those who go to the gaming tables for the sole purpose of winning as much money as they can, money management be damned.

Okay, so how is this money management accomplished? It starts with understanding the odds of the game you are playing.

Let's take the game of roulette. A roulette wheel consists of 38 numbers; 18 black, 18 red and 2 green. Trying to gain the best chance of winning at this game you want the odds to be as close to your favor as possible. In this case betting either red or black or for that matter odd or even will give you the best odds. What exactly are those odds? By dividing 18 black, red, odd, or even numbers (they're all the same) by the total numbers on the wheel, which are 38, you get a percentage of 47.36%. Those are your chances of winning on any one spin of the wheel.

So what does this have to do with money management? Everything.

For every 100 spins of the wheel, on average, you are only going to win 47 of those spins. So if you were to bet, say, $10 on each spin of the wheel eventually you would be on the minus side. Why? Because you would win 47 times for a profit of $470 and lost 53 times for a loss of $530. Adding those numbers together you come up with a net loss of $60. So in this case you did not manage your money properly given the odds of the game.

So then the question becomes, how DO you manage your money even though in the long run you are going to lose more than you are going to win?

By realizing that after a win you are most likely going to have a loss. Therefore, after the win, betting $10, you want to bet less than $10 on your next wheel spin. That can be anywhere from $9 down to the table minimum, which in most cases will be about $5.

Let's take a look at what happens now. Let's say after each $10 win we drop down to $5 and then we lose the next spin. If this pattern continues for 100 spins taking into consideration that will are going to have 3 wins less than the 50 we would like since it's not exactly 50-50, we come away with a profit of about $225. Quite a big difference from the $60 loss we experienced betting $10 on each spin. By managing our money we took the same odds with the same number of wins and losses and turned a negative into a positive.

That is money management as it applies to gambling. Take the same principal, figure out the odds for the game and that will determine how much to bet for each spin, roll, or deal at the table.

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Michael Russell
Your Independent guide to Money Management
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Money Tips - Smart Money Management

Smart money management skills are part of the learn-about-money-so-you-can-protect-your-own-ass(ets) action plan. Learning the mechanics of money management is important. Why? Because you need to increase your money awareness, get clear on your personal finances, and stop the game of financial dishonesty that so many people play.

Money management is about setting goals, finding a balance between income and expenses, tracking expenses, preparing your spending plans and making wise choices.

Smart money management skills provide us with clarity around our money. You know your monthly income and outgo. You know the amount of money you have in the forms of cash, account receivables (money others owe you), savings and investments. You know what you owe in terms of bills, debts and long-term obligations. Smart money management means you know more about your money than you don't know.

A cash flow statement tells you when to expect cash to flow in and out of your business. A spending plan helps you see and become clear about your spending intentions, thereby giving you more control over your money. When you have a spending plan you're less likely to do impulse buying. These are the analytical components of managing your money. Find and use the right tools, and perform ongoing analysis to stay on top of your money situation. Make it a routine. By doing so you gain the discipline and confidence that comes from knowing exactly where you stand.

Tools to Use

Set up systems that work for you. Some tools to consider are http://Mint.com for maintaining your bank accounts. Use Quicken or Quick Books for your personal and/or business accounting. Consistently use and maintain the tools you decide are best for your needs. Smart money management is about paying your bills before the due date; regularly balancing your bank accounts; auditing your bills monthly -- finding the mistakes instead of paying for them; automatically adding to your personal savings, and paying down or paying off your credit cards.

Smart money management is taking the reins of your financial life by pulling up your big-girl/guy pants and taking command. It's about establishing your own no-BS financial reality. It is knowing that the truth is way better than living in the cobweb of illusion and lies created by not knowing your own bottom line.

For more opportunities to learn about money, I invite you to join us on the YES to Financial Fitness Facebook Group. It's a safe environment to talk more about money, including how to attract it, keep it, manage and grow it. http://groups.to/YEStofinancialfitness/

From Judith Stephens, MBA, The Money Lady. http://YesToFinancialFitness.com

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Money Management Tips For College Students

In addition to earning a diploma, learning good financial skills is one of the most important things you can do as a college student. Developing strong money management habits now establishes the groundwork for a solid financial future, as well as provides the foundation you need to achieve your dreams - whether it's to build your own company, provide for your family, buy a home or travel the world.

According to Forbes.com, today nearly 60 percent of college students graduate with $20,000 or more of debt. It can be difficult to recover financially when you carry this much debt at a young age. It also can translate into serious financial problems in the future. Unfortunately, many Americans reach adulthood without mastering money management, which ultimately can lead to even more serious problems like bankruptcy. In fact, according to the U.S. Administrative Office of the Courts, personal bankruptcies increased 31 percent from 2007 to 2008.

So, what can you do as a college student to set the stage for financial success and avoid graduating with a mountain of debt?

Money Management Tips for College Students

First, make your finances a priority. Then follow these simple money management tips to get started down the path to a brighter tomorrow.

Set clear goals - Goal setting is the first, and most critical, step in the financial planning process. As with any undertaking, if you aren't sure where you want to go, it's impossible to determine how to get there. Decide where financially you want to be in one year, five years, and 10 years. Make a list, and be sure your goals are realistic. Important questions to consider include:

• How much money will you need to pay for your college education? Include all of your living expenses, not just tuition. How important is it to graduate debt-free? Will you need loans, or a job?


• What expenses will you have post-graduation? Will you need money to pay student loans, finance graduate school, buy a new car or relocate?


• What current expenses do you have? Which are discretionary versus necessary ? Do you have a steady income?


• What are your long-term goals? Would you like to buy a home? Save for retirement?

Establish a plan - Once you've selected your goals, it's time to create your financial plan. This includes developing a budget, as well as evaluating what money management tools can help you achieve your goals the fastest.

• Create your budget - Perhaps one of the most difficult tasks when it comes to money management for college students is creating - and sticking to - a budget. If you need help, there are plenty of online resources, which can guide you through the process. If you prefer a more hands-on approach, ask your parents or a professional for advice. As a free service, banks and other financial institutions often have financial advisors who can provide recommendations based on your personal needs, circumstances and goals.


• Evaluate money management tools - Whether you're creating an emergency fund, saving for college, retirement, or a down payment on your first home, the sooner you start, the easier it will be to reach your goal. You should evaluate these common items found in a student's financial toolkit:
  
  • Student bank accounts - Most banks offer student accounts with low or no minimum balances and fees. In addition to a savings account, you may need a checking account to pay rent, etc. Before switching banks or applying for a new account, consider:
    
    • Access - Will there be an office or ATM located near campus? Would you like to give your parents access to your account? If so, does the bank provide convenient access for them, too?
    
    
    • Fees - Are there any monthly fees? What types of charges can you expect in the event of an overdraft , use of an ATM or a dip below the required minimum daily balance? Will you need to purchase your own checks, or will they be provided free?
    
    
    • Perks - Value-added services, like mobile or Internet banking, as well as online bill payment services, can serve students well. When it's inconvenient to go to the bank, you can manage your finances online, and help protect your credit rating by ensuring your bills are paid on time, etc.
    
    
    • Limitations - Are there any limitations on the number of monthly transactions you can have? Does the account or bank have any other restrictions? If so, will you be comfortable with them?
• Student credit cards - A credit card be a life-saver when it comes to emergencies, as well as convenient when it comes to financing larger purchases, like books at the beginning of the semester. However, college students often rely on credit cards too heavily, and accumulate unnecessary credit card debt. According to Sallie Mae, today's typical undergraduate college student holds 4.6 credit cards. In addition, college students are carrying record high balances on their credit cards - nearly one-fourth of students have a total balance ranging from $3,000 to $7,000.

Evaluate your progress - Priorities change, and so do your financial needs and circumstances. Reevaluate your priorities and financial plan on a regular basis -- as a college student, once at the beginning and once at the end of each semester should be sufficient. Review your progress, and make adjustments as needed.

When it comes to your personal finances, it pays to do your homework. College is the ideal time to develop solid financial planning and money management skills that will serve you throughout your lifetime. The positive habits you develop today will set the stage for a secure financial future, as well as help make your dreams a reality. Following these money management tips can get you started, and a partner like Fifth Third Bank can help you reach your financial goals even faster.

For more information, visit http://www.53.com Fifth Third Bank, Member FDIC.

Matt Saunders is a senior associate at Rosetta, one of the top 10 interactive agencies in the U.S. Saunders has a degree from The Ohio State University and about 5 years of experience in interactive marketing for financial services.

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