Search Results for: personal finance

When you ask people what their main issue in life is, they will probably tell you about money problems. Personal finance is such a crucial issue that it could derail a person’s life or lead them to financial prosperity. Once you have your finances in order, Motley Fool has many ideas on what you can do with the money. Sorting out your personal finances could help sort out a significant part of your life. The following are personal finance tips that could help you significantly improve your life:

Track Your Spending

The foremost thing you can do to sort out your personal finances is to track your spending. If you know where you are spending your money, you know what to do to improve your finances. Therefore, consider using money management or budgeting apps that will help you track your digital spending expenses. After a month, examine how you spend your money, and you will see areas where there is room for improvement. Remember, better money management always starts with spending awareness.

Create A Budget

Another excellent tip for sorting out your finances is to create a budget. Once you know where you are spending your money, you should create a plan for directing your spending. Consider how much you earn monthly, and create a realistic budget based on your net income. Avoid making drastic changes at first and cut back on frivolous expenses like eating at expensive restaurants or unnecessary entertainment events. Sticking to the budget will be difficult and will take incredible self-control. On the other hand, if you follow the budget, your personal financial situation will be fixed in no time.

Use Cash Not Credit

Whenever you have to make a purchase, it is always better to use cash rather than credit. Many people use credit cards for consumer spending but have no idea what else comes alongside credit. Credit cards and other credit programs have incredibly high interest rates, which inflate prices. By paying for goods and services with cash, you avoid all interest payments. You should only pay for goods and services with credit when inevitable, or it is to your advantage.

Save Money

It is always an excellent idea to have a backup plan, and that is exactly why a savings account is necessary. Savings can substantially help sort out your finances and your life. Savings can act as an emergency fund that caters to emergency expenses. It can also be a margin of safety you use whenever you financially overextend yourself. Saving money also prevents borrowing, which always comes at a high cost,which gets higher when you are desperate. Therefore, include savings in your budget, and you will be thankful in the long run.

Pay Your Bills

It is essential that you pay your bills on time to improve your credit score. Your payment history is one of the crucial determinants of a credit score. Many individuals and institutions will use a credit score as the primary metric to judge your financial health, hence it is best to improve it. Pay your bills on time and improve your credit score, as you never know when you need a line of credit.

If you apply the five tips above, your finances will be in excellent standing. Use the tips to sort out your personal finances and your life.

It’s always exciting to see your pay stub unless you have a list of debts and bills that leave you with nothing in your account. The worst is there are some bills and debts you can’t ignore, such as rent, a car loan, or a student loan.

You might not clear such debts immediately, but having a working plan can save you the trouble of too many expenses and little income.

Therefore, we want to look at how you can manage your finances better so that every payday isn’t doomsday.

Financial Wisdom for Your Youthful Days

The most obvious starting point is to immerse yourself in financial literature, podcasts, and videos that show you how to save, budget, and invest. Then,

Learn About Credit Options

For example, can you differentiate between a credit card and a line of credit? They’re both revolving credit accounts. With either, you can borrow within the credit limit, which depends on factors like your salary and credit history.

But how do you know if a credit card or line of credit suits you? Here are some differences.

Personal Line of Credit

You may need a line of credit when your salary or income isn’t meeting all your expenses. Therefore, it’s not the kind of loan you ask for to buy a house or car, as such assets have other, more practical, loan options.

Credit Card

Unlike a line of credit, you can still get a credit card even with a lower credit score. On top of that, there are rewards, such as cash-back and point rewards. Other benefits are that you can use a credit card almost anywhere, plus it comes in handy when you have unexpected expenses before payday.

Practice Frugality

Instead of impulse buying, try frugality. Limit your desires and forgo any materialistic standards society imposes on your finances.

Have a Spending Plan

There are many personal finance apps with spending plans (budgeting features). If you run out of money for one expense before payday, a spending plan shows you where to make cuts to cater to the uncovered expense.

Use Cash, Not Credit, More

Pay in cash if you’re having self-control issues with money. If you must have a card, get a debit card.

Discuss Finances with Your Significant Other

Financial strength will change as your needs or family grows, and you ought to be ready for such outcomes.

Pay Off Debts

Unpaid credit card balances accumulate interest and drain your income. Plus, your credit score goes lower. Consequently, see where you can chop your expenses to get extra money and pay off your debts.

Build an Emergency Fund

Calculate the total expenses for three to six months and see how much you can save monthly. This simple tool shows you how to start saving weekly and things to do to have more money to save.

Building an emergency fund might go so well that you change your goals and start saving for retirement.

Final Thoughts

Part of managing your money is looking at your cash flow. How much do you make, and how do you spend it? To manage your money better, create a plan to clear pending loans. Further, build an emergency fund even as you cater to loans and daily expenses.

Lastly, don’t get a credit card unless you can control your spending and your income can pay off the credit card balance.

Personal development is a burgeoning new industry, helping individuals achieve their goals and enhance their existence. It encompasses every facet of life, from health and fitness to relationships and finance.

And while self-improvement is undoubtedly effective, it’s not a one size fits all solution; therefore, customizing your plan is vital to maximize success. That could include finding local mentors or consulting dedicated websites, such as Bloomsoup.

In this article, you’ll learn why personal development plays an essential role in an individual’s life.

1. Provides a Sense of Purpose

One of the main benefits of personal development is giving people a sense of agency and meaning, helping individuals understand why they are doing something and what the larger goal is. When you have a sense of purpose, it’s easier to remain engaged and stick with your goals, however long the timeline for completion.

2. Permits Development of Skills

Personal development is also important because it helps individuals develop new skills, which can be used in many different areas of life, from personal relationships to professional accomplishments. These could include abilities like the art of emotional intelligence to more defined goals, like reading and subsequent memory retention.

3. Allows Us to Contend With Change

Personal development helps people overcome obstacles through continuous learning. Change is inevitable, and if you don’t embrace it by refusing to improve, you’ll inevitably face either personal discontent or professional competition. By not investing in yourself, entropy is assured. Therefore, emerging from your comfort zone is essential for continued growth.

4. Helps to Maintain Motivation

Another pro for personal development is maintaining motivation. Once you have defined your goals and know what you need to do to achieve them, patience is key. To avoid becoming discontent and abandoning your aims prematurely, the personal growth skills you have attained will help you stay on track. As you achieve small milestones, your sense of accomplishment grows, motivating you even more.

5. Provides a Vital Confidence Boost

Having a sense of purpose, setting relevant goals and seeing them through provides an individual with an incredible feeling of confidence. The more this process is undertaken, the stronger this feedback loop becomes, inspiring us to tackle even greater goals moving forward. In this way, personal development is a lifelong journey that can bring about immeasurable amounts of growth.

Conclusion

The key to living a good life is choosing the right path; but following it is even more critical. Personal development helps us do both, and is an essential life skill that everyone should invest time in.

This could involve finding a coach to address certain pain points one-on-one or creating your own custom development plan to assist in achieving your goals. Either way, by helping individuals understand themselves and the world around them better, self-improvement offers a foundation for a more content and successful existence.

There are many different avenues you can explore within this vast topic, so find what works best for you and stick with it!

Getting into a financial mess can happen to anyone and usually creeps in so subtly you may not notice it until you are stuck. Often a financial mess results from poor financial management of your personal or business finances.

The good news is that getting into a financial crisis doesn’t spell the end for you or your business. It is possible to stay on top of your finances with the right strategy.

If that feels like what you are seeking to achieve, this post offers you five ways of doing it.

1. Stay Legal

You may think cutting corners on your obligations, such as non-payment of due taxes, denying their employees their dues, issuing a fake paystub now and then, or failing to pay them for all hours worked, is a way out of your financial mess.

Unfortunately, such an approach can get you into an even bigger mess than you could be in if your employees file a complaint or the IRS catches up with you. Your best option would be to stay legal by remitting due taxes and abiding with all employment laws.

2. Pay Yourself First

You may be tempted to spend your business finances on personal use as needs arise. After all, all the profit is yours. The problem is that this approach can result in spending more than you are making. Also, all profits are not meant for consumption; you have to reinvest some of it for expansion.

The best idea is to pay yourself first at the end of the month, week, or bi-weekly. Work out the salary you would wish to get from your business and add yourself to the payroll. This will ensure that you only budget for what you can afford based on your salary and not eat into your business finances.

3. Customer Payment Management

If you offer products and goods on credit, customer payment delays can quickly get you into a financial mess. The solution to this problem would be ensuring that you make clear your credit terms and conditions from the get-go.

It would also be great to invest in a reliable debt management system that ensures real-time tracking of customer accounts and notifies you when customers are past payment due dates. You may also consider going for an option that sends timely reminders.

4. Cut Down On the Cost of Doing Business

The higher the cost of doing business, the lower your bottom line, ultimately resulting in a financial mess. You may need to look at what expenses you can cut back on; for example, you can embrace technology to cut back on your workforce.

Besides cutting down, you may want to look at some employee behavior that may be costing you money, like coming in late, leaving before time, long tea and lunch breaks, etc. Also, consider what else you can cut down like unnecessary trips or utility costs.

5. Getting a Loan

Getting a loan may be the most obvious choice for persons that find themselves in a financial mess, and it is an excellent way of getting relief from a cash crunch. However, it is essential to consider that getting a loan won’t offer you long-term relief if you do not address the underlying problem.

If you have challenges getting out of the situations that got you in a mess in the first place, talking with a financial advisor would be a great idea before deciding to get a loan.

Final Words

Getting into financial problems is normal, but what you do after getting into one can mean the difference between rising above the mess or going entirely under. The tips mentioned above are a great place to start in your efforts to stay atop your finances.

For centuries, gemstones and crystals have been used for spiritual enlightenment and various rituals. That’s because these natural, earth-grown stones have existed for thousands, sometimes billions of years. Therefore, gemstones likely possess knowledge of the universe.

But gemstones are also used to bring out the best in us. Certain precious or semi-precious gemstones can enhance our individual personalities if they align with our self-expression.

7 Gemstone Personality Types

Like horoscopes or tarot cards, gems and crystals can be used to build confidence and explore our true selves. Here are 7 gemstones and crystals that may work with your personality type.

1. Emeralds – Productive and Diligent

Emeralds are people who are motivated by logic and common sense. They like to keep everything organized. Emeralds tackle their to-do lists in the most efficient, effective way possible, and they probably have a journal or calendar that uses the time blocking system.

By wearing genuine emerald pendants, people who are naturally unorganized may become more focused and better with finances. They may also spend less money, time, or resources on processes that don’t matter. In the end, Emeralds are career-focused, diligent, and productive.

2. Amethyst – Kind and Intelligent

Amethysts are thoughtful, creative dreamers that manage to plant themselves in reality. By combining Pearl’s quietness and Emerald’s logic, the Amethyst gains a sense of silent passion. They know what they want, and they have a plan, but they’re cool with taking the long way.

3. Pearls – Helpful and Insightful

Pearls value close connections and trust. They cherish family above all else and are more impacted by what their decisions have on others rather than themselves. Although Pearls are wonderful listeners and loyal friends, they tend to avoid conflict and uncomfortable situations.

A person who wears Pearl earrings has long fuses but won’t forgive others who take advantage of their good nature. Their fury can be so terrifying that even Rubies will get out of the way when Pearls erupt. At the best of times, Pearls are supportive, caring, and understanding.

4. Rose Quartz – Individualistic and Peaceful

Rose Quartz represents the trailblazing individualist who has to find their own sense of inner peace. A mix of a Pearl and Ruby, the Rose Quartz isn’t interested in being tied down, but they acknowledge that they need perseverance if they want to get what they need out of life.

5. Rubies – Confident and Hard Working

The only thing that motivates a Ruby is the thought of winning. They work hard, move quickly, and make swift decisions. Rubies are often seen as confident, calculated, and concise. While all of these traits are positive, Rubies may intimidate and steamroll others in their pursuits.

It’s good that Rubies see themselves as winners, but others need to acknowledge it, as well. They also have a hard time asking for help. By wearing a genuine ruby ring, you’ll become laser-focused on your career, a reliable team member, and a person who loves a challenge.

6. Peridot – Excitable and Vibrant

A Peridot is a person who understands the joy of living because they found a balance between their life’s passions and hard work. Equal parts Ruby and Sapphire, the Peridot is a mature person who can bring radiance and happiness to others, whether they’re at work or on vacation.

7. Sapphires – Outgoing and Passionate

While Sapphires can be slightly unorganized, they have a true passion and love for people. Like the stereotypical extrovert, they get their energy from others. Sapphires believe that life should be fun and exciting, so they’re often motivated by novelty, praise, and creative pursuits.

Sapphires are big-picture people who get bored by details, which may be detrimental to their careers if they pursue the wrong sorts of jobs. People who wear genuine sapphire necklaces may be less focused, but they’ll be able to let go, stay positive, and tell the best stories.

We’ve probably all heard it before that whatever the mind can conceive and believe, it can achieve. This is quite possibly why people often advise you to adjust your mindset accordingly and prepare yourself mentally before any significant undertaking. A mindset shift does not happen overnight, particularly if you are preparing for something that is long-term and entails developing a new habit or practice.

Mindset Shift

When it comes to managing your finances and gaining better control of that aspect of your life, you’ll require small daily habits and changes that make their impact over time. In fact, psychologists have confirmed that the brain is designed to develop and learn new things and habits. Although some things may come easy and more naturally, others require a bit more practice and intention. For some people, budgeting and financial management are second nature, but that’s not the case for others.

Steps to Take Towards Managing Your Finances Better

Taking control of your finances is an ongoing activity; therefore, it requires constant monitoring and tracking of progress. The next best thing is to thoroughly assess your personal finances for those who are not getting ongoing assistance from a financial advisor because of their costs and track record of relatively poor performance. You can then start implementing action that will ensure that you attain financial stability and possibly financial freedom. All the steps listed below require mental readiness and a high level of discipline.

Do Away with Debt

Over time, some people may incur unnecessary and unwanted debt without even realizing it. This can be anything from clothing accounts to cell phone accounts, which ultimately eats away at any earnings that you may have before you even receive the funds. Getting out of debt requires mental strength coupled with action. Depending on how deep in debt you are, you could dedicate a certain number of months to settle all your credit. That means that for those months, you may pursue one-off jobs, cut down on eating out, and assign all those funds to your debt instead.

Budget Effectively

Once you have settled your debt, any money that comes in is now truly yours. At this point, you can start to better allocate your funds as necessary. While some people do a financial budget, not everybody budgets effectively. Budgeting effectively entails stipulating exactly how much you will allocate to each aspect of your life and be honest about it. It is futile to prepare a budget that you cannot stick to just because it looks good on paper; it needs to be realistic.

Consider Multiple Streams of Income

One way to stay afloat and ensure that you have disposable income to save each month is to secure multiple streams of income. This also provides cushioning and comfort should you lose your primary source of income or require additional funds for unexpected life challenges. Moreover, the additional earned income can be allocated solely to your savings.

Explore Investment Options

If you have money to save, it is even better to explore well-researched investments and forex trading options with your disposable income. Given the risk that comes with investing, you should not invest all your excess funds in the hopes of obtaining higher rewards. Invest only what you can afford to lose. Other than forex, you can look into several other less-risky investment alternatives, such as index mutual funds.

Conclusion

Everything you do starts with the mind; it is, therefore, crucial to adopt the right mindset to carry you through when looking to take control of your finances.

He who does not rouse himself when it is time to rise, who, though young and strong, is full of sloth, whose will and thought are weak, that lazy and idle man will never find the way to knowledge.
—The Dhammapada (Buddhist Anthology of Verses)

Don’t look with your eyes, look with your feet. Don’t think with your head, think with your hands.
—Taiichi Ohno (Japanese Manufacturing Engineer)

Above all, the prophets remind us of the moral state of a people: Few are guilty, but all are responsible.
—Abraham Joshua Heschel (American Jewish Rabbi)

The most fundamental problem of politics, which is not the control of wickedness but the limitation of righteousness.
—Henry Kissinger (American Diplomat)

It is possible to live happily in the here and now. So many conditions of happiness are available—more than enough for you to be happy right now. You don’t have to run into the future in order to get more.
—Thich Nhat Hanh (Vietnamese Buddhist Religious Leader)

Under all speech that is good for anything there lies a silence that is better, silence is deep as eternity; speech is shallow as time.
—Thomas Carlyle (Scottish Writer)

Always so act that the immediate motive of thy will may become a universal rule for all intelligent beings.
—Immanuel Kant (Prussian German Philosopher)

The poverty of our century is unlike that of any other. It is not, as poverty was before, the result of natural scarcity, but of a set of priorities imposed upon the rest of the world by the rich. Consequently, the modern poor are not pitied … but written off as trash. The twentieth-century consumer economy has produced the first culture for which a beggar is a reminder of nothing.
—John Berger (English Art Critic, Essayist, Novelist)

A man thinks that by mouthing hard words he understands hard things.
—Herman Melville (American Novelist)

Conceal a flaw, and the world will imagine the worst.
—Martial (Ancient Roman Latin Poet)

With just enough of learning to misquote.
—Lord Byron (George Gordon Byron) (English Romantic Poet)

Our only true course is to let the motive for action be in the action itself, never in its reward; not to be incited by the hope of the result, nor yet indulge a propensity for inertness.
—Helena Blavatsky (Ukrainian-born American Theosophist)

There are two different states of human existence: first, to live without thinking of death; second, to live with the thought that you approach death with every hour of your life.
—Leo Tolstoy (Russian Novelist)

But life is a battle: may we all be enabled to fight it well.
—Charlotte Bronte (English Novelist, Poet)

People who study psychology and the pitfalls of the human mind are no less prone to making errors of judgement and cognition than people who don’t know anything about it.
—Jason Zweig (American Personal Finance Columnist)

Do not train a child to learn by force or harshness; but direct them to it by what amuses their minds, so that you may be better able to discover with accuracy the peculiar bent of the genius of each.
—Plato (Ancient Greek Philosopher)

A conservative believes nothing should be done for the first time.
—Lynwood L. Giacomini (American Publisher, Bibliophile)

We have too many people who live without working, and we have altogether too many who work without living.
—Charles Reynolds Brown (American Congregational Clergyman, Educator)

To withdraw is not to run away, and to stay is no wise action when there is more reason to fear than to hope. ‘Tis the part of a wise man to keep himself today for tomorrow, and not venture all his eggs in one basket.
—Miguel de Cervantes (Spanish Novelist)

Be open to learning new lessons even if they contradict the lessons you learned yesterday.
—Ellen DeGeneres (American Comedian, Television Host)

You have two choices. You can keep running and hiding and blaming the world for your problems, or you can stand up for yourself and decide to be somebody important.
—Sidney Sheldon (American Novelist, Screenwriter)

The greater your capacity to love, the greater your capacity to feel the pain.
—Jennifer Aniston (American Actress)

The advice that sounds the best in the short run is always the most dangerous in the long run.
—Jason Zweig (American Personal Finance Columnist)

You must pray that the way be long, full of adventures and experiences.
—Constantine P. Cavafy (Egyptian Greek Poet, Journalist, Civil Servant)

Character is built into the spiritual fabric of personality hour by hour, day by day, year by year in much the same deliberate way that physical health is built into the body.
—E. Lamar Kincaid (American Protestant Minister)

It’s essentially impossible to become successful or well off doing a job that is described and measured by someone else. The only chance our country (your country, depends where you live), your economy and most of all, your family has to get ahead is this: make up new rules. People who make up new rules continue to be in very short supply.
—Seth Godin (American Entrepreneur)

Laughter is not at all a bad beginning for a friendship, and it is far the best ending for one.
—Oscar Wilde (Irish Poet)

If a man loves the labor of his trade, apart from any question of success or fame, the gods have called him.
—Robert Louis Stevenson (Scottish Novelist)

For to be free is not merely to cast off one’s chains, but to live in a way that respects and enhances the freedom of others.
—Nelson Mandela (South African Political leader)

No matter who you are, no matter what you did, no matter where you’ve come from, you can always change, become a better version of yourself.
—Madonna (American Pop Singer, Actress)

Seek those who find your road agreeable, your personality and mind stimulating, your philosophy acceptable, and your experiences helpful. Let those who do not, seek their own kind.
—Henri Fabre (French Aviator)