14 Mar
2011

Some choices you make everyday could be contributing to money worries and money stresses:

1) The choice to buy mindlessly. You may not think it’s a big deal to buy a pack of gum or a coffee during your day, but everyday purchases like this can easily add up to hundreds of even thousands of dollars wasted over the course of a year. Writing down everything you spend for a month – even tiny expenses – can help you keep track of your spending and make smarter spending decisions.

2) The choice not to save. Deciding not to put money aside day after day and week after week can mean that you have no savings and no emergency account. In the event of the unexpected, it could mean that you are dependent on credit card advances or high-cost payday loans.

3) The choice not to value your money. Valuing your money means tracking it, budgeting it, checking your accounts, checking your credit reports, and finding ways to save money on all your expenses. When you take care of your money, your money goes further and by working with your money each day you can address any problems (such as overcharged accounts) at once.

13 Mar
2011

Small choices you make each day can help you to build wealth and financial security. Some of these choices include:

1) Focusing on earning money today. Focusing on increasing your income and keeping an eye out for new ways to make money ensures you that you are always working on earning more and making more. This helps ensure that incoming funds are equal to your spending and inflation.

2) Deciding to save money. The decision to save money today in a buffer account or emergency fund – even if it’s only a few dollars or a dollar – is crucial. Saving just a little every day can add up to a substantial amount over time.

3) Deciding to buy one less thing today. Rather than spending mindlessly, keeping an eye on your spending and deciding to spend a little bit less – whether it means eating out one time less a week or bringing your lunch to work – can mean big savings. Avoiding just one purchase a day can also make you less likely to impulse buy.

13 Mar
2011

Many of us want to wear designer clothes. Not only do designers create gorgeous clothes, but often these clothes make us feel great. There can even be a practical reason for buying designer clothes: some designers make clothes that are designed to last, which means they offer great value. Plus, if you are in a public position, designer clothes can make you feel more comfortable and confident. If you want to wear designer clothes but your budget does not allow you to buy the high-price labels, here’s what you can do:

1) Carefully consider your motivations. Are you just looking for status symbols or do you genuinely love designer clothes? Are you dedicated to specific labels or are knock-offs fine, too? What, exactly, are you hoping to gain from a designer wardrobe? Knowing your motivations can shed light on what you need to do. It can also help you understand exactly what clothes you need to be looking at.

2) Find out about designer clothes and styles. Sign up for newsletters from your favorite designers, read fashion magazines, and blogs and generally make yourself aware of the brands, styles, and trends out there. What clothes most appeal to you? What clothes do you want? What are the typical costs for these clothes?

3) Create a budget for your wardrobe. Determine how much you can spend on clothes and set aside the money so that you can pay cash. Do not use credit cards or payday loans to pay for your clothes or you will end up paying more.

4) Find the best places to buy designer clothes for less. Online stores, auction sites, estate sales, consignment stores, classified ads, sample sales, trunk sales, used clothing stores, garage sales, and factory outlets can all be great ways to buy clothes you love for less. Do plenty of research to find sources in your area where you can find designer clothes for less. Don’t forget to check out end-of-season sales at your favorite high-end stores, too.

13 Mar
2011

If your financial life is not in control right now, you need to consider your money reasons. Long before you make financial plans or financial decisions, there are underlying reasons shaping those goals and decisions. The problem is that many of us are not aware of our reasons for money-earning and spending, which means we are at the mercy of advertisers and external pressure.

It’s time to consider your reasons for earning money and spending money. If you want to increase your income or are always complaining about money, what are your reasons for earning money? Do you want to be secure? If so, what is the dollar amount you need to be secure? Do you want to buy things? Why? What is your reason for spending as you do? Investigating your reasons for earning and spending can give you powerful insight into why you spend and why you earn – insights which can affect your relationship with money and can make it easier to make different decisions about your finances.

12 Mar
2011

Have you ever told yourself that you “can’t afford” something? If so, you should get out of the habit of saying this. In fact, you should never tell yourself “I can’t afford it.” The problem with saying these four little words is that it places you in the wrong psychology when it comes to money. It tells your mind that you cannot have something you want, which makes you feel poor and which can make your money worries seem much worse than they really are.

If you find yourself saying that you can’t afford something, tell yourself something else. For example, tell yourself “I choose not to spend money on this because I am choosing to pay down my debts now.” Or, ask yourself a question. Ask yourself “Do I really want it?” In many cases, we crave buying things not because we adore them but rather because of how we think those things will make us feel. Consider whether you really want something before you start telling yourself whether you can or cannot afford it. If you decide that the item is something you really want, ask yourself another question: “How can I make this affordable to me?” Asking this shows that you are in control of your spending – which is the truth. You may find that you can afford the item by comparison shopping, by buying it second-hand or even by saving for it or rearranging your budget. If you are determined to own something, you can have it – all it takes is some work and some planning.

12 Mar
2011

Some studies have suggested that there is a correlation between health and money. People who are financially secure have some obvious advantages when it comes to health: they may be able to afford better quality medical care, for example. They may also feel less stress over their finances, which is significant, since stress has been linked to a host of health problems.

There may be other links as well. Some researchers have suggested that people with significant money problems may be heavier and may face additional health problems as well. While the link is not yet clearly understood, the extra pressure of money worries may create very tangible health problems, such as overeating. It could also be that when people learn to manage their money, they also learn skills which can be used to manage their health successfully, as well. In either case, taking care of your money can mean that you reap health rewards, too. If you are in over your head in payday loan debts and other worries, start working on those issues now so that you can enjoy better health and more wealth as well.

12 Mar
2011

Feeling bad is just lousy – but could it be hurting your bank account, too? Some experts believe so. Feeling depressed or blue can affect your money decision-making skills and can make you more vulnerable to advertising messages. For example, if you feel bad, you might be more tempted to buy things you really cannot afford to make yourself “feel better.” You may even convince yourself that you “deserve” a little something to cheer yourself up. However, if you can’t afford that treat and need to take out a payday loan or need to charge it, you could be paying for that treat for a long time.

Feeling depressed can also affect your ability to perform at work, which can affect your ability to increase your income. It’s hard to focus on work or to give work 100% if you are feeling bad. Some people who are depressed have a hard time even getting to work, making it hard to advance their careers.

Taking care of your health – including your mental health – is an important part of taking care of your money. If you are feeling sad and depressed for longer than a few days, consider talking to a therapist or doctor to work through those feelings.

11 Mar
2011

If you want to establish your own business, you will generally need to come up with money in order to pay for the business. There are many ways to come up with the cash you need to start your own business. Business loans have become very popular, but before you borrow make sure that you:

1) Think twice before getting a loan. A business loan will need to be repaid even if your business does not do so well. Consider ways of starting your business and generating income before getting a loan. Many people establish very small businesses first in order to build a customer base and in order to see what kinds of profits are available. Then, they transition to a larger business. Plus, since they already have sales established, they find it easier to find lenders willing to offer a loan. Consider whether such a plan might work for you.

2) Look for low-cost or low-interest ways of investing in your business. Using savings or getting a second job to fund your new business can mean that you avoid high interest and the high costs associated with business loans.

3) Consult with a trusted business professional first. Many new businesses fail because business owners do not do adequate research before opening their doors. Work with professionals to establish a solid plan and ensure that your business has a very high rate of success before taking out a loan. Otherwise, you may find yourself without a business and with huge business loans to repay.

4) Carefully consider business and personal loans. Taking out personal loans is simpler but may have legal implications if you are using them to fund a business. Talk to a tax professional and an attorney to determine whether personal loans or business loans are best for your specific situation.

11 Mar
2011

Even if you are not very computer savvy, there are a number of wonderful online resources which can help you manage your money and even get ahead financially:

1) Online banking. Online bank accounts have really come far in the past five years. Today, most banks offer online banking features which make it easy to balance your checkbook, budget, pay bills on time, set savings goals, invest, and more. Everything you used to do at your bank branch – and more – can now be done more effectively online and in many cases online bank accounts come with low or no fees.

2) Online calculators. Online calculators, such as mortgage calculators and car payment calculators can help you determine the true costs of a loan or purchase you are about to make. These free online tools can help you see exactly how much you are about to spend and can help you make an informed decision about what you can and cannot afford.

3) Online quotes. Online insurance and loan quotes make it easy to shop around for the best rates. It’s now so easy to shop for insurance online that there’s virtually no excuse for overpaying your insurance costs.

4) Online money advice. In addition to Money Now USA, of course, there are many great blogs and educational resources that can give you the best tips on earning more, saving more, and being smarter with your cash.

5) Online calendars and planning tools. Online planners are great because they allow you to keep track of your finances. You can use them to send yourself email alerts of when bills are due and when you need to make contributions to your savings accounts, for example.

6) Online budgets and financial software. These make it very easy to keep track of where your money goes and make it simpler to adjust your spending.

11 Mar
2011

Some financial experts have been focusing specifically on women’s money needs, at long last recognizing that women have different financial concerns than men. Most financial experts agree that women need to stay financial safe by:

1) Having an emergency account. Having a buffer account is very important for everyone, but it can be even more so for women. An emergency fund allows a woman to walk away from an abusive marriage or a bad work situation.

2) Starting to save. Marketers target women especially relentlessly and many investors target men for investment advice. As a result, women do not always save as much as they should. It is especially important to save for long-term goals, such as retirement. Sometimes, women get so caught up in spending money on their children and families that they forget to invest in themselves.

3) Taking care of their own money. Women can really get hurt financially in a divorce or separation. It is important for women to protect themselves with their own bank accounts, trusts, insurance, and other protection.