Follow these 10 easy steps to reduce the stress of business money matters.
Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters.
1. Keep Your Bills in One Place
When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it's a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use an area that won't get filled up too quickly.
2. Pay Your Bills on Schedule
Bill paying can be simplified if it's done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you're paying bills as you receive them, chances are you're spending too much time in front of the checkbook. Although bills may state "Payable Upon Receipt", there's always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.
3. Read Your Credit Card Statements
Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate.
4. Take Advantage of Automatic Payments
Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks.
5. Computerize Your Checkbook
Using a software program is a handy way to organize your finances. Whether it's Quicken(r), Microsoft Money(r) or another package, these easy-to-use programs make bill paying and bank reconciliation a cinch. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn't be easier.
6. Get Overdraft Protection
Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn about this convenient feature.
7. Cancel Unused Accounts
Whether it's a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It's easy for credit to get out of hand by taking advantage of every credit offer that comes your way.
8. Consolidate Your Accounts
If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your money in fewer places eliminates all of the guesswork involved and reduces errors.
9. Establish Automatic Savings
Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.
10. Clean up Your Files
Make sure your paid bills are organized in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region.
Recent studies have shown that Americans are spending less money on necessities than ever before. Yet, more Americans are also in debt. The unspoken fact that makes both those statements true is that Americans are spending more and more money on luxury items. Experts recommend creating a budget and sticking to it to avoid debt, but most people find that difficult to do without feeling deprived. However, there are a few things that you do quite painlessly to stay within set sp...
Recent studies have shown that Americans are spending less money on necessities than ever before. Yet, more Americans are also in debt. The unspoken fact that makes both those statements true is that Americans are spending more and more money on luxury items. Experts recommend creating a budget and sticking to it to avoid debt, but most people find that difficult to do without feeling deprived. However, there are a few things that you do quite painlessly to stay within set spending limits.
Pay cash. That's right; people spend more when they use plastic, whether it's debit or credit. Experts surmise that people simply don't pay as much attention to totals as they do when they have to count out actual money. But resist the temptation to withdraw funds $20 at a time. You'll rack up huge ATM fees. Instead, withdraw a set amount each week and see if you can make it last.
Practice mindful spending. Rather than keep an exact record of every penny you spend for a month (as many financial experts recommend) spend your time thinking about which of the things you buy on a daily or weekly basis are most important to you. For example, if you love coffee but are in the habit of grabbing a quick bite at your desk for lunch, splurge on good coffee but take a bag lunch to work. Tell yourself that you can have either that double caramel, half-fat cappuccino or a takeout lunch, but not both. Make notes on how much you save by choosing one over the other.
Round up. After you make a purchase using your debit card, when you mark it down in your checkbook, round the figure up to the next dollar. At the end of the month, transfer the difference you've accumulated to your savings account or use it to pay off high interest debt. Some banks are beginning to offer this service automatically. You can use the same practice with your change. Throw it in a jar and each month, deposit it in the bank.
Balance your budget. Once you've established your budget, be sure to check it on a monthly or preferably weekly basis. Personal financial management software typically contains a budget feature that will easily let you compare what you've spent to what you've budgeted. At the end of each day, throw your receipts in a basket and set a time once a week to balance your budget.
Many people struggle every day to stay on top of their bills. And its not getting any easier with higher inflation, increased gas prices, higher credit card interest rates, and so on. However, new thinking and a new approach can lead to wealth through quick compounding of one’s money.
Each day it seems harder and harder to stay ahead of the bills. With higher inflation, increased gas prices, credit card rates going up, and so on and so on, what’s a body to do?
For sure, doing the same old thing will not get you ahead. Perhaps a higher paying job will do the trick. Maybe you’ll be written into the will of a rich uncle. Or, maybe its time to try new thinking and a new approach.
The word “wealth” is derived from Old English words “weal” (well-being) and “th” (condition). “Wealthy” can be defined as “the state of being rich and affluent,” “having an abundance of material possessions and resources” and “being profusely happy.” What does “wealth” mean to you? Does it mean not having to worry about money? Having good health? Having the freedom to do what you want to do? In any case, being wealthy is desirable, as it means having a higher quality of living.
This article is about increasing your monetary wealth through an approach that can quickly compound your money. There are risks (there is no such thing as a free lunch), but you can quickly learn and practice at absolutely no cost (other than an internet connection and your time). You must have a strong desire to make positive monetary changes in your life and you must set goals and take action toward achieving them.
The term “foreign currency exchange” seems daunting to the uninitiated. But it has been going on for thousands of years. Those that travel to other countries frequently exchange their currency for another. Today, currency can be bought and sold easily and electronically, from your home computer. Now, you too can learn how to make money – potentially lots of it - while participating in the foreign currency exchange (FOREX).
Accomplished author and entrepreneur Robert G. Allen, in his book “Multiple Streams of Income,” discusses the importance of compounding one’s money in order to achieve wealth. FOREX allows you to quickly compound, for example, turning $300 into $30,000 in as little as 6 months, if you know how to safely do it.
Why choose FOREX for obtaining wealth? Below are 10 good reasons:
1. A FOREX system is definable. You can get your hands around it (so to speak).
2. You can start learning without spending anything. Once you learn a few terms, you will be on your way. You can then add to your knowledge base along the way.
3. Unlike traditional businesses, there is very little overhead. With FOREX, there is no inventory to manage, no employees to deal with and no customers.
4. Your initial capital investment can be as little as $300.
5. You can quickly compound your money, if you know how to safely do it.
6. It doesn’t have to take a lot of your time. Some people only spend a few hours each week.
7. The FOREX market is very liquid, with trillions of dollars traded every day. On its slowest day, dollar volume on the FOREX market dwarfs that of the largest US stock exchanges, combined. You won’t have difficulty placing orders if you stick with the major currencies.
8. You can easily open an online account by selecting one from many available FOREX brokers. And you can open a demo account to practice (and learn) for free.
9. Once you get your account setup, you can trade currencies from just about anywhere. About all you need is a computer with internet access. Many accounts also provide free (and very adequate) charting software.
10. Many other people, from all walks of life, are successful at online foreign currency exchange. You can be too!
While there are other paths to monetary wealth, the FOREX path can lead you to your own personal success!
Using your credit cards wisely might be the most important and beneficial decision you can make towards financial health. The reason for this is simple: high interest rates on credit cards can cost you more than money if you find yourself unable to make your payments on time.
Consider this: For most consumers, home payments (or rent payments), along with automobile payments are usually the two most expensive debts that a consumer carries. These two payments alone can often...
Using your credit cards wisely might be the most important and beneficial decision you can make towards financial health. The reason for this is simple: high interest rates on credit cards can cost you more than money if you find yourself unable to make your payments on time.
Consider this: For most consumers, home payments (or rent payments), along with automobile payments are usually the two most expensive debts that a consumer carries. These two payments alone can often account for over 30% of a consumer's take home pay per month. When high-interest rate credit cards are added to this, the overall cost per month can easily reach 60% or more of take home pay. That does not leave much for other expenses such as food, clothing, car insurance, personal loans, etc. For many consumers, the payments on their credit cards are the most expensive debt that they carry. In other words, the total amount of money that they have to send in on payments is higher than what they spend on home loan payments or automobile payments.
There are many reasons why credit cards can become a threat to your financial health, but the number one reason is that they are so easy to use. The number of people who use credit cards for small, incidental purchases is staggering. Consumers often forget that if they do not pay off the entire balance owed within the grace period allowed they will be charged interest. Some companies will be fair about this charge, but most will happily charge as much as they can for the credit they are extending to you.
To make matters worse, if you are late on your payments, or if you do not make any payment at all, this can be reflected in your credit score. It does not take very long at all for delinquent payments or non-payments to hit your credit report and once they are on your report they stay there for up to seven years. These marks against your credit will often cause lenders to either deny you future loans or cause them to levy higher interest rates on accounts that you may wish to open. All in all, late payments will cost you money in the future.
The very best way to handle credit cards is to pay off the balances as they occur. This not only makes you look good in your credit report but it also keeps you from having to pay those high interest rates for balances that are carried over. The second thing to do is to avoid using your credit cards unless you honestly need to do so. Instead of paying with your card, pay with cash. This one action can save you more money than you might imagine. Yes, it is easier to pay with the card sometimes, but it is also more costly.
If you feel you are already in trouble, sit down with your statements and make a plan to begin paying them down. Start with the credit cards that have the lowest balances. Once these are paid off, move to the next highest and begin paying these down. It will take patience and sacrifice, but it can be done and soon your credit cards will be under control.
This article describes how my father taught me the value of money and at the same time also showed me how to reach and attain the goals I had in my life.
This article describes how my father taught me the value of money and at the same time also showed me how to reach and attain the goals I had in my life.
I have a friend called Peter and for his seventeenth birthday his parents bought him a very impressive car which would have cost them around £2000. He was very happy and showed off this car to all of his friends including myself. At this stage he was unable to even drive, however it was still a great present to receive.
Peter lived a couple of doors away from me and I showed my father the car and stated that I would love a car for my seventeenth birthday which was only three weeks away. He responded with words like, I bet you would. Despite this remark I felt sure that he would purchase a car for me as he certainly could have afforded to, in my opinion anyway.
My birthday arrived but no car was presented to me, the main present I received was a pair of trainers. I must admit even though I now feel embarrassed to say it, that I was quite disappointed.
Around eight months later, I managed to pass my driving test and my father was very pleased and congratulated me on my success. I told him that I was very happy, however, what was the point of passing my test if I had no car to drive. He seemed to agree but two months later he still had not bought me a car.
It was now nearing my eighteenth birthday and my father asked me what I would like for my birthday. He explained that your eighteenth is a special birthday and that he would be spending slightly more on me this year. I told him that I would like a car and he started laughing. Despit this I felt sure that he would oblige.
My birthday arrived and yet again no car, the main present I received was a watch, a very nice watch I must add but again I was disappointed.
I waited a further two months and then decided to use the head on approach. I went to talk to my father and told him that I needed a car. He agreed so I asked him, so what are we going to do then? If you want a car, go and buy a car, he responded. I pointed out to him that I was spending per week more than I was earning, socialising, buying clothes etc. He stated that I really wanted a car that I would make sacrifices to get it but also stated that whatever I saved he would match.
This very much annoyed me at the time, but something I am now grateful for as it has taught me that if you want something, you have to work hard and make sacrifices to obtain it.
Want to get more for your money? Try this simple money saving exercise.
There is a simple money saving exercise that everyone should do at least once in their lives. It is ultimately one of the best ways to save money, because it is not about pinching pennies, but about discovering what you really want and getting it. It is so simple you may hesitate to try it. Just try it. Here it is:
List everything that you have spent money on, are currently spending money on, or might spend money on.
Don't just read this and think of a few things. Take the time to actually write it all down. Review your bank statements if you have to, in order to remember and include everything.
Now go through the list, and carefully consider each item. Take the most time on the big items - past, present and future possibilities. If your timeshare on the beach is worth half what you paid, costs $1,000 per year in expenses, and is rarely used, you need to learn from that - not to punish yourself, but to have a richer life.
If you think honestly about the number of times you will use that Recreational Vehicle, and the cost, it may be $250 for each day of use. That's okay if that is worth it to you, but maybe you really would enjoy $100 hotels more. Or maybe you can rent an RV for less overall cost, thus freeing up money for other important goals.
You see, saving money isn't about sacrifice. We all are aware of the scrooges in life that pinch their pennies, bank the savings, and then do nothing with it. The point should be to save money in one area of life so you can use it in ways that make your whole life richer.
Suppose you notice you're spending $8 per month on subscriptions to magazine you don't read, or on insurance for a motorcycle you almost never ride? Cancel the subscriptions or sell the
motorcycle, and what have you lost? Is it a big deal? What will that $8 get you instead?
- Bank it for ten years, and use the $1200 to take a second honeymoon.
- Use it to pay for a day off work once a year, to spend with the kids.
- Invest it, to have an extra $50 per month during your retirement years.
- Buy six good books a year, to learn something new.
- Make banana splits for the family once a month.
- Give $100 per year to a worthy cause.
$8 per month can do a lot if used wisely. Imagine what you could do if you stopped wasting $200 per month. That's why it is so important to discover what you really want - and what you don't want. This is one of the most intelligent ways to save money.
You can literally become a money sucking magnet and be among those who can brag of making money fast. These principles are easy to follow and very effective, granted that you follow them
Where ever you are presently in your life you can begin to make large amounts of money very fast if you understand a few simple principles. Despite what anyone may tell you these principles of generating money fast do work.
These principles are not difficult but in order to understand them you must process them. You must take the time to give them some thought, until the thought becomes a part of your very being.
How to make money fast is one of the hot topics on everyone’s mind. Most people will tell you that claims of making fast money is a hokes. Those are the very people who believe that only hard work and struggle can create money. However despite the hard work, the concept of fast money is still not part of the equation. After all if you are working very hard you are unlikely to be making the sort of fast money that you would dream of.
I can tell you from first hand experience that fast money does not come through hard work. If you are marketing your business or interested in accumulating more money struggling will only kill your changes of getting money in a fast and easily way.
--The First Step--
The first think you need in order to make fast money is to have a clear goal. How much do you want? You would be so surprise at how many people want more money but don’t have a clear idea as to how much they want.
Without a clear goal your desire is just a wish, it is not concrete. Be specific about how much money you want and by when you would like to have it.
--The Second Step—
The very next step is to take inspired action. Inspired action comes from the universe as a nudge. It’s the perfect idea, job or business that will help you in getting your goal accomplished.
It makes no sense trying to do something that your neighbor or your coworker tried. What is an ideal opportunity to make fast money for them may not be ideal for you. Besides your goals are unique and the opportunities that are rightfully aligned for you are rightfully suited for you to reach your goal in the time that you desire.
--The Third Step—
The third most powerful step is to have a clear and bright vision of your goal. This is where most people fail. Most people get caught up in fear and worry that their goal will not be able to materialize and spend lots of wasted time holding back on their actions.
How many times have you been offered a great idea which you may have promised to do but allowed your fears to get in the way?
You must be able to hold your vision in such a way as to feed it with your own personal powerful intention that your vision will materializes money a lot faster than usual.
Many people who understand the power of holding a clear vision have gone on to make money very fast again and again. Those are the ones who deeply understood the precise way. With a little time and your deep desire you can literally suck money to you faster.
Over the years I can honestly say that I have tested all these theories and without fail they work in generating money faster than if I did not practice these methods.
