Spending more than what you earn might seem like fun for some time but in the end it is simply going to give you pain, insult and misery. One of my favourite authors, Charles Dickens, wrote “Annual income twenty pounds, annual expenditure nineteen: result happiness. Annual income twenty pounds, annual expenditure twenty-one pounds: result misery.” But, life doesn’t have to be that way right?
Everything has a solution and here that is planning your finances through appropriate budgeting! But, do you know a lot of student’s uptake finance course so that they can excel in these fields as well. Moreover, sometimes if they get the required finance homework help, then they can be real finance wizards!
People who follow a budget tend to spend smart and save more. They are far away from impulse buys and understand the importance of budgeting because that is what will give them a safe and secured future. These budgets will help you to set-up certain financial goals which act as a motivation for taking smarter financial decisions for you and your family as well.
Are you financially smart?
No one is born a finance wizard, alright? But, some people do know how to manage their personal finances and if you already know that then half the battle is won. All you got to do is structure you budget and you are good to go for that exotic retired-life. If you need help for jotting down the outline you can always take finance assignment help from seniors or other experts. People who are financially stable know how to:
- Pay their living expenses
- Avoid regular monetary anxiety
- Keep debts to a certain manageable level
- Especially save for the extra that make life enjoyable.
It is not how much you make, but the management of that money which makes life simple. You have to identify and understand what you got to do with the money and life is set. If you are still confused you can always look up to finance homework help from reputed guides.
Into the world of budgeting
Now, those of you who already know about budgets can skip this part but for my novice friends here you will get to know the basics. The foundation of a sound money management is a good budget. Trust me I now that just the word “budget” generates a feeling of fear and frustration but once you are done with this post you are going to enjoy the process. Okay, fine!
Not enjoy but at least you won’t hate it, folks! Moreover, do you know there are so many students who take extra classes for strengthening their finance? Not only that, the also opt for finance assignment help if they are unable to understand. Remember, that it is never too late to start.
- What is budgeting?
The process of creating a splendid plan to spend your money is what budgeting is all about. Chances are that if you stick to this plan you will save a lot of money by the end of the year. Remember that budgeting is all about balancing your expenses with your income.
A lot of people do not understand that they are spending way more than they earn and that is when they are drowned in debts. Some experts also offer finance homework help to help students in budgeting.
- How to craft your very own budget?
There are two things that you must incorporate in your head before we move further. Firstly, no one is born with money management skills, alright? So, do not panic that you won’t be able to do it because patience is the key here! Secondly, it is never too late to start.
Maybe you are drowned in debts or you have to some immediate instalments. You must try to pay all debts and plan your budget accordingly. Remember, you cannot afford to spend a penny without clearing all debts!
Here are few simple steps to help you with the budgeting:
- Set your goals, and be clear about it.
- Identify the expenses and jot down your income
- The main criteria is to differentiate between your needs and your wants
- Design and structure your budget. Take additional finance homework help if you feel the need.
- Start putting your plan to action
- Do not forget to manage seasonal expenses
- Keep streamlining your plan according to the extra expenses.
- Do not ignore the emergency fund. You have to keep a specific part of your fund aside for certain emergency situations.
Explore more options
It might seem that the above steps which are mentioned are quite time taking to identify your expenses and create a budget plan. But, don’t worry I have easier hacks for you.
- Smart budget calculator:
So, you can look for online options where a smart budget calculator is available. This calculator guides you through the entire process of creating the budget. It also provides separate graphs for the amount of money that you are spending on various things and then it compares that expenditure with the suggested guidelines. So, all in all it is a win-win situation for you. But of course only if you can control your impulsive shopping.The bonus point? As you keep filling in your budget, the calculator will keep suggesting ways to save money.If needed you can also opt for finance assignment help online.
- Opt for online workshops:
A lot of finance management websites provide webinars where the resource person will be helping you in a step-by-step manner to set-up your budget and financial goals. For some people, these practical examples help to understand the process better. So, you can try exploring this idea as well. Moreover these online workshops also offer finance homework help at times.
Quick tips for saving money
Avoid impulsive shopping
Most people tend to buy a lot of stuff which they don’t need or plan to buy. The basic mantra is to stick to the grocery list which you intend to need every month. A lot of times it might happen that you will feel the urge to purchase certain items right when you see it. But, during that time you have to question yourself whether you actually need it or not? These small activities will help you to manage your finances.
Go for price matching
Most of you already know this but probably you just ignore it. Well, it is time to look for those flyers which are put up on the grocery stores. Whenever you go to your favourite departmental store, you have to start practicing this and selecting certain items which you get for the lowest price. Trust me this little things will ultimately help you save a lot of money.
Go for second hand cars
I know that it sounds very tacky for a lot of you. But, since technology has become quite advanced so have the quality of cars. So, if you do a few quality checks and look carefully for the consumer reports, then it can be quite easy to buy second hand cars. Purchasing a used car rather than a new one can literally save you money equivalent to tens of thousands of dollars in some cases. Moreover, the perks include high chances of getting it under warranty in most of the cases if not all.
Pay off your credit card and dispose them if possible
Credit cards are basically one of the major reasons of your impulsive shopping. Moreover, if you don’t shop then it is the least think that you can get rid of because every year you got to pay 19% interest. So, say you have a balance of $5000, and then you are paying $1000 to your credit company as interest. I know that it might not have even stricken you. But, now that you get a break down don’t you think that it’s not worth? So, hurry up and get rid of these numerous credit cards unless you really-really need them!to know more about credit card you can also opt for finance assignment help from professors.
Don’t buy things like coffee or lunch on a daily basis
Look even if you make such things at home three days a week then also you get to save a lot of money. So, it is time to ditch that Starbucks store which you hit daily before going to work or college. Take your lunch from home as well as much as possible. Look, I completely understand that you feel these things are petty and it might just seem like lecture. But, unless you understand the value of these it is going to be very difficult to manage your personal finances or follow your budget.
The final step: Let’s get some closure
Through careful budgeting you can make sure that your expenses are way lesser than your income but what about the money that you save, what do you do with that? Well, of course INVEST it. Now, here again people who are well aware about investment plans can skip this part but for the rest of you here you can explore a plethora of options for investing you hard earned money.
- Low-risk investments:
As the name suggests in these investments you face the least risk of losing money but then again they have very less potential as well. These include money market accounts, certificate deposits, and various few bonds. So, this is your place if you are looking for a safe space to park your money but do not expect a lot of return from this.
- Invest in a good health savings account:
Since, the healthcare cost is rising, so is the demand for health savings account. Well, this account allows you to save for certain qualified medical expenses in association with a high deductible health plan. There is a certain specified limit up to which you can contribute every year. If you feel the need you can opt for finance assignment help from experts. The best part is that it is tax deductible but grows tax-free. Another added advantage is that even if you switch jobs or any health insurance plans, these funds in the health savings account are yours to keep and use for future purposes.
- Opt for higher risk alternatives:
Well sometimes, you got to be a daredevil. Did I go overboard? What I mean to say is there are so many options to invest in like mutual funds, stocks, exchange traded funds, foreign exchange, and others. The list is almost never ending, right? So, you have to decide for yourself what you need to invest in.
Now, I guess you are pretty much clear about managing your personal finance? Do you know there are a lot of courses available for this? Yes, there are hundreds of websites offering such courses as well as tips for finance management. Especially for students who have up taken the finance course often require finance homework help, and that is what is provided there. Moreover, these finance courses can be really helpful for college and high school students.
You can also avail help from personal finance tutors so that this can help you in future. My Homework Help offers special guidance for the students in need to provide finance assignment help!
So, friends what are you waiting for? It is time to buckle up and start working on your very own personal budget plan. Do some research and take all the help you need but remember that save now to enjoy later.
Michelle Johnson is one of the most reputed professors who guides students for their finance homework as well other finance related problems. Her unique ideas and innovative ways of teaching make her one of the most popular tutors amongst all her students. She also works as a blogger in one of the most renowned websites called My Homework Help where she has been helping students for quite a long time now.