Self Improvement Tips Through Personal Financial Planning

Every year in any given country there is a very important calendar occasion. This is the reading of the budget. This is basically the government financial plan based on revenues collected and makes a budget for the different ministries according to their needs. Many view this as boring and of no value to them. This is in fact the most sensitive matter as it touches on our personal finances.

On a more personal level, each one of us should have such a financial plan each and every month when we receive our pay checks, Click Here!. Instead, something contrary to that happens. We go on a spending spree totally disregarding the repercussions.

· Bad financial habits

When you get your pay check you immediately get your friends and go out partying, drinks on you so as to impress your friends.

· Buying things on impulse

However nice something may appear to be, be it a posh car, luxurious house, high end phone if you have not budgeted for it do not buy it on impulse.

· Living beyond your means

No matter what you do the golden rule in financial planning is never to live beyond your means. This is a sure way to attract never ending debts and getting trapped in the vicious cycle of poverty.

FINANCIAL ADVICE:

· The way to get out of the financial quagmire is to start saving the soonest time possible. Financial planning experts advise that you should have the equivalent of six month salary in savings on an emergency account. That basically means that if your employer were to delay your salary by six months you would go on with life as if nothing was wrong. Even though accumulating this tidy sum is a bit tough, it is worthwhile at the end of the day.

· Income generating projects

It is advisable to start some income generating projects like farming, starting a business store or investing in real estate. This however should not interfere with your main source of livelihood

·

Budget

Make a spending plan based on priority. For instance paying for the house, food and school fees should take first priority whereas entertainment should come last.

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Ten Proven Commandments In Personal Financial Management And Acheiving Personal Financial Freedom

To achieve financial independence you need to be cautious on how you spend your money and also check where you invest. Do not be deceived by people who tell you that it is all by luck, nothing comes easy. I have come to learn that first you need to work hard, you start working smart when you have made money.

My reason for saying this is because when you are starting something you are usually all alone, and once the money begins coming in you then delegate.

Here are some financial management tips to follow and attain financial independence:

(1) Do not spend more than your income- to be able to cut down on expenditure, one must be able to differentiate between a need and a want, a need is what you cannot do without, but you can do without a want. Work towards limiting your expenditure to the things that you only need.

(2) You must always have a spending plan or a budget- it is advisable to list all your fixed monthly expenses such as, mortgage, loan, fuel, rent, food and so on. Whatever remains after spending should be put into savings pool or account. A budget should be drawn in such a way that the expenditure does not exceed the income, Click Here!.

(3) Make sure you invest your money- after accumulating savings, do not put all your money in a bank where it does nothing for you. Allow your money to work for you by investing it in stocks or unit trusts where it will make more money and this way you will generate wealth.

(4) One must be able to outsmart inflation- apart from the rising prices of commodities the world over; inflation also comes with devastating effects on long-term investments especially those that have low rates of return. Invest in equities, for example real estate appreciates in value over a period of time.

(5) Do not ‘commit’ impulse buying- financial planning is about sticking to your spending plan. Avoid overspending in the name for keeping up with what your peers have or are doing. When it comes to money and spending, always let your logical side make decisions and not your emotional side.

(6) Avoid living without some emergency finances readily available for a rainy day- it is advisable to have at least six times the cash you spend on your fixed monthly bills. This money can come in handy and help you cope when you suddenly lose your job or something like an illness gets to you, this will at least hold you up before you can figure out how to solve the situation.

(7) Work at improving your skills and qualification- this will help you get promoted to a higher position and hence increasing your financial income. You can also commercialize your hobby in order to earn extra revenue.

(8) Minimize your ATM withdrawals- you can limit yourself to a maximum of two times a month. With a well drawn budget, you will know how much cash you require, and you should stick to withdrawing only what is stated on your budget that so that you avoid going for advances or loans because your money has run out before your next pay cheque.

(9) Never borrow unless it very necessary- refrain from taking a loan just because it is readily available. If you should take a loan, have a good financial plan of where to invest it. Make sure you invest in things that will appreciate and generate income for you.

(10) Learn to gauge yourself on how financially independent you are- instead of comparing yourself with your friends and what they have that you don’t, gauge yourself according to your personal abilities and current financial situation thus you will achieve financial freedom.

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Personal Finance Tips That Ensure You Generate Wealth And Achieve Financial Freedom

It is good to love yourself and do things that make you happy once in awhile, but do not over do it and forget about tomorrow. To achieve success in your financial life, you must be able to do the things that you ought to do whether you like it or not. Sacrifice and discipline are two things that are crucial in generating wealth and keeping it. Without these two, it is impossible to accomplish, acquire and accumulate anything.

The ability to deny or delay pleasure is an attribute that must be attained on the road towards generating wealth; and this requires a lot of discipline. Discipline is being able to say no when you need to, and doing the things you sometimes do not feel like doing but you must in order to secure your financial life. Most of us have a problem of controlling our spending. The truth is that if you cannot control your spending, no matter how much money you make it will never be enough.

It is normal for people to want or desire more no matter how much income they generate. One must be able to say no impulsive buying and stick to their financial plan. Once you are able to do this, then the next step is to save money thus with time attain financial freedom.

Financial discipline and delayed gratification can be achieved through a system of rewards and punishments to yourself. Set a price for indulging yourself and a reward for resisting the temptation of overspending, this is the path towards financial improvement. You can also reward yourself after completing something that needed to be done.

It is also advisable to have an accountability partner. Just the simple human desire to appear competent to someone else is enough to control your spending, especially when you know that you will supersede your monthly budget. In addition this will guarantee you financial security in the long run.

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Financial Planning And Spending Within Your Means

Thanks to credit and debit cards or what most like to call plastic money, many people are living in debts that they can no longer be able to control. Credit cards raise the chances of over spending because they reduce your consciousness on payment since you do not get to do any mental accounting. The route to negatively affecting your personal finances is not monitoring your spending.

On the other hand, debit cards are no better either though you get to spend what is in your bank account; most banks give an automatic over draft when you spend beyond what you have. They just send you an overdraft notice and that is when you realize that you spent what you did not have. Again, this will dent your personal finances.

Write down your budget so that you can keep track of how your spending compared with your net income. If you budget well, you can be able to save for a home instead of getting a mortgage. You can also save up for education and retirement. Budgeting will help you to be a good steward and administrator of your personal resources.

To ensure that you live a debt free life, sit down and write down your debts from the lowest to the highest. Identify whether you can make any extra income by cutting down on your expenditure. Start paying your debts from the lowest and pay a minimum payment on the rest. When you are done with the first, go to second lowest and so on.

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How To Achieve Your Financial Goals Despite Economical Challenges

Life is full of ups and downs and thus your financial plan can be affected by unforeseen circumstances. Issues like loss of employment, inflation and the like can lead you to changing or altering your personal financial plan. It does not hurt or mean you are a lesser person if you choose to reduce your expenditure after losing a job.

Achieving financial freedom takes discipline especially when the situation is tough. But even when you get a salary increment, you need to adjust your financial plans and save more rather than take that as an opportunity to overspend. This will help you achieve financial independence faster.

For example; if you get an increase of 30% in your monthly income and the inflation stands at 6%, do not just rush to buy a new car that will depreciate in value with time or move to a more expensive house. But instead, you can opt to put that additional income is a saving investment scheme. This is what is known as holding on to your gains and hence bring closer your financial goals.

Another important aspect of financial planning is to make deals, Click Here!. By this I mean, before you make a purchase, shop around and look for the best bargains in the market. This includes your daily expenses like fuel, food and the likes. Rather than buying items just because they are from a certain recognized brand, change and start using cheaper brands that offer same results.

This are some habits that will help you save a coin here and there and in the long run you will accumulate a lot of cash thus achieve financial independence and financial goals faster.

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