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Financial Literacy

4 Tips for Knowing When to Spend and When to Save

Even the most reluctant spenders understand that there comes a time when they have to spend money. They even recognize that there are times when going with the cheapest option is not a good thing. They just have a little trouble sorting out how to recognize those times. It is not just those obsessed with saving money that experience this problem. At some point, it happens to us all. We all have certain blind spots when it comes to spending money. We routinely overspend on things we don’t have to. And we frequently hold back when we should be investing at a higher level. Here are a few tips that will help determine when to spend and when to save: Spend When a High Level of Skill Is Involved We can live with airlines cutting corners on everything except the maintenance of the plains and the quality of pilots. We also agree that discount surgery is out of the question. Home construction is another one of those areas where skill is worth the premium. Solar panels like the ones you may buy from Ion Solar require an installer with a high level of skill and experience in the same way ...

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Professional Tips for Effective Money Management

The management of credit is one of the most important financial undertakings. It all begins with your credit card account, regardless of your limit. Unlike the federal government, most households cannot run a deficit indefinitely. The mere notion of being buried in debt is an anathema to most people. Fortunately, there are failsafe ways to help you make timely bill payments, and manage your credit card effectively. All the while, it is important to safeguard the integrity of your ID and your personal information. What steps can you follow to secure your standing with credit ratings agencies? For starters, credit card companies advise clients to ensure that they have the right cards for their spending needs. Frequent flyers are better suited to cards with Voyager Miles and similar programs. There are credit cards for students, low-income earners and highflyers. In fact, major banks and financial institutions recommend that clients shop around for the very best deals. You certainly don’t want to be paying a hefty annual fee to maintain your credit card account with American Express if you can’t afford to do so. Keep your payments light, by opting for zero annual fees and the lowest possible interest rate repayments. ...

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Financial Habits and Skills You Can Learn in No Time

Creating a sound financial life is something that most people don’t manage to achieve. But it’s easier than you might imagine. The problem is, there are a lot of little details to keep track of. Most people are so busy and distracted, that they overlook the things which could put them in a much better financial situation, especially because these behaviors have to be performed consistently in order to add up to real personal change. Fortunately, none of the good habits I’m about to describe are difficult on their own. They’re easy to understand. The challenge comes in committing to them. Investing Appropriately. Investment is a tool used by people who achieve long term financial well-being. But investment isn’t a single monolithic behavior. There are a million ways to invest. Some take only seconds (binary options trading with Banc de Binary). Others mature over decades (most low-risk retirement investment models, available to start through many online brokers). Whatever models you choose, it’s important to choose a plan that works with your income, goals, and lifestyle. It’s also important never to invest before your spending, debt, and savings are in order. To learn the basics of investment, do some reading on ...

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How to Stretch Income and Ease Financial Pressure

People work in diverse fields, plying countless trades to keep the economy moving and bring home steady income. But as dissimilar as their circumstances may appear, a vast sampling of consumers share similar financial goals. For most, key priorities include saving money and extending financial resources, as far as possible. Just as people make money in various ways, their approaches to personal financial management are also unique. Some successful money managers, for instance, lean on coupons, discounts, and retail bargains to stretch their budgets. Others sacrifice some of the comforts of daily life, to grow savings for the future. Still others build sweat equity, taking-on jobs most people hire-out. Each strategy bears fruit, so there is no single best approach. In practice, most people committed to making the most of their financial resources do so with a multi-faceted line of attack. As distinct as your financial concerns may seem – you are not alone juggling the monetary demands of modern living. Use the following tips to find further savings and maximize returns – regardless of your income level. Debt Adds a Budget Burden For many consumers, money spent paying back personal debt represents a substantial share of each month’s budget. ...

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Financial Literacy is Alive and Kicking

Arches National Park Hike

A wise man once said that a penny saved is a penny earned. Actually that wise man was Benjamin Franklin who was teaching financial literacy long before there was automated savings, online bill pay, and software to figure out how much money we need to retire. I was recently reacquainted with some of his other genius quotes by reading my daughter’s homework. Perfect Storm I will never claim to be more busy than anyone else. But this was one of those weeks where the perfect storm of after school activities, working late, having to make some difficult decisions, catching a cold, and an actual snow storm threatened to take me down. When the  time came to figure out a Friday post, my mind was blank. I decided to throw in the towel and skip today when I ran across a true gem from my third grader. Third Grade Entrepreneurs Believe it or not, financial literacy is being taught to some extend at my daughter’s school. Third grade is studying needs vs wants, budgets, and profits minus expenses. Their class even spent a half day running a restaurant using foods from the school garden that were made into brunch served to ...

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