This post is part of the CCC Personal Finance Guest Blogging Contest. If you like it, please help the author by tweeting it, liking it, leaving a comment and voting for it using the social buttons at the end of the post.
Are you not curious about where your money goes every day? Or are you familiar of the situation that seems like you don’t have enough money to buy things or to do an activity because your monetary responsibilities are dragging you back? If you have these questions just like me, I think perhaps you should now take a broader look at your monetary condition and evaluate your personal finance performance. I believe that good personal finance management applies within our source of funds, our plans for the future finances and on how we solve monetary problems as soon as they pop up. By knowing those things, I am sure you can learn to take control of your finances by proper preparation.
Planning our individual finances doesn't always come as we would expect, and even if we’re going to do personal financial planning seriously and wisely, we still need some help. While there are really no fixed methods due to the personal nature of finances, there are helpful and highly applicable tips for wiser personal finance management.
Always Consider Your Existing Financial Condition
As we all know, monetary independence is the most significant objective most of us really long for. For this reason, it is advisable to gather and evaluate our finances to get accurate information on the true condition of our finances. Have a computation for your net worth including the properties, convertibles, savings and/or retirement accounts, and all other belongings that you have. By doing so, you can then decide on how much money you can reserve in meeting some of your future needs and goals for you to take the long run.
Get Used to Budgeting
Personally, this is something that I really didn't practice in the past -- perhaps because I was shocked whenever I found out that I only left a little amount in my bank account. Anyway, budgeting is considered a fundamental personal finance tip. It is the data made up of your earnings and everyday expenditures. For a more accurate detail, this information can be used as a way for you to be able to meet your goals and develop your dreams. A good personal finance budget looks ahead for at most one year at a time, and comprises a list of your monthly and/or weekly expenses.
You Must Consider All Expenses
You must consider all of your expenses if you want to know how your money moves through your personal financial system. You can keep track of credit card and other receipts to discover which expenses reappear monthly, and those expenditures that happen less regularly. With this stage, your personal finance budgeting will really require some small forfeits in order to help you stay within your means. Also, you must keep track of where your money is actually going for you to be able to build the best personal financial decisions and set priorities.
Have A Convenient Way To Pay Bills
Paying electronically is a very convenient way to pay your bills. Express withdrawal directly from your bank account can be a helpful way to ensure payment. By doing this, the transaction is processed right away. Many banks promote these types of transaction. You can even connect your bill payment service directly to your personal finance budget. This may give your expenses a way to be automatically processed and allocated to the appropriate category. Personal financial management can be really easy, you just need to utilize the tools available to you.
Create An Investment and Finance Plan
Now that the basics of your personal financial situation have been established, this is the time for you to prepare for future prosperity. You need to create a personal finance plan that reflects your wants in life and the way that money can help you achieve your goals. You can make a simple or maybe a detailed personal finance plan, just make sure that you understand what you have put in there. As soon as possible, implement this plan. There is a saying: “Don’t just save for your future, Invest!”
I would be glad to see your comments, insights and feedback with regards to my tips.
I am Kira Permunian , a Freelance Internet marketing professional and a blogger based in Philippines. I blog and share tips on Search Engine Optimization and Social Media Optimization. I do guest blogging to some popular blogs in the web during my free time. You can follow me in twitter: @kirapermunian. Thank you.
I believe without mounting personal finance skills, our life is going to be hell. As a freelance SEO in the current economy, I’m always trying to do this as rapidly as possible before I get out of anything.
I’ve lately come to the awareness that my life is not what it should be, and this is merely because I never paid concentration to my parents’ financial advice when I was younger. I’m not paying for it now. I advise you to do it these tips now.
Thanks Kira for bringing this up.
Thank you for your feedback Dinah! We’re the same, I didn’t listen to my parents’ advices too when it comes to financial management. I really agree with you to start having personal finance management as early as now. I’m glad you found my article helpful for a better personal finance management.
What is it about SEO that urged you to have good financial management? if you don’t mind?
Good question Kira! I’ll admit that I am not in a business management profession and also I am not a math type of person. These tips do help or taught me something either. I realized it’s difficult to understand if you do not already have prior business knowledge, but we can have some tips to follow and this post is it.
Unlike everyone else, SEO freelance working not only includes SEO, you have also to have knowledge about finances and that’s the thing I’ve got in your post. Something that I now follow.
Thanks for sharing this post Kira.
Wow! Very well said. You’re welcome I am honored that my post have really been helpful to you. I wish you the best with your SEO endeavors Dinah.
Cheers, Kira Permunian
Hi there, there’s no question that your guest post is one of my absolute favorites. It is really highly applicable and attainable to everyone.
I agree with all your tips and hey these are really fundamentals in personal finance management.
In my view, you play an important task. Please, keep it up.
Thank you. I am really grateful that you liked my guest post. You are right! I have to say that the reason why this post an applicable one because these tips are fundamentals where everyone could attain to.
True. Don’t save, invest! I realized that saving money is not effective, because many years you need to spend more and more. You will just end up nothing to earn. There is nothing wrong with your expenses but at some point we all need to have a little something to fall back on when times start getting a little more tricky just like now. Considering your tips would really be helpful. I also advice the last tip about “don’t save, invest” and in the end, you’ll even better.
Actually, I wanted to highlight in this guest post the phrase “Don’t save, invest! “. I just think of how great an investment in bringing your dreams into your hand. I am on agreement with your comment and thanks for considering my tips helpful.
If you have something to add about “Don’t save, invest”, I would be glad to hear that here. I would really appreciate it.
Thanks for the feedback!
You know In saving money this way, however, there is one upside. No risk – that’s the things. The money you save will always be there. Now let’s get the other side, this is important because investing your money in bonds, stocks, real estate, etc as opposed to saving your money bring upon yourself the risks. Index funds mirror the stock market and, consequently, come with no guarantee of returning your money. But luckily, you just want to put your extra money to work where it will grow at a decent rate. Investing is good.
Well, that’s right. Thanks for the share. Investing is good but I think we have to follow and evaluate some guidelines to avoid misleading in investing.
I appreciate your explanation.
Cheers, Kira Permunian
I strongly agree with you Kira. These tips are really smart and applicable to everyone. For me, I should always consider my existing financial condition in everything I do. I am now struggling with regards to finance.
Thank you for sharing and goodluck!
Hi Carl, Thanks for your comment. I am happy that these tips had help you in your financial problems. Yeah, just apply the tips and you\ll get your rewards soon. I swear.
Great tips for so many that have lost their financial management in this economy. It is surprising how many expenses can be cut when need be. So many people are realizing how much they can do without and a new way of living that when applying these basic tips and money is flowing in, they will be much smarter with their money and have more left over for savings and then as you said for investment.
Hi, thanks for your feedback! You’re definitely right. In today’s economy, we need to be smart at things especially when it comes to personal finances. I am grateful you found these tips useful in money management.
Cheers,
Kira Permunian
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Thanks for the practical tips kira. Cause he that saves something today will have something tomorrow! I have to keep track on my everyday expenses now.
You’re welcome Chacha! I just thought of passing this article would be helpful to you and it did. I strongly agree with the phrase saving for tomorrow. I also advise you to try investing your money to reliable business.
Thank you for your comment Cha!
Kira, I for myself, to be free is a possibility to buy everything what I want, and when I want. I have the same opinion for those who are sure that knows the expenses, I also advise to write a detailed report about all expenses during a week – big and small – in short know and consider your expenses.
You will be very much surprised to see, on what actually your money is spent. Try it!
Payday loans, that’s right a detailed report on all our expenses could also be helpful. By doing so , you can monitor then your budgets and the capability of your income. Thank God you consider your expenses. That’s really good we have to spent whether we like it or not. Spending wisely could help.
Anyway, thanks for commenting here.
Great tips. This is a quick way to beef up my savings account every month. I really need to adjust to the situation that I am in, especially that my work now is not as secured as before.
I understand you Elizabeth. In any kind of work, we still need to know how to secure our personal finances which includes savings. I believe it is really wise to have something to follow in managing our finances. Thanks for dropping by here.
Really an interesting post you got. I’m sure all my facebook friends will also eager to know where their money goes.
Thanks for sharing with us.
Thanks for dropping a comment Irfan. I am glad this would be helpful to your facebook friends. Just send me a regards to them.
Cheers!
Totally agree!
I’ve tried them all. Thanks Kira Permunian for providing these tips to money management with an ethical practices. This is the wave of the future—people that seek to protect and prosper their business and personal finance are creating good karma for themselves and setting the example for all of us to follow.
Nelson, You’re definitely right! These tips are really good to prosper businesses as well as personal finances.
Thanks for your comment. I recommend you to read more articles in this site with regards to money management.
You’ve got great tips, Kira. Though I know for myself I’m bad at handling finances (Laugh out Loud). I used to save in a year then spend it all in one day, specifically during the holiday seasons.
Ethel, you’re right you’ve just described how easy to spend and how hard to save. I am also experiencing this thing till now that’s why I don’t really save. I think it is much wiser if we invest the money we’re going to save in something worthwhile in the future.
Thanks for the feedback.
Hey Kira!! We agree with all your tips and we really loved this post. The advice you give are very usefull to everyone and we should start use them..
Well, we have to say that we love shopping so our finances are just ok!!!
LOL!
Keep up Kira.
Claire & Vasia <3
Thank you Claire and Vasia. I am happy that you really loved my guest post. Yeah, as I see it you two are really good in shopping. Would you like to share some tips regarding shopping with personal finance management. To think about it would be helpful.
Well, as you can see we love brands. So, to save money we prefer shopping at sales because we can find very interesting things on good price… We think that this advice might help all of them that can not resist in shopping
Interesting post you got here Kira. Personally I’m still on my way to financial stability in terms of spending habits and budgeting, so I’ll definitely consider your tips. I agree 100% with using mobile or online banking for paying your bills because this makes it easier and more convenient for people to pay their bills on time.
Stephanie, Thanks for the feedback. I appreciate it a lot. Online banking is a breakthrough!
With my finances, I followed Benjamin Franklin’s passage: “Beware of little expenses; a little leak will sink a great ship.” I believe no management leads to irresponsible spending, and money just trickles away and due to lack of money management every partnership suffers financially.
Elgart, Ben Franklin’s well-known quote: “Beware of little expenses; a little leak will sink a great ship.” might offer some responses. For most of us this precisely explains their financial problem. They don’t observe their money running through their hands until it’s too late. It’s not the big expenses that commonly put people in difficulty but it’s the little everyday expenditures that you don’t see that add up swiftly.
Thank you for your comment.
Kira, Thank you for these tips, I am learning especially to listen without bias, to pick and chose my battles when it comes to money. Reviewing my whole financial representation and making some hard options to clear myself of expenses that suck away money needed away.
Oh thanks Techie Mai. I am very grateful that this article have help you in your financial representation. I just drafted it based from my daily experiences and I believe I made a success by just making these tips highly applicable. Thank you Mai. I hope you’ve got the best option for your expenses.
Learning how to manage personal finances is an exercise to good future investments. Developing a plan and implementing it as what you advise is excellent way in management, and over time, you’ll get the drape of things.
Hey, even if I find myself declining off the financial wagon on instance, I just always think about getting up, dusting myself and pursuing with building solid steps towards my future. Your tips help in developing good money habits. Thank you!
Franklin, in times of your declining financial capacity just be assured your financial wagon can still carry you from where you are today to your personal goals. Have it in good repair, review it carefully for flaws and take verdicts that allow for the strains and worries that life will inflict.
Yeah, you’re right developing and implementing a plan would really help to have a better financial management. And I am thankful that you found these tips helpful in developing money habits. Thank you.
I wish you the best in your financial endeavors.
Good insights. I agree, so basically financial plan is a border to investment. In case I experience declining again, I have to do some evaluation with my financial plan and investments. Do you have recommendable financial plan tips?
Saving money is good, but those money that we used to save will disappear soon because of the expanding prices of goods and spending our money of so many things…
Although we have budgets about those things, we are not sure what will happen next…
That’s why we are very fortunate because of the Highly Applicable Tips that KIRA have shared on us. When applying those highly tips we are sure that our money will grow and can help improved the services of the company that we have invested as well.
So start to invest now no matter how small, so that the hands of time don’t get away from you.
Wow! Thanks Brain for the support, I appreciate your effort. I am thankful you found my tips helpful to everyone. During these times, we really need to be careful in all our expenses, budgets and savings. Also with regards to investments, it is a MUST to take investment decisions with as many facts as we can understand. I believe, investing is about taking sensible danger to harvest steady rewards.
There is no purpose for the financial practicality to worry too much about disbursing off good debit, which by description is debt engaged on to buying good assets that rise in value over time.
Talking about investments, it is also good self-control to use at least a small share of extra cash and a prearranged slice of fixed income to drift into a longstanding savings and investment collection.
That collection, primarily, should center on bank savings and bank fixed bonds. After doing so, extra savings can be owed into money market funds.
Moving your assets for good to such areas of finance during these times of economic downturns, even if it means a lower return, can save you from great loss if everything comes worn.
Savings and investment are mutually unified financial variables. In order to attain higher growth in these two variables, banking system has a significant function to play giving you extra savings. Invest as wisely as you can and if you have a diversified collection of best companies and you can withstand any economic downturn then it is better.
I had very little funds to put into an investment, but I was able to take my endeavor and willpower and build a very successful and profitable money management system and you did mention it this article. I guess everyone may be able to do the same if we are willing to invest the time and take the risk to do so.
Though, that sounds just like gambling but following these tips would really give you the way to success. Goodluck I admire you having a successful and profitable money management system.
Personal finance management is strategic. You need strategies to take a hold of your money, spend lesser than you earn and ofcourse prepare for the future. These days are harsher and more expensive and ever and if you lose control it could hurt you in the future.
No one strategy works the same way every time. The process of managing finances is a never ending process, but with time and education it becomes a manageable process. The winning key is finding the one that fits your personality, goals and risk tolerance to avoid hurting in the future.
Another tip people should remember is that to always carry cash when shopping. That is to eliminate useless credit card debt.
Hi Tabulyogang, I appreciate your additional tips. I am too carries cash when shopping but not that too big. While Credit cards adds convenience to our shopping, keep in mind that the process to eliminate debts still takes time. There is no magic method of paying off debt, so realize that it will still take several months or even a few years to become completely debt-free.
In budgeting, spend 70% of your salary for your expenses like your daily needs and the remaining 30% will be your saving. If you have credit card used it as an alternative investment to eliminate debt and at the same time you are investing.
Thanks for the additional tips aZailg! I am certain that the concept of bugeting is the concept of a plan. Without a plan you are just winging it. Make a detailed plan of 70% and 30% budgeting.
With regards to credit card used as an alternative investment, yes you can there are lots of financial institutions that offer reward cards and promise to help you boost your net worth by contributing to your savings accounts, your retirement plans, and even your college funds. Try it.
You’ve got great tips here.Tips you have here is really good especially in prospering businesses and personal finances management.This will serve us as a guidelines even in our daily lives too.Thank you for the info,great job kira! Cheers!
You’re welcome! I am happy that my guest post have really helped many people in their daily lives. I thank you for dropping a comment. I appreciate it A LOT! Cheers.