Budgeting 101: Simple Steps to Budget Money as a Senior

Personal Budget Plan (Photo credit: Wikipedia)

Spending money is as simple as breathing. Let’s admit it, we can spend thousands of bucks in just one day! That is, if you have no financial issues. But if you are on the verge of tightening your belt, budgeting becomes a part of your to-do list. When you are an elderly person, you might think budgeting is hard simply because you are at your golden age. Yes, it seems a big challenge; but in reality, there are so many techniques you can execute to make the most of every single penny in your pocket. 

Here are 4 simple ways to help you in your monthly budget. 

● List Down Sources of Money - As a senior, obviously, you no longer have monthly salary to expect from a full-time job. However, you will have other sources of income by this time. Make a list of all these sources, such as monthly pension, social security check and part-time job (if applicable). Remember to note down ALL, which means everything or every way in which you gain income is included. Get sum of these income generating sources. From this, you will get an idea of how much money available for you in a month. 

● Create a List of Expenses - On a separate sheet, make a list of all the expenses you need to have. For household expenses, it usually includes utility bills, consumable grocery, telephone service, cable TV, Internet service and house rent (if you are renting). If you own your home, add the property tax in your list. In the event that you pay your taxes once a year or twice a year, break the tax fee into monthly figure. Many seniors consider property taxes as additional burden to financial status. Other expenses include mortgages and medicines. Calculate all these expenses and get the total amount. Deduct the total expenses to the monthly available money. 

● Set Aside Money for Savings - After subtracting your total expenses from your monthly income, you will get a remaining amount of money. If you get zero or negative remaining balance, it is a difficult situation. As much as possible, set aside money for your savings. Saving money is a clever technique just in case you will need extra cash in the future. Who knows, you much need emergency fund for your home repair or car maintenance. So each month, make it a habit to put at least a small amount of bucks in your saving account. You can either open a savings account in a bank or have it in your piggy bank. 

● Look for Medical Aid Programs - At times, medical bills take up huge amount of money from your budget. For seniors with health issues, having medicine maintenance is often neglected to lessen expenses. Yes, this is very risky to the health. And so, to minimize expenses without compromising your health, look for health programs that can help you finance your medicines. There are many NGO’s (non-government organizations) and government sectors offering medical assistance. Some programs can aid you in paying for your medications or other health-care bills, and can sponsor you in buying alert systems such as medical guardian. 

Budgeting can sometimes make your head spin. That is why, it is essential to take into account a few techniques to guide you. Otherwise, you will end up miscalculating your money and getting broke. Once you get used to these strategies, you can allocate your money effortlessly.

From a Girl's Perspective - Valuable Business Lessons I Got from my old Volkswagen Beetle

English: 1973 Volkswagen Beetle photographed at the 2008 Hudson Auto Show. (Photo credit: Wikipedia)

I grew up as an independent individual. No, my parents aren't divorced and I did not run away from home. My folks have decided to raise me up with little assistance coming from them, so that I can learn the good and the bad that life has to offer. While I do remember the frustrating times when I had to do some menial and odd jobs to get some extra cash for certain things. One of those things happen to be my old Volkswagen Beetle. 

Funny that I should mention that car. It's no longer mine; I sold it off when I moved out from my parent's house. This was years ago. I don't even remember how much money I got out from the old vehicle, but what I do remember are the lessons I learned while I was out earning every single dollar just to buy that car. And from a business perspective, it taught me a lot of things too. 

When I saw that car while checking a used cars warehouse, I knew that the car should be mine. It's original colour was yellow, but when I told my dad about it, he was quite skeptical. He said that these types of cars were not that durable and had constant engine problems. Of course, I knew that he was just bluffing; it's his way of saying "If you want the vehicle, then you know what to do!" 

And that I did.

 
Research - The first business lesson I got from that old Beetle was to research everything about the vehicle, starting from its perks all the way to its failures. I even researched about online title loan for fast cash! I have to understand the type of vehicle that I am going to use my money for. It is my money and I earned hard to get it, so I should never waste my money on something that I might end up regretting in the end, right? 

Sadly, I've seen a lot of business owners jump right into a particular business or system without researching. Usually, these people end up losing a great deal of money because of a failed business. Even worse, they end up filing for bankruptcy. 

Do It Yourself - The second lesson I got from my old vehicle is to always do everything myself. When it comes to simple maintenance, like cleaning or changing oil, I'd do it on my own. In business, it pays to be involved with your company once in awhile. Just like a well-oiled vehicle or machine, you learn the ins and outs of the trade and you co-exist with your employees and your clientele. You learn what needs improvement for your business and the things that you need to remove. 

It sounds so simple, isn't it? Unfortunately, it's not. A lot of business owners change their attitude once business starts to prosper. They leave everything to the manager while going on a vacation to Hawaii or to Fiji. Unless your manager is really competent, there's no way he/she is going to repeat exactly what you want him/her to do, so it's quite important to run the business yourself. 

Frugality - No, it's not a Mortal Kombat move. It means being frugal. When I finally got my Beetle, the first thing that rushed in my mind is to customize the car to whatever I like. So, lists of car parts and custom paint jobs filled my notebook. By the time I realized it, the total amount was so horrifying that I immediately tore off that particular page in my notebook into little pieces.

Well, it's a good thing that I did not have the money. Otherwise, I would've gone and spent it all. 

The business lesson here is to be frugal. Even though you're business is running great, you should really find the time to invest in another business opportunity. If not, then save your money in the bank for later use. Don't spend all your money on things that are not really needed. 

Well, that's it for now. While I already have a new car, I will never forget my old Beetle. Thank you, my most cherished possession. I hope you're doing fine. Thanks for all the lessons you've taught me. It sure helped me out a lot, especially during these times of economic depression. 

About the Author: 
Jessica Greenberg is an avid blogger from San Diego, California. During her free time, she prefers to stay at home and update her blog along with a hot cup of coffee.

A 4 Step Guide for Individuals to Manage their Finances

Finance (Photo credit: Tax Credits)

Financial management is one of the most complex things that one ever comes across. The most difficult part about this is that one needs to change their policies with the fluctuating market conditions and also keep a close eye on the impending threats on the market in order to stay safe from any financial crunch. There are however a few things that are quite common yet effective in helping an individual to manage their finances in the best possible way. 

Start with a proper plan

Starting with a proper plan and then implementing it is an important factor. You need to make sure that you do not miss out on the basics. Make it a point that you note down each and every thing regarding your finances. Be it a new source of income or a new expense make sure that you list each and every thing. That would help you to keep a tab of all the vital aspects. Often it is found that individuals fail to locate the expenses that they have made. 

Budget – a pivotal step

A budget is definitely a pivotal step in order to manage your finances in a safe way. By formulating a budget you will be able to take control on things. Experts opine that many individuals do not usually list the expenses they need to incur or the money that they have earned from any source; hence they lose all kind of control on the transactions. With a proper budget you will be able to priories and differentiate the important expenses from the not so important ones. 

Spending Carefully

Spending money carefully is also another important thing that should be mastered by all individuals. In the backdrop of such a fragile economic condition where the prices of things go up all of a sudden one needs to be careful and ensure that they spend on the necessities in the first place and then spend on the luxuries. 

Investing like a pro

A proper investment is all the more important than all the other things mentioned above. The above mentioned steps will help you to save money but this is going to help you in making more money. Hence this is more important than those. Now you need to make a thorough research in order to find out which investment plan will work for you. There are so many ways in which you can invest your money but choosing the correct one is very important. A wrong investment plan can however wreck your financial career. Always try to invest in things that have an appreciating value as that would help you to get better ROI over a shorter period of time. Real estate for example is a good avenue to invest your money.

These are some of the essential things that must be remembered while making formulating a proper financial plan. Young professionals should be extra careful as they have a tendency of splurging more money in luxury items. It is always a better idea to make your own house before you purchase your own car.

Author’s Bio: Adil Kaya has been writing on finance and related topics for over a couple of years now. His articles are a good source of information for the readers. He also possesses a great deal of knowledge on the ways to find http://www.bahis10.com/. Follow his posts for more details on such topics.

What Is Needed For Retirement

Retirement (Photo credit: Tax Credits)

People should start to think about their retirement needs even at an early age. Before retirement people should be financially prepared. Some people think that it is not necessary to start planning for retirement at an early age. But will find out that retirement will sneak up on you and you will find yourself completely unprepared. So the question of how do I prepare for retirement and how much money will I need to retire remains unanswered. 

How Much Money Will I Need

Many soon to be retirees are more concerned about how much money they will be needed come retirement age. There is no set amount of money that a person should have in order to retire. What you will need depends on what your plans are once retirement comes about. You will need to decide if you want to make any large purchases such as an RV, If you plan on becoming the world traveler and making many trips, or if you just plan on staying in your home and enjoying the life of rest and relaxation.

Not only will you need to figure out what your plans on but also what your day-to-day living expenses will be. Even though you will be retired you will still have your continuing needs. 

Ongoing Debts And Expenses

Another issue to consider when you are trying to figure out how much to set aside for retirement is how much debt you have. You will need to take into consideration how much if anything you still owe on your automobile loans, credit cards or even your mortgage loan. By calculating how much your monthly payments are and how much longer you will have on these payments you can be sure of an approximate amount of money that you will need every month.

Do not forget that you will also have the other monthly expenses to add into your monthly budget as well. These expenses should include any of your ongoing bills such as insurance, utility bills, grocery bills, fuel, as well as any other expense you may have during the month. By including all of these expenses in your monthly budget you should be able to figure out how much money you will need to live on. 

Healthcare Expenses

Unfortunately when a person is getting close to retirement age the cost of their healthcare will be increasing. After all the older you get the more healthcare needs you will have. It is important to have your healthcare needs taken care of for your future. You would not want to have a major healthcare issue that would take up your entire retirement savings. This could cause you to face some serious money problems later down the road.

Finding your retirement could be a very stressful time in your life that can involve many different decisions that need to be met. It is important to be sure you consider all of your expenses as well as any other expenses that you may think can arise. Once you decide on how much it will take to fund your retirement you can figure out the best time for you to retirement and live the life of rest and relaxation.

Author Bio This article is contributed by Janice Thompson. She is a financial journalist. She says success comes to those who believe in the beauty of their dreams. She gives excellent financial tips on debt, credit card, personal loans for bad credit, insurance and advice on her blog.

Loan Services Can Help You in Your Emergency

Payday Loans Neon Sign (Photo credit: rinkjustice)

UStatesLoans.com is a payday loan service built to get money to the customer as fast as possible. UStatesLoans.com has some of the best payday loan services available and is always striving to provide quality services to its customers. The company has one of the fastest loan approval times of any payday loan service in the industry. Their rates are very competitive and the service is available in all states. For those reasons and more you should use UStatesLoans.com for payday loan services.

UStatesLoans.com has a strict privacy policy clearly stated on their website. The terms of the loans are explained clearly. This company is well known for its transparency. With this company, you know what you're getting into before you take out a loan.

Customers need to provide some personal information: email, name, address, phone number, date of birth and gender. On the website there is an easy to fill out form. The service needs some account numbers and other personal information. They will never share this information with other companies, your privacy is of utmost importance.

Like a regular loan, UStatesLoans.com has the required forms and paperwork that you must fill out before you can receive your money. And payday loan lenders bad credit or not, is never a problem.

UStatesLoans.com makes the application process simple by making it work in just a few simple steps. Just fill everything out properly and you can finish your application and be approved fast. Approval often happens in just a few minutes after your application is submitted.

The website is very easy to use and gives you fast results. All the information needed for the application is right there and easy to navigate.

Will My Family Have To Pay My Debts When I Pass?

Finance - Financial injection - Finance (Photo credit: @Doug88888)

As we get older, we tend to think of things that we never found ourselves thinking about in the past. Questions like “Will my family have to pay my debts when I pass?” are often asked as we reach retirement. Unfortunately however, the answer isn't quite that clear when we do a search online. Some articles say yes and some say no. Another unfortunate part of this is that many articles I've read on this topic have misinformation all through them. So, without further ado, here is the REAL answer you've been looking for... 

Will My Family Have To Pay My Debts When I Pass? 

The bottom line is that you and you alone own and owe your debts. However, the topic gets a bit interesting when an estate is taken into consideration. If you have anything of monetary value to your name when all is said and done, this is also something that you own. Because you own your debts, your estate may be used to pay our debts before it is passed on to your family. Therefore, when you pass, if you have more debt than you do monetary value in your estate, chances are, nothing will be left for your family. However, this is a topic that is best addressed with an estate planning attorney or another estate planning expert. 

How To Pay Your Debts Quickly And Protect Your Estate 

Chances are, if you are reading this article, you may not have too much time left to plan for leaving something behind for your family. However, it's never too late to protect your estate by paying off your debts. Here are a couple ways that you can do that while avoiding debt scams... 

Option #1 – Financial Hardship Programs 

Due to recent economic hard times, many lenders have started to offer financial hardship programs. When it comes to credit cards, these programs are often called balance liquidation programs. When it comes to mortgages, these programs can be referred to as mortgage modifications. No matter what type of debt you are dealing with, chances are, your lender has an option that will help. All you will need to do is give your lender a call to find out if they are willing to help and how much they will help. However, it's important to remember that financial hardship programs may take years to pay off. Therefore, if you feel as though you don't have this time, you may want to consider debt settlement. 

Option #2 – Debt Settlements 

Although, I don't generally advise debt settlement because of the incredibly negative repercussions it can have on credit scores, in cases where consumers only have a year or two to pay their debts off completely, this is a viable option. When you enroll into a debt settlement program, your representative will help to create a payment plan that will meet your goals. As you make payments, they will not be given to the lender. Instead, they are held in a special purpose savings account until there is enough money to settle a debt. At that point, the debt settlement company you choose will negotiate the amount of debt owed with the lender and settle it for a lesser amount. 

The Bottom Line 

Although your family will not be held liable for your debts, it's important to remember that your estate will pay your debts before anything will be left for your family. With that said, if you feel as though you don't have much time left, it's always best to start aggressively paying down your debts. This way, your estate will be left to your family and not to pay your financial obligations! 

About The Author – Joshua Rodriguez 
This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance and avid personal finance writer. Joshua's most recent work online has been his balance transfer credit card series. Join the discussion about this article, Joshua's series or any personal finance topic of your choice on Google+!