Tuesday, 10 May 2011
Tuesday, 3 May 2011
MONEY ISSUE:money management-do/dont
Do you:
Keep all of your cash in your
pocket, purse, or drawer until
you need it?
Borrow money against a future
paycheck from a micro-lender?
Pay your bills with money
orders?
Not get bills paid because you
don't have time to go to the
place you need to pay?
Send money to friends or
relatives through postal orders
or money wiring services?
If you answered yes to any of
those questions, you could
manage your money better.
Open a bank account. Shop
around to find the best deal for
you.
Have your pay check directly
deposited at a bank or SACCO.
Many employers prefer to pay by
direct deposit or electronic
transfer.
Keep the money in the bank until
you need it.
Take money out by going to the
bank or SACCO or using an ATM
or debit card.
Pay bills with checks or use
online banking.
Avoid using micro-lenders.
Keep all of your cash in your
pocket, purse, or drawer until
you need it?
Borrow money against a future
paycheck from a micro-lender?
Pay your bills with money
orders?
Not get bills paid because you
don't have time to go to the
place you need to pay?
Send money to friends or
relatives through postal orders
or money wiring services?
If you answered yes to any of
those questions, you could
manage your money better.
Open a bank account. Shop
around to find the best deal for
you.
Have your pay check directly
deposited at a bank or SACCO.
Many employers prefer to pay by
direct deposit or electronic
transfer.
Keep the money in the bank until
you need it.
Take money out by going to the
bank or SACCO or using an ATM
or debit card.
Pay bills with checks or use
online banking.
Avoid using micro-lenders.
MONEY ISSUE:money management-do/dont
Do you:
Keep all of your cash in your
pocket, purse, or drawer until
you need it?
Borrow money against a future
paycheck from a micro-lender?
Pay your bills with money
orders?
Not get bills paid because you
don't have time to go to the
place you need to pay?
Send money to friends or
relatives through postal orders
or money wiring services?
If you answered yes to any of
those questions, you could
manage your money better.
Open a bank account. Shop
around to find the best deal for
you.
Have your pay check directly
deposited at a bank or SACCO.
Many employers prefer to pay by
direct deposit or electronic
transfer.
Keep the money in the bank until
you need it.
Take money out by going to the
bank or SACCO or using an ATM
or debit card.
Pay bills with checks or use
online banking.
Avoid using micro-lenders.
Keep all of your cash in your
pocket, purse, or drawer until
you need it?
Borrow money against a future
paycheck from a micro-lender?
Pay your bills with money
orders?
Not get bills paid because you
don't have time to go to the
place you need to pay?
Send money to friends or
relatives through postal orders
or money wiring services?
If you answered yes to any of
those questions, you could
manage your money better.
Open a bank account. Shop
around to find the best deal for
you.
Have your pay check directly
deposited at a bank or SACCO.
Many employers prefer to pay by
direct deposit or electronic
transfer.
Keep the money in the bank until
you need it.
Take money out by going to the
bank or SACCO or using an ATM
or debit card.
Pay bills with checks or use
online banking.
Avoid using micro-lenders.
MONEY ISSUE:Managing money
Managing
Cash:
When we talk about managing
money, we mean having a way to
cash your pay check; put your
unused money in a safe place;
pay your bills; get cash
conveniently and when you need
it; save money; and send money
to friends and relatives.
Cash:
When we talk about managing
money, we mean having a way to
cash your pay check; put your
unused money in a safe place;
pay your bills; get cash
conveniently and when you need
it; save money; and send money
to friends and relatives.
MONEY ISSUE:What is a budjet
A budget (from old French
bougette, purse) is a list of all
planned expenses and revenues.
It is a plan for saving and
spending.
bougette, purse) is a list of all
planned expenses and revenues.
It is a plan for saving and
spending.
MONEY ISSUES:Budjet
Creating a budget may not sound
like the most exciting thing in the
world to do, but it is vital in
keeping your financial house in
order. Before you begin to create
your budget it is important to
realize that in order to be
successful you have to provide as
much detailed information as
possible. Ultimately, the end
result will be able to show where
your money is coming from, how
much is there and where it is all
going.
Difficulty: Easy
Time Required: 30 minutes to 1
hour
Here's How:
1. Gather every financial
statement you can. This
includes bank statements,
investment accounts, recent
utility bills and any information
regarding a source of income or
expense. The key for this process
is to create a monthly average so
the more information you can
dig up the better.
2. Record all of your sources of
income. If you are self-employed
or have any outside sources of
income be sure to record these
as well. If your income is in the
form of a regular paycheck
where taxes are automatically
deducted then using the net
income, or take home pay,
amount is fine. Record this total
income as a monthly amount.
3. Create a list of monthly
expenses. Write down a list of all
the expected expenses you plan
on incurring over the course of a
month. This includes a mortgage
payment, car payments, auto
insurance, groceries, utilities,
entertainment, dry cleaning, auto
insurance, retirement or college
savings and essentially
everything you spend money on.
4. Break expenses into two
categories: fixed and variable.
Fixed expenses are those that
stay relatively the same each
month and are required parts of
your way of living. They included
expenses such as your mortgage
or rent, car payments, cable and/
or internet service, trash pickup,
credit card payments and so on.
These expenses for the most part
are essential yet not likely to
change in the budget.
Variable expenses are the type
that will change from month to
month and include items such as
groceries, gasoline,
entertainment, eating out and
gifts to name a few. This
category will be important when
making adjustments.
5. Total your monthly income and
monthly expenses. If your end
result shows more income than
expenses you are off to a good
start. This means you can
prioritize this excess to areas of
your budget such as retirement
savings or paying more on credit
cards to eliminate that debt
faster. If you are showing a
higher expense column than
income it means some changes
will have to be made.
6. Make adjustments to expenses.
If you have accurately identified
and listed all of your expenses
the ultimate goal would be to
have your income and expense
columns to be equal. This means
all of your income is accounted
for and budgeted for a specific
expense.
If you are in a situation where
expenses are higher than income
you should look at your variable
expenses to find areas to cut.
Since these expenses are typically
essential it should be easy to
shave a few dollars in a few
areas to bring you closer to your
income.
7. Review your budget monthly. It
is important to review your
budget on a regular basis to
make sure you are staying on
track. After the first month take a
minute to sit down and compare
the actual expenses versus what
you had created in the budget.
This will show you where you
did well and where you may
need to improve.
like the most exciting thing in the
world to do, but it is vital in
keeping your financial house in
order. Before you begin to create
your budget it is important to
realize that in order to be
successful you have to provide as
much detailed information as
possible. Ultimately, the end
result will be able to show where
your money is coming from, how
much is there and where it is all
going.
Difficulty: Easy
Time Required: 30 minutes to 1
hour
Here's How:
1. Gather every financial
statement you can. This
includes bank statements,
investment accounts, recent
utility bills and any information
regarding a source of income or
expense. The key for this process
is to create a monthly average so
the more information you can
dig up the better.
2. Record all of your sources of
income. If you are self-employed
or have any outside sources of
income be sure to record these
as well. If your income is in the
form of a regular paycheck
where taxes are automatically
deducted then using the net
income, or take home pay,
amount is fine. Record this total
income as a monthly amount.
3. Create a list of monthly
expenses. Write down a list of all
the expected expenses you plan
on incurring over the course of a
month. This includes a mortgage
payment, car payments, auto
insurance, groceries, utilities,
entertainment, dry cleaning, auto
insurance, retirement or college
savings and essentially
everything you spend money on.
4. Break expenses into two
categories: fixed and variable.
Fixed expenses are those that
stay relatively the same each
month and are required parts of
your way of living. They included
expenses such as your mortgage
or rent, car payments, cable and/
or internet service, trash pickup,
credit card payments and so on.
These expenses for the most part
are essential yet not likely to
change in the budget.
Variable expenses are the type
that will change from month to
month and include items such as
groceries, gasoline,
entertainment, eating out and
gifts to name a few. This
category will be important when
making adjustments.
5. Total your monthly income and
monthly expenses. If your end
result shows more income than
expenses you are off to a good
start. This means you can
prioritize this excess to areas of
your budget such as retirement
savings or paying more on credit
cards to eliminate that debt
faster. If you are showing a
higher expense column than
income it means some changes
will have to be made.
6. Make adjustments to expenses.
If you have accurately identified
and listed all of your expenses
the ultimate goal would be to
have your income and expense
columns to be equal. This means
all of your income is accounted
for and budgeted for a specific
expense.
If you are in a situation where
expenses are higher than income
you should look at your variable
expenses to find areas to cut.
Since these expenses are typically
essential it should be easy to
shave a few dollars in a few
areas to bring you closer to your
income.
7. Review your budget monthly. It
is important to review your
budget on a regular basis to
make sure you are staying on
track. After the first month take a
minute to sit down and compare
the actual expenses versus what
you had created in the budget.
This will show you where you
did well and where you may
need to improve.
MONEY ISSUES:Budjet
Creating a budget may not sound
like the most exciting thing in the
world to do, but it is vital in
keeping your financial house in
order. Before you begin to create
your budget it is important to
realize that in order to be
successful you have to provide as
much detailed information as
possible. Ultimately, the end
result will be able to show where
your money is coming from, how
much is there and where it is all
going.
Difficulty: Easy
Time Required: 30 minutes to 1
hour
Here's How:
1. Gather every financial
statement you can. This
includes bank statements,
investment accounts, recent
utility bills and any information
regarding a source of income or
expense. The key for this process
is to create a monthly average so
the more information you can
dig up the better.
2. Record all of your sources of
income. If you are self-employed
or have any outside sources of
income be sure to record these
as well. If your income is in the
form of a regular paycheck
where taxes are automatically
deducted then using the net
income, or take home pay,
amount is fine. Record this total
income as a monthly amount.
3. Create a list of monthly
expenses. Write down a list of all
the expected expenses you plan
on incurring over the course of a
month. This includes a mortgage
payment, car payments, auto
insurance, groceries, utilities,
entertainment, dry cleaning, auto
insurance, retirement or college
savings and essentially
everything you spend money on.
4. Break expenses into two
categories: fixed and variable.
Fixed expenses are those that
stay relatively the same each
month and are required parts of
your way of living. They included
expenses such as your mortgage
or rent, car payments, cable and/
or internet service, trash pickup,
credit card payments and so on.
These expenses for the most part
are essential yet not likely to
change in the budget.
Variable expenses are the type
that will change from month to
month and include items such as
groceries, gasoline,
entertainment, eating out and
gifts to name a few. This
category will be important when
making adjustments.
5. Total your monthly income and
monthly expenses. If your end
result shows more income than
expenses you are off to a good
start. This means you can
prioritize this excess to areas of
your budget such as retirement
savings or paying more on credit
cards to eliminate that debt
faster. If you are showing a
higher expense column than
income it means some changes
will have to be made.
6. Make adjustments to expenses.
If you have accurately identified
and listed all of your expenses
the ultimate goal would be to
have your income and expense
columns to be equal. This means
all of your income is accounted
for and budgeted for a specific
expense.
If you are in a situation where
expenses are higher than income
you should look at your variable
expenses to find areas to cut.
Since these expenses are typically
essential it should be easy to
shave a few dollars in a few
areas to bring you closer to your
income.
7. Review your budget monthly. It
is important to review your
budget on a regular basis to
make sure you are staying on
track. After the first month take a
minute to sit down and compare
the actual expenses versus what
you had created in the budget.
This will show you where you
did well and where you may
need to improve.
like the most exciting thing in the
world to do, but it is vital in
keeping your financial house in
order. Before you begin to create
your budget it is important to
realize that in order to be
successful you have to provide as
much detailed information as
possible. Ultimately, the end
result will be able to show where
your money is coming from, how
much is there and where it is all
going.
Difficulty: Easy
Time Required: 30 minutes to 1
hour
Here's How:
1. Gather every financial
statement you can. This
includes bank statements,
investment accounts, recent
utility bills and any information
regarding a source of income or
expense. The key for this process
is to create a monthly average so
the more information you can
dig up the better.
2. Record all of your sources of
income. If you are self-employed
or have any outside sources of
income be sure to record these
as well. If your income is in the
form of a regular paycheck
where taxes are automatically
deducted then using the net
income, or take home pay,
amount is fine. Record this total
income as a monthly amount.
3. Create a list of monthly
expenses. Write down a list of all
the expected expenses you plan
on incurring over the course of a
month. This includes a mortgage
payment, car payments, auto
insurance, groceries, utilities,
entertainment, dry cleaning, auto
insurance, retirement or college
savings and essentially
everything you spend money on.
4. Break expenses into two
categories: fixed and variable.
Fixed expenses are those that
stay relatively the same each
month and are required parts of
your way of living. They included
expenses such as your mortgage
or rent, car payments, cable and/
or internet service, trash pickup,
credit card payments and so on.
These expenses for the most part
are essential yet not likely to
change in the budget.
Variable expenses are the type
that will change from month to
month and include items such as
groceries, gasoline,
entertainment, eating out and
gifts to name a few. This
category will be important when
making adjustments.
5. Total your monthly income and
monthly expenses. If your end
result shows more income than
expenses you are off to a good
start. This means you can
prioritize this excess to areas of
your budget such as retirement
savings or paying more on credit
cards to eliminate that debt
faster. If you are showing a
higher expense column than
income it means some changes
will have to be made.
6. Make adjustments to expenses.
If you have accurately identified
and listed all of your expenses
the ultimate goal would be to
have your income and expense
columns to be equal. This means
all of your income is accounted
for and budgeted for a specific
expense.
If you are in a situation where
expenses are higher than income
you should look at your variable
expenses to find areas to cut.
Since these expenses are typically
essential it should be easy to
shave a few dollars in a few
areas to bring you closer to your
income.
7. Review your budget monthly. It
is important to review your
budget on a regular basis to
make sure you are staying on
track. After the first month take a
minute to sit down and compare
the actual expenses versus what
you had created in the budget.
This will show you where you
did well and where you may
need to improve.
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