Making Sure Budget Plans Work

The pandemic has taught us a lot about how good financial management remain as a valuable skill not just for personal survival, but giving ease to the lives of your family - the closest people for you. We determine budget plans early on, with proper forecasting you get to have peace of mind yes, but in rare occasions, we all struggle. When one gets sick, incapacitated, restrictions happen and people lose their jobs, when businesses decide to close shop, these are emergencies nobody gets prepared for so it is wise you get to evaluate your budgets regularly and learn to properly make adjustments when the need arise.

Managing Finances Effectively

You need a good bank, know where you are putting savings, things for investments, for entertainment (because you deserve that too) and an emergency fund (when the unimaginable happens).


Allocate Appropriately

I always make it a point to have funds directed to a specific goal. A huge chunk of course goes to bills, food and shelter (about 50%), 10 percent goes to entertainment (if you want to go to a vacation, buy something for yourself or your loved one you need to set aside something for this purpose), then 25% goes to investments (if you prefer digital currency, bank deposits, stock market, insurance premiums or money market you need to do this early on). 15% goes to emergency fund so in times you wouldn't be able to work or pay for medical bills if you or your family gets hospitalized, you have this to get funds from. There are a lot of other things to consider and customize these rates, you need to weigh what works for you and stick to it. If you need to adjust, go ahead and make that play. You need to be a little aggressive in making sure your budget works for you.

Monitor Your Investments

Since a huge part of your funds go to investments, you need to have this checked a few minutes a day. Make smart choices if you are looking for short term ones, relax on the long term goals. You don't need to watch lines go up and down and spend hours for it, so only do it when times are volatile, and be aggressive if you have the money to do it with. Familiarize yourself with the market and slowly make your way to grow your funds. You also have to find one that fits your lifestyle. If you want to delve into business, or become an entrepreneur, pick up  a loan with easy payment terms and lower interest rates because a lot of it is out there. 

Manage Your Debt Wisely

Loans, credit card bills are of course part of the game. If you've got a lot of these, consider plans to pay more than the minimum monthly payments to reach your goal of zero debt. You can schedule payments for some purchases for ease of doing business and everyday transactions. Know when interest rates would be okay for you or not. See if you are going to benefit in the long run because remember, some loans and credits are not taxable and if you pay them earlier, it won't be too painful to see where your funds go. Give debt consolidation a try so it would also be manageable to pay for things. If you want information on that, click here.

These are what I do now in order to manage funds, if you've got one that serves the purpose, follow your own strategy and adjust when you see the need to. The market isn't constant just like change, think of more ways to grow your money and see if your budget plans work today.

The Painful Process of Eliminating Debt

It's always a bummer when I learn something like this. My friends are in debt again and they always run to me borrowing money. Don't get me wrong I really want to help them but I can only do so little. I thought they were already thru with the borrowing and excessive spending but apparently not. I'll probably recommend some help institutions because they need experts. I'm not a debt guru and it probably would be wise if they find one online. The deal is they need the best advice they can get from people who are certified to do so. I wouldn't want them to settle with hearsay or something not based on facts. The time to recover from the effects of the economic turmoil is now.

Maybe I'm doing something right because I haven't been in that situation since I started working. I may have been doing something right. I've learned to manage my finances quite early and still have more to pay for bills at home and help my folks. I've always wanted to do that and so far I've accomplished these things easily because I know how to set my goals early and strive to excel. How I do it is not an exact science but there are proven ways to do so. Listen to certified professionals and you'll probably be better off and out of debt. Who doesn't want to be free from it right?!

Have you ever been under debt? What did you do to overcome it? Let me know!

Wishing You Freedom from Debt!

Sometimes I wish there was someway I could get out of debt. I can't imagine how my life would be if I'm working just to pay an impossible debt. Doing something about this condition should be a priority so we won't be living salary to salary and end up only paying the interest than the actual debt itself. I'm not an expert but there are people who might actually do this for a living. Fixing structures and negotiating with banks is not on my resume but I would like to do this so I would not end up living a hard life. I'm still young but without saving a single centavo it would be impossible for me to become successful in the near future. I wish there were experts like J. Hass Group that would be able to help me do this. It would be a big help for those who do not know the runaround in this industry. I wouldn't want to end up being hounded by debt collectors like some friends I know.

Life is complicated and never easy but on instances that I wouldn't be able to pay for my debt I'd rather have them negotiated further so it would be easier to pay. Interest rates are too high these days and making the necessary arrangements to get these loans streamlined to a zero interest - payable in 6-12 months would be a huge help for anybody. If it would be a one time big time pay I wouldn't be able to eat or have money to work for the next month. My friends are already in this situation and I'm seeing them suffer a lot. Christmas is not an exception because they end up paying a little more because of our culture giving gifts to almost everyone we know. The bonuses simply fly out of our palms and next year we end up complaining that we're under debt more than what we used to be. Here's hoping for a year of freedom from debt! Here's to our dreams and aspiration too!