Category Archives: Managing Expenses

How to Save Money without Noticing It

Saving money is one of the greatest issues people face. In a world that tries to stimulate consumption as much as it is possible, you will find a lot of temptation to spend all your hard-earned money. Most of the people are not even noticing that they are sacrificing their long-term well-being for some things that gives them satisfaction for a short period of time.

If you are reading this article, it is clear that you think different and you want to do things in a smarter way. You are also probably searching for some tips for personal budget  and that is why we want to give a simple and effective way to save some money. Although the sums might be small in the short run, you will see that in the longer run results are better than you would expect.

The 10% rule

Let’s say that you are currently earning 1k per month. This number is below average and we’ve choose it with purpose, because we do not want to artificially inflate the numbers, so they will look better. Make sure to receive your salary on a bank account, not cash. You’ll see in the following statements why.

Open a savings account

The next step would be to open a savings account. A private pension account would also be a good idea. Preferably, your bank account and your savings account should be opened at the same bank, so it will be easier to make the next step. We won’t recommend any bank, it is up to you to choose one that you think fits the best. Do a little research, find out what feedback other customers are offering and only then open the account.

 

Set a monthly transfer to the savings account

You have the possibility to set a monthly payment from your bank account to your savings account. Make sure to set a date that is after the date you receive your salary, so you won’t encounter any issues. Set your account to automatically send 10% each month to your savings account.

If you do the math, for a 1k account, 10% means 100, 100 multiplied by 12 equals 1200 and in 10 years you will have 12,000. Simple enough to save a decent amount of money and improve your personal budget.

Meta description: Find out an easy way to save money in order to be able to manage your monthly expenses. See how you could do that for free. Find out more in this material.

How to financially plan for a vacation or travel? (Travel Financial Plan)

travel budget

 

Planning for a good vacation should most likely be the highlight of any individual’s year. Making arrangements for two or three carefree weeks is something important as travelling or vacation can be costly. Figuring out how to do as such easily, and with some component of planning ahead with regards to budgetary arranging, is something that is troublesome yet important to ace. Rather than putting your travel plans off or putting everything using a loan, you must save some money today to have a debt-free vacation in future.  People at times just want to bounce in a car or jump on a plane to escape to some place calm and nice. However, getting away is more agreeable when cash isn’t an issue and duties at work and at home are secured.

Do you struggle to keep track of your expenses? Try these apps

expenses

Oh, technology. Some people say it makes our lives easier. Others say that it makes us lazier. Even though both ideas might be correct to some extent, there is something that can’t be denied: When used properly, technology can be a powerful ally.

Whether you use technical analysis software for the stock/forex market or just a simple app to keep track of your expenses, finance-related apps and programs have come a long way.

If your excuse to not knowing where all your money is going is that you are not disciplined, good news! These apps will help you whenever and wherever you are.

Personal Budget: keep yourself out of trouble!

personal budget

The personal budget topic is a serious one. We already discussed the importance of having one, how to create it, what to do with it, and a variety of tips about how to manage it. Now, let’s talk about those things that you need to be cautious about to avoid hurting the budget.

Most of the time, our spending habits are not good for our budget management. We need to take time to analyze them and try to change them.

The following are a list of things to keep in mind since they can affect the results in our budget.