Importance of Personal Finance Lessons

If you think personal finance lessons are only reserved for those who are in the world of business, think again. To be able to manage your money well, you need to know how to do it. You must grasp the basics so you are able to make the best decisions when it comes to borrowing, saving, and investing. Whether you like it or not, the things that you need to be able to live decently in this world revolve around money so knowing how to handle it is a must.

Let’s use a very common occurrence that a lot of Americans grapple with—budgeting. Living from paycheck to paycheck has become the norm for many and so is getting too deep in credit card debt. Many get a car or a house (or both) that’s too expensive to afford. All these symptoms point to one fact: The lack of basic knowledge about the correct allocation of funds and resources.

Budgeting is the foundation of effective personal finance and unless you know how to do it in theory and in practice, it’s going to be nearly impossible to have a stable financial future. The ability to save and invest will depend on how well you apportion your salary to ensure that you can meet the needs for today without sacrificing your future security.

Aside from budgeting, there’s also the need to be apprised about interest rates because they are always there. From credit cards to mortgage to savings to investments—the interest will determine how much you will ultimately end up paying. If you happen to be saddled with a car loan that is too steep in interest, you might end up not being able to afford it in the long-run. A mortgage loan with high interest rates will put you closer to foreclosure than if you were given a competitive market rate. When it comes to savings and investments, knowing which bank and investment vehicles give the best interest rates will allow you to maximize the returns on your money.

Credit reports and credit scores need to be understood as well since they play a vital role in personal finance management. Nowadays, you can’t afford to be irresponsible with your debts as doing so can have a disastrous impact on your life. Since your payment history is reported to the major credit bureaus, your chances of being able to obtain credit at the best interest rates and even your ability to get a job are affected if you don’t keep a clean credit record.

From a wider perspective, learning about personal finance is important because how you handle your money will ultimately affect your family and the country. Money issues are a common cause of divorce among couples and children often get affected.

Financial failures also impact communities and ultimately, the country. The recent housing crash and economic downturn that the United States is still reeling from up to today is an example of this. While financial and lending institutions are also to blame for the lax underwriting process that accompanied most mortgages during the housing boom that ultimately led to the housing bust, the homebuyers are partly to blame as well. A lot of them knew that they were getting a home that was too expensive for them. But lulled by the initial low or no-downpayment scheme, they decided to just go ahead and take a chance only to find out later that producing the extra money to pay the mortgage is almost next to impossible.

The way you handle your money has serious repercussions, not only to your personal life but to your family and society as well. Thus, it’s extremely vital that you take the time to learn about personal finance concepts.

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Learning Valuable Lessons from your First Job

Your first job is a very fertile ground for lessons that you can take with you as you proceed in your career. Even if you are only offered a modest monetary compensation, you can still make the most out of your first job by filling your cup to the brim with valuable lessons about the work, the people you work with, and the workplace you move around in. Always remember that these insights are more precious in the long run than the salary you are given. If you are just observant enough, the lessons you glean are going to serve you well in case you want to start your own company or are already gunning for a leadership position further on in your career.

So what are the lessons in your first job that you can carry with you as you move through your career?

1. The veterans in your workplace can teach you a lot. Don’t stay glued to your desk all the time. Find time to chat with those around during your breaks and you’ll find that they have a lot of things to teach you not only about the workplace culture but about their field as well. If you are genuinely interested in them, they will be more willing to share their knowledge and “secrets of the trade” with you. In addition to learning a lot of new things, you’ll find that it becomes easier to navigate the office and ask for help if you are on good terms with everyone.

2. Punctuality matters. Your time is precious. Your coworker’s time is precious. Your office’s time is precious. Since you want people to respect your time, you should also do the same. If you know that you are going to encounter traffic on the way to work then leave home earlier. Your superiors are going to notice that you are consistently on time for work and will factor this in during performance evaluations. Once you have ingrained the habit of punctuality, you’ll realize that it gets reflected in other areas of your life as well, making it easier to stay on top of things even during especially hectic days.

3. Preparation is essential. As the newbie in the house, you want to ensure that you don’t get laughed at during meetings so you made sure that you were always prepared. Looking at the agenda first so you know what the meeting is all about will help you generate ideas in case your opinion is solicited during the gathering. Later on in your career, you will realize that having your say in meetings will help you get noticed and advance in your chosen profession. You certainly don’t want to just pretend you know during meetings as this is a surefire way to get laughed at, so always be prepared in everything you do. That goes to everything else in your life as well.

4. Keeping your desk clean makes you more efficient. Different people have different work habits. Some like a cluttered workspace while others don’t. Research, however, has shown that a disorganized work area is bound to contribute to stress, anxiety, and burnout. Find a system of organization that works for you so that you tackle the most urgent matters first. As you advance to positions that require more responsibility, your organization skills are going to have to step up as well. Mastering this on your first job helps make this a habit that will serve you well in your future endeavors.

5. Having a life outside of work is necessary for your health and wellbeing. More and more companies are recognizing the value of helping workers balance the demands of both work and family. While you want to prove your worth at work so you can please your boss, there is no reason for you to linger in the office unless it’s absolutely necessary. Besides, you are bound to be more efficient in your job if you pursue your other interests outside of work. So take the time to exercise, to be with the special people in your life, to be active in your hobbies. Balance is the key to a successful life and career.

6. You are responsible for your money. Now that you are officially working for your keep, you get to receive your pay and are ultimately responsible for how it is spent. The good thing is that you have money to spare for life’s little pleasures. However, you also have to understand that you are going to be responsible for paying your own bills and saving for the future. Knowing how to allocate your money is something you learn from your first job which will you can carry into the future—especially if you want to start your own business.

7. There is no such thing as a stable job. Hopefully, you won’t get to experience getting fired on your first job but it’s important to realize that there is no such thing as job stability these days. The best you can do is learn all you can from your job, build your network, and save some money so that in the event that the rug gets pulled out from under you, you are not entirely caught by surprise. Gone are the days when you worked in one company all your life. Nowadays, you have to be prepared with whatever life throws at you so you can roll with the punches.

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Learning All You Can from Your First Job

Things to Expect in Your First Job

You’ve finally graduated from college, hurdled the interviews, and are now about to start your first real job. Congratulations! It’s certainly an exciting time as a new world awaits—the prospect of earning more money, of moving up the career ladder, and finally being able to do something you have always wanted to do.

But before you harbor dreams of immediately moving up the corner office right after graduation, a healthy reality check is in order. Understanding what comes with your first job is essential if you want not only to survive but actually thrive in your workplace. The realities that come with being the newbie in the office may run in contrast with the dream job you imagined when you were in college. However, the sooner you understand these, the easier it will be to take them in stride. It will also be easier for you to absorb the lessons you need to learn if you have accepted your rank as a neophyte wholeheartedly.

So what can you expect on your first job?

An entry-level salary. This is one of the realities that you will have to accept when you are new to the workforce. Even if you graduated at the top of your class and have solid part-time work experience related to the work that gives you a stellar resume, your monetary compensations should not exceed that of what the company usually gives to entry-level workers. Certainly, you can always negotiate with the employer before accepting the job but don’t set your sights too high. Remember, you still don’t’ have the requisite experience in this company and that is going to matter when it comes to determining your compensation.

A new culture to learn. No matter how much of an expert you are in the field, you will always have to adapt and adjust to the culture of a new workplace. Every company and the people who work therein have certain ways of doing things that they have followed through the years. No newbie can change that overnight. Thus, it is up to you to get a feel for the culture and adjust accordingly. This is going to require keen powers of observation on your part and the ability to be flexible when the situation calls for it.

The constant pressure to prove your worth. This is something that perhaps almost all fresh graduates feel when in their first job. You want to prove your worth to your colleagues and most especially to your boss. This can mean having days where you work long hours and forego lunch breaks. You are constantly challenged to prepare thoroughly for meetings which can be a source of real pressure. However, the rewards are going to be worth all the effort.

A lot of questions. Since you are new to your work environment, you can’t expect to learn everything you need to know in a day. It’s natural to have a lot of questions—and employers encourage you to ask them. You become more confident in your job if you know how to do it and the only way to do so is to ask if something is not clear. Don’t mistake asking questions for having no initiative. You don’t have to ask for every single detail—employers welcome workers who have initiative. If you already know how something is supposed to be done then do it even if you have to fill in the blanks along the way.

New people to meet. No man is an island—and you can’t afford to be one when you’re the new guy on the team. The veterans in the company are not going to know you exist unless you introduce yourself to them. Your co workers are valuable sources in information about your new workplace so don’t be afraid to strike up a conversation. Also, don’t confine yourself to the people in your department. Get to know everybody so that you widen your circle of associates.

Unwanted tasks sent your way. This is one of the things that not all trainees look forward to. Stuff that seasoned workers don’t want to do can get sent your way which can sometimes include going out for miscellaneous errands like buying pizzas for an emergency lunch meeting. Your boss might give you extra work on top of the responsibilities that you already have. You’ll just have to smile your way through the hard work and long hours. As you become more experienced—and that comes only with time—you will not anymore be the neophyte in the office and can delegate tasks to the next newcomer.

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Use Cash Only

The Dangers Of Plastic

We live in a society where credit cards are a way of life. The ease with which plastic can be obtained adds to the proliferation of their use. But just because this is something that you can easily get, it does not automatically mean that it’s good for you. Some financial experts say that credit is a tool. Because of credit, you can obtain expensive things like a car and a house—necessities most people would otherwise not be able to buy with cash.

However, not all credit is good for you. In fact, the most common one—credit cards—can be very bad for your finances. If you don’t have the self-restraint when it comes to denying yourself the things which you know you don’t need then you can’t possibly own a credit card without putting yourself in danger financially.

One of the things that make credit cards so deadly is that you always believe that you have something to fall back on in case you run out of cash. In fact, a lot of people think of their credit cards as their rainy day fund—it’s something that can provide them with the money they need when they need it. The problem is that only a few people actually have the discipline to use their cards for real emergencies. Most see a sale and think that the situation is an emergency. So they take out their plastic, swipe it and bring the item home.

Research shows that more than half of American households are faced with high consumer debts brought about by credit card use. Because of the uncontrolled charges they make to their credit cards, they end up being unable to pay for them. Consequently, this puts them in trouble with debt collectors and ruins their credit score. The latter also brings its own set of problems. A lousy credit score can impact your ability to get a house or even get a job.

The ease with which credit cards are used is also the reason why they are dangerous to use. When you use plastic to pay for your purchases, you merely swipe it. You don’t feel that money is taken away from you. Since your credit limit is in the thousands of dollars, you won’t feel that you will run out of money any time soon. You only get the shock of your life when you receive your credit card statement each month and realize that you’ve spent more than you can afford to pay.

But wait. The bank is kind enough allow you to give only minimum payments, so you do. The problem is, you end up with a hefty interest afterwards and they just keep on adding up the longer you stay in debt.

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How to Increase Your Take Home Pay Without Asking For A Raise

If you complain that your paycheck is not giving you enough money to live on then it’s time for you to give yourself an instant raise. This time, you don’t have to sweat about showing your boss your past achievements for the company (particularly if you don’t have much to show in that department). You can give yourself an instant pay raise without asking for upper management to increase your take home pay.

Here are some things you can do so you can take home a fatter paycheck each month:

1. Don’t pay more tax than you need to.

This is one of the easiest ways to get a bump in your take home pay. When you begin a job with a company, you are asked to fill out a form called the W-4. It basically determines how much money the Federal government should take from you. If you choose 0 personal allowances, you’ll most likely receive a tax refund when you file your 1040 individual tax return at the end of the year. However, this is not a good thing to do particularly if you always find yourself strapped for cash.

Instead letting Uncle Sam keep a huge chunk of your pay, you can increase your monthly paycheck by claiming the personal exemptions you are entitled to. You can do this especially if you have experienced a major life event such as getting married or having kids. Be sure to take only the exemptions you are entitled to so that you won’t end up having to pay the government taxes.

There are also other tax credits you can take advantage of to lower your tax bill. For example, if you contribute to a retirement savings plan like the 401k, you possibly qualify for a retirement savers’ tax credit which can shave up to $1,000 on your taxes. There are also other tax deductions and breaks that you can certainly qualify for. Be sure to review what these are on the IRS website.

After you have made changes in your W-4 form, be sure to submit it to your human resources department and you should be able to see a bigger paycheck in the next few months.

Another way to reduce your withholding is to take advantage of your employer’s Flexible Spending Account or Cafeteria Plan if it is offered. You can make contributions to these vehicles which you can use for medical care and general health- related expenses. Money you put to these plans are excluded from Federal, Medicare and Social Security taxes. This leaves you more money for each pay period since the earnings are not taxed.

2. Don’t waste your income on late fees and charges.

If you want to leave more money in your pockets, you should strive to pay your bills and other obligations on time so you don’t pay extra on late fees and charges. Credit card bills are notorious for their high interest rates and hefty penalties if you don’t pay on time. What does this tell you? If you are sure that you won’t be able to pay off anything you charge to plastic by the due date then don’t buy it. Being late by even just a day on your credit card payment can jack up your payment by at least $35! That’s a pretty hefty fee you certainly don’t want to shoulder.

To make sure that you don’t forget the bills that are due for the month, it’s a good idea to set up a system that will remind of your obligations. This can be as simple as a filing system at home wherein you separate the bills that are due for the month or you can opt to use technology to your advantage. For example, you can set up automatic payments through your bank account if there is such an arrangement offered by the credit card company. This way, you only have to set the schedule once and the company will deduct the payment you owe from your account.

You do have to remember a couple of things about this arrangement, though. First, you need to make sure that you do have money in your bank account by the time the payments are due so you don’t experience delays and get levied late fees. Second, do review your statements from the bank and from the companies to make sure that there are no errors. You also want to be certain that the payments you make are actually credited to your account.

3. Work on getting rid of debt.

The most surefire way to increase your cash flow in the future is to work really hard at getting out of overwhelming debt. Your take home pay may initially be sufficient but once you start making all the necessary payments to your creditors, you’ll notice that you are left with barely enough cash to get through the next payday. The natural consequence is to depend on plastic to make even the most necessary purchases like food and toiletries. Unless you get rid of debt, the cycle will continue and you will constantly live from paycheck-to-paycheck or worse.

Here’s the real deal: You need to take proactive steps to eliminate debt now so you can bring home a fatter paycheck in the future. The road will be rough, no doubt about it. But after you hurdle this difficult journey, you’ll reap the rewards. The lessons learned during this difficult time should also serve as your inspiration to not go this same route again. Once you have gotten rid of debt, strive to stay debt-free.

4. Pay yourself first.

In order to feel that you have a higher take home pay, you need to start paying yourself first. This basically means putting a portion of your money in savings. Experts recommend starting with 10 percent of your salary. But there is no reason why you shouldn’t bump that up to 15 percent or even 20 percent if you feel like it.

Arrange an automatic transfer from your checking account to your savings account so that you don’t have to include the money you pay yourself to your budget. Even if you have to cut down on restaurant meals or restrain yourself from buying the latest version of the smartphone, you can take comfort in the fact that your savings account is growing.

5. Prioritize your expenses

Differentiating the necessities from the luxuries is something you need to do so you can prioritize which things to buy and which to reserve for those times when you will have extra cash. Food, gas, debt payments, bills and childcare expenses (if you have any) are things that are considered necessary in the list of most people. However, this will depend on your lifestyle and income so you need to make your own list of priority expenses.

The best way to ensure that you are spending only on the things that truly matter is to create a spending plan. If you don’t use a budget, you’ll end up buying anything and wondering where all your money went at the end of the day.

Conclusion

The five steps outlined above detail how you can increase your take home pay without going up to your boss and asking for a raise. However, there are times when you feel that no matter what you do on your end, the money you are taking home just isn’t enough. If this is the case and you feel that you deserve it, perhaps you can consider asking your boss for a raise. Now this can be a scary prospect for most employees. However, if you believe that the time is right for you to broach the subject, you should do so.

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Clear Away The Clutter If You Want To Succeed Financially

The Effects Of Clutter On Your Life And Finances

Financial success is always associated with making a budget, saving, getting out of debt, planning for the long-term and investing. But did you know that these are only secondary compared to the first thing that you need to do if you really want to make some headway with your finances? The first thing on your agenda should be to get rid of the clutter in your life.

This suggestion seems totally of out of this world, especially when you are thinking of how to get rid of a five-figure debt. However, if you consider the effects that clutter has on your financial life, you’ll soon realize that the two concepts are very much interrelated.

First of all, clutter causes you to look for things twice or three times over (or even more). When you are surrounded by a lot of unnecessary stuff, it is more difficult to find the things you need to attend to. This includes the usual, everyday things like car keys or your purse. When you can’t find the keys, you end up running late for appointments and ultimately feel stressed. If this happens on a daily basis, you put yourself close to chronic stress which can be harm your health. Medical experts say that chronic stress is the silent killer. It can cause diseases that can manifest in cardiovascular problems and other bodily pains. We all know what sickness can do to your finances even if you have health insurance.

Second, being disorganized can cause you to miss payments. If you just put all bills and credit card statements one on top of the other without an organized filing system, you’ll end up forgetting due dates and being delayed on your payments. When you don’t pay the bills on time, you pay extra for interest and other penalties. Worse, if you’ve actually forgotten to pay utility bills, you risk having your water and electricity supply cut off!

Finally, a lot of clutter can make you lose your peace of mind. Look around your house and if you’re having a hard time finding your bed from all the papers strewn around, you know it’s time to start cleaning up. An unkempt and very cluttered room will not make you think and plan effectively. The same goes for a dirty and disorganized work space. It makes you lose your efficiency on the job. How can you think of the most effective way to cut down your debt or create a budget if your mind can’t think straight because of all the clutter?

As you can see, clutter and your finances are intertwined. When you allow dirt, trash and unneeded things to pile up in your life, you are essentially blocking the flow of financial energy to your life. And as you already know, money matters can readily affect every other aspect of your life.

But perhaps one of the most important things to understand about clutter is that it makes you lose your sense of control. Have you ever walked into a room and see it so dirty that you feel overwhelmed at the thought of cleaning it? Well, this signals that you are not anymore on top of the situation. That helpless feeling of being unable to control circumstances can also spill over to other areas in your life, including your finances.

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When It Comes To Finances, Dream Big And Set Goals

Our choices mirror our lives. This is especially true when it comes to our financial decisions. Poor financial choices spell financial disaster. Excellent money moves will bring you closer to financial freedom. Mediocre decisions also translate to mediocre gains. But whatever your choices are, one thing is certain: The choice is definitely yours to make.

As far as money matters go, we are all faced with debts, bills to pay and barely sufficient income to pay all obligations while preparing for a secure financial future at the same time. Yet most of the time, the difference between success and failure lies in your resolve. If you believe that you can accomplish your goals and work towards achieving them, then you’ll be amply rewarded.

Once you have committed yourself to achieving success, the next thing you need to do is to set financial goals. And by this we don’t just mean setting any goal. You have to dream big. You have to set the loftiest goals you can think of. Later on, you can think of breaking them down to smaller and attainable pieces.

What if you haven’t tried setting goals before? Where do you start? The next few paragraphs will outline the steps.

1. Set a time for setting goals.

Determining your financial goals is an activity that requires clear thinking. You can’t really set clear aims for your financial future if you are multitasking. Try clearing an hour or two from your schedule this week so you can use that time specifically to determine what your financial goals are. If you already have a basic idea of where you want to be financially then perhaps an hour will be sufficient. If not, you might need more than that. Make sure that you don’t attend to any other business at this time.

2. Determine where you want to see yourself financially five to ten years from now.

This is the start of your self-exploration as far as your thoughts about money go. Don’t be afraid to write down the ideas that come to mind even if you think they are unachievable now. Of course, you need to focus on things that will put you on the path to financial security.

3. Choose a short-term goal, a long-term goal and a seemingly impossible-to-achieve goal from the list you have generated in the second step.

This is the step where you will officially start determining your goals. For your short-term goal, pick the one that you think you will be able to achieve in six months to one year. This could be something you want to buy, such as a laptop or any other gadget that will enhance your work or allow you to improve yourself professionally. This could also be paying down a small amount of debt.

The long-term goal refers to something you could possibly achieve in the next five to ten years. This might include paying large amounts of debts or perhaps saving for a house downpayment. This kind of goal might be challenging but is still attainable for as long as you put your energies on making it happen.

Finally, the last goal you should choose is the one that you feel you would not be able to accomplish. However, it should be something you still want to achieve given the chance.

After you have chosen your goals, you should write them down on paper or type them in your computer if you feel more comfortable typing them down. The whole purpose of writing down your goals is to concretize them and make you responsible for them. One notable children’s educator has said that what goes to the head comes from the hand. Maria Montessori was referring to the importance of letting children practice their handwriting so the lesson sticks but this could easily apply to your goals. To really own your goals, you need to write them down.

4. Break your goals into attainable chunks.

Lofty financial goals can overwhelm you. Thus, it’s important to find out ways to attain these goals one little step at a time. For example, if one of your goals is to be able to purchase a $1,000 laptop within a year in cash, try to break down the price tag. Divide $1,000 by 12 to represent the amount you need to put away each month so you can gather the money by the end of the year. That would mean setting aside $83.33 a month so you can come up with the money. If you are paid twice a month, then divide that by 2 so you will know how much to set aside when the paycheck comes. Do this with your other goals, whether it is to pay down debt or save money for a car or house downpayment.

The next step in breaking down these goals to attainable chunks is to determine what you need to do to be able to come up with the amount you need. Will you need to lessen the food budget? Perhaps you might need to stop eating out for a while. What if mere belt-tightening measures will not be enough? You might need to be a bit more aggressive. Outline what you need to do to earn extra money. Perhaps you can take a second job, sell things you don’t need or if you feel you deserve it, negotiate for a raise.

The whole idea of breaking down your goals is to make them specific and attainable. You’ve already seen the big picture when you chose the three goals that will describe where you see yourself in five or ten years. Now, you need to concretize what you can do on a daily, weekly or monthly basis to make that view a reality.

5. Track your progress.

It’s not enough that you write down your action plan for achieving your goals. Now, you need to constantly monitor where you are as far as achieving them is concerned. It would be ideal to track your progress on a monthly basis. Ask yourself if you were able to put to action your plans for the month. If you haven’t, determine the areas where you failed. Perhaps you overspent or went over the budget. Perhaps an unexpected expense came up and you had to realign funds. Whatever the reason, find out what is causing the leak so you can put a plug on it.

A word on unexpected expenses is appropriate at this time: You need to set aside funds that will be able to deal with these unseen emergencies. Without a rainy day fund, you’ll have a hard time achieving your financial goals since you will always be reallocating funds you’ve set aside for your goals. Experts recommend setting aside three to six months of living expenses to help you deal with financial emergencies.

6. Congratulate yourself for milestones achieved.

If you succeeded in saving money or paying debt then give yourself a pat on the back. Look at this as an opportunity to encourage yourself to keep pushing towards your goals. The road is definitely not easy as far as reaching financial security goes but if you see yourself taking baby steps and actually getting to where you want to go then you have something worth cheering about.

7. Don’t be afraid to realign your goals if they don’t anymore apply to your situation.

Although goals give you something to strive for, they are not set in stone. Sometimes, your values and your priorities change and this will consequently mean that you won’t have the same goal than the one you had originally worked towards. That’s okay. Just repeat this goal-setting process and start working towards your new goals. However, do keep this in mind: Don’t make any changes to your spending and saving habits until and unless you are very sure that you have a new goal to work for.

Conclusion

You might be wondering why we have placed so much premium on setting your goals. The rationale behind this is that you can never go anywhere with your financial plans without a set goal to strive for. In fact, goal-setting applies to all other aspects of your life, not only about money matters. For instance, if you want to be able to attend an Ivy League school, you need to excel academically, showcase your leadership skills and participate in co-curricular activities while you are still in high school so you can increase your chances of being accepted.

If your goal is to be able to design a computer program that will allow you to strike it rich even without a college degree, you need to expose yourself to computers and new trends in programming early on.

Don’t take goal-setting lightly. This is the first step you need to take to secure the financial future for yourself and your family. The rest will follow.

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