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Posts Tagged ‘Saving’

Preclude in life, manage the family’s finance is one of the things that must be done. However, for most families, manage finance is complicated and frustrating. So the perceived income always limited while the needs are always indefinitely.

To fix it, here are a few tips to manage the family’s finance:

Fulfill all of your needs

The need is here of course the vital needs for the long term. Like insurance, education and pension funds. It may seem difficult and heavy because still there are other needs that must be met, but once you get used to do it with discipline, other things will adjust to the circumstances. That is important, Your family is committed to do so.

Shop wisely

shopping  is only limited to your earnings. Carefully open the credit facilities, immediately get rid of bills and installments because it can be quite the burden you with spending and greater cost. You should also be able to differentiate between needs and wants. The desired thing is not necessarily always a thing that is needed.

Invest

Do financial planning families with your earnings aside for investing. Invest your money in stocks, mutual funds, property, deposits, or any combination in between. Your money will grow if you could invest a portion of your income in the right place.

Diligent budget

Saving for old age, about which the principles of the financial management of the family. From the birth of the child, the cost of education, pension funds up to the everyday requirement, should all be entered in the budget planning. As well as the budget for the unexpected. Always write the budget and execute it helping you so saving feels so much easier.

Provide financial understanding for all family members

Although a lot of supposition that the financial issue is a taboo, this thought must be changed, because of family financial management is a shared responsibility. Always involve family members in permanency. Teach about the importance of saving the child. This will help them to understand financial management early on.

Good financial management will not make you fell is poor, but instead help you live more comfortably and happily in the old days later. As the saying goes,  upstream to the raft to the ledges, AIL was having a good time then.

Managing Extra Income

How many of you that do not currently have extra income? Are you able to manage that additional income that can bring benefits? You may have extra income right now. But remember, it’s extra income is not always able to make your life gets better, you know. Can be quite the opposite.

For example, your family income at $ 2 million. The amount is then exhausted to pay all kinds of expenses in your household. If yet be saved, only Rp 250 thousand per month. Then you decide to seek additional income.

After looking here looking there, you decide to seek additional income by teaching. The result, anyway, not bad. A month can be pocketed $ 500 thousand. Sometimes it can even be Rp 750 thousand per month.

The question is whether the additional money, so you can increase the amount of your savings that had been only $ 250 thousand to Rp 750 thousand or even $ 1 million per month? The answer, not necessarily. With the extra income you are also not necessarily be sufficient purposes other family? So how then? Come, see the tips below to manage this additional income.

1. Meet the needs of families who can not yet paid and to pay personal expenses.

Now, what’s your motivation so tired nyari want extra income? Usually, the first one, because you feel that your income is now possible baseball enough to pay family expenses.

Second, even if your family’s expenses can be met, then you can use that income to pay for personal expenses such as your own to buy clothes, shoes, buy books, or whatever your needs. The important household needs are met anyway?

2. Deposit your savings and investments

If you have additional income, should not all be used to pay expenses dong. The existence of extra income it should be an opportunity for you to supplement your regular savings deposit every month.

For example, the regular income you get each month, you can save approximately Rp 250 thousand per month. With the extra income of about Rp 500 thousand per month, try to increase your savings deposit of, say Rp 100 thousand per month.

Avoid allocating all the extra income to boost spending. Your life is not just for today right?

3. Leave for additional capital income is greater.

Try again reserving extra income that you can so that you can earn extra income is greater. For example, you can “money side” of Rp 750 thousand per month. Instead, simply use its $ 500 thousand to pay for expenses that can not be met from your main income. Set aside Rp 100 thousand to increase savings, the remaining USD 150 thousand to raise capital.

For example, if additional revenue is derived from teaching English, you can make 2 additional Card pack of the remaining Rp 150 thousand per month. Or make a brochure. If additional revenue is derived from the trade dress, perhaps Rp 150 thousand per month it can to increase the stock. It’s up to you. Importantly, the venture capital side you can add great.

So ladies and gentlemen, the principle is simple. If you have additional income, not just to pay your expenses, but also to add to your regular savings and increase business capital so that the more days you extra income is increasing.

Saving Extra Income and accumulate wealth

If someone does not spend all additional income or he can manage the additional income he earns, then at the end of the month he will have more money can be saved. With the saving of extra income every month, then that person accumulate wealth. Gradually the number of the person’s wealth will increase so be great. Proverb says: Little by little for long into the hills.

Let’s say for example you are participating in the business pulse very simple to create extra income and you can save 50,000 ripiah every month, then the 3rd month you are able to buy assets in the form of a website to introduce your business into a much larger scale. The fourth month you can increase your sales with the support website and start to earn extra income is greater. Suppose after that you could save 500,000 of additional income you every month, then a year you will memili savings of 6 million dollars. And in ten years your savings will be worth 60 million dollars. But it is true, it still is not enough savings to buy franchinse Mc Donald. hehe …

It’s true, save money extra income it’s already very good even can create rich, as above. But not be able to make the rich. Unless we save money rather than in a regular savings, but saving money on an investment instrument or use the extra income money was to enlarge the business which then could generate additional money even greater. Ok, hopefully we can do it in stages, starting now.

Once faced the security risk, we must analyze what we’re putting our money to win to have stopped in a savings account. Recall that traditional savings accounts compete with lower cost products we offer, therefore, it is convenient to use as a savings mechanism. It’s perfect for a mattress that allows us to respond quickly to unexpected funding needs, but when we exceed the amount we consider appropriate for that purpose, it is time to explore the range of investment products more profitable.
Our country has reached a level of financial sophistication such that access to investment products to people is a simple matter. Financial institutions offer a wide range of products designed for all types of customers with all kinds of needs and profiles. However, before taking any decision on which investment vehicle to use, it is important to determine how much risk we are willing to take and for what purpose we are saving. If you want to save to go traveling next year, we will need that money in the short term and certainly not expose us to fluctuations that can have an action. But if you’re saving for college for our newborn son, the bag could be the best option for their potential to generate wealth over the long term.
Broadly speaking, there are savings and investment instruments to suit all tastes. On the one hand, savings accounts are fixed term. This product, offered by almost all financial institutions, is a contract in which we commit to leave a certain amount for a certain period (one year, for example) in exchange for a higher interest rate compared to a savings account traditional. According to information from the Superintendency of Banking and Insurance (SBS) income can exceed 10% per annum on the best. Another good alternative is mutual funds, instruments administered by a financial institution in which the contributions are grouped many customers and buy investment instruments like stocks, bonds, commercial paper, among others. Most banks offer this type of product ranges and often have low yields ranging from (in its most conservative, which usually invest in bonds) to higher returns (with riskier investments such as stocks). Mutual funds usually do not guarantee a return, but depend on the performance of instruments in which they invest, but usually offer returns higher than a savings account.

At some point in our lives, we have raised if the University has prepared us to be entrepreneurs or to be employee. Neither situation is better than the other, considering that there are people for all activities, plus this is part of the investment profile of each individual, the risk exposure they want.

Having a job in some ways is synonymous with security, as the company not only provides a monthly salary, but also provides an infrastructure and operating platform that otherwise maybe it would be much more difficult to perform.

The entrepreneur has the task of creating from scratch the infrastructure and operating platform that the company provides security and to generate the employee. An entrepreneur must also be extra careful in managing their personal resources.

Many theorists of the subject, have commented that it is sometimes preferable to begin in a couple where one party has a steady job to ensure payment of other monthly obligations and undertaking to then reverse the roles when the situation improves.

It is also important to separate business accounts and personal, for example assign yourself a salary payments and make relevant to their lives (home, light, food, school, etc.). from there and leave the rest in company accounts. If not enough, then create contracts between you. and business, to give shape and structure their payments within the company.

Entrepreneurship is a very interesting, but very self-sacrificing and can provide benefits beyond those imagined. The most important thing is to overcome fear and think big, always trying to get everything well budgeted.