5 Tips to Making a More Flexible Budget

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5 Tips to Making a More Flexible Budget

Creating a budget sounds like you're designing a rigid structure that you have to stick to regardless of what else is going on in your life. While a budget is a great set of guidelines that will help you keep your finances in order, you want a more flexible budget that will allow you to enjoy financial freedom. These five tips will make that process easier.

Build In Spending Money

Often, the push to create a budget come from the need to pay off debt or save for a specific large expense. Even the tightest budget, however, needs some room for fun purchases. Make sure that your budget includes a little bit of money that's yours to spend as you like--at least until it runs out.

Leave Yourself Wiggle Room

Some expenses vary from one month to the next: your power bill, for example, or maybe your grocery budget. When you're writing out your budget, aim high. For example, if you typically spend $500 a month on groceries, but know that number goes up if you're having a party, leave yourself an extra $50 in the grocery budget on a regular basis. This will leave you the room to make your purchases without feeling like you're blowing your budget in the process.

Know What You'll Do With Extra Funds

When you do come up with an opportunity to save--say, you don't actually spend that extra $50 in your grocery budget this month, or gas prices dropped, so you didn't drive as much as you thought you would -- where does the extra money go? You have several options depending on your current financial situation and your financial priorities. For example, you might move the money to a specific budget item that is running a little short -- including your "play money" fund, if that's appropriate for your financial situation this month. You can also leave the surplus money in that budget item so that you'll have it to spend later: for example, if your power bill was low this month, but you know cold weather is coming and will cause it to rise, you might leave the extra money as part of your electricity budget so that you won't have to sweat over the increase next month.

Also Consider shifting the money to savings. Your emergency fund can always use the extra! Or you can use the money you saved for a specific purpose such as paying down debt or saving up for a specific splurge that you really want to be able to enjoy with your family.

Be Open to New Chances to Save

Don't assume that just because your budget has always worked, it's set in stone! There are plenty of other opportunities to save. You might try couponing to see if you can find better deals on your upcoming shopping trips, as well as learning to maximize your grocery budget by shopping sales and meal planning. You might also consider running a car insurance comparison to see if you can save money on your existing plan. In general, there are many areas in which you can try cutting down extra spending.

To create a truly flexible budget that allows you the freedom to do a little extra spending from time to time, always be on the lookout for savings. The more you can save, the more financial freedom you have!

Use an App

There are plenty of great budgeting apps that allow you the flexibility to move money around as necessary. Budgeting apps are an excellent way to keep track of how much money you have on hand at any given moment as well as how much money you have for each line item. This is especially useful for line items in your budget that may require you to make multiple small trips over the course of the month: grocery shopping or trips to the gas station, for example.

Taking the time to create a budget is well worth your while, especially if you're struggling with tracking your spending or hoping to experience true financial freedom. By creating a flexible budget, you can enjoy all the benefits of budgeting without having to adhere to such rigid financial management that it creates more stress. Sit down with your favorite app today--it'll be worth the effort!

4 Excellent Tax Saving Instruments That You Should Know

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4 Excellent Tax Saving Instruments That You Should Know

With each new financial year, a whole list of concerns gets renewed along with the calendar. Working professionals, particularly, have quite a big concern to addresstax payments.

This is usually the time when employers come knocking, looking for receipts for tax-saving investments youve made during the year. This is also the time when panic hits and you scour the internet to find the quickest tax-saving plan.

But what you may not realise, when you make the purchase, is that your investment might really be a waste of money as it doesnt yield the returns you thought it would.

So, what do you do then?

Instead of juggling between checking Home Loan EMI calculators and looking at different options to transfer Home Loans, find out some of the best ways to save on taxes.

Maybe an investment that isnt just a passing trend would be your best bet. Here are 5 of the best tax-saving instruments you can go for in order to save your hard-earned money.

1. Public Provident Fund (PPF)

A PPF not only helps you save tax but also gives you a return of 8.7% on your investments. Also, the minimum recurring investment required is just Rs.500 per month, and a maximum of Rs.1.5 lakh per year. The only real downside (if you can call it that) is that youll have to bear with a lock-in period of 15 years.

2. National Pension System (NPS)

The NPS is one of the easiest tax-saving ventures you can opt for, especially if you fall under the higher bracket, with a salary of Rs.10 lakh per annum. Under this, you get tax deductions of up to Rs.50,000 according to Section 80CCD of the Indian Income Tax Act on top of the Rs.1.5 lakh available under Section 80C. Also, if you fall under the 30% tax bracket, you get an additional Rs.15,000 tax-cut.

3. Equity-Linked Savings Scheme (ELSS)

Investing in an ELSS with a lump-sum payment can guarantee a lot of tax savings under Section 80C of the Income Tax Act. In case, you dont have enough funds to make a full payment, you can spread the payment over 3 months so that you can accumulate more units as compared to investing through an SIP. Also, if you are satisfied with the investments, you can convert it into a regular SIP and move forward.

4. Tax-saving Bank Deposits

This is one of the easiest investment options, one that is free of risk and extremely simple to maintain. Although the returns are more impressive for senior citizens, who get better interest rates and exemptions, they certainly help save a lot money, albeit after paying taxes. However, it is better than investing in an endowment plan that goes on for 15+ years and requires a lump-sum payment.

Now that youve found a couple of easy ways apart from saving on Home Loans to save taxes, you neednt worry when the financial year comes to an end every March.

3 Simple Steps To Manage Your Budget & Cashflow

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3 Simple Steps To Manage Your Budget & Cashflow

I bet just the very title of this article is enough to make you run for cover! Along with paper piles, budget and Cashflow is another area that can drive solo business owners over the edge! In your corporate days you would have had a bookkeeping/accounting department that took care of all of this for you - they paid the invoices, they tracked the receivables, they tracked the income, and they told you the bottom line!

Now that you're running your own business you are also the Chief Financial Officer, and it can be very overwhelming. However, it needn't be... let me share with you three simple steps that you can put in place to manage your budget and Cashflow.

What is a Cashflow projection?

One important area of your Financial Management System is that of a Cashflow projection. Put simply, a Cashflow projection shows whether your anticipated income will be able to cover your expected (projected) expenses and this report is very beneficial to you in your business.

It is an annual report and, if set up correctly, will show you how cash will flow through your business throughout the current financial year. I've been using a Cashflow report in my business for many years and find it invaluable. Just recently the chance to participate in a high-profile teleclass series came up, and because I have my systems in place, I knew straightaway that it was something I could take part in!

Step 1 - Create Your Cashflow Report

This is very easy to do using a spreadsheet. Create a column that lists all of your expenses, i.e. office supplies, legal & professional fees, membership, advertising etc. and a column for each month of the year. You will need to create formulae that will tell you your total income, total expenses, and subtracts the expenses from the income, and also carries forward any amounts from month-to-month. This is so you can see how your finances are 'flowing' throughout the year.

Step 2 - Input Your Data

Taking your financial data from your bookkeeping system input your actual income and expenses, and list any projected expenses in the appropriate row/column. Your Cashflow report will now show you at-a-glance any time periods for which you will need to be especially aware of. For example you may have a lot of expenses in one particular month so you'll know that the previous month you'll need to make sure that you have the funds kept back in your bank account to take care of those upcoming expenses.

It will also show you if you can afford to make an investment in your business, whether that's signing up for a new service or membership club, taking out an advertisement, or buying new equipment.

Your Cashflow projection can also be used as a budget planner. You can plan out when annual memberships are due and put those in ahead of time. You can also add in an amount for when your taxes are due. This will provide you with a really good feel of how cash is flowing through your business, month after month, throughout the year, and you can also tell how much you can take off for owners draw, but still leave enough to cover the anticipated expenses.

Step 3 - Schedule In The Time

Now that you have your Cashflow report in place, it's important that you update it regularly so that you can stay aware of how cash is flowing through your business, and take any actions necessary so that you have enough to cover all of your anticipated expenses.

I recommend scheduling in at least 30 minutes once a month to update this critical financial management report.

A Final Thought...

Having an annual Cashflow projection will provide you with all of the information you need so that you can keep on top of your business financially and know where you are.

If you have a bookkeeper taking care of all your financial records for you, ask them to prepare your monthly Cashflow report for you.

3 questions to effective wealth management

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3 questions to effective wealth management

Just three questions to yourself can change the way you manage your money.

Many people don't know about the money trap existing in their daily life,they start by buying a few luxuries,pay their installments and proceed buying the next ones,and this goes on each year,and they never realize that they've become so habitual of buying luxuries,paying the debt and buying more luxuries, they are in a money trap but they never know whats wrong with it.

There's nothing wrong with buying the luxuries,except the fact that they're in a "Ring Of Debt", its a ring of infinite lifetime that never ends until you realize that you're a part of it,yet many people die peacefully,unaware about it.

Well the concept is simple,you start buying few luxuries,pay the monthly installments,then buy more luxuries by debt.Though you save for some investments,but since you don't know the right financial instruments for good returns,you buy funds that are managed by a fund manager,and these funds never give you desired results.

You buy luxuries each year either by cash or debt,mostly by debt,invest in low return investments and never take out the time to get more knowledge about the power of investing and the perks of getting a good wealth quotient.

Get yourself out of this "Ring Of Debt", where you spend your lifetime paying the installments, increase your wealth quotient and get the advantage of gaining financial independence and get out of this "Ring Of Debt".

Ask this 1st question to yourself: What were my activities that brought me in the "Ring Of Debt"? In this way you can evaluate your financial management and understand whether you're in the right path to the financial independence.If you're involved in too much debt payments you need to reduce them first and increase your savings by reducing the frequency of your luxury expenditures.

Next ask yourself the 2nd question: Why am i involved in the "Ring Of Debt"? If you're involved in the ring,you can understand if this is the lifestyle you desired,if these were the goals of your life,then no problem,you can continue with it.But if you think that you need to get a more stable and successful path to passive income and effective financial management,you've to take out the major cause that brought you in this ring

It can be multiple causes,you've to take that out of your mind, note down,and eradicate it from your lifestyle.From next time if you want to become a good money manager,ignore the cause that brought you in this ring.

3rd question"How can i get out of the ring and gain financial independence?" Their can be numerous reasons that brought you in the ring of debt,most common are the child expenses and daily luxuries.You can't ignore them,but i can tell you a way that can bring you out of that mystical ring and take you to the path to financial independence.This questions helps you to look for answers and knowledge that can take you out of the ring.

The most effective being the wealth quotient.Understand what are the best investment tools that you can use to maximize the gains out of your savings.You've to take out some time daily to understand the value of wealth management and planning.When you're able to understand it,you've to apply it in your life and bingo,you're on the path to financial freedom.

Read my latest book "The Power Inside Me" for more knowledge about the wealth quotient.

3 Mobile Banking Alerts You Must Have

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3 Mobile Banking Alerts You Must Have

If youve subscribed for Online Banking Login service through your bank, you must have mobile app installed in your Smartphone. But if you dont hear any alerts on whatever financial activity is performed at your bank account, it is time to set alerts on your Online Banking App.

It doesnt matter if youre using Smartphone or iPhone, if alerts are not set by you or your concerning bank on your financial activities such as what is your current balance of ending day, what transactions have been made, deposits, and financial activities which are not usual, then it is time to take some worries.

You can set as many as alerts you want that your mobile banking app or your bank supports, but 3 alerts you must have activated in your mobile banking to keep your finance smooth and secure. Why? Because, these mobile banking alerts will help you stay informed about your finances whenever, wherever and however you want, says Michelle Moore, head of digital banking at Bank of America.

It doesnt matter of which bank youre using online banking service, these alerts are highly customizable and can be part of your best practices for smart financial management. All you need is Login to your banks online banking app or give your Bank a call for help setting up these alerts.

3 Mobile Banking Alerts EveryOne Must Have

Most of the banks in United States provide customers the facility that can help them receive timely alerts about their eligible account transactions and other financial activities at no extra cost, such as Wells Fargo, Chase Bank, Santander Bank, Bank of America etc.

These notification or alerts help you receive text or email for low balances, large transactions, account activity, and more. You can choose between the alerts you find helpful to manage your account. Moreover, these alerts will notify you via text SMS if your bank account dips below a preset limit. In this case, you can simply send back a text to transfer money.

However, if you keep on digging what more you can get out of these App alerts, the story wont end. So, let us find 3 mobile banking alerts everyone should activate in their Mobile Phones.

#1 Low Balance Alert

Low Balance Alerts notify your through text or email that your balance is lower than the amount youve set as low i.e. a predetermined amount, that could be $20, $500 or some other number you've set. This alert helps you keep an eye on your current bank status so that you can manage your later expenses accordingly.

#2 Mobile Deposit Alert

The Mobile Deposit Alert notify you via SMS or Email that some money is deposited in your bank account, or that much money has been deposited in your account at that particular time. It especially refers to when youve submit a check to deposit to your bank using Smartphone.
Think of when you walk into a banking center or financial center and the teller hands you a receipt, Moore says. Youve given us a deposit and weve given you a receipt. This alert is just like that.

#3 Unusual Activity

Once of the most important alerts you must have activated in your banks mobile banking app is related to unusual activity. The unusual activity alert notifies you through sending you a text message or email if your bank detects activity on your account which is outside of your routine financial activity, that could be fraud.

For example, the transactions beyond your usual haunts, spending that doesnt fit your pattern, and transactions for unusually high number amounts etc. You must activate this alert to make your financial states safe and secure.

Other Alerts that May have Importance for You
Your balance is above or below an amount you specify.
A withdrawal, deposit or check posts to your account.
Your ATM withdrawal or debit card purchase exceeds an amount you choose.

Your Credit Card Payment is due.
Your mortgage payment is due.
A brokerage trade goes through.
Activity occurs on your Visa or credit card. Get near real-time updates with Credit Card Alerts.
You Financial Institute detects suspicious or unusual activity on your card requiring verification by you.

Please note that if youre using web browser for online banking instead of mobile app, your web browser must be up to date. Most of the web browser automatically update, however, if you to any reason, your browser is not getting auto update from the online service, you can learn to update your browser with easy to understand step. After all, it is important for your online security and identity.

I hope, youd have enjoyed the article. I would be pleased to have your valuable feedback on mobile banking alerts. Have a nice day!

Top Seven Tips on How to Become a Charming Person

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Top Seven Tips on How to Become a Charming Person

Charm is the power to please or attract others to ones self. Charming people are considered as smarter and they are treated better at department stores and other places. They also receive promotions faster than people who do not have a charming personality. Charming people are happier, more socially acceptable, achieve social and business success, liked by others, listen to, popular, and people with outgoing personality. The trait of a charming person is that they make others feel important by focusing their attention, thoughts, and actions on them.

If you do not consider yourself as a charming person and you want to become one, you need to change your personality. Once you make a few personality changes the magic will start to happen. You can make plans to become more charming by reading books, listening to tapes, keeping a journal, becoming aware of your thoughts, changing your thoughts from negative to positive, visualizing yourself talking to people saying good things about you and good things about others. The following are seven tips on what you can do to become a charming person:

1. Make Changes to the way you dress by wearing the right colors, clothes and cosmetics [Know what to wear and how to wear it].

2. Make Changes to the way you stand by standing straight and tall with straight shoulders and tummy tuck [avoid crossing hands].

3. Make Changes to the way you walk and do not shuffle but keep your head up as you make eye contact with the person [develop a beautiful walk].

4. Make Changes to the way you talk and practice having a pleasing voice by breathing from the diaphragm rather than chest [develop a good speaking voice].

5. Make Changes to your appearance and choose best fashion and style for yourself. Get a manicure treatment [by yourself or professionally].

6. Make Changes to your appearance and choose best hair style for yourself. Get your hair done and styled [by yourself or professionally].

7. Make certain you have a firm handshake when you greet someone. A handshake is an expression of friendliness. It tells the other person you are glad to see him. It is an expression of your personality.

Are you interested in my online courses to start a business?

To the new and experienced entrepreneurs, getting help with your small business is very crucial to your success. Getting the right help will cause you to avoid costly mistakes, and it can also help you to save a lot of time, money and energy. You will need to get the right help to form the legal structure of the business, financial, management, procurement/certification, marketing, pricing products, preparing a business plan, and more. If you are a business owner who is wondering if you can take your business to new heights, contact Dr. Waters at tina@mail.org or tina.waters@waienterprises.com

How to Start a Quilting Business 1

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How to Start a Quilting Business 1

Do you have a lot of scrap fabric around the house, if so, why not use it to make quilts? Many people start this business as a gift-giving hobby for friends and family members.

According to the National Quilting Association, Inc. (NQA), about 12.2% of all households participate in quilting. ...Do you have a lot of scrap fabric around the house, if so, why not use it to make quilts? Many people start this business as a gift-giving hobby for friends and family members.

According to the National Quilting Association, Inc. (NQA), about 12.2% of all households participate in quilting. Those quilters spending over $400 annually on quilting-related purchases are referred to as dedicated quilters. At least 99% dedicated quilters are women. The National Quilting Association was founded by seven women in the Washington, D.C. area in 1970. The association now has members in 50 states, here and abroad, with chapters in 33 states. Their annual quilting shows have been held in California, Washington, New York, and Florida.

They produce the Quilting Quarterly newsletter that covers news within the National Quilting Association and of quilters and the quilt world. NQA has established many programs to promote quilting and preserve our quilt heritage. These programs include: Master Quilters, National Quilting Day, Teachers and Judges Certification, Educational Seminars, Consumer Advocacy, Grant Program, Quilt Preservation, and Quilt Heritage.

They soon realize that people want to give quilts as gifts as well as keep them for themselves. As long as we have winter seasons, there will be the need for quilts to keep us warm. There are new equipment on the market now that will allow you to cut the quilt pieces with more speed and accuracy than in previous years. Now you can replace scissors and rotary cutters with the cutting system. The cutting system will help to increase your production and decrease your costs. There are also templates for more creative designs. Also, new computer technology and software packages will allow you to personalize quilts with pictures of family members as well as other graphics. Today, the art and craft of quilting have changed from hand to machine. The use of machines to do the work has made quilt making much easier and faster.

To find out how you can use your skills to start a home-based quilting business and make unlimited income, see article on Small Business Starting - Quilting 2.

Copyright 2007, Dr. Mary E. Waters, all rights reserved.

Are you interested in starting a business?

To the new and experienced entrepreneurs, getting help with your small business is very crucial to your success. Getting the right help will cause you to avoid costly mistakes, and it can also help you to save a lot of time, money, and energy. You will need to get the right help to form the legal structure of the business, financial, management, procurement/certification, marketing, pricing products, preparing a business plan, and more. If you are a business owner who is wondering if you can take your business to new heights, contact Dr. Waters at tina.waters@waienterprises.com.