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Sleep is increasingly becoming a “luxury”, thanks to busier lifestyles and work schedules, and the recommended 8 hours a night have been reduced to 4 or 5 at best. Commuter trains are packed with jaded employees catching up on precious snooze time, programmed to wake just as they pull into their stop.

The biggest killer of restful sleep is money, lack thereof, or bad money management and the stress of being out of control.

Let’s admit that these days we all need help with saving money. It might be that we need help to save money or that we need help

Nonetheless, here’s a simple night routine with 7 steps that helps you improve your wellbeing, and ultimately helps you save money in the process:

1. Go Screen-free

Perhaps not the most important on the list, but it’s definitely up there. It’s proven that using electronic devices stimulates the brain and this is precisely what we want to avoid when we’re about to turn in.

As tough at it might seem, because we are all guilty of having done this, leave at least an hour to be entirely device-free before bed. Any emails you haven’t answered by 9:30 pm can wait until tomorrow. Avoid having a television in the bedroom, as you’re likely to a) stay up later and/or b) drop off with bright lights affecting your deep sleep.

You might find you save money on electricity bills by going to bed earlier and switching off all your devices!

2. Brain Dump

Write down what’s on your mind. Split the list into two columns:

• 1 for things you are able to solve now (i.e. tomorrow).
• The other for things you’re not able to solve just yet.

By writing it down, you are training yourself to offload concerns until tomorrow.

They aren’t magically less important as a result, but knowing that you won’t forget about them and that you have a systematic list of things to do the next day will help you switch off. Trying to remember to do something while you sleep is the last thing you need.

3. Important Tasks

Rank the above tasks: 1, 2 and 3 in order of importance. These are the things you vow you will get done tomorrow, come what may. There is a huge sense of satisfaction that comes from tackling tasks; doing this on a daily basis will not only make you feel more accomplished but will help you drop off knowing you’ve done what you set out to do.

This has a knock-on effect and gives you the feeling of being able to do anything. Perhaps even creating a budget to stick by each month and a couple of saving goals for good measure. Remember: to help save money we need to focus, stay determined and stay motivated to achieve the goals you set out for yourself.

4. Prioritize

Know when you’re at your best and do the harder tasks then. If you’re not a morning person, there’s no sense in trying to knock the toughest jobs on the head at 8 am. Be realistic and know what you’re capable of and when.

Everyone’s productivity has its ups and downs at work. Once you figure out the periods of the day in which you feel most energetic, focused and productive, you can begin planning your tasks accordingly.

Organization really is all it’s cracked up to be!

5. Prep for your day

By preparing a packed lunch or your coffee at home, you can make bigger savings than you might have thought. $10 on breakfast and the same again at lunch, plus coffees and snacks? That’s a big saving if you spend 20 minutes or less preparing a snack and brew your coffee while you shower.

6. Relax…

Easier said than done, right? Yes and no. If you know what it is that helps you unwind, be it a warm bath or blankets and a book (non-electronic), or even meditation, then do it.

Once you realize just how fundamental the going-to-bed process is, calming your mind and focusing on rest, you’ll do it every day of the week.

7. And sleep (with a little help)

Obvious, but do all you can to set aside sufficient hours for sleep. According to one study from the National Sleep Foundation, adults should try and get between 7 and 9 hours of sleep a night.

A lack of sleep is the root of our demise and affects our motivation and ability to think straight. This is not the best recipe for someone trying to stay in control of money, making it a bit of a vicious circle… by internalizing the above routine, you’ll be able to face issues head-on and you’re more likely to spot solutions when they present themselves.

Use sleep apps to track your sleep patterns and improve them. And while you’re at it, why not download a money management app to do the same for your bank balance and perhaps save money in the process?

The post Save Money by Setting up a Night Routine appeared first on MoneyStrands.

After seeing how much you guys loved our 6 most entertaining finance movies, we decided that you might enjoy something more factual, from which you can really learn lots of new information. Therefore, we have compiled a list of the 5 must-see financial documentaries from the last 15 years. So give them a watch and tell us which one you found the most informative!

2. Enron: The Smartest Guys in the Room (2005)

The film describes Enron chairman Kenneth Lay’s humble beginnings as the son of a preacher, his ascent in the corporate world as an “apostle of deregulation,” his fortuitous friendship with the Bush family, and the development of his business strategies in natural gas futures.

Director: Alex Gibney | Stars: John Beard, Tim Belden, Barbara Boxer, George W. Bush.

3. Capitalism: A Love Story (2009)

An examination of the social costs of corporate interests pursuing profits at the expense of the public good. Michael Moore returns to controversial territory with this documentary exploring the events that led to the global financial crisis.

Director: Michael Moore | Stars: Michael Moore, William Black, Jimmy Carter, Elijah Cummings.

5. Inequality for All (2013)

A documentary that follows former U.S. Labor Secretary Robert Reich as he looks to raise awareness of the country’s widening economic gap. At the heart of the film is a simple proposition: what is a good society, and what role does the widening income gap play in the deterioration of our nation’s economic health?

Director: Jacob Kornbluth | Stars: Robert Reich, Lily Tomlin, Candice Bergen, Tyne Daly

We hope you enjoy these must-see financial documentaries and learn something from them. Let us know about any other that film we didn’t include but that you highly recommend! Alternatively, if reading is more your thing take a look at our post about 6 must-read personal finance books.

The post 5 Must-See Financial Documentaries appeared first on MoneyStrands.

And, as we all know, there are good habits as well as bad habits (ahem, I’ll stop biting my fingernails now).

Thomas C. Corley once said that “habits are the cause of wealth, poverty, happiness, sadness, stress, good relationships, bad relationships, good health, or bad health.”

That’s a pretty standard generalization.

To narrow it down, let’s dive back into a type we should all become better at and more familiar with: personal finance habits.

These habits are a great way to start putting you on autopilot for tasks such as budgeting and savings so that eventually all this begins working to your advantage.

In addition, they can make you more efficient, help you have better control of your finances, build more wealth, and get — as well as stay — out of debt.

In general, these good habits can create a trajectory for greater wealth and a more stable financial future for you.

That being said, here are some helpful personal finance habits you should be following if you aren’t already:

1. Track Your Spending

Do you track your spending? I don’t mean taking a quick glance at your bank statement at the end of the month. I mean “track” in the real sense of the word.

Tracking your spending is the only way to find out how much you’re actually spending on all things, and helps put those expenses into perspective. This should be done frequently if possible.

Think about “tracking” like counting calories, something most of us do daily. Take note of all the cash that is coming in as well as going out. And, remember that tracking your spending is just one piece of the overall puzzle. What you do with that information and the decisions you take are what matters most. Take what you have learned from your tracking and apply it to exercise good financial habits.

2. Create a Savings Plan

Create a savings plan. This will help you stay motivated, stay informed, and have a foundation to work with.

Start off by asking yourself: why do I want or need to save money? Is it because you want to have enough for retirement? Because you want to buy a house? Or, perhaps because you want to set aside an emergency fund to cover any unforeseen expenses?

Regardless of the reason, it’s highly important that you have a clear goal in mind as well as a timeframe for the money you plan on saving.

Going forward, figure out how much money you have left after paying all your bills and expenses each month. That amount you can put into your savings to help reach your goal.

Once you get the gist, it might not be a bad idea to set up an automatic savings plan. That way you make this process automatic and you don’t have to manage that manually.

3. Live Within Your Means and Learn to Say “No”

Living beyond your means can happen without giving it much thought, especially if you can justify this lifestyle by expensing it on your credit card and worrying about it later.

But, if that means that the new top-of-the-line, 65-inch plasma tv screen will put you back a few thousand dollars, it might not really be worth it.

To “live within your means” simply implies that you spend less than you make. Your “means” is your income or incomes, and all too often, people take that to an unhealthy level by exceeding their earnings and getting into debt.

It’s nothing new that a big percentage of Americans are terrible at saving. In fact, sources show that only 39% of Americans have enough savings to cover a $1,000 emergency at least temporarily.

With all that being said, remember that it’s ok to tell yourself “no” whenever you feel the temptation to purchase something you know you shouldn’t.

Decisions are typically emotional and not logical. This ties in with the previous idea of living within your means. If you can’t really afford an expense — such as unnecessary luxury item, you may be giving yourself a temporary feel-good gift, but you’ll be giving yourself an expensive headache in the long run.

Think about it this way: If the debt you take on doesn’t really help you grow or make money, is it really worth incurring?

Make sure this doesn’t happen to you by exercising self-control with your finances by being more practical and making better common-sense decisions with your money.

4. Pay Your Bills Ahead of Time

Yup, if you pay your bills late it’s pretty likely that you’ll incur a late fee. And most late fees, if not handled correctly and removed shortly after, will inflict interest on your savings. This, in turn, will further compound what you already owe. This is the recurring nightmare you want to surely avoid.

Late fees, as annoying as they are, are one of the many ways banks make money and although we have to accept that, we should try to avoid them at all costs.

Paying your bills on time is an important aspect of adequately managing your financial situation. Knowing exactly when your bills are due and paying them on time can save you money, improve your credit score, and help you to get credit in the future at a lower rate.

Why?

There are 3 Credit Bureaus: Experian, TransUnion, and Equifax, all of which collect info on you and report your status to businesses in the form of a credit report. If you consistently pay your bills on time and avoid late fees and other penalties, the higher your credit score is likely to be.

5. Pay More Than the Minimum on Your Credit Cards

Besides paying your bills ahead of time, you should strive to pay more than the minimum amount indicated.

The reason is that credit card balances can be a luring nightmare that chase you month after month.

Studies show that the average credit card debt in the United States stands at $5,700. If you can, try paying your balance in full every month.

If you can’t manage that, then try paying more than the minimum required on your credit card or cards.

Paying more than the minimum is better than just paying the minimum. But “better” isn’t necessarily “best”. If you don’t pay the full amount, it will be difficult for you to dig yourself out of debt because a good portion of that money will be applied to just paying the interest and fees.

Another option to consider, if you have a lot of credit cards with debt, is to consolidate them under a 0% balance transfer card where you’ll typically pay no finance charge for six months or more. This might be beneficial as it can consolidate your credit card debt and will allow you to have fewer credit card payments to make each month.

6. Invest in Yourself

Investing in yourself might be the most profitable investment you can ever make.

When you invest in yourself make sure you aren’t solely investing money but also time for yourself.

Often times, people try to do too many things to improve themselves at once and actually end up failing in the process. A better alternative would be to create a “primary goal”. Know what you want to improve and let that be the driving force for what you want to achieve.

If improving your personal finances skills and being better at managing your money are goals you want to achieve in the short-term, there are a lot of great and free online courses to get you started in the right direction. Here is a great list you can consult: https://moneystrands.com/15-personal-finance-courses-you-can-take-online-for-free/

Final Word

Your habits and actions have a huge impact on your overall happiness and well-being. These go for all the habits you have acquired throughout your life, including personal finance habits that you probably didn’t realize you practiced.

By recognizing bad or unnecessary spending habits, you can start to implement the necessary changes to bring improvements and help you strive towards your long-term goals.

Changing your financial life can be challenging, but don’t let the big picture weigh you down. Remember to be cautious with your money, and think of the future whenever you feel like spending more than you can realistically afford.

Following some or all of these personal finance habits and tips can get you started on the road to better your financial situation. Let the journey begin.

The post The Best Personal Finance Habits To Follow appeared first on MoneyStrands.

Twenty-eight percent of investors have said that real estate is the next king, and is the best kind of investment to make.

And what is the best way to invest in real estate? Through rental homes.

You might already be thinking that real estate values constantly fluctuate, but what makes real estate investment better than other physical property investments is that they’re always worth something, while other investments can drop all the way to zero.

Of course, as with any investment, there are a few drawbacks.

The first drawback is the huge investment required to get a house, but the truth is that it’s only the initial investment that requires a significant one-time payment. Then, add in annual maintenance like fixing leaks, and dealing with unruly tenants.

So, is it really worth it to invest in real estate as your retirement income?

Keep reading and find out!

why it could be a smart move:

1. The more investments, the better

If you’re already investing in stocks and bonds, you’re in volatile waters. That’s because these sectors have a higher chance of falling. Sure, you might have invested in a lot of stocks, hoping that when one stock falls, the others don’t. But, having diverse investments (meaning not just stocks) reduces the risk of losing loads of money all at once.

While real estate is still tied to the market, just like any other investment, you can expect steady growth over time. Property value and rent won’t take huge leaps like stocks and bonds do, but at least you’re in an area of security.

2. You’ll get to charge rent and have steady income

Probably the main reason why you’re looking for a source of income is to take care of your needs after retirement. Investing in real estate enables you to collect monthly income and eventually, this will accumulate into a higher amount. You won’t see it at first because you’ll have to cover our mortgage and other expenses, such as insurance, taxes, and homeowner fees.

But, if you rent our the home, you should expect a stream of constant income.

Why it could be a bad idea

Let’s take a look at some of the cons of investing in real estate as your retirement plan.

1. Unwanted surprises

The air conditioning system breaking, the roof leaking, pipes bursting, termites infesting…

Owning a property is never an easy job. While you may leave the responsibilities to your renter, there are still lots of responsibilities on your plate, and that includes home repairs. Even if you’re not living there, you’re still responsible for maintaining and fixing the home you invested in.

2. Will someone even rent your place?

Finding a tenant is one of the biggest challenges when investing in a rental home. Most tenants have lots of requirements and requests, and they’ll negotiate as hard as possible to get the best deal on their end. In addition, you have to process their applications, run background checks, and more, which can definitely be time-consuming. Unless you get a tenant sent from heaven, then you’ll have to deal with tenant issues every now and then.

“I listed the home for 3 months before I could even get a decent offer,” said Jessica Simmons, Administrative Assistant at Assignmenthelper, who had to place her home in the U.S. for rent when she had to move to Australia. “It’s definitely a task you can’t do
without a real estate agent to help you out.”

3. It’s still your expense

Even with rentals, you’re still in charge of paying for mortgage, taxes and insurance.

So you’re never really free from it.

Some things to consider before investing in real estate

If you decide to invest in a rental home, be prepared to do the following:

1. Have a backup emergency fund just in case your rental home isn’t doing the best. You should save as much as the highest deductible amount from your insurance policy.
2. Different states have different laws in regard to rental homes. Be sure to do your research especially now that you’re becoming a landlord.
3. Have at least 20% of the property’s cost as down payment.

What if it’s not for you?

Maybe the responsibilities of being a landlord are too much for you. Thankfully, you can still make real estate part of your retirement plan b investing in REITs or Real Estate Investment Trusts.

REITs work like stock trading. They are funds invested in a variety of real estate, both residential and commercial properties. The investment isn’t as huge as a direct real estate investment, but it will generate a decent amount of cash flow enough to keep you
on your feet for a long time.

ABOUT THE AUTHOR

LUCY BENTON

Lucy Benton is a marketing specialist, business consultant and helps people to turn their dreams into the profitable business. Now she is writing for marketing and business resources. Also Lucy has her own blog Prowritingpartner.com where you can check her last publications. If you’re interested in working with her, you can find Lucy on Twitter.

The post Real Estate – Is It a Good Choice for Retirement Income? appeared first on MoneyStrands.

If your goal is to save more, earn more, and be more in control of your finances this 2018, you should take some time reflecting on how you manage your money.

Here are some of the bad money habits that we need to unlearn in order to achieve our financial goals this year:

8 Bad Money Habits We Need to Unlearn

#1. Waiting Until You ‘Have More Money’ To Invest

When should you start investing?

Many people wait until their bank account reaches 6 or 7 figures before they invest. But according to financial experts, if you haven’t started investing yet, NOW is the time.

Heard about compound interest? Its magic works best the younger you are.

Investments can be in a form of stocks, shares, or property. If you’re nearing 30, you may want to consider investing towards your retirement, although other forms of investments are suitable too.

#2. Spending All of Your Paycheck

It’s tempting to buy more of your ‘wants’ rather than your ‘needs’ when you have plenty of cash on hand. But if you want to ensure your future, you should start saving NOW.

Many people adopt the 50-30-20 rule when spending their paycheck:

50% of your salary goes to your necessities, such as your housing and bills. 30% goes into your wants, such as dining and entertainment. 20% goes to your savings account.

Of course, the more the better. If you can afford it, you can allocate more money on your savings than wants.

#3. Going Without A Savings Goal

When saving, you should have a goal in mind.

People who set a money savings goal save faster than those who don’t.

Whatever your purpose is – buy a new home, realize your dream vacation, or save money for your kid’s education, you’ve got to name it.

If you’re new to saving, try working on a small goal. Taking into account different factors such as your monthly income and expenses, work out how much you can save for each goal.

Try to achieve a balance between what you can afford and how long you want to save for.

#4. Ignoring Your Bills

Paying your bills on time can be challenging but it is an essential skill to learn.

Not paying on time can affect your credit rating and leave you in debt.

The first step is to get organized:

• Keep all your billing statements in one designated folder and be sure to keep track of when they should be paid. Same thing with a personal loan online.
• Be mindful of your due date to avoid interests.
• Choose a payment method that suits you.
• If possible, pay your bills or set a budget for them one month in advance. Early payments can mean discounts and less worry.

#5. Having No Idea Where Your Money Is Going

Have you ever asked yourself “Where did my money go?”. You’re not alone.

Many people struggle with managing their finances and keeping track of their expenses.

This is not a good habit. Before you even get your paycheck, make a plan of how you are going to spend it.

Also, keep track of your daily expenses. You can either write them down in a designated notebook or make use of an expense monitoring app.

#6. Depending On Your Children For Retirement

When planning for retirement, the earlier you start the better.

Your retirement shouldn’t depend on other people, not even your kids. Remember that they will have their own family too and would have many expenses of their own.

In addition to saving money, you should contribute to your 401 (k). If your employer offers a traditional 401(k) plan, you can contribute a pre-tax money which can boost your savings over time.

#7. Paying The Minimum On Your Credit Card Balance

If you can pay the full amount due, do not settle for paying just the minimum payment required on your credit card bills.

Sticking to the minimum could cost your monthly dues to pile up, which could put you in debt. Just as you keep track of your other expenses, also keep track of your credit card usage. It’s easy to get overboard when you’re shopping with a credit card so be careful.

Set a monthly budget. The lower the better.

#8. Paying For Subscriptions You Don’t Use

Have a lot of subscriptions?

Whether it’s an antivirus software for your laptop, a fitness app, or a magazine, if you’re not using it anymore, make sure to cancel your subscription.

Most companies employ an auto-renewal program for subscriptions of their products. Check the user agreement to be sure!

A Final Note

Managing your finances can be overwhelming.

By unlearning these bad money habits, you become more in control of your finances and achieve your financial goals.

ABOUT THE AUTHOR

LIDIA STARON

Lidia Staron has been working as a writer, editor and literary coach for 5 years. She contributes articles about the role of finance in the strategic-planning and decision-making processes.

The post 8 Bad Money Habits We Need to Unlearn appeared first on MoneyStrands.

Expenses increase, yet extra funds are hard to find. Time is another big concern, and energy is also difficult to maintain.

So, the question is: how are you going to financially sustain your family during this important period of your life without damaging your health? There are multiple ways in which you can do that, so don’t panic!

Your options may vary depending on your skills, but there’s always an available option at hand. We put up an exhaustive list of jobs you could apply for.

Check out these 8 time-saving ways on how to make money while on maternity leave, and let us know if you have any other ideas worth mentioning!

8 Time-Saving Ways on How to Make Money While on Maternity Leave

1. Craft and Sell

One of the ways in which you could start earning some money is hand-crafting.

From designing nice earrings to creating pallet plaques, crafting is a great way to relax and gain some extra bucks on the side. You could promote your designs on Etsy, or eBay. Tips:

• Search for small business ideas with low investment, and choose your best options
• After finding your nice, design a sales plan attentively
• Target your audience, research the market
• Start with low prices until you become well-known
• Attract buyers with the right descriptions

2. Help out Your Neighbors

Ask your neighbors if they need a babysitter, a dog sitter, or anything of that kind.

Taking care of babies before giving birth to your own might be great practice – you’ll know what to expect! Walking dogs or taking care of animals can also be another delightful way to spend your afternoons.

Ask around, and see where it takes you!

3. Blog

Or…. you could blog! Isn’t that exciting?

Blogging is mentally demanding, yet fun, and it doesn’t require any physical effort.

Here are the steps you might want to check out before starting blogging:

• Decide what you want to write about. Ask yourself: what am I the best at? What passions do I have? How can I reach out to my audience and be of great help to the community?
• You’ll need a platform for your blog, so choose it wisely.
• Choose a host and a domain name.
• Start designing your blog!
• Write well, and post only quality content.

Useful Tools:

• WordPress or Tumblr for choosing your online platform
• Blogger or Exposure for choosing your host and domain
• Essay AussieWritings.com services for content editing
• Grammarly for proofreading and editing.

4. Take Surveys

A popular method to earn money online is taking surveys for different companies. You can try MySurvey, VIP Voice, Swagbucks, CitizenMe,  Attapoll, or NewVistaLive.

Or, you can always find more option by simply googling “how to make money by taking online surveys.”

5. Consider a Freelancing Career

Freelancing is exciting, and you can get so much out of it.

Open up an account on Upwork, Fiverr, or Peopleperhour, and start looking for your favorite jobs.

You might have to design a portfolio, and send some job applications here and there, but for the most part, clients will reach out to you!

Onthe About Me section, explain what you are good at and interested in, and let your customers know your pay rate. Do not be too shy – if you are skilled enough, ask for a higher pay rate.

6. Tutor

You could use your skills in other fields as well.

Tutoring is popular nowadays, so you could try that. Find out what you’re proficient in, choose a proper website, and get started on it. Take a
look at our advertising tips:

• Make flyers that include your information and contact details; hand them out to the people you know.
• Post your services on your chosen platforms, and on Craigslist.
• Design your own e-mail list, ask people to sign up for it, and send them constant offers and discounts.

Ask for a low amount of money on your first teaching lessons. Gradually increase your prices after you increase your customer range.

7. Be a Call Center Representative

If you like helping people and giving them advice, you could apply for a job in the communication field.

One of the easiest ones to get is a call-center agent or representative. Here are some things you should consider beforehand:

• Design your resume. Don’t use a one-size-fits-all format. Different companies require different qualities, so adjust them to each of the company’s needs.
• Go through an online training process if required, don’t be afraid to learn something new.
• Improve your hard skills – computer science knowledge is always a plus.

8. Get Involved in Online Sales

Nowadays, technology is developing at a fast pace.

Therefore, you have thousands of opportunities to work remotely. A smart idea is getting involved in online sales. Research the market, figure out what the popular trends are now, and increase your efficiency.

Some popular suggestions: bow ties, e-cigarettes, or beauty products.

A Final Note

Being on maternity leave does not have to interfere with your job performance. Don’t worry if you don’t find the right job for you at first; keep searching.

You’ll eventually run into the one that fits you the best!

ABOUT THE AUTHOR

OLIVIA RYAN

Olivia is a journalist who always tries to see the bright side of things. She likes to inspire people in her writings and to enjoy a mysterious beauty of twilight. Connect with her on Facebook and Twitter.

The post Time-Saving Ways on How to Make Money While on Maternity Leave appeared first on MoneyStrands.

A lot of people are struggling to make ends meet and find the way to stabilize personal finances.

But there’s a solution to this problem, so don’t fall into despair.

Wayne Tobey, a financial advisor at CareersBooster, recently told us:

“Financial success is only a matter of strategic thinking. To make things right, you just need to embrace a different mindset and approach personal budget from the new angle”.

In this post, we will show you 10 habits to develop your financial stability and success.

10 Habits to Develop Your Financial Stability and Success

1. Analyze Expenses

Before you begin improving personal finances, you have to analyze daily expenses.

Take a trial month to track all of your costs and make a list of things that you could have avoided.

You should also detect necessary but overpaid items and try to pay less for it in the future.

2. Determine Monthly Budget

A monthly budget has two basic purposes: to remind you not to spend more than you earn and to give you the motive to start saving money aside.

Personal Finance apps can help you control your money simply and accurately, enabling you to monitor the progress of expenses during the month.

Since you already know how much you need to make it through the day, it is only a question of willpower – are you ready to respect the plan or not?

3. Make An Annual Plan

Now that you’ve scanned and planned monthly expenses, you can make a yearly budget plan. We recommend creating an outline with separate units for each month.

Don’t forget to take into calculation spending that occurs only once or twice a year, such as taxes or regular car reparation.

After that, you should compare costs with your annual income to see if they fit the budget.

4. No Impulse Spending

Impulse spending is the biggest enemy of financial success.

You shouldn’t go shopping or visit a fancy restaurant just because you “felt like it”. This is exactly where you lose a lot of money that could’ve ended up as your savings.

As soon as you eliminate impulse spending, you will notice that personal finances seem more relaxed.

5. Create An Emergency Fund

An emergency fund is absolutely necessary if you want to prevent unexpected financial issues, but it’s surprising to see that so many people don’t pay attention to it. According to the research, 50% of Americans have less than one month’s income saved for a rainy day.

This is not enough to keep you going for a while in case something bad happens.

For instance, you could lose your job and stop receiving a salary. In this case, you need an emergency fund to cover at least 3 or 4 months before you find a new position, so make sure to accumulate enough money for this purpose.

6. Get Life Insurance

Accidents happen from time to time and you don’t want to leave your family unprepared for a potential incident.

More than 40% of US citizens do not carry any life insurance, but we strongly suggest you get it for every member of the family because otherwise, the aftermath could be extremely difficult.

Besides that, you could also consider securing a house and discovering other insurance possibilities.

7. Pay Bills Immediately

Paying bills is boring but inevitable, so you should conduct payments as soon as you receive them.

That way, you won’t forget to pay the bills and you won’t accumulate a larger sum that could burden your budget later on.

If you don’t have the option of deducting money from your bank account automatically, you can use e-banking to complete payments quickly and remotely.

8. Avoid Debts

Although it sometimes might be tempting to use personal minus, borrow money, or take a loan, rest assured that a debt is not your friend.

On the contrary, you should stay away from taking loans if there is any other option available.

And if you really can’t avoid it, you should instantly make the elimination plan.

9. Read about personal finances

People who possess enough knowledge about personal finances can make better choices concerning their own budget.

Unfortunately, it seems like only 24% of Millennials demonstrate basic financial literacy. You have to be smarter than that and get engaged.

Read specialized magazines, trustworthy online sources, or books to learn more about financial planning – it will help you to manage money more efficiently in the long run.

10. Invest

If you follow all 9 suggestions we mentioned above, you are probably ready to go one step further and start investing.

You shouldn’t take anything from the emergency fund, but don’t be afraid to invest that extra cash when you see a good business opportunity.

A Final Note

A lot of people can’t handle money properly, so they end up in debts and loans.

If you want to escape this problem, you need to learn how to manage personal finances. In this post, we showed you 10 habits to develop financial stability and success.

1. Analyze expenses
2. Determine monthly budgets
3. Make an anual plan
4. No impulse spending
5. Create an emergency fund
6. Get life insurance
7. Pay bills immediately
8. Avoid debts
9. Read about personal finances
10. Invest

Which habit do you consider the most important? Do you have other suggestions to share with our readers? Feel free to leave a comment, and we’ll be glad to discuss this topic with you!

ABOUT THE AUTHOR

EVA WISLOW

Eva Wislow is a career coach and entrepreneur from Pittsburgh. She is focusing on helping people break down their limits, find a dream job, and achieve career success. Eva maintains a strong interest in bringing the digital revolution into human resources. She finds her inspiration in writing and peace of mind through yoga. Follow Eva on Twitter.

The post 10 Habits to Develop Your Financial Stability and Success appeared first on MoneyStrands.

“I can’t add more than 10 lines on the Budgets tab. Is this intentional or should I be able to add more lines than that?”

“The app won’t let me add more than 10 entries in the budget section. How do/can I add more???”

You spoke. We listened.

We’ve updated our budget limit in response to your feedback in order to provide you with more flexibility in organizing your money.

Now you’re able to add up to 100 budget lines.

How to create a budget using MoneyStrands

Getting started on a budget is super easy. Here are the simple steps you need to follow to create a budget:

1. First, download the MoneyStrands app.

2. Once you’re at the MoneyStrands app, you’ll see a button that reads: “Register“. Click that button.

3. Now, you should be on a page that asks you to get started, and create a new account. The process is so simple. Just fill in your name, last name, email, and password. Feel free to read the Terms & Conditions too. Then, click the button at the bottom that reads “Register”.

4. Once you’ve signed up, you can connect your banks. You should see the option to search for your bank or select one from the list of icons below. Type in the first few letters of the name of your bank, and then click your bank name.

5. Now, you’ll be asked to log in to your bank. Remember, MoneyStrands uses the same level of security that is already used by the banks, so you can be sure that your access is totally secure. Just enter your username and password that you use to log in to your online bank account regularly.

6. It might take a few minutes to connect to your bank. But while waiting for that to happen, feel free to add another bank. This will be necessary to create an accurate budget.

7. Once you’ve connected your banks, you can add a new budget. Go to Menu → Planning → Plus Sign (+) in the Budgets Tab → Choose Category and start grouping your expenses!

Ways to categorize your budgets

We’ve created some categories and moved some things around to make things easier for you. Here’s the complete list of ways to categorize your budgets:

• Bills, Utilities: 

Electricity, Gas, Internet, Phone/Mobile, TV, Water, Other.

• Cash, Transfers:

Cash Withdrawal, Credit Card, Loan Payment, Internal Money Transfer, Transfer, Other.

• Food, Dining:

Eating Out, Groceries, Other.

• Health, Personal Care: 

Dentist, Doctor, Eye care, Hair, Insurance, Pharmacy, Other.

• Home: 

Furniture, Home Improvement, Insurance, Maintenance, Mortgage/Rent, Other.

• Income: 

Interest/Dividends, Salary/Retirement, Support, Other.

• Kids: 

Childcare, School, Toys, Other.

• Leisure:

Bars/Club, Cinema/Theaters/Concerts, Memberships, Sports/Hobbies, Other.

• Shopping: 

Books/Music/DVDs, Clothing/Accessories, Electronics, Gifts/Charity, Pets, Other.

• Taxes, Fees: 

Bank Fees, Taxes, Other.

• Transport: 

Gas/Tolls, Insurance, Maintenance, Parking, Payment/Rent, Public Transport, Other.

• Vacation: 

Hotels, Sightseeing, Vacation Travel, Other.

Remember: You can always create your own subcategories by clicking “Add a subcategory”.

A Final Word

A budget is a great way to stay on top of your personal finances.

Fortunately, the MoneyStrands app offers online money management features that include a budget creator.

It’s free, so why not start using it today? ?

The post MoneyStrands Update: We’ve Increased The Budget Limit To 100 Entries appeared first on MoneyStrands.

How To Add A New Bank Account In MoneyStrands

To connect your bank please follow the instructions below:

1. Sign into the app
2. Go to Menu → Settings → Manage Accounts → Plus Sign (+)
3. Select your bank from the list that comes up, or add another one
4. Enter your login credentials and answer any security questions that may come up

Can’t find your account? Let us know and we’ll help you get started.

The post Tutorial | How do I add a new account in MoneyStrands? appeared first on MoneyStrands.