When you are a college student, you may think that planning out a budget is simply a waste of time, because why does a college student need a budget? No matter how young or old you are, having your own budget is vitally important, and this actually happens to be especially true when it comes to going to college. For students in the less expensive online schools, this is also true. College courses unfortunately do not really teach students anything that they need to know about personal finance, budgeting or the steps that they need to take in order to handle their money. These college courses figure that most students will already possess these skills by the time they arrive in college. However, this is unfortunately largely not the case, and it likely never will be.

Just because you are not making a lot of money, or any money for that matter, that does not mean that you can survive or thrive without the use of a budget. Remember that it is important for you to know how you are doing financially no matter whether or not you are earning or spending any money. Here are the things that you should do in order to create and manage your very own budget for the first time as a student in college.

1 - First you want to determine how much money is being earned every month. If you have a job or make money in any other way, then you are going to want to cite it here. No matter how many dollars you are earning per month, you want to know what you are earning and put it down on paper.

2 - Now you are going to want to have a handle on what your expenses are. Where is your money going? Setting a proper budget is going to mean learning how to spend less than what you are earning and this is going to mean knowing where every single penny of your money is going.

3 - Now you are going to want to ask for help if you need it. A great place for you to begin is to talk to your parents. Any time that you can get advice of any kind from someone that has "been there", you should absolutely take it.

4 - Track your purchases as closely as you can, no matter how large or how small they are. Where are you spending money? Every single penny that you spend should be tracked as it leaves your pocket or your bank account. This is going to help you avoid problems with balancing your checkbook.

5 - Finally, make a list of the things that you need and the ones that you want. College students often overlook this but it is vitally important. You do not need a new wardrobe or to drink beer all the time. Focus on the things you really need, such as books and school supplies for example.

Photo Credits: Monica's Dad

Originally posted 2009-10-12 03:03:24. Republished by Blog Post Promoter

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One of the hottest concepts right now is the premise of creating multiple streams of income. While everyone wouldn’t mind making a little extra cash, there are even more benefits that can be reaped from having more than one source of income. Let’s go over just a few of them.

1. Help save for retirement.

The average person needs to have more than $500k put aside for their retirement in order to live in comfort and without worries. Unless you have a job that pays incredibly well, this is going to be a pretty daunting task. You cannot rely on social security payments to secure your future. Whether you’re 25 or 55, it is never too early or to late to put aside money for your retirement. Unless the thought of working until you drop dead appeals to you, you’re going to have to find ways to supplement your current income.

Multiple income streams can be incredibly beneficial not only for retirement planning, but later in life. Smart investments will continue to reap rewards for many years to come and you’ll have that nice supplemental income that will make your life easier far past the retirement age. A good concept to try to is put all of your multiple income streams into a high interest account to make even more money for your future.

2. Layoffs and downsizings happen every day.

No matter how secure you think your job is, there are still chances that you could get laid off. There are very few guaranteed jobs in this world that provide lifelong security. If you are relying solely on the income for your job to pay your bills and make ends meet, you are literally one paycheck away from financial ruin.

It’s a stark reality that all of us face. However, if you have multiple streams of income coming in, you won’t have to worry so much. You’ll have a cushion that will tide you over if you do get laid off or lose your job. In some cases, lucrative streams may even replace the need for your job entirely.

3. Accidents happen.

Even if you have insurance – what would happen if you were injured today and no longer able to work. Could you pay your bills? This happens to thousands of people every year and they risk losing their homes, bankruptcy proceedings and worse. By having that extra cushion with several different streams of income, you are reducing your reliance and making sure that no matter what happens, you’ll be ready to face it.

If you don’t have health insurance, it’s even more vital to have steady streams of income coming in each month. You may be the picture of health right now, but what if you get hit by a bus on the way to work tomorrow? Unless you have thousands of dollars in savings, the answer isn’t pretty. Even if you do have a savings account do you really want to use it for that? What will happen when it runs out? The best kind of insurance you can have is a steady stream of extra income.

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Originally posted 2008-12-08 00:54:04. Republished by Blog Post Promoter

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If you teen went off to college tomorrow, how soon would they call you asking for money? Would they be able to purchase their own groceries by the end of the month? Would they end up moving back into your basement when they cannot afford their apartment any longer? The idea of your teenager going into debt so early is definitely a frightening one, but it is a very real one as well. Does your teen have the money management skills necessary in order to survive out there? Here are some signs that your teen needs money management help.

- If your teenager has no "cash" concept, he or she probably needs money management help. It is really easy to overspend without realizing how much money you are using when you use debit cards, credit cards and the internet to do your shopping. If teenagers don't associate cash with their transactions, they will never really understand how much money they are spending. It is vital that you wean them off of debit and credit cards over the span of 30 days, forcing them to use cash instead so that they can see what it means to run out of money. Suddenly their necessities may seem much less necessary when their cash gets low.

- If your teen constantly "needs" things, he or she probably needs money management help. The only things that your teen really needs are sunshine, air to breathe, shelter, food and basic clothing. Teens don't need video games, CDs, cell phones or accessories. Break them of the "I need it" habit.

- If your teen is constantly running over their balance, then he or she probably needs money management help. If you find your teenager running over his or her cell phone minutes, or racking up NSF fees and overdraft charges, take this to be a serious sign that something is wrong. The unfortunate side of giving your teen some responsibility is that it can allow them to mess up a little. The first time you see them going over their limit, reduce their amount of freedom and instill some basic money management skills in them before they can have their responsibility back.

- If your teen is not working more for the money they need, then he or she probably needs money management help. There is an amazing formula that you need to learn for money management: If you want more money, you have to work more. Or work smarter. If your teen does not understand this formula, then you need to explain some of the principles of money management to them. Sometimes despite the simplicity of the concept, it does not occur to these teens that they may simply need to work harder or smarter to have more money in their pockets at the end of the week.

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Originally posted 2008-12-26 05:48:07. Republished by Blog Post Promoter

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Good financial management consists of two different distinct facets, the first of which is learning how to make the best use out of your limited earned income in order to best meet your current expenses, and the second of which has to do with learning how to implement strategies that will help you achieve both your short term and long term goals.

Planning for your long term goal of building wealth for the purpose of retirement is going to become more important than ever because the money set aside for government pension plans is nearly bankrupted now. There are a number of doubts out there right now that our government will ever be able to take care of the baby boomers who will be retiring come 2010 or so. With all of this uncertainty surrounding the government pension plan concept, savings and investments that make up your own personal retirement plans are becoming the true key to financial health and well being in your retirement years. Let us discuss some of the available options for when it comes to personal retirement plans.

1 - Registered Investments -

One of the most important, most essential components of any financial plan will be learning how to produce strategies for minimizing the impact of taxation. These strategies rely heavily upon your understanding of the different tax treatments for each of the three primary categories of investment incomes, which are: Interest, capital gains and dividends. You also need to learn how to reduce your taxable income, reducing your effective tax rate as a result in addition to referring your taxable income into the future years.

One example is K401 or registered retirement savings plans, which share the same characteristics outlined below:

- The income that is earned inside a K401 in the United States or an RRSP in Canada is completely tax deferred until it is removed through cash withdrawal or from payment from registered retirement income funds or RRIF's, or life income funds or LIFs, or annuities.

- Any contribution that is made to either your K401 or your RRSP within the annual limit amounts is completely tax deductible.

- K401 and RRSP accounts provide tax sheltered compounding, and they are also capable of generating additional capital by way of tax savings.

2 - Non Registered Investments -

Although registered retirement savings plans play important roles in your retirement plan, they also represent important components on successful financial planning. There is a limit to how much you can contribute, and these limits may be reached quickly if you are already being covered by a company pension plan. Non registered investments, on the other hand, pay tax on investment income every year which are ideal for after-tax returns.

3 - Home Ownership as an Investment -

Real estate always remains a solid investment option. With home ownership you may be able to gain extra equity through home equity loans. This loan allows for you to use your home's equity as collateral so that you can borrow money to invest in equity markets. Interest paid on these loans is tax deductible, and the interest rate itself tends to be lower in most circumstances.

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Originally posted 2009-04-02 05:55:49. Republished by Blog Post Promoter

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There are going to be times in your life when you will want to have more money than what you have on hand. This can be frustrating because you want to buy certain things like a car or a home or even some new golf clubs. Getting the money that you need to be able to buy these does not have to be difficult. As long as you are making sure to look in the right places, you will be able to find a loan you can use to get what it is you want. This will help you to get the rates that you want as well as to be able to buy the items that you want to have in your life.

There are a few things that you will need to look for whenever you are trying to find a loan. Among the different things that you will need to look for is that you will need a brand that you can trust. You will also need to make sure that you can get the best rates. Additionally, you will need to make sure that you can get the amounts that you want. This will help you to not only get the money that you want to have. It will help you to be able to pay it back and maintain good credit.

Choose the Right Company

One of the most important things whenever you are looking to find a loan is that you get it from the right company. Look for a company which has a good reputation within the lending community. You can read all of the different reviews by people who have used the different companies to see if they are right for you. You can also look to make sure that the company has certain securities in place which will assure your loan.

Get the Best Rate

Whenever you are paying your loan back, you will need to make sure that you are getting the best interest rate on it. This is important because there is no such thing as a loan without fees. To find a loan with a cheap rate, you might have to shop around. You can use the internet to get everything that you will need. This will help you to be able to compare each of the different loans side by side and see which of the different ones are best for you.

Get the Amount You Need

The most important part whenever you are trying to find a loan is to make sure that you are getting the amount that you need. While a lot of this will have to do with your credit, it will also depend on the ability of the company to lend you what it is that you want. You can look at the different companies to see whether they have a history of providing the money people are looking for or if they have a history of capping loans. This will help you to get the perfect loan from the perfect lender.

Photo Credits: Thomas Hawk

Originally posted 2011-08-08 18:21:55. Republished by Blog Post Promoter

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