Financially Overcoming a Job-Loss

Getting a new job isn’t a cake walk either. Evidently, the signs of worry show up. But if you thought that’s the end of the road, you got it all wrong. Job loss is common, so are its ways to cope with it. You just need to wise up money-wise to recover.

First, if you’ve heavy outstanding bills and debts, go for debt consolidation. It reduces your monthly payments, and also helps you to make a single monthly payment by tacking all debt into one loan. A single loan is always easier to handle in financial crisis as it’s lower than the total payable amount on several loans and bills. Therefore, you get a chance to organize your finances, without any debt woes.

Next, ensure that you have fully received your entitlements from your employer. Some companies have redundancy packages, offering financial advice, outplacement, and career opportunities. Use it if you can.

Then you must reorganize your budgets to meet the situation. The same earning-to-spending ratio wouldn’t stay; therefore, you may fail to pay for your mortgage or credit card. In such a case, be explicit and negotiate fresh payment terms with your creditors.

Don’t make rash financial decisions that may land you in hot water. For instance, push aside all plans for holidaying or buying a new car when you’ve just lost a job. Also, avoid using all your payout to pay off your loans as you’ll have to survive on that money till you find a new job.

You must also change your lifestyle to get over the crisis. Forget being the same party animal or impulsive shopper that you were before. On a positive note, job loss allows you to look back on life and re-evaluate yourself. A job loss also helps you reconsider your career plans and future, which you wouldn’t have done otherwise.

If this thought isn’t cheerful enough, and you’re still having creases on your forehead, seek professional help. Get a financial advisor to plan your finances. Alternatively, go for counseling.

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How to Teach Money Management to Your Child

Financial responsibility is one vital attribute of a successfully managed life. It is a lifelong effort that should start at an earlier age up to the twilight years and even beyond. Learning financial responsibility while you are young prepares you for proper money management later in life. Training your child to manage his money is not just a gift, but a responsibility as well for the parents. When a child learns how to responsibly manage his finances, he gets a foretaste of financial stability when he grows up.

Teaching a child financial responsibility should start early. This can be as simple as telling a 3 year old "no" when they want you to buy something. Or even saying, "We don't have money for that today". These statements are helpful for a child to hear as they are based on reality. It will also allow the opportunity to open a discussion about money. This may not happen at 3 years of age, however, it will allow a child to be more comfortable when he/she is developmentally prepared.

Next, teach children the actual value of money. Teach them the meaning of a penny, dime, quarter, dollar etc. Teach them how to count money. Although this is taught in school, it is vital to financial responsibility to grasp this concept early. There are many books or workbooks that are helpful.

Next, teach a child the meaning of money by teaching them how to earn money. Discussions often happen early about why a parent must go to work or pay bills, etc. Discuss ways an adult earns money by discussing various jobs or careers. You can then discuss how they can earn money. Common jobs for children are chores, lemonade stands, paper routes, mowing lawns, and babysitting.

After a parent has taught a child how to earn money, it is time to teach a child how to spend and save money. 1 way to teach spending and savings is to have 2 piggy banks. Mark 1 as spending and the other as savings. Have a standard plan of how much goes into each piggy bank. For example, if a child earns $5.00 per week by completing chores, maybe $3 goes into savings and $2 goes into spending bank. It takes quite an effort to teach your child how to spend and how to buy something. This is also a delicate task to handle as a parent because it should be modelled and appreciated.

After there is enough money saved to open a savings account, take the child to the bank. Explain why people use banks. Next explain their new account by discussing their savings statement. This is very helpful for young children, as it is a hard concept that you have money being cared for by someone/something else. Banks are often initially frightening for children. Continual friendly explanation is often helpful.

As a child grows, you can have them place their checks for birthdays or holidays in their respective piggy banks. As he becomes ready for work until he finds a job, try to keep them on the same system. This helps encourage proper appropriation of funds for wise spending and saving.

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The Real Story Behind Credit Cards

by Carmin Olivier

A credit card can be an asset to your lifestyle, but if not handled carefully it can become a liability, especially if you find it so convenient and easy to use that you lose control of your spending. This short guide will help you understand how you can use your credit card so it works to your advantage, not against you.

A credit card can:

1. Offer free use of funds, provided you always pay your balance in full, on time.
2. Be more convenient to carry than cash.
3. Help you establish a good credit history.
4. Provide a convenient payment method for purchases made on the Internet and over the telephone.
5. Give you incentives, such as reward points, that you can redeem.

On the other hand, credit cards can:

1. Cost much more than other forms of credit, such as a line of credit or a personal loan, if you don't pay on time.
2. Damage your credit rating if your payments are late;
3. Allow you to build up more debt than you can handle;
4. Have complicated terms and conditions;

A credit card is first and foremost a flexible payment tool accepted at 30 million locations worldwide, and if the card balance is paid off every month, then no interest is charged on purchases made so, essentially, short-term credit is granted without the consumer paying any interest. Among its many features it provides:

1. Access to unsecured credit (no collateral required against amounts charged)
2. Interest-free payment from time of purchase to the end of the billing period
3. Instant payment of purchases, allowing for instant receipt of goods and services
4. 24/7 access
5. Fraud protection

However before you decide to use your credit card, carefully consider all of the factors and weigh them against your personal needs and values. Handling money and credit cards wisely is a talent few of us are born with. But it is a skill that can easily be learned. The place to start is with budgeting. It's simply an organized way of managing your finances, basically, it gives you an overall picture of where your money is coming from, when it's coming in and how it's being spent. A budget should be flexible, changing according to your circumstances.

Budgeting helps us achieve short-term goals like paying the monthly bills on time; it's also for longer-term financial goals like buying a home, a car, paying for an education, a wedding or a holiday. When you take control of your financial affairs, you're more confident about the future.
A budget is key to financial control. It gives you a "Polaroid picture" of where you stand financially and where you're heading.

Credit card control tips

1. Use a low or no-fee credit card and save on the annual fee that some companies charge.
2. Only charge to your credit cards what you can pay off in full when the bill comes.
3. You might not use your credit card as much if you start believing that you have to pay off your entire balance at the end of each month.
4. A good way to help to reduce what you pay on your credit card is to search for a card with a lower interest rate. Many financial institutions now offer at least one of these types of cards.
5. Remember that when you take a cash advance on your credit card, the interest starts accumulating immediately and not on the due date of your credit card bill.
6. Also keep in mind that if you make only the minimum monthly repayment you may never get out of debt.

The main advantage of having a credit card is convenience but if you're not good at budgeting and managing your finances, the over-use of credit cards can leave you with a debt that's very difficult to pay back. Take this friendly advice...

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Manage Your Money and Manage Your Life

Money management suggests pulling off greater control over cash flow, both in personal and business perspective. It is the process of budgeting, saving, investing, spending and/or overseeing the cash handling of an individual or group. Effective money management can be achieved by establishing budgets and analyzing costs and income. A relatively second-rate investment can roll into a dynamic gold mine through effective handling of financial assets. What percentage or what part of your wealth should be put into risk in order to maximize your utility function? Controlling risk by proclaiming the amount of closing-out loss is different from directing risk through a money management model that determines the extent of your problem. You do not have to save your entire paycheck, but you should save at least a little something out of it. You must use a method to trace where every single dollar goes. Only when you know where your money is going, can you take steps to channel it to your savings and investments.

Financial management gives practical advice for gambling, for business contingencies, and for stock trading/buying or selling stock shares. Deficient money management is one major cause of bankruptcy among unseasoned traders. Only when you develop the habit of managing your personal finances, can you manage the finances of your own business. So many people financially mismanage their businesses into bankruptcy because they mismanage their own finances. Don't be one of them! It may take some time to change your habits and actions, but it will pay well in the long run if you do. If you want to be wealthy, do not expect it to happen automatically. You must commit to spend time on your finances. Millionaires spend an average of an hour a day on personal wealth management, while most people spend less than an hour a month, usually on paying bills. Financial stress resulting from poor money management skills can affect our capacity to make good decisions, harm our relationships, affect physical and mental health, and ultimately to function well in life. Many people think that if you cannot manage your life, you can't begin to manage your money.