Results for category "Finances"

3 Articles

6 Reasons Why Financial Planning is Important

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Financial planning will help you determine both short and long-term financial goals and create a balanced plan to achieve these aims. Creating a financial plan will help you see the big picture and map out the decisions you need to stay on track.

Here are six reasons why financial planning is important.

Secure Income Management

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Through effective financial planning, you will be able to manage revenues and understand just how much you need for tax payments, savings, and other expenditures.

Increase Cash Flow

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By monitoring your spending patterns and expenses carefully, you will have a better idea of how to plan, prepare, and budget your earning. This will ultimately keep you ahead and help you save more money.

Add Family Security

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One of the most important parts of financial planning is to provide for your family’s financial security. This means you must have proper insurance to give you a piece of mind and that your family will be secured in the case of any unexpected events.

Investment

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An appropriate financial plan will consider the personal circumstances, risks, and objectives of your finances. The investment will help work as a guide to choosing the best types of investments that will fit your needs and goals.

Increase in Capital

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Having an increase in cash flow will also lead to an increase in capital. This will allow you to consider major investments that will improve your overall financial status and well-being.

Assets

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Assets are highly desirable as well as come with liabilities. This means it is important to determine the proper value of an asset. With that, requires the knowledge of settling our canceling the liabilities to understand your finances. The process will help to build assets that won’t burden you and your family in the long-run.

Savings are meant to be used on a rainy day – or any unexpected expense. This includes the sudden change in finances that will throw you off track when least expected. It is a great idea to make investments with high liquidity as they can be used in times of emergency or when the family needs it the most.

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How to Fix Your Credit Without Spending a Dime

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Do you often check your credit reports? Unfortunately, some lenders may accidently report inaccurate information and cause a dent in your credit report. Here we will show you how to use the best credit repair services to fix your credit or how you can do it yourself.

Step 1: Request your free credit report

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You can apply for a free report directly from the credit companies in particular circumstances. According to the Fair Credit Reporting Act, citizens who receive public assistance or believe their credit report contains fraud are entitled to have received a free report.

Step 2: Audit credit report carefully

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It is important to understand the credit report information thoroughly. The main idea is not just to fix your credit report but also ensure that the information is correct. Be sure to review your credit report and resolve any inaccuracies.

Step 3: Make a dispute for incorrect data

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There is no charge for making a dispute on any items seen on your credit report. This means you can start with the current copy and call the phone number or use online apps from credit bureaus. If you find yourself unable to resolve a dispute with your lender, you may also add a “statement of dispute” to your credit report. Check out TransUnion dispute here for more information.

Step 4: Wait 30 days for a response

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When the person makes a dispute on an item on your report, the credit bureau will first contact the creditor and make a response. If there was no response why forty-five days, the credit bureau would then remove the account or correct the negative information and notify you.

Step 5: Send a new request for a credit report from every credit agency

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Once the item is fixed, wait another thirty days to require a new credit report. You should give the creditor time to report the data and ensure that the item has been updated or removed.

Follow these steps to help you save money without ruining your credit. Have any more questions? Comment below and let us know!

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How to Take Control of Your Finances

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When it comes to managing your personal finances, it is important to understand the basics and learn how you can manage your money wisely. Not knowing how to handle your finances wisely will lead to several repercussions such as stress, from not being able to pay bills or not having enough to cover unexpected expenses.

Making the best financials choices to save and take control will allow you to make decisions based on what you want and the limits of your financial situation.

Here’s how you can take control of your finances.

1. Decide Where the Money Goes

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To start taking control of where you stand, you will need to keep track of your income and expenses. You must be aware of where their money goes every month. Otherwise, you may end up spending all of it.

2. List Down Financial Goals

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Decide how you want to achieve your financial goals in both short and long term. Perhaps you want to save money for a trip, or even a down payment on a house or car. Maybe your long-term goal is to retire young and be able to travel the world. Whatever the goals may be, the key is to write them down.

3. Create A Guide For Your Goals

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Once you know where your money is going and what are your goals, you can take steps to align the spending based on your priorities. Financial experts advise the 50/20/30 rule. This means that 50% of your income will go to essentials such as rent, transportation, utilities, food and medical. The 20% will go to debt reduction, savings, and charitable contributions. The 30% can be used for flexible expenses such as cable, phones, etc.

4. Ask a Financial Advisor

While it is your finances to manage, you can consult a professional financial advisor to help give you tips. You can ask how to pay off debt, stick to your budget, and even save up money for major expenses like cars, house, etc.
Follow this guide and help you find your way to financial freedom. Create a plan and make it happen!

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