Posts Tagged ‘personal finances’
MasterCard advises how to maintain a stable financial situation in 2011
If you have not yet planned how you will achieve your financial goals for this year is still time. MasterCard Worldwide Smart Consumer tells you how.
Mexico, February 24, 2011 – Start the year if imposed, consciously and unconsciously, the need to plan and outline the goals that we could not do in the previous year. Think of saving, to acquire an asset or simply need to project personal finances in order not to end the year with scores posted are factors that must be analyzed from the beginning.
So if you have not already done so, do not worry there is still time to take charge of its financial year. The first thing to understand is that proper management of personal finances and your home can help create a better and more fulfilling life for you and your family and thus lead to a more stable future.
“Just to carefully manage your finances you can: monitor and manage their expenses, saving for a house or car, having money for emergencies, preparing for retirement and pay school fees for their children, among many other alternatives that make life easier, “said Sofia Macias, personal finance expert Intelligent Consumer.
That’s why MasterCard Worldwide, through its financial education program Smart Consumer, gives a complete guide with only ten steps that will lead to a better financial situation.
10 steps for a stable financial
Make a budget require commitment, but the rewards are worth it. Many people do it daily and you can too. Here are 10 steps to achieve a stable financial situation.
1. Master your expenses: Freeze unnecessary spending while you assess your financial situation. The cost reduction can be done in different ways. It can be done to stop buying expensive items, or eating at home for a period of time, instead of eating out.
2. Assess your finances: The first step to understanding your financial situation is how much money you will need to pay all your bills. It can be difficult to cope with these, but it is vital to do so.
3. Set goals: Set a big goal. Pay what you owe monthly or at a certain time. You can even encourage your loved ones to participate and motivate each other until you reach your goal.
4. Make a plan: Write down your plan for achieving your goal. He can help you set goals for monthly expenses such as utilities (electricity, telephone, etc…) Groceries, medical expenses, household needs and transportation. Set realistic goals and try to spend less. Make important decisions in your budget how to maximize what you earn to pay debts. Do not forget to budget for the unexpected.
5. Monitoring costs: Using the plan developed, monitor your expenses so you can find additional ways to save. The more money you can apply to your debts each month, the sooner you will be financially stable.
6. Pay the highest scores first: Interest can increase rapidly in the accounts of any size, but first make sure you pay those bills with higher interest rates.
7. Know the interest and late fees: Know the interest rates and what are the late fees on all accounts. Avoid these charges to ensure that they are not adding to what you need, and explore options for lower interest rates. If you cannot make a payment, call the banks or companies to whom you owe and talk to them about your situation. If you do not understand or are not familiar with any of the terms in this section, then you can go to our glossary www.consumointeligente.org for help.
8. Pay more than the minimum: Understand that pay more than the minimum can be a vital step to achieve their goals. This is especially true of credit cards, but could be useful to pay off other loans, like those used for furniture, appliances, or electronics.
9. Reward success: Commit to achieving your goal and determine what will keep you motivated to stand firm in their purpose. Consider sharing your goal with someone to help you “be honest”, monitoring it regularly to see how it goes.
10. Be patient: It probably took time to get to this point, so recognize that it will not leave this situation overnight. Stay motivated. And remember, pay what you should change your perspective. Worth the effort!
Rewards of budgeting
as it strives to reach your goal, you will be able to plan, save for the future and promote wealth rather than having to worry about paying for things you bought a while.
While some of the benefits of being able to understand your current financial situation and pay your debts are quite tangible, the more rewards you will receive are those difficult to measure with a calculator.
Developing good habits to manage your money gets you access to lower interest rates, loan terms more favorable and allow you to strive to achieve another goal like owning a house or take the vacation of your dreams.