more savings

It’s really hard to save money when you have bills to pay.

Many people don’t know how to live at or even below their means. One of the biggest mistakes a lot of people make in regards to saving is that they don’t make saving money a priority. People need to learn how to manage their personal finances much like any business owner would manage his/her business. If a business is not turning a profit then that business might as well close its self down.

A business cannot be in business without making money. In other words, it makes no sense for a business to have its doors open without making any profits. Although an individual can live without having any savings, if your job is only paying enough to cover your living expenses without having anything leftover, you’re pretty much a slave to your job. This means that you’re limited by however much your job is paying you and however much it costs you to survive day to day.

No one wants to live a restricted life so therefore, it is important to make sure that you do your best to maximize the amount you’re able to put into your savings each month. Like in any business, the only two ways to add more money into your bottom line is to increase your income or control your spending.

How to control your spending:

Prepare a budget and try to stick to it

A budget is an allocation plan for your living expenses. Budgets help you to understand not only how much your spending but where the majority of your money is going. Basically, in order to come up with a budget you need to list out all of your bills and how much you owe for each one. You also need to make a list of all your variable expenses which would include estimations for things like groceries, gas money, money for entertainment, etc. An important factor to include in your budget is saving.

Remember to pay yourself just like you pay everyone else

This can be a set amount from each paycheck or a percentage. Just make sure that you don’t forget to pay yourself and once you’ve set that money aside, don’t touch it.

See what bills you can cut down on or what expenses you can cut out

Once you create a budget, you can try to cut down on some of your bills, particularly your variable expenses such as your food costs, your entertainment costs, and maybe your utility costs. How you choose to cut down is up to you. For some, it might be downgrading from premium services to more basic services such as with a cell phone carrier or cable company. Perhaps you might even cut out your cable expenses altogether and just use the internet for your viewing entertainment.

There are many online websites where you can view tv shows, movies, and news without having to be hooked up to a cable box. If you normally go to a gym, try working out at home or at the park. Take as many opportunities as you can to save on transportation costs by either walking or investing in a bicycle to get around town. Save money on food by using coupons, buying in bulk, or even shopping online for some of your items.

Don’t forget about dollar stores which can have many of the same or similar items as the regular grocery stores but at a much lesser price. How you choose to cut down on your expenses depends on what things are most important to you and how much you value your current lifestyle. In order to see your savings account begin to grow, you have to pay attention to what you put into it.

How to increase your income:

Once you have done all you can to control your spending, if doing so wasn’t enough to make a difference in the amount you are able to save, you have to find ways to increase your income. Although there are many ways to find more money, the two basic ways are either you will have to get a job or start a business.

Get a job

A lot of people choose to work more than one job to be able to add money into their reserves. This can be an easy solution but it is also very stressful and requires a great sacrifice in time. For someone who has a family, is enrolled in school, or just has a primary job which leaves them exhausted as it is, working two jobs may not be conducive.

Time is much more valuable than money because you can never get time back whereas money will always come and go. If you choose to work two jobs, make sure that the second job you take is either something that you enjoy doing or something which is simple and won’t take too much out of you.

This can be tutoring children at an afterschool program if you love working with kids, working as a waiter if you love making tips and working on your feet as opposed to sitting all day, working as a secret shopper where you get paid to visit stores and eat at restaurants, or as a pizza delivery person who basically rides around in their car all day making pizza deliveries and listening to their car radio.

If you want to work 2 jobs, make sure that while doing so you do whatever you can to prevent burning yourself out.

Start a business.

The notion of starting a business doesn’t have to mean starting a full-fledged business. Starting a business basically means creating money for yourself without having to work for someone else.

There are many ways that you can attain. If you have extra living space in your home, you can consider becoming a landlord and subletting a room in your house. You can also find products to buy and sell on websites like ebay or craigslist or via garage sales and/or flea markets.

You can come up with a service business idea such as creating websites, writing research papers or business plans, doing hair, or walking people’s dogs. Consider whatever your talents are and how you can make money from them. If you love creating art, maybe you can sell your artwork or do portraits for people. If you love to write, consider freelance writing online.

Consider making money from online methods such as by creating mini websites that generate advertisement revenue. If you build several websites generating around $30-40 per month passively, you can make enough money to pay some of your bills without having to work.

In closing, the truth of this matter is that people spend money just as different as people’s personalities are different.

Each person will value different things which will cause them to have dissimilar views on the importance of saving money as well as what lifestyle habits they see as necessary or luxurious.

Regardless of how much a person values having a saving, part of being a responsible adult is being able to have money to take care of themselves and also to be able to pass down to their children and family members who will come after them.

celebration christmas

The holidays can be a money trap. You can work so hard all year to stick to your budget and then Christmas rolls around and suddenly the budget is out the window and you are spending with reckless abandon. But December should be just like any other month. While the budget maybe a little bigger, there should be a budget none the less. The sad truth is that a lot of people don’t know how much they spend during the holidays or underestimate what they really do. Even filling a stocking these days can top $100. So here are a few ways to avoid the holiday overspending and reduce the January regret.

Step one in the reduced December spending is to cut down your Christmas gift list. Do you really still need to give to Aunt Suzie? And while etiquette says that you should give to your mailman, newspaper delivery boy, and the bellhop, do you really need to? The first step to reigning in your holiday spending is to not spend at all. Getting something on sale does not mean you are saving: you are still spending whatever it cost. Don’t get caught up in the holiday hoopla and disregard your logical thinking. If you really feel it necessary to give gifts to these “extra’s” on the list, consider giving them a coupon for your services or bake something from your kitchen. Start thinking a little outside the box.

presentsHow many Christmas presents have you opened and then put aside never to use again? What would your gift recipients really like? A dinner with you, help food shopping during the year, a knitting lesson. Perhaps you can cull the list by talking with the person/people in advance.

Does it make sense to pull one name out of a hat to buy for instead of buying for everyone? Maybe the two of you can agree not to buy at all. You may find that taking your name off of their Christmas list is a gift in and of itself.

You can also consider shopping in an alternative way. Do you have points that you can redeem on your credit cards? For two years now, we have used this option to save a considerable amount of money shopping. Check your credit cards and frequent flier miles to see what you may be able to get. You may also want to consider giving them something you already have. I don’t mean re-gifting, but have they admired something of yours for years? Maybe this year is the year to pass it on.

Once you have considered alternative shopping and have made your list of people to shop for, use your overall budget to calculate how much you can spend on each person. Literally work out this figure and place the number next to the name on your shopping list. It is important to base this off of your overall budget and not work the other way. If you decided how much you should spend on the person and work up, you may find that you have exceeded your total amount to spend. In our culture, it is difficult to remember that the amount you spend on a person does not reflect your feelings for that person.

In fact, I might argue that the amount of TIME you spend trying to get the right gift is a better reflection of your feelings, AND anyone that truly cares for you would never want you to put yourself in debt to buy a gift. It is a little late now, but I would recommend for next year that you start Christmas shopping and planning in January. Not only does this give you more time to look for great sales; but if you choose, you can save a good deal of money by making some gifts or searching for something extra special at tag sales and flea markets especially if you have someone on your list that it into antiques or other nostalgia.

When you are ready to shop, be sure that you are doing it with cash. Do not put your gifts on credit cards hoping that you will get a Christmas bonus or thinking that you will pay it off next month. Gifts bought on credit unless they are paid off that month, quickly rise in cost as interest is tacked on. This again becomes a mental game because you think you spent the average $714 (according to the Gallup Poll November 2010) on Christmas, but $714 on credit for X number of months quickly rises to $800 and then $1,000. If you want to stick to your budget, do it with cash. If you are ordering online and need to use a credit card, total your purchases immediately following the online shopping spree and send a payment into your card for that amount. Don’t even wait for the bill. Unfortunately, extra cash on hand during December quickly disappears.

Another product that you have to be careful with during Christmas is payday loans. While being very fast and convenient, they can quickly lead you into debt. So, if you still need to apply for some extra cash in a way of second chance loans – do it from reputable websites only.

As you plan to actually shop with the list that you have created, think carefully about how you will go about shopping. If you are planning to go on a whole day shopping fest, are you adding to your bottom line by eating out for lunch and dinner? Might it be a better option to stop at just one or two stores? However, the reverse may be true if you live in a very remote area; the drive itself may add to the overall costs.

Perhaps then it is smarter to buy online. If you buy online though, be careful to check on shipping costs. The total cost of the item is not just the cost of the item, but instead is the cost of the item plus shipping and handling. Look for sites that offer free shipping and then be careful that all your items qualify for that rate. I cannot tell you how many times I have filled my basket online and promptly emptied it because I saw that the shipping costs outweighed the items I had purchased. I will also warn you not to spend more just to achieve the free shipping level. Spending money is not saving money.

Another holiday money sucker is food. Holiday dinners and parties can quickly add up. If you put out the full holiday spread, consider changing to a pot-luck dinner and have everyone bring a dish, or consider having a holiday brunch instead of dinner or maybe just hors d’oeuvres. Set the menu based on sales and not on your heart. Stock up before the deadline and use all your other grocery shopping savings tips. If you know that you’ll be doing a lot of baking for the holidays, buy up flour and other pantry essentials when they are on sale.

Of course, conversely, a funny December saving trick is to spend money. Often we are so busy with the holidays that we forget it is the end of the tax year too. Do you have any last-minute doctor appointments that you should fit it? Have you used all of your flexible spending benefits?

Have you contributed the maximum to your 401K? You may also want to consider contributing to a charity as a holiday gift.

This one will have a threefold effect. You will have a gift for a loved one, help an organization/ person in need, and will reap tax benefits. While these items cost a little more today, they’ll save you in the long run.

Most importantly enjoy the holidays. Don’t let money, or the lack thereof, taint the joy of the season. You may even find that focusing less on the commercial side of the holiday allows you to enjoy the season more and surely a January without credit card debt will be the best gift to yourself.

Everyone wants to become wealthy with their finite income. But do you think is it possible. Well, when you have the quest and have proper channels and protocol to achieve your goal, then nothing is impossible. Apparently, your savings rate dominates all other factors and helps you lead a magical lifestyle that allows you to drop the expenses drastically besides growing considerably in every aspect of life. But what exactly is this savings rate?

Personal Capital Structure Review

Personal capital is the free wealth management tool that can accurately track every aspect of your finances. Here in this article, you will see how the personal capital structure works and a complete review about personal capital. When you are looking for a complete saving solution, you perhaps need personal capital cash or savings planner. Individuals who used this structure were able to accumulate money.

Personal Capital has become one of the most popular financial management platforms available for the current generation. It is categorized into two divisions namely the Free Financial Dashboard and Wealth Management Service

Free Financial Dashboard –

This is an ultimate all in one financial dashboard that tracks all your finance and analytics in one place. Finance personals often used this dashboard to track and monitor all key performance indicators and business metrics.  This can distill a great deal of data and visually display a wide range of results all in one single page.

Wealth Management Service-

They are high level service professionals who can combine both financial planning and specialized financial services to manage an affluent clients wealth for one set fee. Their services include retail banking, estate planning, legal & tax advice and few others. Wealth management is performed by designing a detailed investment plan using streamlined investment strategies.

Personal Capital Structure – Everything You Should Know

Personal capital acts as a hybrid robo structure and provides access to human advisors. This structure is used nearly by 2 million people around the world. Most of these individuals primarily use the free version. Personal capital is often used for planning future financial goals namely the retirement, saving towards college, buying your dream home and more. Since the company was founded in the year 2009, it developed drastically and currently, it handles more than 18,000 clients who possess more than $8 billion assets.

How Personal Capital Structure Works?


A number of financial companies are constantly telling the Americans that saving is simple and it is better to make coffee at home than buying the expensive latte outside. But Personal Capital structure is creating a complete solution be it an emergency situation, or saving for the future or saving funds for college, they can help people stay confident without turning anxious. Basically, Personal Capital uses baskets of individual securities to create a model portfolio.  The portfolio clearly states that the annual fees can perhaps diminish the progression of your investments as the year progress.

Some Of The Unique Features Of Personal Capital Structure

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What Should You Anticipate From A Portfolio Review?

There are a couple of straightforward steps to this process.  The thumb rule of attaining financial success is to know yourself better.  This usually begins with understanding your financial goals and concerns. Then based on your feedback, Personal Capital summarizes your goal, they can implement the plan and provide a series of personalized takeaways.

Bottom Line

To conclude, Personal Capital structure is one of the best online services that offers the topmost financial tool for wealth management.