Will a Finance Course Help Me?

One of the things that is true of many of us is that we could do a better job managing our finances. We are not all captains of industry, but we are the masters of our monthly household budgets, or at least we would like to be. If you are willing to admit you need help, then taking a finance course at a local college may be just what you need. Here are some of the things that will help you choose the right course or courses to take.

As you look over the range of courses that are involved in finance, you may be a bit intimidated by the course names and descriptions. To help you wade through all the options, take a quick look at the core curriculum and make a note of what the college considers to be the basic courses associated with the degree program. That is where you will find information that will be helpful to you. Focus on those courses and contact an advisor at the college. Explain to the advisor what you are looking to do and ask questions about those core courses. The advisor should be able to direct you to one or two courses in particular that will teach principles that will translate well into running a household.

Keep in mind that even though you are not looking to take over the financial operations of a multinational corporation, a finance course that are geared toward the operation of a small business might have something to offer you as well. After all, your home is a lot like a small business. There has to be income that counts as revenue, there is upkeep and maintenance, each of the persons involve receive some benefits from their association with the household and there are bills to be paid. Learning how small businesses function may provide you with some valuable tips on how to manage the household budget.

If at all possible, take some time and audit one or two of the courses that you think would be of interest to you. Many colleges allow persons to audit classes for a very small fee. Since you would not be earning any college credit for the auditing, you would not be subject to taking exams, nor would you lose credit if you could not be in class for every session. However, auditing a finance course or two would give you the chance to get the meat of the class and perhaps be just enough to get you on the right track with your household financial arrangements.

James Woodley is the writer for the website http://finance.webinfo-site.com.

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Taking Care of Business At Home - A Personal Finance Checklist

Why would you not consider yourself a business of ONE person? Or your family as a business of 3 or more people? Well that is exactly what you are - "Me Incorporated", "I Inc", "We Incorporated". You truly must consider yourself a small family business. Like any business you have ongoing expenses (mortgage, rent, utilities, groceries), revenue (salary and other income) and major capital expenditures (house, vehicle, vacations, renovations).

Like any good 'household business', you need to do some planning. Set out a budget for the year, track your expenditures and retained earnings (savings). Yes, all of this looks, feels and is exactly like a well run business. On My Gosh! Don't rush out and buy an accounting package to run your household. And no need to take a crash course on accounting or bookkeeping. You can accomplish all your financial tracking and planning requirements with some paper or by using a simple template with your favorite spreadsheet package - Microsoft Excel or even with Open Office.

Just like a well run business, your household budget and tracking your spending is best served using a visible record of events; namely, financial records, bank or check register. It is just like tracking your road trip progress using a map. If you know where you are now, then you will have some idea when you will arrive at your destination. In life, money or finances allows you to get to your personal destinations or dreams. A visible financial roadmap of your 'Me Incorporated' finances, mapping your progress, seems logical.

Running your 'Household Business', like corporate business, requires a few processes to keep track of your finances:

1) Establish a yearly and monthly household budget. Consider all your expenses - weekly, monthly, quarterly and yearly outlays of money. You will be surprised at the length of this list and all the places you spend your money.

2) Track monthly your actually spending and income against the budget you established in step 1. This will help you see the 'peaks and valleys' of spending or seasonality aspect of your expenses. Over time, you will come to know these expense 'peaks and valleys' and this will help you maintain a positive cash flow. Bottom line: have money in the bank to pay all your expenses and still have some left over (retained earnings). Your single biggest challenge in running any household (or business) is always having enough money in the bank to pay the bills; especially, the unexpected ones. Having a buffer of savings will help with these 'peaks' in expenses.

3) Track all your bank account activity. Track and enter in your Bank or Check Register every deposit, every electronic (ATM, web, PayPal, debit machine) transaction and every analog (check, money order) withdrawal. And reconcile your bank statement every month. Know exactly how much money you have available in your bank account(s).

4) Especially track your spending through credit cards and lines of credit. These are potentially the 'run away' expenses. Remember only once a month do you see the visible record of your credit card spending. Compound that with the fact that most people have more than one credit card. This can easily result in multiple 'spending surprises' each month. Be diligent in tracking your use of credit card transactions. Breakdown the credit card expenses into their respective budget items - gas, groceries, clothing, entertainment, etc. This will help you separate normal household expenditures from other shopping incidentals. You will come to see your spending patterns and can now make adjustments. Just like your bank account, reconcile your credit card statement every month.

All this personal bookkeeping every month can be done with pen and paper or set up a personal finance and budgeting template using your favorite spreadsheet software. Using an electronic spreadsheet allows for all of the mundane calculations to be processed automatically, reducing monthly reconciliations to a simple 5-10 minute endeavour. Whether you choose an analog or digital approach to your personal finance bookkeeping, these visible records are the most effective way to plan and control your personal finances and reduce one of the major stress points in your life - Your Financial Health.

Carl Chesal is a business and channel development consultant, trainer, internet marketer and professional photographer. His hobbies include Gardening and Woodworking. He operates BizFare Enterprise Inc, providing business, marketing, and internet marketing consulting services. Bizfare Enterprise also operates a number of secure on-line shopping sites, like a DIY Woodworking Projects and Recipes at Home And Body How To.

Quizzes and Calculators - Personal Finance Help

I think it's time to go back to school. Well, you don't actually need to jump on the school bus, get a new school bag, lug around about 10 pounds of paper and highlighters and dodge spit balls, but I think it is time for us to get some personal finance help. Here is a short quiz that you can zip through to discover if you know your finances.

1. It's always better to choose the longest amortization term with your mortgage because you'll pay less each month.

a: True

b: False

2. There's actually no difference on the amount of interest you'll end up paying over the length of your mortgage if you contribute once a month or twice a month.

a. True

b. False

3. What is a dividend?

a. A cash rebate traded among lenders

b. A payment of additional shares of stock to stockholders

c. A monetary bonus for employees

d. The opposite of multiplication

4. What is the best financial tool at your disposal?

a. Planning a household budget

b. Using a computer for your taxes

c. Always keep your checkbook in balance

d. Seeking personal finance help from a professional

5. Do you know what as asset is?

a. A car, laptop or clothing

b. It is cash, property or stocks

c. Anything owned that has exchange value

d. All of the above

ANSWERS:

1. b - False

It's incredible how much interest you end up saving if you lessen the amount of time over which you pay a mortgage. Try making a larger payment each month so you can save save thousands upon thousands of dollars. The more quickly you can pay it off, the better.

Amortization period Monthly payment Total interest over the lifetime of the mortgage

35 years $565.25 $137,408

25 years $639.81 $91,940

20 years $712.19 $70,925

Amount saved with a shorter amortization period -- $66,483

2. b- False

By making your mortgage payment once every two weeks or twice a month you will eliminate your mortgage much faster. In fact it ends up being an extra payment per year. If you are more of a number person, this chart will create a little better understanding and provide a little personal finance help.

3. b - A payment of additional shares of stock to stockholders

A lot of people who dabble in stocks only choose stocks that pay in additional shares to stockholders. Imagine you had taken dividends as your stock option when Microsoft or Apple were in their infancy? Plenty of investors did and made a fortune.

4. a - Planning a household budget

All of the options in question are important financial aides to use but the most important one is planning a household budget. It is wise to understand where all of your money is headed and how much remains to spend and save. Always make a household budget if you want to keep track of your finances.

5. d - All of the above

This one may have fooled you but an asset by definition is 'anything owned that has exchange value'. In short an asset can be anything. Certainly many assets are better investments than others (like property or stock options) but even the slow old laptop that your parents bought for you when you headed off to college is an asset.

I trust this quiz was fun and gave you some of the personal finance help you deserve. You have to stay on top of your cash and learn as much about your finances as possible. The more informed you are chances are you will achieve your financial goals. I know you have already created a number of financial goals.

Cheers until next time!

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Roommate Interviews - 15 Finance Questions Every Household Should Be Asking

Have you and your roommates ever felt unsure after finishing an interview whether a potential roommate would pay the rent on time? If the answer is yes, then you'll find the old saying "you will never know unless you ask" will come in handy. After all, finding the right roommate that you know will pay the rent is about more than taking an educated guess, it's about asking the right questions.

The key is choosing questions that lets your household find out each candidate's ability and history of paying rent and expenses on time, any disputes that they may have had over finances and their attitude towards money. Asking these questions will give you a good indication how expenses will be paid in the future while helping you select a roommate that has a similar approach towards finances than existing household members which helps avoid disagreements. Ideally, when creating your interview questionnaire you should include as many open questions as possible. These questions are great conversation starters as interviewees can not answer with a simple yes or no answer and require candidates to disclose information about themselves. Each question you include should help you create a comprehensive picture of how it would be to live with the candidate as a roommate.

So, which questions should you ask to find out if a prospective roommate would be financially compatible? Here are a few questions you can ask the next time you interview roommates for your household.

1. How much money can you afford to spend on rent and expenses each week/month?

2. Which payment method would you prefer to use when paying rent and expenses?

3. Do your prefer to pay for your own food or pay money into a food kitty?

4. Have you ever organized or been responsible for your household's rent or expenses?

5. Are you willing to be jointly responsible for household expenses or rent? For example, putting your name on household bills or the lease?

6. If we would ring your referees, what would they say about your ability to pay the rent and any additional expenses?

7. Would your friends say you are a spender or a saver?

8. How do you feel about roommates that do not pay their rent and expenses on time?

9. How would you feel if the financial setup of the household would change while being a roommate?

10. How would you feel if the rent or any expenses would increase while living in the household?

11. Have you ever asked a roommate to move out due to an issue about finances?

12. When was the last time you paid a bill, any expenses or the rent late?

13. Have you ever had a dispute with current or former roommates over money? What were the disputes about?

14. Have you ever voluntarily moved out of a household due to a dispute over money? What were the circumstances?

15. Have you been evicted or asked to leave due to an issue over finances? What's your side of the story?

As you can see, by taking advantage of the old saying "you will never know unless you ask" you'll find the answers that you will need to choose the roommate that lets your household leave financial disputes behind. Just as importantly, you'll never be left wondering after an interview if a potential roommate will pay the rent as you'll have the answer in the palm of your hand.

Good luck and happy roommate hunting! 

Enid Steiner is a Director of http://www.flatwithme.com.au, an Australian online roommate service. Flatwithme.com.au lets people find their perfect roommate and provides helpful share accommodation resources including calculators, questionnaires and articles.

A Guide To New Car Finance

Purchasing a new car is one of the biggest decisions a household can make, and one that can have long-lasting financial implications. Therefore it is important to make sure the financial planning behind the purchase is sound and able to deal with unforeseen incidents that could require a shift in resources to other expenses.

There are two main options to new car financing; either a traditional loan from a bank, building society or dealership or a hire-purchase agreement.

The biggest decision regarding a loan is the interest rate - dealerships can provide finance deals but often their interest rates compare less favourably than banks or building societies. Compare the APR offered from the different potential lenders in order to effectively compare how much you will end up paying back each year.

If you find it hard to make sense of the different options, the Office of Fair Trading can provide free resources, such as the APR and rebate calculator, to help make comparison easier. A longer repayment period will cost less month to month, but more in total over the term of the loan. In addition to the loan itself, it is important to calculate related costs such as road tax and car insurance before negotiating the terms of a loan.

If the repayment period is fairly lengthy it may be worthwhile looking for a lender that offers repayment holidays. Though it's not advisable to repeatedly delay payment, a one-off deferral may be useful should unexpected household expenses arise. Payment holidays should be agreed upon during the initial term negotiations, as lenders frown upon renegotiations during the repayment period to ask for it.

A hire-purchase agreement is generally a more complex form of car finance, and requires more attention to detail when agreeing on the terms of repayment. Hire-purchase agreements essentially differ from loans in that ownership remains with the lender until all payments have been made. The agreement should therefore contain all the details on the number of instalments and the full hire-purchase price of the car.

There are also a number of pitfalls to watch out for. For instance, interest-free credit offers might sound appealing, but failing to make all the payments in the stated period could result in significant interest rates being imposed on the loan.

So if you're looking to purchase a new car in the near future, keep in mind the aforementioned points to make sure your car is financed by terms that suit your household budget and can accommodate any unforeseen bumps in the road.

5 Ways to Better Personal Finance Management

Personal Financial Management is not easy and you have to learn what it means to better manage your finance.

Here are 5 tips to better Personal Finance Management:

Teaching children about money management

Do you find your children often want things that are expensive and out of your range for any budget? If you find that you don't have the money to buy your children everything they want, you need to teach your children a little more about money. Children should be given an allowance, but only for the chores and things, they help you do around the house. Simple things like folding the clothes, sweeping the floor, doing the dishes and feeding the pets. As your child earns money, and receives money for their birthday or special occasions, they can then buy their own things they want. As they realize how long it takes to save that money they will treat it better, and they will appreciate it more. Money management can start at a young age, and children will learn easily, taking their habits to their older years.

Money management and your home

Do you need to save money in the home? Managing your money is all about saving money, finding more money to do things you want, and to create savings accounts for rainy days. If you need to save a little more money and to spend less on household things, you can start with your utilities. Shut off the lights when you are not using them, and shut down that computer when you are not working on it. This will lower your bill a little. Look at the lights you are using in the house, if you have forty or sixty watt bulbs you are using less energy than seventy five and one hundred watt bulbs in all the lamps in your home. Cut costs by starting with the electric bill. Manage your budget; manage your money by adding more to your monthly household budget.

Saving for a rainy day

The basic thoughts behind any type of savings plan is that you should have at least three months savings in the bank, or at least have access to three month of your pay in case of major disaster or problems in the home. Right now, if you were unable to get to work for three months, how would you survive? Prepare for the future and start now. Your personal finances demand that you prepare to protect yourself. You can start by putting just ten dollars a week in a savings account. If you find this is easy, up that to twenty dollars per week. If you have the money taken out before you get your paycheck, you won't even miss the money. When you are putting, at least $200 a month away you are preparing yourself for a great savings and in the long run, you will find it easier and easier. Yes, it is going to be difficult to start, but after a few weeks, you will adjust and your household budget will as well.

Spend less on entertainment

Are you finding it difficult to pay your bills on time all the time? If you are not paying your bills, your heat, your credit cards, and your utilities on time, you are putting yourself at risk for bad credit, and a lower credit rating. To keep your personal finances on track you should sit down and write out a list of all the bills you have every month. Next, you are going to write down everything that you spend other money on. If you are not able to pay all the bills every month, you need to find where you can cut back on money spent. Generally, this is going to be in gifts, gas, going out to the bar, to the movies, renting movies, your television channels, the subscriptions for your cell phone, and the long distance bills you pay for your landline. Review your budgets, cut back on expenses so you can afford your bills, and when they are paid off, you can get back out there, and have a bit of fun!

Personal money management and your future

Your personal life involves more than the job you are working at, but also the welfare of your family. If you were unable to work, or if you died, how would your family continue on, paying the bills and getting groceries? If you don't have an answer, you should look to personal lines of insurance. Insurance policies are a form of money management that will protect your family in case of emergencies or in case of death. Many families find that disability insurance comes in very handy when someone breaks their legs, or perhaps needs an operation and can't get back to work for a few months. Insurance in the case of an accident, for a disability or in case of death is going to protect your family and everyone's financial future. Get some amount of insurance and protection for the future.

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Budgeting Tips For Finance

All of us would like to make our wealth-stocks grow by suitably adjusting our income-streams. Indeed, household budgeting is crucial for guaranteed financial independence and security for any family. This is where personal finance planning comes into the picture. Planning one's finances and budgeting money and other assets generally refers to the creation of a plan in which these assets should be utilized. Personal finance issues can often become rather complex, particularly if proper financial planning has not been done.

Professional financial planners suggest several steps for effective personal finance planning. Following these steps in a prudent manner can easily help individuals to add to their wealth-stock, and prevent them from the pitfalls of debt-traps. Some of these steps for managing personal finance are:

Calculate your disposable income - How much money do you actually have to spend? This figure can be arrived at by deducting all taxes and other obligatory payments from the total income level. You need also be aware of such payments that have to be made more than once a year. A clear picture of the level of personal disposable income helps one in properly budgeting money stocks, and to spend accordingly.

Classification of expenses - Personal finance management requires that expenses should be classified under different heads. For example, while electric bills, and water taxes come under utility expenses, child education, money spent on one's own clothes, and other recreational purposes are classified as personal expenditure. A separate fund (termed, the contingency fund) need also be set up, out of which all unforeseen medical and other emergency expenses can be sponsored.

Listing your debt items - Every family has certain specific debts which need to be periodically cleared up. Household budgeting experts recommend that these debt items should be listed in a systematic manner. Credit card bills and such other regular payments make up the majority of these debt figures.

Expenditure goals - Proper finance planning needs individuals to be aware of the exact reason behind each expense. For example, while estate planning or retirement planning can be put under long-term expenses, buying a new car or other household appliances are classified as short-term expenditure. You should also identify the expenses that are on luxuries, which are avoidable. Money budgeting can be effectively attained by eliminating such unnecessary expenses.

Finance/ personal planning is necessary to identify how and where money is actually being spent. You can determine how to spend your income by classifying expenses under different heads, and managing your personal finance issues. Household budgeting, if done in a wise and informed manner, can help individuals increase their savings by significant amounts.

Are you looking for a financial professional, but not sure how to choose one? If you don't have the time to conduct a thorough research about financial advisors, fill out a short form and let our advisors contact you. Our experienced consultants will send you the names of advisors who are qualified and willing to help.

Trading the Plan: Build Wealth, Manage Money, and Control Risk (Wiley Finance)

Trading

The Plan is a powerful instrument to help you achieve control over your financial destiny. It equips you with the tools you need to maximize your profits, control your risks, and, perhaps most importantly, develop a money management program that will limit your losses. In the course of reading this remarkable book, you'll grow to regard author Robert Deel as a trusted advisor who gives you tough, straightforward advice and helps you implement the changes you need to make. And, unlike the "one-size-fits-all" approach of other advisors, Deel shows you how to tailor a strategy that fits your specific needs, goals, and risk tolerance.

Drawing on years of experience as an investment advisor, Deel has packed this book with both detailed practical advice and hard-won wisdom about how trading, investing, and human nature really work. Emphasizing the danger of unchecked losses, he makes the case that a strong money management program is absolutely essential to acquiring and keeping wealth. He examines the many faces of risk and thoroughly explores the key money management questions:

• How much of total available capital should you risk?
• How much do you risk in any one trade?
• How much leverage should you use?
• How can you project losses and preserve your capital?

To help you establish your own money management system, Deel provides a simple but powerful formula â??the Direction Discipline Risk Leverage equation â??which examines your trading ability and helps you control risks.

In his invaluable "15 Rules of Investology," based on 40 years of trading results by professional and private investors, Deel offers trading and investing guidelines that will spare the reader wealth-draining losses and many sleepless nights. Here is concise, practical information on how to use fundamental and technical analyses to select and screen trades, determine market trends and trading cycles, categorize different types of stocks, and select the computer equipment you need to trade successfully.

In a brilliant summary of all the key features of the trading plan, Deel walks you through the entire trading and investing process from beginning to end. This "Anatomy of a Trade" illustrates all the important decision points in an actual trade and offers a hands-on application of the trading plan to a working example.

For all futures, stock, and options traders, Trading the Plan is an essential field guide for acquiring â??and keeping â??profits.

Maximize profits, control risks, and limit losses with this total plan for investing and trading

Like no other book of its kind, Trading the Plan gives the individual trader in futures, stocks, and options a superb resource for investing, managing money, and limiting the profit-draining losses that can lead to financial disaster.

"Robert Deel offers traders and investors alike a solid overview of real world trading advice. The subject matter covers everything from the psychology of trading to practical money management techniques. Trading the Plan: Build Wealth, Manage Money, Control Risk is a definite must read for any serious investor." â??David C. Stendahl, President, The OEX Trader, Inc.

Price: $70.00

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The Business End of Personal Finance

Your personal finances are your business. If you fail to treat them as a business, you may struggle just to keep your head above water, or worse, you could drown in a sea of debt. I have met successful business people that worked very hard to achieve significant income, yet still scratched their heads at the end of each month wondering where all the money went. They were organized goal-setters in running their business, but they seemed to leave those qualities at the office, as their personal finances were in disarray. Whether you are a businessperson or not, those two things - organization and goal setting - will serve you well in your quest for financial success. Let us now examine those two things in more detail.

Daily Diligence

Your financial success is not going to achieve itself. You must pay attention to it, monitor it, even goad it into being. This means that you must hold yourself accountable for the state of your finances every day. Here are three tips you should employ daily:

Eliminate unnecessary spending. Brew your own coffee, cut down or quit smoking, clip coupons, and go out to dinner only on special occasions. There are likely many other ways specific to you to cut out the waste.
Increase earnings. If you are deep in debt, you may consider working a second job for a while. Also, try to make yourself more valuable in your primary job, and ask for a raise.
Perform a daily assessment. Before going to bed, mentally review your day. Ask yourself where you went wrong, what you did well, and where you can be better tomorrow. Another good idea is to keep a notepad on your night table so that you can write down your ideas for improvements to your household finance and implement them the next morning.

Monthly Budget

A good, well-maintained monthly budget is the cornerstone of responsible personal finance. In the beginning, you should be as detailed as possible. Gather all your pay stubs, bank statements, and bills. Save the receipts from all of your cash purchases for at least two months so you can see what your spending habits truly are. You will probably find some surprises about yourself.

Now that you know what your income and expenditures are, you can begin to set goals. Your mortgage, car payment, and cable bill do not change from month to month, so you do not need to set goals for them. Or do you? It may be a good idea to try to negotiate with your creditors to get a better deal. Additionally, you may decide you can live without the premium television channels. Your other goals will have to do with potential increases to your income and the elimination of wasteful spending. If you want your money to stay, you must always be conscious of where it goes. Above any other tool or technique, maintaining a budget with aggressive yet realistic goals is easily the most effective. Tragically, this crucial step is often ignored. If you crave financial success for your future, you must put together a budget; keep in mind that someday you will be able to pay someone to mind that budget for you.

Financial Statements

"I'm broke" is a financial statement, but not of the type that we need to discuss here. For our purposes, a financial statement is a document that shows your assets and liabilities. Subtract your liabilities from your assets and the result is your net worth. Every individual or family should complete a financial statement on a regular basis. A good rule of thumb is to do one every three months. This will help you keep track of how you are doing on the financial front, and give you a basis from which to set ever higher goals. You can find ready-made forms on financial software programs or by doing a simple web search.

Good businesses are grounded in a high degree of organization and positive goal setting. Do your personal finances deserve any less attention? A daily assessment, a monthly budget, and quarterly financial statements - all are organizational tools designed to give your goals a framework, and all are easily accomplished once you get them started. Do not hesitate. Your financial future needs attention now.

Fletcher Harris regularly contributes articles on eliminating credit card debt. Mr. Harris has personal experience with debt, and he has spent years studying personal finance and debt management in an effort to help people currently engaged in the battle against credit card debt.

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The Everyday Person's Guide to Household Finance

The term household finance has become somewhat of a mainstream phrase over the last couple of months, with the economic recession being the main culprit for its widespread popularity. It's a term that's being repeated everywhere and by everyone. But do you know what household finance really means? This article will attempt to answer this very question in the easiest possible manner.

How Would You Define It?

Household finance is commonly described as monitoring what's coming into the household and what's going out. This must be monitored and controlled if any household is to remain functional. And the best way to assure great household finance management is through a budget.

You may not be aware what a budget exactly consists of and so I will go through this right now. A budget is typically described as a document that outlines future income and expenses for individuals or groups of individuals such as a household. A budget is great for household finance as it serves to ensure that all expenses are covered and debt is either avoided or reduced.

Some Helpful Advice

In order to control the expenses of a household with the aim of great household finance, it's important that some action is taken immediately. This doesn't have to be complicated, it can be simple and effective just like the following:

- Reducing your daily coffer consumption can save a big amount of money over time.

- Always try to buy items in bulk, it's cheaper that way on a per unit basis

- You should look to cut back on certain luxuries such as going out

- Cooking and eating at home rather than dining out can do wonders for your household finance

- Reducing your mobile phone use. There are alternatives to mobiles such as the Internet and Skype.

- Turning the lights off when you are not using them, reducing your time in the shower and minimising use of the air conditioner and heater can potentially save you a lot of money

My only hope is that this article improves your knowledge of the important topic of household finance so that you are able to create a better and prosperous future for you and your family.

Martin is a guest author of Healthy Wealthy Soul [http://www.healthywealthysoul.com/blog], a website dedicated to providing people tips and tools on household finance [http://www.healthywealthysoul.com/household-finance.php] and other important issues related to personal finance to attain both financial and spiritual happiness in their lives.

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