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Personal Finance

Saving Tip – Drafting a Budget and Savings Plan

saving tip

Concocting a budget and savings plan to resolve household finances can be tricky for first-timers. It isn’t easy to toggle the check and balance system of monthly expenditures, and it is even harder to keep track of all the money trickling out of your wallet. Thus, there are nine key saving tips and steps to mapping out the perfect budget plan that might just stop any household finances from slipping into the red zone. Saving Tip #1. Determine Your Income Scrawl down your monthly income on a piece of paper. This provides the threshold of your spending limit for the ...

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Cut Back On Your Phone Bill – Now!

phone bill

Would you believe that just after housing and transportation, cell phone bills are now one of the largest monthly expenses for an average person? We are talking about the hours you guys spend, talking, chatting, surfing and not to mention your ever beloved social media! And when you are on a data plan, these things don’t come in cheap. You would be surprised getting your phone bill at the end of the month and finding out you spent more for your mobile phone services than food for the house! That’s cray-cray. It is. But don’t’ you fret. You are not ...

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Increase Your Savings by Spending Less

increase your savings

In the previous article, I mentioned some of the ways you can increase your savings by augmenting your income source. Among the alternative income sources are part-time business, online freelancing, teaching, finacial advising and becoming a real estate agent.  In this post, I’ll be discussing the other component of the income-expenses-savings formula. This time I’ll show some tips on how you can increase your savings by spending less and cutting on unnecessary expenses. When I say spending less, it does not necessarily mean depriving yourself of the good things in life. It means being smart in your spending habits and ...

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Increase Your Savings By Earning More!

increase your savings

Some people live by the formula ‘Income – Expenses = Savings’, where savings is entirely dependent on their expenses for that particular period. Sadly, there are many people out there who spend more than what they earn and get racked up in debts as a consequence. On the other hand, there are people who use the ‘Income – Savings = Expenses’ formula where they set and deduct a fixed amount every month to keep as their savings. Though it’s a good discipline, there’s a tendency for them to be content on what they currently have and not strive for more. ...

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Is Having An Insurance Necessary?

insurance

One of the most common investing mistakes of people, especially the newbies, is jumping right away to the more aggressive investments without securing first the building blocks of the financial planning pyramid such as emergency funds and insurance. In this article, I’ll be walking you through the most common types of insurance and why you need to take care of these first before putting your hard-earned money on other riskier investment instruments. Among the most important type of insurance that you should be prioritizing, especially if you are the family’s breadwinner and have other people depending on you, are life ...

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