Table of Contents
Chapter 1: Introduction 3
Unblocking Major Obstacles To Achieve Personal
Chapter 2: Setting Goals Towards Successful Financial Planning 4
Where To Start
Chapter 3: Decide Your Spending Prudently 5
Chapter 4: Dealing With Mountains Of Debt And Credit 6
Examine It Well
Chapter 5: All You Need To Know About Taxes 7
Cut Down Taxes
Chapter 6: Jumping On The Right Insurance Plan 8
What Plan To Choose?
Chapter 7: Getting Help From Professional Financial Experts 9
Chapter 8: DIY With Personal Financial Software 10
Help From Software
Chapter 9: Savings & Compounding Interest 11
Which Plan For You?
Chapter 10: Smart investments steps 12
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CHAPTER 2: SETTING GOALS TOWARDS SUCCESSFUL FINANCIAL PLANNING
Empower Your Personal Finance
When it comes to finances, most people seem to have a problem making decisions about how their money should be spent and how to make wise decisions that would affect their financial future. There is a lot of information available but finding ways to put this information to work for oneself in the trick in getting the finances in order.
The following are some tips on how to decide on spending habit that would be both prudent and wise:
• Perhaps one of the best advices that can be given would be to learn to use cash as much as possible, rather than resorting to the seemingly convenient credit cards. Any other form of transactions that don’t involve cash, has the tendency to get the individual to spend without actually having a clear and controlled amount in mind, therefore the individual is often unaware of his or her spending habits, until faced with the credit card or other financial statements.
• Putting off buying items that would involve huge amounts of money, unless the bulk of the payment or all of the payment can be done in cash is another prudent way to handle finances. This will help the individual be better focused on saving for the item and also avoid having to pay phenomenal interests rates when payments are made based on a loan plan.
• Learning how to negotiate for the best deal when making purchases is a good way to spend prudently and yet get the best deal. Furthermore it will help the individual acquire skills that could help the individual in other area in life. It also helps the individual to learn to develop the habit of being strong and walking away should the price not fit the budget outlined.
• Designing a suitable budget and strictly sticking to the budget will help the individual to adhere to prudent spending habits. This is because everything has been carefully planned and is clearly worked out, thus giving the individual an idea of every expense incurred.
CHAPTER 3: DECIDE YOUR SPENDING PRUDENTLY
Empower Your Personal Finance
When struggling to deal with a mountain of debt that does not seem to be decreasing, no matter how much effort is put into curbing the spending habit, it is usually a very stressful and complicated matter. However, all is not lost as there are some exercises that can be used to bring some satiny into the debt and credit situation.
Examine It Well
The following are some areas to consider when looking into the management of debts and credit lines:
• One of the first steps to take is to face the financial situation head on and take the time to understand in detail the situation at hand. In doing so, the individual is able to make important decisions and is definitely more aware of how to better manage the debt by considering some workable ways of decreasing it.
• Putting down all the incoming and outgoing financial figures on paper will help the individual make some adjustments and informed decision on which debts needs to be tacked and given priority over others. This should be decided based on the incurring interests charged on the debts, thus helping in some way not to accrue more debts.
• Contacting the creditors with the intention of redesigning the debt situation, so that it becomes more manageable will also be an option to consider. Most debtors are willing to help as it would eventually mean that they too will be able to benefit from the debt being eventually paid in full. Simply continuing with the current payment conditions will not help and may even cause more problems when the initial sum is not cleared and payments are only servicing interests incurred.
• Although this may incur some cost, seeking the help of a professional financial planner should also be explored as an option to finding ways to manage the mountain of debts. These professionals will be able to provide a better insight on how to handle matters to the best interest of the individual.Other Details
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- Year Released/Circulated: 2016
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