The Uglycow Finance » saving

10 financial tips for single moms

admin — Sun, 05 Jun 2011 02:48:33 +0000

In addition to ensuring the economic future of your children, it is important to start planning your retirement, to meet this goal it is necessary to organize to save 10% of your monthly income.

Habits such as saving and financial planning can be great allies of single mothers who head families, as well as build a future for their children should also start working for their own future, said the director of Human Capital Skandia’s investment funds, Maria Eugenia Castillo.

In Mexico there are 4.5 million single mothers (single, widowed or divorced), of which 71.8% work, while the third lives in poverty, according to the National Population Council (CONAPO), and for this reason it is important start thinking about how to prepare for a sound financial future, he said.

“The economic risk of single mothers is that they focus all their financial efforts to provide their children with education, health, clothing, housing and entertainment, neglecting a very important aspect of life, that is their retirement,” said the expert.

While the financial priority in these cases is focused on children and supports themselves, if not start a savings plan for retirement, it is possible that in adulthood does not have the money to sustain themselves.

To avoid economic pressure for the children in the future and have a financially peaceful old age, the challenge is to start a savings plan with that objective.

Begins to identify what are the actual vanishing points of money and start a spending plan that goes hand in hand with your financial means and without increasing your debt, said the board of Skandia.

“We have seen that women in general, including single mothers, whose priority is the education of their children and when saving, seeking to have the capital for their children’s college, but not think about how they want their old age,” Castillo explained.

The recommendation to start saving for retirement is to spend at least 10% of your monthly income to meet this financial goal.

To organize your finances so that you can to hold your child and in turn allows you to plan your future, follow the 10 rules for being a single mom and economically stable.

1. Be wise with money management
2. Have clear goals and objectives and be consistent to achieve
3. Avoid buying impulse
4. Make sacrifices to make your financial dreams
5. Make intelligent use of credit card
6. There is no better investment than pay off debt
7. Fully meets your budget
8. Indebtedness only to create a heritage
9. Put your savings to work
10. Diversify your investments

Tips on deposits with high profitability

admin — Sat, 09 Apr 2011 02:47:19 +0000

Today I try to give a few tips on high-yielding deposits. Frankly, the topic I am tempted for a while now, but I decided to just write about it now. The reason is in itself a tip: make haste.

The bloody battle between the unions declared the bank whose aim was to attract more funds through tempting interest rates with high profitability is coming to an end, at least temporarily. Interest rates on deposits more profitable start to fall. In savings or deposit products launched late last year or the beginning of the current notice a slight decrease in average interest rates, many financial experts confirm that this decline will occur even more pronounced. The main reason is the lowering of the interest rate of the ECB.

So my advice is do not expect much, those of you with any intention of hiring a saving deposit, as it is very likely that interest rates fall further. The current bid has still hardly a 5.75% APR or even a 6% APR in some banks, but it seems that the supply will last.

On the other hand, a very important advice is being very careful when signing or hiring. Ask before contracting anything. And because many times the bank officers themselves are not very familiar with the characteristics of the products they sell or just because they are concerned not to disclose all characteristics the beginning, misunderstandings often occur. So I strongly advise you read it the contract, the fine print, advertising brochures, etc., before hiring.

Setting in which many banks undertake to debit the payroll for example, ordering credit card (and use) an insurance or household bills, gas etc. It is important to see what conditions imposed on us by the bank in exchange for offering us an attractive return.

My last advice is that if you look online banking services, will have more options to find deposits with very high yield which is exempt from any fee, because if you charge a high commission might not compensated since the promised returns.

Tips For Using Fixed Accounts

admin — Sat, 02 Apr 2011 04:01:08 +0000

Since most banks currently offer various types of fixed accounts, there are certain tips you can use to maximize your profits. Using fixed account is one of the easiest ways to break into investing since the majority of them are sure fire as long as your are good with your money and can stick to a plan. Use some of these tips to maximize the effectiveness of accounts like these.

• Comparison Shop- Many banks will have close to the same interest rate, but special promotions are very common, especially with CDs. Certificates of deposit tend to different interest rates between banks, so see who has the best offer at the time. Since they tend to start at 6 months, you can roll it over between several different banks depending on who is offering the best interest rate when your accounts are liquid.

• Leave It In The Bank- An investment requires that you leave them money in the bank, especially when it is a sure bet. You know the return you’ll be getting on it, so there is no need to worry. Just don’t touch it and you’ll be fine. One way to keep it this way is to make sure you have enough liquid assets to last you in an emergency. Keep a saving account with available cash in it should the need arise and leave your investment alone.

• Calculate- Figure out how much you will be getting from your investment, and never leave that to the bank. One minor miscalculation on their part could take money away from you. Have a good idea of what you should get. Banks are not perfect, as many people have discovered, and they do make mistakes.

• Diversify- keep in mind that multiple accounts are always best. If you have $10,000, it may be more profitable for you to open up tow $5,000 CDs instead of one big one. Then you will have two different accounts drawing in interest at the given rate instead of just one collecting money.

• Don’t Freak Out- One of the keys to money is not freaking out. If the economy looks like it’s going south, don’t withdrawal everything out of fear. Make sure your bank is FDIC insured, then you don’t have anything to worry about. Never put money into an uninsured bank under any circumstance. Should something happen, your money could vanish.

• If It Sounds Too Good- Then it probably is. Always check on the bank you are investing in, and never send checks or money order overseas unless the bank is reputable. Never provide accounts number via e-mail either. Many phishing and pharming scams have cleaned out bank accounts like that. Know your bank, and follow their advice closely.

The Family Budget in Five Steps

admin — Wed, 02 Mar 2011 11:53:57 +0000

Here are these steps with some patterns of importance that should be considered. These are the steps you take to make a budget, also visit How to Make a Personal Budget for details of a budget and various links to drafts of budgets and Excel tables:

1. “Enter your monthly net income”
No matter where you come from: Work, spouse, child support, unemployment, charity, tips, etc. If your income varies, try to put an amount that is average. Please show only net income, which brings her home.

2. “List the amount you deposit monthly savings income to net”
Saving is very important and should be done first spending. Ideally at least 10% of their salary.

3. “List your fixed monthly expenses”
Consider what the expenses that must always be paid are. Note that the first thing you have to list your needs: shelter, food, transportation, communication, etc.

4. “List your variable expenses”
Now make a list of these expenses that may not happen every month but that should always be taken into account: shopping, special events, Christmas, holiday travel, etc. “To get an estimate of your monthly expenses total the variable and fixed expenses and divide that number by 12.

5. “Make a list with an estimate of extra costs”
Always keep in mind that there are contingencies for which you need money, this is not necessarily an emergency, may be going to the movies, eating with friends, order food to go, etc. We need this line because we are not robots, and the opportunity to have a margin of error (and fun) is always necessary even with the tighter budget.

It is important to know where your money is going to understand how to grow. The budget is essential to be able to allocate more money to your financial future. Just think, if you save $ 5 each business day breakfast / lunch / coffee from Starbucks could have saved $ 13,000 in ten years. Many people call this the saving fund “Latte.”

No matter how much, But you do it with frequency

admin — Mon, 31 Jan 2011 21:59:02 +0000

Part of my job is to provide financial adviser personal finance workshops in different communities in the city of New York. One of my clients who took the workshop in July last year came to a follow up visit to review your credit and tell me about their financial plans. One of the questions I asked is whether there was any part of the class that had affected more than others and she replied: “I loved the phrase that said that no matter how much you save, but do it often.” Behold the Where did this phrase.

Although I take the copyright of them, the book “The Richest Man in Babylon” by George Clason inspires this phrase. A wealth of knowledge that this book explains is that the basis of wealth is to save ten percent of your income. This is something many people can do, but the concept of saving 10% of a salary that is small is something that seems as if half of our check.

It is easier if instead of focusing on the amount we should save the frequency that this should be done. Try to save an amount you feel good about it, it need not be much because the end is not what matters, what matters is that you do each time you receive an income. No matter whether they are $ 1, $ 5 or $ 50. Save what you can but it is constant, and at the end of the day you’ll get used and saving part of your life. Choose the percentage that suits you and everything will be as it should be.

My client has been able to save more than $ 4,000 in just 10 months and thinks plans to continue saving to buy their own home.