0 Spend

but my parents have been managing mine for the last few years that I’ve been working full time. My mother is a manipulating money hungry control freak and won’t even let me have my own bank account.

I just want to get a survey here to understand how hard it is to manage one’s finance so my heart can prepare for what to come. This is really scary for me.

Managing your own finances isn’t hard as long as you are cautious and don’t do something really really stupid. First I would find the best bank in your area and when you go and talk to them about an account then tell them your situation. If you explain that this is your first time doing this yourself, then they may be able to give you advice, pamplets, etc. Utilize online banking if they offer it and check it often as well as keeping track of where every dollar goes in either a personal steno pad or your checkbook. I personally keep an Excel spreadsheet with my finances. The something stupid I mentioned is don’t get taken by creditors. If you have to get a credit card then get ONE. And only use it during emergencies, etc. As one who is recovering from debt, you do not want to be in it. If you have a credit card, set it up on automatic payments so you know you will always be current. If you get a store card (Macy’s, Victorias Secret, etc.) just know that their APRs can be 20-29% a year depending on the card. That is crappy, if you must have one (coupons, etc.) then pay off the balances as soon or as quickly as possible. Also try to plan out your finances. You probably know roundabout how much you make per pay period so then you can figure out what needs paid when and how much you may need to save, etc. This is pretty much making a budget. Try to have targets for your different types of spending: 200/mo. for food, 200/mo. for gas, 100/mo for credit cards, 100/mo for savings, get the idea? Then once you know that, you can curtail different categories if the money is needed for something else.

It probably was confusing but I hope I helped a little bit. Also the only emotional part of it I could see would be starting out, getting everything settled, and then of course if you run into hard times. Other than that it isn’t bad.

I need to set up a computer program to better manage our finances.

Well I suggest you get a feel for what you want your budget to look like (how are you going to categorize items and the such). No program will do it ALL for you. But you can get an excellent start here :

http://financialbasics.blogspot.com/2006/11/creating-budget.html

Good luck

I would like to find some good advice for someone who is not very good at managing her finances. This person has had some major repercussions as a result including a foreclosure, vehicle repossesion, and many problems with collection agencies. Currently this person is facing possible wage garnishment and is looking at filing bankruptcy for the second (!!) time. I strongly believe that if she files bankruptcy it will only mask the real problems that much longer so what she really needs is some good advice. If you know of any good websites, or have any good advice, I would appreciate your input.

What she needs is to learn to budget and I would say based on one and possibly two bankruptcies, she may not practice what is painful which is self discipline. http://financialplan.about.com/od/creditanddebt/a/GetOutOfDebt.htm is a starter site. http://financialplan.about.com/od/personalfinancebasics/a/MoneyMistakes.htm is a good site to see what her goals should be.
Here is what she is going to have to do to get it under control:
http://financialplan.about.com/od/creditcarddebt/a/EliminateCCDebt.htm
and there are a zillion other sites. But, leading the horse to the well and getting it to drink are two different matters!

My boyfriend has a pattern of overspending and living paycheck to paycheck. At the beginning of our relationship, I let it go. And then I got really worried about what this could mean for our future. And, now I’m just resigned that we’ll never be that kind of couple who invests together. Is my boyfriend’s irresponsiblity with personal finances something I should be concerned with?

If you want to have a future with him, yes you should be concerned with it. He would be compromising both your futures. It would be difficult to make the major purchases that you’d like to in your life (like get a mortgage together), and you will not be able to get through the rough times well (like if one of you gets laid off for awhile).
I would sit down with him and set up a budget. Have him work on paying off any debts while not being able to exceed an allowance (cash allowance only…take away all other access to money — except for an emergency card that he can’t use unless his car is in a ditch or something).

I am considering employing the services of a Financial Advisor. What exactly do they do? Are they helping you budget? Improve your credit? Invest your dollars? What can I expect, as I need to make sure I get my money’s worth!

Thanks!

The essence of Personal Financial Advising

So the answer you are looking for as you read this is "What specifically is http://personal-financial-advising.blogspot.com/. This term means different things to different individuals and I’m here to inform you about what Personal Financial Advising is and how it can help you on your way to personal financial freedom.

The NAPFA defines Personal Financial Advising as situation where industry professionals help people to manage their money for both the the near future and long term by helping them in deciding which stocks, bonds, and mutual funds to invest in. This is an excellent definition of Personal Financial Advising in general terms but does explain everything.

Personal Financial Advising is needed when someone needs assistance in managing their money but does not have the time, knowledge, or resources to do it in the most effective way. When this happens a Personal Financial Advisor is needed.

The goal of a Personal Financial Advisor is to help their customers in attaining all of their financial goals. A Personal Financial Advisor should be involved in all areas of a customers financial situation beyond their day-to-day situations. In doing this one might be involved in helping customers invest for retirement, invest for a childs college, make the proper general investment choices, or even help with home loans (mortgages) or car loan advice.

When people uses a Personal Financial Advisor there is often a charge associated with the use of services. Often times though the charge is greatly outweighed by the financial gains one sees from the advice they receive.

In the end Personal Financial Advisors is just as they seem. They are simply advisors who give clients advice on how they should handle their finance so that their money works for them instead of them working forever because they don’t have any money. When it comes down to it, it is ultimately the individuals decision on how they want their money to be handled. Personal Financial Advising is a great tool for anyone who wants to experience financial freedom but does not have the knowledge, time, or resources to do it on their own.

I hope this article has at least give you an idea of what Personal Financial Advising is. This article was very brief on the topic of Personal Financial Advising and a book could most certainly be written to explain it in full detail.

If you have any questions about what Personal Financial Advising please feel free to visit my newly started blog regarding it. I plan to post information about it, including advice, every couple days.
http://personal-financial-advising.blogspot.com/

In my personal finance class I have to design a honeymoon for under 999$. I figured backpacking could be an interesting one to do.

Backpacking would be a great idea. Also try www.Backpacker.com. To keep your budget low and save money on all the gear you want to by try this site( http://www.gearcompare.com. They are awesome and have coupons from Altrec, Backcountry, Moosjaw and many other great camping stores.

I have a girlfriend who is great and we have been together for 4 years. She is fantastic in every way except for managing her finances. She currently earns more than me but she is always overdrawn and I have had to bail her out on more than one occassion.

She was brought up in a house where her father spent money loosley and she was never taught to appreciate the values of personal finance management. I have tried to broach the subject several times but it always ends in a arguement and she becomes really defensive. She doesnt open her bank statements and sometimes she even hides them! She can never estimate her current bank account within £300 + or – !

What can i do to make sure she sorts this issue out without having any more arguments? I don’t want to live like a pauper and grow old with her in a dingy bedsit! lol.

some people may never change, but "guiding" her in the right direction by setting her up on a budget would be the best thing to try. give her a weekly "spending money" that you both can agree on, and try to stick with it. She most likely won’t like the idea at first, but getting her to give it a try may lead to better future.

My husband owns a very small pest control company. We do not get paid on a regular basis and the amount always varies depending on how many jobs he has that week. We are trying to get on a budget and I am not sure what to do. We’ve been on a budget before back when he worked for a company and got paid a certain amount each week. I do not know how to account for the variations.

Take out a sheet of paper and write down each and every expense that you have. Next, put them in order of importance. I recommend starting with food, shelter, utilities, and clothing. From there move into debts and finally at the end of the list, unfortunately, should be entertainment.

As money comes in pay the items in the order you listed them. For instance, at the beginning of the month you will need to pay the rent/mortgage. Once that is paid for use whatever money is left over to pay the next item on the list.

Each time you are paid just start where your last income left off and go down your list. It is a great idea to set aside a little money each time you are paid to build an emergency fund of one to two thousand dollars to help you through any slow times you may see in the future.

Should you want more information regarding budgeting or emergency funds you can check out cash-in-full.com. It is a blog focused on personal finance.

I hope this helps. Best of luck!

If you could have any application on your IPhone to help you with your personal finances what would it be? I’ve had issues keeping my finances straight despite trying checkbook apps and various budget apps. I’m wondering what works for other people.

I wouldnt use ANY finacial app on a cell phone or PDA of any type.

Seeing how easy they are to lose or get stolen, why subject yourself to having your personal information compromised???

Im doing a project for my personal finance class long, so long story short, i need to make a budget and being only in high school i don’t buy groceries,

So for 1 person how much do you spend on groceries using coupons?

Why don’t you go to the store with your mom and figure it out? Take a calculator and figure out how much you’d spend.

I spend about $400 on groceries and $500 on meals out each month for my family of four. That is about $225 a person.