It’s is important to save money by managing money so that we can enjoy financial freedom in the future. Perhaps, you are just realizing how imperative it is to manage money wisely. If you’re a beginner, then are few simple tips that are easy to implement and will lead on the fast track to saving money.

Money Management List

Put together a list of your goals and of the reasons why you want to manage your money better. In order to gain motivation, you need to know why you’re doing this. Know that this is positive step forward and being able to manage money is a very valuable skill.

Take Inventory

Next, gather all your bills and receipts and spread them out. Take note of where your money is going. If you notice that too much of money is being wasted on trivial purchases, then change the way that you spend. Incorporate a budget. Make sure that your checkbook register is up to date. If you prefer not to use checks, then there are some great financial journals out there. Financial journals are also perfect for helping you budget and organize your bills. Calendars are a fantastic alternative to registers because you can see where your money is going day by day. Plus, you can keep it posted up as a reminder to stay on track.

Get Your Credit Report

Your credit report is essentially how you manage your money on paper. Get a copy of this to further understand what steps you need to take. You can request a free report every year from annualcreditreport.com.

Get Rid of Debt

After that, take a look at all your debt. If you have credit cards, stop using them unless you are able to pay off the entire balance each month. Locate the debt that has the highest balance, interest charges, annual fees and pay extra on it while paying the minimum on all your other accounts. The longer you carry a balance, the more interest you’ll be charged. As a result you will save money by paying off the account quicker. Once this debt is paid off, contribute the spare to the next biggest debt. Repeat the process until all your debt is paid off. This process can reduce and completely eliminate your debt within a few years.

Save The Rest!

A portion of what you have left over after paying all the bills needs to go into a savings account. If you don’t already have one, make sure you find one that pays you the highest interest and doesn’t charge you any monthly fees. It’s necessary to build a solid nest egg so you and your family will be taken care of in the future. Don’t blow any extra money you receive. Tax return money and that end of the year bonus needs to be put in a savings account. Money management takes self-control.

Since you’ve made the decision to manage your money wisely, pass down that information to your kids. Teach them from an early age so that they don’t fall into some of the same traps. Learning how money works will make our children more successful once they enter the real world.

Getting rich is simple if you watch what you spend. Many people waste money on non essential items when they could have been saving money and becoming financially secure!

Tablet computers are hot, but when you have got the best that money can buy, don’t forget to use it for a less glamorous purpose – planning your finances for the week, month, and year and for the future. What would happen to your family if you died today – would they be ok?

Will Writing

As long as you have a few assets, you should go ahead and get your will written. If you own a home or have children you should make plans to have your will completed by later today – just in case. If you don’t have a will, the law dictates who will get what and when. With so many families having second marriages and children from different fathers, the need for a will to have a first say over the law without a will is essential; even more important than checking out those 0% credit cards

There are two ways you can tackle this task. You can use your lawyer or try an online service via your nice new tablet. It’s easy to know which will be best for you.

Online or offline?

If your situation is relatively easy to explain, then you may be able to use an online service. By having all the relevant information to hand – names, addresses, relationships, lists of assets and liabilities – you should be able to complete the assignment in less than an hour.

Check out the online will writing companies and compare their fees and see how you feel about the ease of use of their website. It’s a good idea to check reviews of the websites that come top of your list as some that were looking good two years have disappeared today. Finding a safe and secure website is essential as the information you will be providing will be close to your heart, as well as your bank balance.

Your online cost will be well under $100, sometimes much less. In contrast, if you need to go to a lawyer because your will writing process is more complicated, that $100 will be gone by the time you walk though their door. Don’t cheap out though; in the long term, it might be better to spend $400-$950 to ensure that your will is written correctly as this may save you or your family many thousands later on in life.

Making your decision

Estate taxes on your assets are triggered at around the five million dollar mark. Below that level you should be able to write your will online. Over that figure and you’ll need a lawyer’s advice to choose the best way to structure your finances now and after you die.

An online will works by asking you lots of questions. How you answer often dictates the next question. The idea is that you form the best will specifically for you this way, but it won’t help you answer questions that a live person could ask through their years of experience.

If you do it online, you must check that the will is right for your state as states have different laws and regulations.

Personal decisions

You will need to make a number of very personal decisions when you write your will, whether that be online or in a lawyer’s office. You should note that spouses make separate wills and they can be different in content.

If you have jointly owned assets (your home, perhaps a bank account) they will automatically go to the joint owner on your death unless you have already completed paperwork treating the assets as two separate halves so you can distribute your half how you want to.

You will need to consider alternative people to receive assets from you if your first choice dies before you.

Children

Even if you don’t have enough money to last beyond the next month, if you have children you need to write a will to dictate who will look after your children if both parents should die together. This also applies if you are a single parent, perhaps widowed, with no set home for your child if you should pass away.

In your will you can name who will become the guardian of your child. This person would be given the task of bringing up your child as if they were their own, but with instructions from you as to your wishes for education, religion and finances.

And that’s not all. Whether you use your flashy new tablet or go to a lawyer, your will must be correctly printed, signed and witnessed to be valid.

Most people who have traditional health insurance feel good about the coverage their policies provide. Unfortunately, many of these policyholders fail to realize that if they were to fall critically ill their policies may not be there for them when they need coverage the most.

Traditional health insurance policies usually have a payment amount cutoff and a limited number of days you may stay in a hospital during your policy term. This could prove detrimental to you if your doctor diagnoses you with an unexpected critical illness. That’s why adding a supplemental policy to your health insurance that has critical illness cover is so important – it may just save your life. Critical illness cover will not only cover your hospital costs, it will also pay out regular income to you when you are out of work due to your illness.

Critical Illness Cover: The Basics

Critical illness cover will not insure you for minor injuries. You will not be able to use it for emergencies such as broken bones. However, your plan will definitely cover you if you have a serious, life-threatening medical condition – the type of condition that could cause you to lose your job because it renders you too weak to work.

Illnesses that are generally covered include:
• Cancer
• Heart Attack
• Organ Transplant
• Stroke
• Alzheimer’s
• Multiple Sclerosis
• Severe Burns
• Blindness/Deafness

If you need to verify whether any of these critical illnesses are covered under your plan, check with your insurer. A complete list of serious conditions that are covered is typically included in your policy documentation. As with most health insurance policies, when applying for critical illness cover, you will be subject to a risk assessment. Your age, gender, current health, smoking, family history, and past medical history are all factors your insurance provider will consider when you apply, and the results of the assessment may affect the price of the premiums you will pay.

With critical illness coverage, there is an emphasis placed on family history, smoking, and body mass index because these are all major risk factors for a future serious illness. These factors may raise the costs of insurance, and you may also be excluded from coverage for certain serious illnesses due to your perceived risk.

This is precisely why you must read the fine print of each policy you consider. Make yourself fully aware of every clause in each policy so you’ll know what’s covered – and what’s not. Seek out the most comprehensive coverage you can find for your money and assess the restrictions that apply to each policy. Additionally, it’s a good idea to look for life insurance companies that are liberal on their risk assessment.

If you are young and healthy, it’s best to enroll in a critical illness cover plan now. Your premiums will be cheaper the younger you are. As you age, your risk for certain life-threatening conditions dramatically increases, and your premiums will rise in tandem.

The Importance of Critical Illness Coverage

Insurance companies provide critical illness cover with the intent of providing financial stability to people who have been diagnosed with a serious condition. The benefits of purchasing this type of policy are coverage for hospital costs incurred during your treatment, physical therapy after any operations, home healthcare assistance and hospice, and help for any lost income you may have suffered due to your illness.

Your medical costs may not be all your plan covers. Your insurance could also pay for your mortgage if you contract a serious illness or die. With critical illness cover, you may have the ability to manipulate your plan to pay a portion of your mortgage or pay your mortgage in full. Check with your provider to find out if this is a benefit of your plan.

Other Alternatives

Most critical illness cover plans are designed to pay you a lump sum of cash if you are diagnosed with a serious illness that is covered in your policy. Treatment for serious illnesses gets very expensive very quickly, and an alternative policy option may be direct payment to the hospital on your behalf for any costs that you incur during treatment. This helps you skip the long, frustrating process of reimbursement for payments you make, and depending on your plan, it may eliminate out of pocket expenses altogether.
Another alternative is to receive care from highly specialized hospitals located outside of the country. This type of coverage will pay for all travel expenses and accommodations for you and a companion, and will even provide translators if necessary. This is a highly specialized plan, so shop around for providers before deciding which company is for you.

We’ve all experienced the joy of finding cash down the back of the sofa or in an old coat pocket. Now multiply that feeling and imagine the loose change as lost bank accounts worth a substantial amount of money.

For many it would seem inconceivable that bank accounts could be lost or forgotten about, but it happens more frequently than we imagine; moving address and a change in personal circumstances such as getting married, divorced or widowed are main factors.

It is estimated that up to £1 billion is sitting dormant in accounts in the UK in the form current and savings accounts, premium bonds, pension schemes and insurance policies. Banks do try and trace the owners of accounts which is usually prompted by returned letters and statements and accounts with long periods of inactivity.

Legislation set in 2009 now means if an account remains dormant for over 15 years it automatically gets transferred to the government fund and invested into public and social programmes. This however does not affect your right to money which is rightfully yours and you are entitled to reclaim in at any time.

Tracing lost bank accounts
Recent figures suggest that there are around 150 million bank accounts in the UK and around half a million ‘lost’ which can easily be recovered. If you know the provider your account is with, begin by contacting them with as many of the account details as possible such as account name and number. Remember to search accounts that may have been set up in a maiden name. The bank has up to three months to respond and decide on the validity of a claim. If it refuses you can complain to the internal complaints department and if this is unsuccessful you can contact the financial ombudsman service. There are also special websites which offer a free tracing service such as the NS&I’s My Lost Account. It’s worth a go as lost accounts can sometimes build up to a substantial amount due to interest accrued over the years.

Tracing Lost Pensions
On average we change careers five to seven times in our life so its unsurprising that keeping track of all pension paperwork might be difficult. It’s also difficult to keep abreast of insurance mergers over a lifetime as companies dissolve and merge into one another. Those most likely to be affected are those who may have been starting their career amidst the boom of company pension policies in the 80s. Until 1988 it was compulsory to pay into a company pension scheme if there was one in place and if you worked there for a couple of years it’s likely your pension may have been preserved. Recent pension legislation changes have also allowed small personal pension pots of up to £2,000 to be accessed as a lump sum rather than a paltry annuity amount.

Firstly, contact the Pensions Tracing Service, part of the Department for Work and Pensions, who keep the details of up to 200,000 pension providers and their latest contact details. Details of both company pension schemes and personal pension schemes are kept. Try to remember important details: where was the policy run from, did the employer trade under a different name for instance, what type of business was it and when did you belong to the scheme? It’s up to you to contact them and its important to check whether you are entitled to any pension. You may also be able to claim the pensions of relatives that may have passed away.

After being reunited with a potentially substantial amount of money, it’s always a good option to enlist the help of an independent financial advisor and re-invest. For your savings a high yielding savings accounts such as a savings bonds or an ISA will find the best interest rates. Similarly, make the most out of lost pensions by exploring your options regarding annuities.

This post was written by John Hughes who is the resident blogger at Independent Financial Advisor , a UK based site that provides access to financial advisors as well as to debt advice charities for those struggling with their debts.

They say that you should choose your friends wisely. I firmly believe in this advice and try to follow it as best as I can. You may not be able to choose the people you meet or your circumstances but you can choose your friends. If you want to become wealthy then you should be mindful with who you hang out with. Here are 4 reasons why your friends can make you wealthy.

Network. Your network is equivalent to your net worth. You may be good in what you do but in order to succeed you will need certain people to help you get there. A powerful set of friends will speed up the process. Why do you think organizations exist? It is so that like minded people can gather together and help each other. But in order to receive, you have to giving. Receiving without giving back will result in bad karma. An open hand can receive more blessings compared to a clenched fist.

Mindset. If you want to be a millionaire hang out with millionaires. These people think and act differently from “normal people.” When you look at rich people and poor people you will see that they are not much different from each other. They are basically the same when it comes to looks, talent or skill. The only real difference between rich and poor people is mindset. Wealthy people have a powerful mindset. When they want something they don’t look at the barriers along the way. They focus on the goal. Friends are a powerful influence. Hanging out with successful people will equip you with the mindset you need to become a success.

Resources. Your friends can be your resource. Where do you turn to when you have problems? Aside from this, your friends can become your business partners. You can use each others expertise to mutually benefit each other.

Moral support. The road to wealth is fraught with trials and hardships. But you need not do it alone. Having the support of your good friends can go a long way towards driving you on to continue the journey.

Good friends are like diamonds. They are rare and difficult to find. So treasure the friends you have and look after them.

Chris Zuckerman is the President at his b deck and steel deck fabrication facility located in Atlanta GA. He loves to play golf and travel around the world with his wife and 3 kids.

Few Americans have a kind word to say about their government these days. It would appear as though our tax dollars are going to the funding of an inefficient overseer, who, despite having access to huge sums of wealth, is unable to accomplish even the smallest of tasks. While the full breadth of government waste and weakness cannot be defended, it’s worth mentioning that while it seems as though every tax dollar goes to unnecessary or useless expenditures, the various agencies and departments of the federal government we fund are ultimately there to help Americans. In particular, these agencies provide Americans with an array of useful information and tools available online.

One such tool is the online financial calculator, which has made breaking down and comprehending large-scale money moves an easier process for countless Americans interested in taking out loans, making investments, and committing to bulk purchases. Thanks to the existence of several agencies of the U.S. government, such calculators are as accessible online as car insurance quotes. Just take a look at the following examples:

Paying off credit card debt: The Federal Reserve website features a credit card repayment calculator that individuals can use to project how long it will take them to pay off their debts. Simply insert either your desired monthly payment or your desired point of payoff, and the opposing sum will be figured.

Taking out a mortgage: Which is the better choice considering the size of your down payment, a 15-year fixed rate mortgage or a 30-year mortgage with increasing interest? You can find the answer by visiting the Ginnie Mae website and plugging in the various variables regarding several mortgage options.

Making investments: The SEC has a web page devoted to an array of tools and calculators for investors. Options vary from mutual fund cost calculators to a risk meter for investment fraud. It’s a useful source of information for first-time investors, and would otherwise be hours of Google research if it weren’t for the existence of this government agency. In addition, the Treasury Department has everything you need when it comes to computing the investment value of bonds and securities.

Going green: For business owners, homeowners, and everyone in between, the U.S. Small Business Administration as well as the Department of Energy have websites devoted to calculators that quantify the savings incurred from buying energy efficient appliances and electronics. For anyone still skeptical of the economical benefits of going green, these federally-provided calculators give you all the proof you need.

Borrowing to pay for school: One major problem that millions of Americans are facing is the weighing stress of student loan debt. Figuring the final bill for four years or more of higher education is difficult when you are taking out several types of loans. By using the Department of Education‘s federal loan repayment calculator, however, you can get a firm grasp on the long-term outcomes of borrowing PLUS and Stafford loans at varying interest rates.

It’s not easy finding something worth praising the federal government for these days. But for the majority of us who deal with personal finance and investment concerns on a daily basis, it’s nice to know that our tax dollars are at least going to online tools that can make our decisions a little more educated in their design.

Being frugal does not imply that you are cheap, selfish or mean. You are only being frugal because you are trying to save for something specific or clear a certain bill. To stay focused, you have to write all your goals down and know what you want to achieve. Through a lot of commitment, you will be in a good position to meet all your goals.

1. How To Be Frugal
First of all, you should calculate the amount of all the cash that you have on hand, and how often you will receive more cash. Once you finish, you need to compile a list of all the things that you need. Then, go through it again to confirm that all of these things are actually necessities. Once you have made the confirmation, it is advisable that you start calculating the cost of the different commodities that you have listed. This way, you will know the amount of cash that you have to spend every month.

2. Start Shopping!

Look for stores that have free samples and discounts. The free samples will come in handy, and you will not have to spend a single cent on these items. By searching and asking around, you will be able to find different places where you can be given different kinds of samples. The best place that you can go to is online. Once you have subscribed to various listservs and emails (if you don’t want your email full of junk, open an account just for this), all the items will be sent to you through your mail. To keep getting the deals, you’ll have to renew the subscription.

3. Go Green!
Use energy-saving equipment. These include solar panels and energy-saving bulbs. When using a panel, you won’t have to make any electricity payments. This is because you will be getting your energy from the sun! Just.make sure that it has been installed in a place where it can be fully exposed to the sun.

4. Medicinal Cures

When buying medication, you will notice that the brand-name items are more expensive than the generic brands. If you are really trying as much as you can to use less cash every day, you should really purchase the generic medicine. They are effective, and so long as you follow the instructions carefully, you will be able to heal all the same.

5. Bonus Tip
To really be frugal, invest the cash you have saved on a lucrative project, some promising stocks or at least a good savings account. This way, you will be making more cash at the end of the day. After you’ve worked hard enough, you can finally reap the rewards!

Taylor Levine writes about frugality, travels extensively and frequents Homeownersinsurance.org.

There are a lot of things that one works hard to accomplish. No matter what your goals are, they’ll only be achieved if you are committed to seeing results. A great example is being frugal. The chances of saving a lot of money are only high if you are committed, confident and creative. All you have to do is to carefully think about a plan, then decide what you should and should not do when it comes to spending. From here on out, it’s only a matter of sticking to it!

Read these tips to guide you in your plans

1. Bills

Pay all your bills on time. By doing so, you will not have to pay extra charges. You should also do away with all unnecessary expenses. This way, you will have enough cash to have all the payments made on the day they are due and less bills to pay in the first place.

2. Budget

You have to come up with a budget. Make sure that you list everything that you cannot do without. You should then calculate the amount of cash that you are supposed to use in one month or week. Once you have it all down, you have strictly follow the budget. Only if you are true to the plan will you save any money.

3. Spend Less

Live below your income. It sounds simple, but you’d be surprised how easy it is to spend a little more than you make each month, thinking you can pay it off later. Once you commit to this new method, you’ll be in a great position to actually save cash at the end of each month. Keep in mind, though, that if this is your only or primary method of getting frugal, you won’t see results right away. However, if you’re patient, you’ll see results after only a couple of months.

Through frugality, you will be in a good position to meet any financial goal. Maybe you need to put away more for retirement or college. Maybe you want to go on a trip down the road. Regardless, the best thing about frugality is that it’s a lifestyle choice. Like any healthy lifestyle choice, you’ll get used to your new, positive results.  This is perfect, because if you decide to splurge on a big trip someday, you’ll have the skills to save up for another trip after you’ve returned! Never stop being frugal – you’ll  be happy you listened to that little voice inside your head.

Michele Danyelson loves to live frugally, write & visit Boatinsurance.org.

Saving money is important, but it takes more than just tucking away a portion of your paycheck to really be successful at it. Cutting corners to reduce your monthly bills, as well as other measures, such as spending less at the grocery store, are equally important. Here are some tips and hints to help you keep costs down when you head out to do your food shopping.

Use Coupons
You don’t have to be an extreme couponing master to take advantage of the money saving opportunities found in coupons, which can really make a significant difference in the total amount you spend at the grocery store. Your first, and often best, resource for coupons is still the Sunday edition of your local newspaper, but don’t forget to look into rewards programs and bonus shopping cards that might be offered by your favorite stores, and also check online for printable coupons. Great places to look are on manufacturer’s websites, and websites devoted to any favorite brands you might have, as well as your market’s website if they happen to have one. Another strategy for obtaining coupons is signing up for newsletters at these various websites, as they often feature money saving offers. If you’re concerned about the extra amount of email generated by this technique, you can create a separate folder just for this purpose and direct the mail straight into it, or, you can also create an entirely separate account specifically for them.

Purchase produce that’s in-season
If you’re craving a tomato in your salad in the middle of January, be prepared to pay substantially more for it than you would in the summer months. When you buy produce that’s been shipped in from wherever in the world it happens to be the proper growing season, not only are you paying more than you should, but you’re also taking part in a practice that’s damaging to the environment.

Plan your meals
We all know that it’s important to use a list when we go grocery shopping, and also to not shop when we’re hungry. Another effective way to avoid over spending is to create a weekly meal plan. Try sitting down at some point over the weekend, and working out a weeks worth of menus. You can then create a shopping list of necessary ingredients from the menu plan, fill in the blanks with other household items you might need, and you’re done!

Take full advantage of your freezer
Learn to “feed the freezer” at the same time you feed your family. Simply prepare more than you’ll need for each meal and freeze the extra portions for easy and quick meal options in the coming weeks. If you try this technique and find that you enjoy having the extra meals at hand, and if you have enough space, try Googling “once a month cooking” for a whole range of tips and tricks on how to prepare food in advance and stock your freezer to save money and time all month long.

Get gardening
It may seem like a foreign concept right now in the cold months of the year, but, spring really is right around the corner and there’s no time like the present to start planning a vegetable garden. Take advantage of the wealth of knowledge available online and in your local library if you’re a novice gardener, and make it your goal to enjoy fresh, delicious produce all summer long for a tiny fraction of what you would pay at the grocery store, or even at the farmer’s market, not to mention the satisfaction of knowing you grew it in your own soil with your own hands.

Keep these tips in mind to help you become more experienced at saving money on your grocery bill.

This guest post was written by Jennifer Allen for AdvanceMe Inc. America’s leading provider of cash advances for medium-small businesses.

Most people would agree that a home is one of the most important purchases an individual will make in his or her lifetime, and for this reason it is essential that the homeowner obtain suitable insurance for the property. Saving money on home insurance is not as difficult as one may think, and the following are some tips on how this can be accomplished.

Reducing Coverage

Many house insurance policies include certain benefits that an individual may find unnecessary. These include free legal advice, or coverage for lost belongings while traveling. It is wise to read through the entire policy to discover which benefits are practical and useful, and which ones could be eliminated. By reducing coverage, one will find that his or her premiums can be significantly lowered.

Paying Annually

Although most insurance companies allow clients to pay their premiums in monthly instalments, there are some agencies that will charge interest for this option. If possible, a homeowner should make arrangements to pay his or her insurance premiums yearly, as this will be less expensive than paying month to month.

Avoid Small Amount Claims

Making numerous claims for small amounts can increase the cost of a person’s home insurance, as his or her provider may view such a client as a high risk and increase the cost of the coverage. This will also result in the homeowner losing any “no-claims” discount associated with his or her policy. While a person is certainly entitled to enter a claim for anything covered under the policy, it is wise to ask oneself if the small claim is worth possible future price increases.

Higher Deductibles

Choosing a policy with a higher deductible is also a quick and easy way to reduce the cost of insurance. Depending on the provider one uses, selecting a higher deductible can result in the homeowner saving as much as 20 per cent on his or her annual premium. While this means the homeowner must pay a higher amount towards repairs in the unfortunate event that a claim is filed, it is still one of the most popular ways of reducing the cost of property insurance.

Security Considerations

If a homeowner protects his or her property with a security alarm, sprinkler system, outdoor lighting or window locks he or she can expect a premium discount of approximately five per cent. It is wise to first call an insurance agency for recommendations before selecting a system. Additionally, smoke detectors are required in certain states, and some carriers will refuse to insure a home in which no smoke alarm is present.

Shop Around

By comparison shopping, one can usually reduce his or her premiums by a considerable amount. Although this may seem like an obvious point, statistics have shown that a high number of consumers obtain only two quotes when shopping for insurance, or simply renew their current policy without comparing its price with that of other providers. Numerous home insurance websites will compare multiple policies for those visiting the site, making the task of comparison shopping easy for anyone.