A few thoughts on finances

Came though a difficult time with my finances the past couple of years, so I thought I would share a few things I learned along the way.

Taking the necessary effort to effectively manage finances can have far-reaching ramifications on your life as you know it. It will enable you to always foot your living expenses in a time efficient manner. While also allowing you to put away additional savings from the money that you earn. With this extra savings, you can conveniently deal with any outstanding debt that you may have incurred. Lay a nest egg for your retirement years or even spend it on a new automobile or a holiday.

Let us no see just how you can manage finances in a stress-free manner.

Take time to set up a budget

The first step to managing your money is to put in place a practical budget. Doing this at face value can seem to be extremely challenging, but it will in the long run present you with a snapshot of your income and expenditure. As such, there are numerous benefits of setting up a personal budget. This includes significantly minimizing the risks of falling heavily into debt. Conveniently addressing any unforeseen expenditure, maintaining an excellent credit score and even identifying areas you can save money.

To get started on this mode of how to manage finances you will need to determine just how much money you spend monthly and how much you earn. The expenses can include your household expenditure, living costs, travel costs and even leisure expenses. Taking into account your exact income, you will then be able formulate your budget on a spreadsheet or just jot it down on a piece of paper. Alternatively, you can utilize one of the many online budget planners on the internet.

Getting your budget back in order

Should you discover that you are spending far much than you earn in your quest to manage your money, you will need to identify areas where you can cut down on expenditure. This might mean making your lunch at home or even cancelling the gym membership you rarely use. You can as well decide to maintain a spending diary to identify the stuff you buy on, say monthly basis. Should you utilize credit cards, you can take a look at your monthly statements to determine where your money is going.

Try to be flexible

Life as you already are aware is never predictable. So endeavor to review your budget every now and then, when the situation calls for it. You may have obtained a pay rise, which means you can save more. On the other hand, while trying to manage finances, you may discover that your household expenditure has increased.

Meeting credit card and loan bills

If you have taken a loan or incurred some expenses on your credit cards, it is always wise to sort out the debt with the biggest interest rate. Typically, credit cards are noted for charging higher interest rates than what banks charge for personal loans. At the same time, it is essential that you don’t default on any of the terms of agreements you got into. Therefore, while clearing outstanding debts, it is vital to pay at least the minimum amount on your credit cards. Found some good info at http://shrinkyourdebt.co.uk/debt-written-off/how-long-is-it-before-a-debt-is-written-off2/

Have a saving objective

When it comes to how to manage finances most individuals find it difficult to be motivated on the issue of savings. Nevertheless, this process is totally doable once you put some practical goal. The first step is to put aside some money for an emergency fund. Ideally, try to put not less than three months of your expenditure into a savings account Afterwards proceed to put some money into it each month. As your savings grow, you can be able to put away some money for your retirement to live comfortably in your sunset years. You can also formulate an investment plan, which is based on your specific objectives and time frames.

Some stats etc from http://www.ft.com/personal-finance

Elite Dangerous Horizons

I am a big fan of the game, Elite Dangerous and have been playing since it was first released. I also played the original game when it was created in the 1980’s.

Recently, Frontier Games announced a new series of expansions called Horizons. This will apparently include planetary landings, motherships with docked fighter ships within that can be launched as drones or by a co-op player, ships that can have several crew members flying co-op. Really exciting stuff. As I am signed up for the beta, I hope to get access before Christmas. Can’t wait.