personal finance forum

One of the areas of life we tend to be most secretive about is our finances. That's a broad category of course, encompassing our income, expenses, assets, debt levels and credit standing. Now for obvious reasons we want to be secretive when it comes to giving out financial information as a matter of protecting our identity-that goes without saying. But the secrecy I'm talking about here deals with people, as in those closest to us.

It's easy enough to see why we don't want other people to know too much about our financial affairs-too much income and assets and other people might resent us; too much debt and poor credit and they might judge us. Who wouldn't want to avoid that?

While we can argue the pros and cons as to how much of our financial lives we reveal to family and friends, there may be times when doing so is in our best interest.

Accountability

As much as we might not like the idea of driving on a road that's monitored by traffic cameras, it's equally true that we tend to behave better when we do. So it is anytime others have sight of what it is we do. It's called accountability, and it's a way of keeping us on the straight and narrow.

At a minimum, we need to keep our spouses in the loop as to what we're doing with our money. While this might be self-evident, in my experience in the mortgage business, I'd come across people who didn't want their spouses to know a about a certain savings or investment account, or about a debt or even a collection of credit cards. There may be all sorts of logical sounding reasons for this practice, but it's doubtful that it leads to a happy place.

"Whoever conceals his transgressions will not prosper, but he who confesses and forsakes them will obtain mercy."-Proverbs 28:13

But beyond our spouses, there's also an argument for having a close friend or family member (parent, sibling or adult child) aware of at least some aspects of our finances. By having someone else in the loop at least regarding the general state of our finances, we're more likely to do the right things-or at least to stick to what it is we've declared to others we plan to do. It's like have a "second pair of eyes" keeping watch over us.

When you have money problems

It's ironic that the one time we most rebel against financial transparency is probably the time we most need to be open about it. Maybe we shouldn't broadcast it to the world, but it's generally better when a small number of people very close to us know what's happening.

You should never go through a financial crisis alone; at a minimum you need trusted people to bounce ideas and strategies off of. In addition, when we're going through troubles we're not always thinking clearly, and that's when an outside opinion becomes absolutely necessary.

Achieving savings, investment or debt payoff goals

If no one knows what our financial goals are it will be a lot easier for us to give up on them when the going gets tough. This is especially true if your goal is to pay off debt. Sometimes the pain of the effort can be offset by the greater pain that comes with disappointing people whose opinions really matter to us.

In general, financial goals are not always best accomplished in private. If you make a plan to begin saving money or to pay off debt, letting one or two others know what you're doing is a way of making the plan official with an announcement. Think of it as an unwritten contract. Once that's done, you'll have greater incentive to follow through with the plan, if for no other reason than to show people you trust that you can be counted on.

In making your final arrangements

Grief and financial management are not compatible. Even though you commit your final arrangements to paper through a will, you still need to have at least one other person from outside your immediate family who will act as a point person at the time of your death to help your family cope with your loss. That person should have intimate knowledge of your finances beforehand.

Though we might think that our spouse-armed with a will-will be up to the task, that isn't always true. Our immediate family may be too overcome with emotion to handle our financial affairs at the time of our death, to say nothing of dealing with banks, creditors, courts and tax authorities in the months that follow. Assigning beforehand a person that YOU trust to help settle your affairs can be one of the best provisions you can make for your loved ones.

How much of your finances do you keep hidden from close family and friends? Have you ever had problems because no one knew anything at all? Have you ever had problems because you revealed too much?

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First of all, congratulations! You graduated from high school and you are ready to begin a new chapter in your life. Whether you have decided to attend college and work part-time, or work full-time for a year after high school, these financial tips will help you to establish yourself and ensure that you will achieve your goals.

1. Develop a positive relationship with money. That may sound really strange, but you need to realize that money itself is simply neutral. It's how you handle it that determines whether money is going to serve you or you are going to serve it. The way to develop this positive relationship is to make sure that you are always in control of your money. The key to staying in control is to never spend more than you earn and to get into the habit of saving wisely.

2. Think before you spend. You are now on your own. No one is looking over your shoulder and asking you how you are spending your money. It is up to you to be responsible with your money and only buy the things you really need. Sure, you can treat yourself once in a while, but remember, only spend money you actually have, and never buy things on credit that you can't afford to pay back.

3. Start saving regularly and automatically. The best way to save is to think about what you want to save for. You will never be motivated to save until you have a definite purpose for saving. Once you have a goal in mind, the next step is to set up a savings account or a Tax Free Savings Account and set up pre-authorized payments into the account. This way you don't even have to think about saving, it will literally happen automatically.

4. Apply for a credit card to build your credit. In Canada, it is very important that you build your credit. If you don't have any credit history it is very difficult to be approved for a loan or mortgage down the road. The best way to build a good credit history is to get a credit card with a low limit. Use it once or twice a month for a small purchase, and then pay off the full balance every month. This way it won't cost you anything in interest but you are showing the Credit Bureau that you can handle credit responsibly. Note: Just simply getting a credit card and not using it will not help you build credit. Note #2: Carrying a balance very close to your limit is not a good idea either.

5. Ask people you trust for advice. Not everyone has a good financial role model. Sometimes parents can teach you bad habits rather than good ones. Seek advice from someone you trust who you know is financially responsible. It's better to learn from other people's mistakes instead of having to learn from your own, so don't be afraid to ask for guidance.

If you can follow these tips, you will be well on your way to becoming a financially responsible adult, and you will be far more likely to achieve your goals, whatever they may be. Good luck!

Pam is passionate about helping people attain financial freedom by providing money saving tips and promoting effective money management. Visit her blog at http://www.Pennysaverblog.com.

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There are many apps available to android users to help manage their finances. When looking for a specific app that will help in keeping track of finances, it is important to know what kind of app that will benefit you the most. If you are looking for something along the lines of a checkbook like app or more of a budgeting app; there is great diversity in what is available.

There is also great variance as far as how detailed or complicated that some apps can be. For more tech savvy people there are more in depth apps that provide additional information. Alternately there are more simple, not as detail oriented apps that will allow a relatively newer person to enjoy and derive value out the app. Here is a short list of some of the more tech heavy app available in the financial realm of the Android Market.

Budget Aids

1. For those that are looking for a more budget oriented app, look no further than the EasyMoney by Handy Apps. This is an all inclusive app with features such as income tracker as well as customizable categories for both income and expenses. In addition it also has a rather interesting feature that allows you to spend money in one currency while tracking it in your native currency. This can come in handy for any international travelers or business workers that work overseas.

Account Consolidation

2. In the case of those that want to consolidate several accounts into easily managed information, Pageonce Pro is helpful. While it can be cumbersome to set up initially, it responds quickly to updates in your accounts. The interface is very user friendly which makes up for the initial difficulty of setting it up. Outside of just the finance realm, this app can also track flights, Amazon purchases and many other things that you might use.

Loan Calculator

3. Is for people who want to customize loan payments and payoffs with relative ease. Debt Snowball by Double E gives you the ability to calculate early payoffs as well as what kind of loan is most easily affordable for your particular budget. This can be particularly useful when you are planning to make a purchase and want some foreknowledge of what length and payment you would like on the loan.

As is apparent, there are a great many different options available to be used when seeking aid with personal finances through Androids App Market. The three that are listed above are for more detail oriented circumstances that may require closer attention however the payoff is well worth the extra effort. It is important to keep in mind that although these apps are useful none of them cover all aspects of the financial world.

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Maintaining all the financial records of your business takes plenty of time, not to mention, the effort as you have to keep up with the tax laws. Getting assistance from a professional bookkeeping service will get you not only precise records but also plenty of other benefits.

Whatever size your business is, small, medium or large, the most challenging and tiring task is maintaining the financial records. Bookkeeping is a lengthy process in which each and every financial detail including balance sheet info, income statements, payrolls, tax returns, cash flow analysis, etc., needs to be kept up-to-date. Many organizations have in-house bookkeepers to keep the records updated, whereas others take professional help in order to keep their records precise.

As opposed to having in-house bookkeepers, outsourcing is a better option any given day. The major reason is the reduced cost of establishing and managing an in-house department. Besides the fixed salary of the employee, other expenses such as cost of hiring and training, book transitioning, overhead, employee benefits, management costs, etc. add to the in-house bookkeeping.

Apart from the expenses, in-house bookkeeping always comes with the risk of missing out on a record which affect the business. Each and every financial detail of the organization is monitored to come up with an accurate ledger and your in-house accountant might leave room for an error which, down the line, will cost you money in forms of penalties on missed deadlines, fixing the errors and more. In the long run, this will make your company look bad and might eventually lose its credibility with the customers.

To escape the above mentioned situations, outsource bookkeeping to a professional CPA and bookkeeping service. Since all your business data is handled by the professionals, you can rest assured that your financial statements are precise, up-to-date and delivered on-time. Knowing their way around the financial ledgers, the professionals take care of billings, bank account reconciliations, payrolls, balance sheets, tax planning and projection, and cash flow analysis. Adding to that, some services also prepare all city and county/state sales tax returns along with providing your with monthly reviews and close-outs.

Along with keeping your books updated, the bookkeeping services offer web-based system to serve their clients across the globe. They store your records on a protected server in an encrypted form which can be accessed by no one other than you and your bookkeeper. With this system, you get a 24/7 access to your financial reports on the website of the service. You will be provided with a password to access your accounting records. Employ a service that provides automatic off-site backup of your data alongside a 24 hr helpline so that you can contact them any time of the day, in case you have a query.

To top that, several outsourcing services offer loads more than simple bookkeeping. They also prepare payrolls for you, write paychecks, file payroll tax returns, etc. Moreover, the professionals will have a good amount deducted on your taxes by the year end. So, you don't only get to save time but money as well.

Whether large or small business bookkeeping service will take the load off your shoulders and get this time consuming job done in a timely manner. With the accurate results delivered by the service, you will be left with nothing but peace of mind at the end of the year.

This article is written by an expert associated with Bay Business Group, a leading CPA that offers bookkeeping services and non profit accounting Washington DC and Maryland are some of the states where the company serves all kinds of businesses.

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Running a business is a challenging task; a lot of businesses have a hard time surviving because of their more established competitors. There are so many things to keep in mind. The customers have to be satisfied and maintained. Competent staff must be hired. Of course, the finances must be managed well.

Money is a very important aspect in any kind of business. A business is established with money, and its purpose is to generate more of it. In a business, every cent that comes and goes out of the organization must be accounted for. Accuracy is needed to handle the finances. This in itself is already a difficult task. To get assistance in this matter, a business can get chief financial officer services.

A chief financial officer, or CFO, is a corporate officer who handles the financial processes of a business. He is responsible for tasks such as record-keeping, financial planning, reporting, and financial risk management. A chief financial officer is usually someone who has an extensive background in accounting. Getting CFO services allows the non-financial managers of a company to completely focus their energies on other tasks, for the benefit of the company.

The finances of a business can be an indicator of how well the business is doing in the industry. It can tell how much the business is gaining and how much it is losing. It can also tell how much the business is using for its self-preservation, like human resources payroll, office equipment and maintenance, and other expenses. With all these things to keep in mind, it can be helpful for a business to get trusted CFO services for their assistance. These services can help a business improve its performance.

CFO services first assess the needs and issues of the business; each business is unique in these aspects. Whatever the size of the organization or the complexity, good chief financial officer services will be able to come up with solutions. Discussions with the business leaders are done, and all the financial data is studied. When the evaluation is done, the CFO services and the business leaders will come to an agreement as to what the objectives are, the time frame, and other things.

Once the proposal has been finalized, the CFO services may hold meetings to introduce and describe the plan, so that it can be commenced. Good chief financial officer services make sure that they can perform within the time frame they have given. With this, the financial processes of a business can be more organized.

For more details, search CFO services in Google for related information.

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What do you think of when you hear the word 'blueprint'? I think of a plan. A set of organized, sequential steps that one must take to build whatever they are trying to build. We don't often hear the word blueprint when it comes to money though, do we?

Maybe, we think, it's because nobody really knows. That cant be the case though, because there are plenty of wealthy people around, people that have somehow figured out how to become and or stay wealthy. How are they doing it? Do they have some sort of magic pill that only people with money can buy? No. thankfully, it's much simpler than that. The answer is, they follow a plan.

People who build and sustain wealth have and follow a plan. They sit down with someone they deem knowledgeable about finance, has the tools to implement the plan and will hold them accountable should they stray. Do you realize that these resources - the people, the knowledge, the tools, are within your grasp? All you have to do is reach for it, and like magic (not really), these things are suddenly available to you.

If that doesn't give you a glimmer of hope about your financial situation, I don't know what will! I experienced profound relief that finally, somebody was willing to sit down with me, give me information I can actually understand and figuratively hold my hand while I build my wealth. Wow.

You should expect (demand) 3 things from your financial adviser/counselor of choice:
They will help you identify areas where you can free up money to be applied to your future goals and dreams.They will help you establish and organize the priorities of your portfolio building objectives.They will help you transform your blueprint, or plan on paper, into actual reality.

It will be clear in your very first meeting with this person whether they are willing or able to follow through on these commitments to you. If they aren't, drop them and find someone else. Financial advisers and counselors are hidden in plain sight - most people never see them until they need them. Suddenly, they seem to be everywhere you look!

Take the time to find a financial adviser that is truly going to work in YOUR best interest. Listen to your instincts and don't be afraid to tell them it's not the right fit. You owe it to yourself and your family!

Most of us know that our finances are one of the most neglected areas in our lives. A lot of us don't get involved with our finances any more than absolutely necessary because it's kind of intimidating and sometimes boring. Of course it's intimidating - finance involves a lot of terms that most of us do not use in our daily vocabulary. Some financial words are just downright scary - like 'shortfall.' Eesh, gives me the shivers just typing the word!

It's important for you to recognize that you have access to resources that can help you understand and take control of your money. Even if you are not all that interested in financial matters, there are plenty of people that are, and that are willing and able to help you. You do not need to do it on your own, in fact, I encourage you not to. I, for example, love learning about all things having to do with money. I'm obsessed with it. I thought I had enough knowledge and practice to manage my own portfolio successfully. After 3 years of a steady decrease, I finally swallowed my pride and admitted that I needed some help. I was self sabotaging (from a financial perspective) and I didn't even realize it. Duh.

In order to get your financial house in order, you need to set and commit to 4 priorities:

1. Protection Management. Otherwise known as 'Quick Cash'. This is cash that you have on hand that you can dip in to should live walk by and kick you in the butt. Believe it or not, this is the foundation to your financial house. Why? Because Its liquid and you can access it quickly. Cash on hand means you don't dip in to your long term savings or retirement accounts.

2. Become Debt Free. Organize your debts based on how much you owe. Start with the smallest balance first, pay it off, apply that money to the next smallest balance and when you pay that off, take BOTH of the previous payments and apply them to the next. You are already used to living without that money - send it to the debt and you'll obliterate it in no time.

3. Build and Manage Savings. It is said that 65% of baby boomers will be financially dependent on either the government or their family or friends for the rest of their lives. That number will continue to increase as more and more boomers enter retirement. If that doesn't scare the pants off you, you may want to check for a pulse. Now, if you dare, take a look at your own family or friends. Remember that 6 out of every 10 people you personally know will be dependent on somebody for the rest of their lives. I did the same for my family - not a pleasant realization. I figured I would have to help at some point but I did not realize the magnitude of this situation! The people in this 65% dependent statistic are not poor folks either. These are people that worked all of their lives, saved as best they could and they still aren't prepared and never will be. The statement 'up a creek with no paddle' comes to mind. Cringe.

As the rate you are going right now, is that going to be you? It was definitely me, before I got a plan. It's amazing how having a simple plan in place takes a hopeless or potentially hopeless situation and turns it around. It won't be easy, or pain free but worth it all the way. If you don't already have a plan in place, or don't understand the one you have, call your financial adviser today and get them out to see you. They will help you get your savings squared away and give you peace of mind as well.

4. The final priority you need to get your financial house in order is income management. Analyze where your money is going, re-route it if it's not improving the quality of your life and develop a realistic plan. Most Americans have been living beyond their means for years and funding it with debt. Try to live as if debt (ahem, credit cards) were not an option. I'm not saying don't use them, just use them wisely. Only spend what your monthly income can pay off 100%. If it works for you, use cash instead of plastic to keep you in budget. Find a way that works for you, that doesn't sacrifice the quality of your life, and start living the plan.

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