Pay Yourself

Paying yourself is when  you take a portion of money earned just for your enjoyment, say buy something for you.
Paying yourself is very important for reasons we are going to see below;
Recently I was talking to personal finance expert after being frustrated for not enjoying my job
This is what I realised;

1. If you don’t pay yourself you will get the impression that you are working for nothing. All the income that comes in is paying for this and that, nothing left for you.
2. If I don’t love myself enough to give myself what I need I won’t be able to help or make someone else happy or satisfy anyone I am to serve.  Be generous to yourself, pay yourself an amount equivalent to what you would have earned when fully employed.
3. Your motivation will be as result of the things you do for you after you get that pay cheque. You are really working for something.

Those whose salary comes with all loans already deducted a small portion to pay you would do you good for your motivation purposes.
The lesson in this was self love to motive you.
“Love others as you love yourself “ comes to mind.
Be blessed.

Annual Budget For Better Personal Finances

Hello
I know there are all these complicated budgets, just want to make it simple.
You can make:

• An annual budget
• Monthly budget
• Weekly budget
• Daily budget

This depends on the circumstances, for example a restaurant budget should not be expected to be the same as a personal or family budget. A restaurant would be required to make a daily budget well as person or family can make annual,monthly or weekly budget.

Annual budget
This budget covers the whole year on monthly basis.
It will include expenses which are not in the norm of your expenses which will be expected to incur  for example study or tuition fees which is paid after every three months.
This really helps in planning your money in advance so that you are not caught unaware.

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Income

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

Total

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

Expenses

Rent/mortgage

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

Tuition fees

xxx

xxx

xxx

xxx

Postal rental

xxx

Water

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

Electricity

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

Others

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

Total

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

INCOME minus EXPENSE

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

The monthly budget we already covered is also similar to the weekly and daily budget,
The other budget you can look at is a household budget.
When making this budget every member of the house is budgeted for according to their particular needs in that month.

Household budget

You spouse  child Dependant Help Grand Total shoes xxx             xxx xxxx fees xxx xxxx clothes xxx xxxx pay xxx Total to include in others on monthly basis xxxx xxxx xxxx xxxx xxxx xxxx

Making a Budget

A budget is money plan

First we look at the importance of a budget:

•     A budget allows you to understand where your money goes.
•     A budget helps you not to spend more than you earn.
•     Budget helps to keep track of personal cash flows.
•      A budget teaches you difference between necessity and luxury.

I do this every month before my earnings come in so this really  works

Requirements for making a budget

You need

       A note book to start keeping records of what you are spending your money on,

 shopping with this note book would not be a bad idea. You could use your diary

The budget should be made before you spend.

•  List your total income for example salary, wage, child support any kind of   moneykind of money coming in.
• List all your likely spending

·         If you can afford you can buy software to help with making budget

Check here http://goo.gl/hY487

This is another link you check out http://christianpf.com/how-to-make-a-budget/

BUDGET FOR MONTH OF	FEB ETC
Income	Amount
Salary after tax	xxx
Extra Income	xxx
Total  Income after tax	xxx
Expense
Tithe (for Christian folk out there)	xxx
Rent	xxx
Electricity	xxx
Water	xxx
Food Stuff	xxx
Yourself	xxx
Others	xxx
Total	xxx
Income minus Expense	xxx

    

This is how I make my monthly budget there several other budgets we shall learn about next time

Solving personal finance dilemma

Hello

Hope all is well

Solving personal finance dilemma

Don’t  hide from your creditors negotiate with them
        How;

•            Be honest with them about your financial position, tell them the truth and come up with solution     together with them.  For example reducing the monthly payments. If you don't this only makes then angry.
•             Explain your commitment to pay that debt, hiding only makes things worse
•              Call them before they call you

Consolidate your debt

Borrowing from official lending agency at low rates for longer period will help clear short term debts.

      Discipline yourself

·         For instance change in lifestyle by focusing on what needs to be done than what you would like to do.

·         A what to do list or a budget every month or for all finances coming in would help you be check

Next time we look at how to make a budget

More signs of adverse personal financial situation.

Hello
Hope all is well

Today am writing about more signs of adverse personal financial situation.
Much as I would like to write about the solutions. It's important to know the symptoms

• If you pay minimum amounts for your bills 

Paying minimum for your bill is better than not paying at all, but its an indicator that your personal finances should be checked. You are running low on cash yet payment of your bills should be priority.

• If you issue post dated cheques with hope that there will be money on that date

The question is what if there is no money on account on that date then your credibility will suffer.

It's important that your creditors trust that you can pay what you owe them. Putting yourself in their shoes you would like the people who owe you to pay.

• If you cannot seem to develop a workable budget

A budget should be part of your personal finance management without one you are going to over spend.

A budget is a plan for all your money which should be done for all your finances 

Next time we well be looking at  more solutions after which how to make workable budget

God bless

Danger signs of adverse personal financial situation

Its been a while

Hope all is well with you and if it's not I pray God  intervenes in your  particular situation.

If you find yourself in the following situations perhaps its time to think about how to solve your personal financial situation.

• Borrowing from friends to meet basic expenses 

Your friends of course are concerned about you and love you, but if this is persistent it could make them weary. It's time to find ways to solve this personal financial situation.

• Creditors and debt collectors calling about overdue  bills which worries you.

Perhaps the land lord  is watching your door like hawk which makes  you uneasy.

• If you don't know how much you owe and you don't want to find out.

Please don't be taken by surprise  keeping records is crucial so that you will not be taken advantage of .

For instance if you keep records you can straighten things out if you are over charged.  

To solve personal financial situation may have to get extra jobs or employment to get that extra income to pay  your debts.
I did come across this great opportunity. 

I hope it is helpful the way it has is for me try this link  http://goo.gl/6g8Bs

God bless

Some solutions to personal financial issues

Today we will be discussing solutions to previous personal financial problem indicators

• A change in behavior may be required to bring personal finances in order like refusing to take new credit offers that come up.
• Always checking your credit card report will always help you monitor your personal finances.
•  Making a monthly budget and sticking with it will help monitor your cash flows
• Stashing some cash away for emergency (saving) would keep one at ease not worrying  about financial situation.