Info NEX Finance

Finance is not merely about making money. It's about achieving our deep goals

Month: January 2019

About Spending Equals Investing

Since I can remember I’ve had an interesting relationship with money and how I choose to use it. I was raised by a single mom, who worked extremely hard to make sure my sister and I had a roof over our heads, food to eat, and clothes on our backs. To say it plainly, I don’t come from a lot. As an observant young kid I noticed that at a relatively early age. As a kid I got $100 from my grandma every birthday. Most kids would hit the mall, toy store, or any store that contained something they wanted because that money would burn a hole in their pocket. I on the other hand always waited. It wasn’t that I didn’t want toys, new clothes, or something shiny to impress the ladies with. I just knew that I felt better with the money in my pocket then spending it on something that I could only use, or wear at certain times. My goal was to save it and use it only for emergencies or until I found something that could help me in the long run.

The issue most consumers have is that many think for the moment. That …

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First-Time Homebuyers Can Save Money

  • Create a Household Budget – Write out a list of all your monthly expenses. Go through your checkbook and receipts for the past three months and find out exactly how much you are spending per month. Create a budget that you can live with that limits your expenses. Track your spending, this will help you realize what expenses you may be able to eliminate.
  • Open a Savings Account – After creating your monthly budget, devote a certain amount or percentage of your monthly income to savings. Your savings should be used only for special purchases or holiday spending to avoid using credit cards or creating new debt.
  • Bank Account Fees – Check your bank statements to find out if you are paying a monthly service fee for your checking and/or savings accounts. If you are, it would benefit you to research banking options from other institutions. You may not only eliminate monthly fees, but possibly receive a bonus for opening a new account.
  • Credit Cards – If you carry balances on your credit cards, you’re paying an extraordinary amount of interest. Be prudent, focus on paying your credit cards off or consolidate the debt to an installment loan with a
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Maximize Your Savings

Money- the means of our livelihood

Over the years, due to several reasons like recession and inflation the value of money has only increased and this trend is likely to continue in the foreseeable future. However, its abundance is unlimited, not everyone is entitled to be a millionaire in their lives. Unless you inherit it from your ancestors, you have to earn every penny.

It’s one thing to earn money and another to keep it

With the right experience and talent, anyone can earn money but the toughest part is to save them. Every individual is subjected to some kind of temptation or the other which they like to indulge in now and then. This is mainly the reason why most people fail to save a substantial amount in their lives. Yes, the basic reason to earn money is to support our standard of living but it’s not the end of it. You are not going to earn forever; there will come a time when you have to retire and this is the period when you will require money the most. It can be frustrating time for you if you do not have any savings which is why it is …

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Live Within A Budget And Still Happy

  1. Renegotiate Your Terms: Now and then, it’s good to evaluate all of your recurring bills. Make a call and see if you are getting the best deal possible. Seriously, sometimes all you need to do is ask! It’s also a good idea to check with a competitor. You may find they have a much lower price and it’s worth the switch. Even when you don’t ultimately end up changing providers, checking with a competitor could give you leverage with your current company on lowering your rates. One mistake people often make is not reviewing bills such as insurance premiums after life changes. Who knows, you may have way more coverage than you need. Review these types of bills annually to avoid overpaying.
  2. Stop Paying Money in Fees: Many fees come from financial institutions like Banks, ATMs and credit cards. Avoiding them takes careful planning and sometimes will require you to make a change in your banking institution. If you often get stuck with bank fees or those dreaded, expensive overdraft fees, you may want to change banks or even switch over to a credit union. A lot of credit unions and some banks offer overdraft protection and will transfer money
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Keys to a Successful Budget

  • Consistent income. I know this may seem like a ‘duh’ statement but having consistent income flowing into the home will help meet target budget goals. I know there is a huge entrepreneurial boom happening and that’s awesome! I too have started the path of developing my business. However, I am in a season where I still need my 9 to 5. And it’s by choice! No, I’m not afraid to quit my job. Based on my situation, our household needs this full-time job. I’ve been with the company for almost 14 years now and provides great medical benefits for our household. That’s important because of the medical conditions within our household. I understand starting your own business, being a freelancer, or taking a number of contractor jobs as a great way for flexibility and freedom. However, if you continue to find yourself complaining about your financial situation, then its best you find you a more permanent J.O.B!
  • Intentionally perform better spending habits. This may include writing down the budget and stick it on your fridge to remember what bills are due. I develop the budget for our household and my husband gets frazzled if I don’t put that budget on
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Tips to Stop Overspending

  1. Keep a track of your expenses: When you’re determined to save money, the smallest amount of expense should be tracked as it can make a huge difference in your monthly saving target. Besides, you may not notice the small amount that you keep spending each day on your roadside tea or bus ride till you realize that you haven’t reached the saving target of the month. Therefore, make sure to follow a daily expense sheet where you input the details of the smallest amount that you’ve spent. If you can cut down on your morning tea that costs 5 Rupees a cup daily, you can save at least 100 Rupees a month.
  2. Keeping a credit isn’t a credit: You may feel that if you use the credit card to make a purchase in the heat of the moment, you’re doing the biggest mistake that must be stopped to stop overspending. Research says that it’s easy to follow a strict saving regime if you make your purchases using cash. While you’re handing over the cash, you can actually see how much you’re spending and what remains in your monthly fund. On the contrary, handing over the credit card doesn’t make you
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Solve Budgeting Issues

The first problem that people have with budgeting that I would like to help you solve is having unrealistic expectations. This is probably the most common mistake when trying to make a budget. Basically what happens is that most people get these ideas in their heads that they’re going to save a big amount of money per week/month/year etc. While it’s a great notion to want to save a big amount of money, most people have a hard time actually sticking to it. A good of example of this actually comes from my personal life. I have a friend who’s a little older than me, and she went to Bradley University in Peoria, Illinois. Additional she chose to live in the dorms and not commute. When she graduated a couple years back, she realized that she needed to make a budget so she could put aside money to pay off her student loans. Because she wanted to pay off her loans quickly, she decided to save a fairly good amount of money in comparison to her income. Due to this, she had a hard time sticking to her budget and would often times break it. Naturally, she had to reevaluate …

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Learn Couponing

Couponing can be a lot of fun too whether you are doing it with someone or you are going solo. What an experience it is when you are at the register listening to every beep bringing down your total as your coupons are applied reducing the retail price of your goods. All of your time, effort, and hard work is paying off as they play your favorite beep song in subtraction mode.

Equipped only with the fundamentals you too can realize a great deal of savings. Couponing in the beginning is a lot of work, because your couponing skill is new and has not yet become habit. Learning couponing can pay off big however if you stay the course. For example, think about when you were learning to walk. It wasn’t easy but you stayed with it. How about when you learned how to cook, the amount of work it was in the beginning. But after you mastered the basics, you could almost cook in your sleep.

So you want to know how to get started grocery couponing? Couponing like any skill requires knowledge. Grocery couponing can be frustrating, and almost impossible if you don’t equip yourself with the fundamentals …

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Info of New Year Money Diet

Just as how you’d go on a diet to cut out all the ‘harmful’ food from your meals, a money diet gets rid of all the ‘bad’ spending that you’ve been doing. Call it a financial cleanse of sorts, where you eliminate all unnecessary spending and end up saving more money. It won’t help if you’re a compulsive spender but it will do you good if all you want to do is tighten the belt after spending too much over the festive period.

Make a plan

Start by giving yourself a time frame, so you can evaluate how you’ve done at the end of it, by looking at your expenses and savings. It’s also good to set a target for the end of this time frame, say, to save $1,000 by the end of it. This gives you more motivation, just as an ‘ideal weight’ does when you’re on a diet.

Cut non-essential items

It’s fabulous to check out a new posh restaurant every month or meet the girls for martinis every fortnight but is this really necessary? It could be as simple as forgoing the coffees you have every day from that nice cafe next to your office; a …

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Budget Can Pay Off

  1. Let you decide. When you allocate dollars as part of a budget, you give yourself a chance to be thoughtful about where your money is going and to make adjustments, if needed. For example, if you are shocked by how much you’re spending dining out or buying new clothes, you can curtail spending in those areas. Ultimately, knowing your spending patterns gives you the power to put your dollars toward the things that mean the most to you, and help you reach your long-term goals.
  2. Take the pain out of daily decisions. Daily temptations to overspend become easier to navigate when you have a framework and guidance in black and white. Setting a budget equips you with the power to say “yes” or “no” to a purchase without guilt. You’ll be able to see what’s within your price range and get a clear view of how each purchase will impact your savings plan. The more specific your budget is, the better.
  3. Make it easier to see the value of every dollar. When you’re cavalier about your spending, you’re discounting the effort it takes to earn money. In contrast, when you consider everything that goes into earning a paycheck, and the
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