It would be quite an experiment, if someone had a record of everything they used in life and which part, if any, came from classes in high school. Maybe the wise-crackers would be right most of the time, but we’ll leave that discussion for another day. There are definitely a few subjects which every student could use, and one of them is Financial Literacy. For whatever reason, the principals and education experts have never made this a requirement, though it is hard to think of a better idea.

Financial Literacy as a subject in school would be a course examining the impact of certain decisions on your finances, encompassing major and minor decisions. Basically, the goal would be to arm students with enough knowledge of the financial world that they wouldn’t go out and make the foolish mistakes that drive so many people to financial ruin every year. The curriculum would go in the following direction.

Week 1. Avoiding scams. The teacher would deliver a tutorial on avoiding scams that prey on the young and naive.

Week 2. How to determine if you can take on a loan. Most young people have no conception of what it means to pay back a debt. The second phase of class would lay out the problems of taking on debt and when it should be done. Personal and business loans would be discussed, along with examining credit card statements and taking on mortgages. The positive aspects (tax-wise) will also be covered.

Week 3. How can you evaluate assets? Students would get an idea of how to size up their assets. Appreciating assets would be contrasted with depreciating assets. Consumables would be contrasted with earning assets. Students would see how purchasing different assets affects net worth over one’s life span.

Week 4. What investment strategies are right for you? This lesson would run through different risk profiles, explaining both what can go right and what can go wrong with these profiles. This should enable you to work out your tolerance to financial risk and therefore make better investment decisions. From there, the class should explain some robust investment strategies for the different risk profiles.

Week 5. Should you leverage your investments. This lesson would run through the advantages and risks associated with leveraging investment portfolios. Tax would have to be covered to some extent in this lesson also as there are some definite tax advantages when borrowing to invest.

Final module. Coming to the end of Financial Literacy class, students would try and see the big picture. Laying out the biggest mistakes made by the young would be an excellent closing statement. Along with any cautionary tales, there would be a way to approach finances proactively. For the young, the advice given would be to work with what you have, and line up ways to increase your earnings without taking on high risks.

Damian Papworth understands that you do not need mutual fund investments. With some simple strategies, you are capable of being your own investment manager.

The first huge step in getting debt free is in knowing where you stand financially. Knowing where you are financially means you MUST draw up a budget. Drawing up a budget is EXTREMELY important to your success. In order to get debt free you need to know what monthly income you have coming in and what monthly expenses you have going out every month. My personal budgets take this one step further; you also must account for expenses that are certain to occur annually, such as license registrations.

You may be wondering what you may need to put into your budget. I have put together an example budget below for an average American.

Rent/Mortgage – $995

Auto Insurance – $120

Auto Loan – $395

Auto Loan #2 – $295

Life Insurance – $65

Water – $39

Electricity – $81

Garbage – $19

Natural Gas – $119

Childcare – $505+

Gasoline – $301

Groceries – $1000

Telephone – $39

Cable – $49

Internet – $51

Cell Phone – $101

Credit Card – $100

Student Loans – $101+

Total – $4385++

Looking at the finances outlined above, each item taken individually does not seem like too terrible an idea. But taken together things start to get out of hand. In the above budget we have nearly $4400 of monthly expenses, AFTER taxes. In order to BREAK EVEN on this type of personal budget you MUST be earning about $70K per year. Keep in mind this doesn’t include children’s doctor’s visits, and all the other annual crap we haven’t even addressed yet, such as enrollment fees, the vehicle expenditures such as registrations and the one off mechanical failures that can cost an arm and a leg. It’s no wonder people are up to their necks in debt. Most people don’t make $70K,$70,000 and most people have all kinds of off the wall expenditures that aren’t outlined on the above financial budget. In order to know where you can cut back, you must know what you have.

My first assignment for you folks out there going over this is to do this very first step. Make a budget and BE HONEST – it will do you no good if it is not accurate. Once we get this done we will be talking about such things as discretionary spending and debt equity. Let us get our budgets prepared so we can begin working on a plan to GET DEBT FREE!!!

Richard DFO Hijinx has an article showing you how to become debt free

With the significant rise in such living costs as food and gas, as well as the current difficult economic conditions, the costs associated with returning to school can be overwhelming for many families. Whether it is High School or University, families are now finding it difficult to meet education expenses. When preparing to return to school in Canada, it is important to create a budget that will put you in control of your finances.

Statistics Canada reports that “Expenditures on school supplies, textbooks, tuition fees, other courses and lessons, and educational services were reported by 43% of all households in Canada in 2006. As well, 5.5 million households reported expenditures on education.” The Quarterly Retail Commodity Survey reports that “the total clothing and accessories sales across Canada in the third quarter of 2007 included $245.4 million in sales of girls’ clothing and accessories, and $227.6 million in sales for boys’ clothing and accessories. The total value of sales of unisex clothing was $125.7 million.”

With the cost of living so high, it is a great time to implement the following budgeting tips:

1. Calculate Total Income: It is essential to know how much money you are bringing in each month. Prepare a list or table of your income sources. This can include: loans, student grants, and job income.

2. Calculate Total Expenses:

Fixed Expenses: Prepare a list or table of all of your monthly fixed expenses. This can include such costs as tuition, books, computer, school supplies, transportation, rent, heat, telephone, utilities, and monthly credit card payments. Calculate your total monthly expenses.

Flexible Expenses: Make a list of monthly expenses that are mandatory but can vary depending on how and where you spend. These include laundry, food, clothing, toiletries, …etc. Calculate the total flexible expenses.

Discretionary Expenses: Make a list or table of such discretionary expenses as entertainment, dining, and unexpected expense amounts, …etc. Calculate the total discretionary expenses.

Calculate the total amount of your Fixed Expenses, Flexible Expenses, and Discretionary Expenses.

3. Determine Budget Amount: Subtract the Total Income from the Total Expenses to determine your budget. If your Income is less than your expenses, then return to your expense list and make adjustments until the budget is balanced. For instance, find ways to cut costs such as shopping at used textbook stores, second hand clothing stores, and looking for back to school sales, etc.

4. Monthly Budget: Once you have a Total Income and Expense Balance, divide the amount into a monthly budget list or table which will show you how much you can spend each month.

When budgeting for the school year, make sure keep your receipts and avoid using a credit card and department store card as much as possible. The high interest rates will only add more debt to your budget. If you have extra money at the end of the month, apply it to your debt. It is important to prioritize your expenses and eliminate unnecessary expenses. Every month, review your budget and update it when necessary. Just because budgeting is challenging, that does not mean you cannot live on a practical budget. In fact, now is a great time to learn how to create and live within a budget. In the end, it all comes down to the fact that you are going to school or giving a loved one the chance to go to school to create a great future.

If you’ve managed (or mismanaged) to get yourself into a boatload of debt, there are ways to insure that this never happens again if at all possible, and the cornerstone of these ways is a sound, well-thought-out budgeting program. While this may not seem like a very sexy answer to what appears to be a huge problem, it is in fact the most essential part of your future going forward from here.

If you don’t manage your money better, you’ll only end up in the same position all over again. I have known many who have dipped their toes in this well far too often, and it has been not only their financial ruin, but sometimes also at the cost of their families. Debt and sensible budgeting are definitely things to get a handle on! Let’s look at some of the ways you can do that.

First of all, if you are married, this needs to be a joint effort. Nothing will bring ruin to a marriage faster than a spouse running rampant with the finances. You need to be in agreement here, both on the totals and the categories of spending. There needs to be give and take. There needs to be some hard questions. There needs to be an accounting of your financial lives that takes into account your needs, and what you can live without. You need to be totally honest with one another, or this is simply a waste of time.

Many people who are in debt trouble resort to the envelope system, where you put each month’s allotment for certain expenses into an envelope in cash, and when this is gone, so is the budget for the month for that item. Obviously, things like your mortgage won’t fit in this envelope, nor should automatic payments. This is intended for controlling discretionary spending that has gotten out of hand and needs to be tracked.

It is surprisingly effective. Some of the categories you might consider are clothing, entertainment, eating out, even Starbucks. I know people who were shocked to discover that they spent several hundred dollars a month there!

The main point about implementing a budget needs to be the long-term aspect of all this. It will do you next to no good to do this for a month or so. Sound household budgeting is really no different than using a budget for your business. Most people wouldn’t consider running a business that way, so neither should you run your home that way. It is YOUR business!

In this day and age when prices keep creeping up and saving is getting harder and harder to do, make it easy on yourself and find the extra dollars to save and invest in the money you already have.

There are free budgeting forms available all over the web. Find one you like and start using it, and maybe, just maybe you’ll find more money at the end of the month this time.

With more and more people taking a greater interest in personal budgeting matters, the following questions and answers were developed to address the most common uncertainties.

What is a Personal Budget?

A personal budget is a financial plan that balances the personal income of an individual with his expenses, savings and debt repayment. The plan takes into consideration the past spending and the personal debt owned by the individual.

By creating and developing a personal budget, we can recognize problem areas where we might have overspent, and adjust our past spending trends for the future. Essentially, tweaking our personal budget on a go-forward basis will free up cash in order for us to repay debt or save more aggressively.

How Can I Create a Personal Budget?

We have a multitude of options and tools at our disposal when it comes to preparing a personal budget. Some of the most common tools include:

Money management software. These programs allow us to track and monitor all of our financial information. Some will save a history of past expenses and give us fancy charts and reports that we can analyze in order to tweak our spending patterns going forward.

Spreadsheets. This type of software often comes pre-loaded on most computers, making it an affordable option. Even with a basic understanding of how to operate a spreadsheet, we can develop a fairly comprehensive and customized budget.

Spending management software. These programs often allow us to download transaction histories from our on-line bank. These programs will give us a good idea how we have spent in the past.

Pencil and paper: Perhaps the simplest personal budget tool is pencil and paper. It is excellent for recording daily household expenditures and bookkeeping.

Who Needs a Personal Budget?

Whether we realize it or not, we all need a personal budget. To a large extent, we structure our financial lives through a budgeting system; the key point is whether we are properly managing and monitoring it! By beefing up our current budgeting system and implementing a more powerful system, we will become better prepared to handle financial crises, such as unplanned loss of income, a death in the family, or any other sudden, negative change in our financial circumstances.

How Do We Maintain a Personal Budget?

Personal budgeting is not only about creating a perfect budget plan; it is also about maintaining it well. One can maintain a budget plan by controlling their urge to spend money. Keep a track of your daily expenditure and cut back on the ‘fixed’ monthly expenses.

What are the uses of developing a budget plan?

Other than the above mentioned uses, a budget plan helps provide for financial emergencies like loss of job or a death in the family. Several other milestones like buying a new car or a house can also be adequately planned with the help of personal budgeting.

Summary

It is recommended that one must set aside an amount that is six times one’s monthly expenditure to cover any unexpected financial problem. With a personal budget, we will not only find it easier to attain this goal but we may manage with a slightly smaller savings base in the event of crisis.

Articles and books on personal finance will provide as many tips as possible in an effort to make at least a couple of them stick. This approach may convince readers to save for emergencies and pay out less than they bring in, but in some cases you can say to much without explaining anything.

In this article we’ll focus on just one technique to improve your finances – paying in cash. Here’s how making cash-only purchases can help you to budget, save and invest.

A Plastic Paradise

With rapid increases in the use of plastic over hard currency, some people consider carrying cash old fashioned. To be fair, plastic is much sexier than a bit of coloured paper with a deceased president gazing into the great beyond. Some banks even allow you to customize the colour and graphics on your credit and debit cards.

Debit and credit cards also offer the advantage of security. With them, you need a signature and/or a PIN number to access your funds. Cash is only protected by your ability to defend it should someone want to take it from you.

Except for the odd country store, plastic is accepted in as many places as cash is. Yet cash is almost always the better choice for making a purchase. Here’s why:

Overpaying

One of the drawbacks of credit and debit cards is that they encourage you to spend more than you intend to by giving you easy access to more capital. With cash, spending more than you intend requires going to a bank or ATM, then returning to the store to complete your purchase. This provides time to reconsider whether your budget can handle the extra strain.

Carrying only the cash you are prepared to spend on a given product can prevent you from ‘buying up’ and paying for features you don’t need. This works for minor items, but buying a boat or pickup truck requires more cash than you may be comfortable carrying on you. If a cheque can’t be used, a debit card is better than a credit card because you can only spend money you already have.

Over-Shopping

Cards won’t just lead you to pay too much for single purchases, they also encourage you to buy more items than you mean to. Stores build displays to make their wares appealing so that you will purchase more. In some cases a checklist is insufficient in preventing impulse buys.

People tend to spend more with credit cards than with cash. One study found that people spend up to 18% more when using credit cards, and McDonald’s notes that average purchases rose from $4.50 to $7 when customers used plastic over cash.

Only carrying enough cash to buy the things on your list is the best way to shop within your budget. If you take the time, you can find sales or inexpensive alternatives to your regular brands to make your cash go further.

Cash Vs. Credit

For the purpose of this article, cash means money you have already earned. Using your Visa for a cash advance does not solve the problem of using high-interest debt to cover your expenses.

Cash has one clear advantage over credit cards: if you carry a balance on your card, or only make the minimum monthly payment, you will incur interest at a rate of 15% or more on your purchase. This means paying $15 or more for every $100 you spend. If you save enough cash for the same purchase, you give yourself the equivalent of a 15% discount by not using your card.

Cash Vs. Debit

If we just portrayed cash as a better alternative to credit cards, few would argue against us. In contrast, debit cards enjoy a protected status, despite ATM fees.

A debit card can also trivialize purchases. Being a square of plastic, it is difficult to tell how much money is spent through your debit card. It becomes a matter of $2 here, $6 there and so on until you give up tracking how much you spend. It’s a shock when the monthly statement comes. With cash, you can monitor your funds as you spend.

Conclusion

Using a credit or debit card offers more security than cash in most cases. For large purchases, cash is often not an option and writing a check or getting a bank draft may be more trouble than it is worth. In addition, a properly used debit card can be a great alternative to cash instead of resulting in credit card issues.

A credit card can also be a convenient tool, but it’s only a fair substitute for cash when your balance is paid in full at the end of each month. Otherwise, your reward for convenience is debt.

If you tend to overspend, shopping with cash is one way to adhere to your budget and limit impulse buying.

As time progresses, more and more people are joining the credit card revolution. Yes, it really is a revolution. These days you no longer have to worry about how much cash you have in your pocket when you go shopping. So long as you have that single plastic card you’ll have enough ‘money’ to buy yourself a treat. You can even use your credit card to order things online from the comfort of your home.

The number of credit card applications is on the rise, but not every application is met with success. Many applications get rejected.

Why would a credit card supplier reject a credit card application after spending so much time, energy and money on wooing and recruiting new customers? One potential reason for the rejection of your credit card application is simple human error. Perhaps you wrote down the wrong telephone number, incorrectly spelled the name of your street or inputted the wrong postal code. Another possibility is that you forgot to fill in some mandatory information on the credit card application form, or misunderstood what was required of you. It’s normal to make mistakes such as these. After all, we are only human.

Your credit card application could also be rejected because of someone else’s error. The person processing your application may find your handwriting difficult to understand, resulting in processing errors. Your credit card sales representative may make a mistake while depositing your form or give you incorrect advice regarding how you should fill out your application. Newly hired sales representatives can make such mistakes, and even seasoned representatives can have an off day.

These types of errors are minor and can be easily corrected. Their only impact would be to delay the arrival of your new credit card. The main and more serious cause for rejection of credit card applications is if you have a bad credit history.

If you have other credit cards or have taken out loans or mortgages in the past you will have already built your credit rating. If you have made your payments adequately and on time your credit rating will be in good shape. However, if you have been irregular or have defaulted on payments, you will have developed a bad credit rating and a low balance transfer credit card may not be in your future.

Your rating is calculated by credit agencies based on information provided by from different lenders and financial institutions. Every credit card applicant is examined for his or her credit rating. If yours comes up negative your application will be rejected outright, not just delayed. This is the result of more than simple human error, and to fix it requires time, commitment and responsibility. Your best bet is to take this responsibility early, and build a good credit rating from the start.

With increasing marketing coverage and resulting in more people drowned in massive debts, debt management is becoming a vital household issue. Debt management has certainly become a very big problem. With growing debts and unforeseen hardships, every one must consider debt relief sooner than later.

Many options are actually available now, but the best move may actually be you helping yourself first more than anything. Here are some suggestions for starting debt relief and becoming more solvent with your finances.

One of the most important moves is to never end the communication with the creditor. While it is a natural response to stop answering the phone and let the mail stack up unopened, this only worsen things after all.

As much as possible, communicate with your creditors and explain the situation to them. Who knows, maybe they will work with you reduce your total balance by lowering the interest rate or eliminating the late and other charges. The intention to communicate with them certainly expresses your responsibility to pay back and this is risk mitigation for the creditor’s part.

Stop using all your credit cards altogether. Whether you file for bankruptcy or sign on with a credit counseling service or debt settlement, you will still be compelled to cut up the cards.

Lastly, always put the plan of getting out of debt a main priority, and work hard to get out of this financial situation.

If you are unsure with the above steps yourself, check with a professional counselor and explore some possible options like debt settlement or debt consolidation. These options will likely reduce your debt by 40-60%. That’s a big help with more money saved on interests.

In a year or two, depending on your debt, you will certainly be debt free. Just have some thorough research before signing the deal with any of debt relief strategies. Some companies will take a large upfront fee setting you back further in debt. Some are just plain rip-offs.

Be careful with the claim that the company is non-profit. They will likely ask for a donation, like just another bill to pay. Some will guarantee to protect your credit rating from bankruptcy. This only is marketing and that doesn’t mean that your credit rating will come clean. Dealing with a debt relief service has surely a negative impact.

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If you have financial problems right now stemming from your inability to repay your debts, a credit counseling agency may be recommend. Your credit counselor will probably enroll you in one of the debt management plans around. Debt management plans are just components of credit counseling yet are not always part of credit counseling in general. These types of plan are not for everyone too.

Only consider enrolling for one of those plans after a thorough review of your financial situation with a certified credit counselor. Also, this will work well with your counselor offering you customized advice on personal money management. Aside from the debt management plan, a sincere credit counseling organization still finds it helpful for you to create your own budget and learn proper money management skills.

How does a debt management plan works? You start depositing money every month with the credit counseling organization. The organization, in return, uses this amount to pay your unsecured debts like credit card bills and medical bills. These are all according to a specific payment schedule which was developed earlier with your counselor.

Your creditors, with a debt management plan, can lower your interest rates and waive certain fees as well. Nevertheless, always check with all your creditors to ensure that they truly offer the concessions that the credit counseling organization featured you.

In this case, a successful debt management plan requires one to make regular and on time payments. These plans could take at least 48 months to complete but always seek information with the time frame. This is for you to have an idea how long it will take to complete the plan and incorporate this with your future goals. You also have the option not to apply for any additional credit while you are still with the plan.

Is debt management for you? Ask your credit counselor for help and more information.

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The best vacations are those where people follow their hearts. These are the vacations where people do whatever makes them happy; be it mountain climbing in Nepal, kayaking in Zambia, cycling in France, or even sitting on the beach in Australia. When the heart is happy, the person is happy. Happiness triggers a flood of endorphins that leave travelers feeling invigorated and feeling like years have been shaved off their age.

Most people are often overwhelmed when they think of trying to take a vacation, especially in these rough economic conditions. They would rather save the money for an emergency situation. When times get harder, depression and stress begin to affect your mood and your physical well being. As a result, you begin to assist the aging process, taking years off of your life, which isn’t good.

For those who have the means to take vacation, they feel like they have no extra time. They spend time between working and looking after their family. Children are busy with after school activities and keep their parents on the run. The dreams of family vacations seem far removed.

If money or time is your problem, there are vacation solutions for you. Selecting the right airline in addition to the right travel package can help you save dollars without affecting the quality of the vacation. Moreover, most online travel websites will work with your scheduling needs. These are both important for having a stress free vacation. When you remove stress, again, you add years back to your life. Plan your vacation far in advance. This will help you take advantage of early bird specials.

Voyages to Africa, if planned ahead of time, can give you a big bang for your buck. There are numerous exotic locations in Africa that cater to different types of vacationers. They have safaris, hunting trips, mountain climbing, white water rafting, and bird watching in places ranging from Kenya to Egypt. An African vacation is sure to excite and titillate, promising an exhilarating vacation. An Australian vacation can introduce a vacationer to wonderfully magical scenery and deep sea diving off the Great Barrier Reef. Seeing kangaroos in the outback can definitely fulfill childhood dreams.

Some travelers much prefer the laid-back atmosphere of Europe. They’d rather visit cities like Paris, London, Milan, Madrid, and Venice. These trips offer lots of history, museums, and luxury. This can definitely be a relaxing vacation option of planned the right way.

Choosing the right airline can help to make your vacation more affordable and therefore more feasible. A great example is Emirates Airlines. They are based in Dubai and have grown to be a top carrier over the years. They fly to over 100 destinations and are recognized as one of the leading carriers in luxury, though they are not expensive. Their destinations are awesome and their service is even better.

If a vacationer picks Emirates Airlines as their carrier of choice, the have the opportunity to take an exotic Arabian adventure, which means tours, safaris, deep-sea fishing or cruises. As an addition feature, a vacation with Emirates Airline can win a vacationer a free stay at Atlantis The Palm, which includes access to Aquaventure and The Lost Chambers. Both are new and exclusive vacation hot spots.

No matter where you choose to vacation, always plan ahead, and be prepared for any surprises. Choose an airline like Emirates Airline that offers affordable tickets, vacation packages, and superior service. After your vacation you will be amazed at how much younger you feel.