Questions and Answers about 'Manage budgets and financial plans'

 



 

Good free software for time managing and financial planning?

Question:
I am looking for free, or *very* affordable software that I can use to plan ahead. I have several large things I need to save up for, and it can be overwhelming at times. I have determined that I need some sort of solid "plan of action". I want to be able to make better use of my time, make more time within my life to get things done, and also be able to plan and manage my savings and bill payments, so that I can become more intuitive with my finances.

Answer:

Check out Mint.com. It is a free website that provides budgeting and financial planning tools. I have not used it myself, as I have Excel spreadsheets on my computer. But I have heard from others that it is useful. This is not a recommendation, just a suggestion. There may be others that are equally good, if nto better.

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how to fix my financial situation?

Question:
okay so i'm 21 years old and attended the University of Advancing technologies. Long story short is my grades started to fall behind because i was working LONG hours and i couldn't afford the tuition. I couldn't get financial aid because my parents make too much. I don't know what to do, i owe $10,021.80 and it has gone to collections. I only have $20 to my name at the moment and haven't started my new job yet. what do i do? i was only there for maybe a semester, i don't understand why it would be that high.

Answer:

Assessing and budgeting for your current financial situation Developing a financial plan Managing Recognizing signs of financial trouble Handling financial emergencies Dealing with unmanageable debt

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How to make a financial plan?

Question:
We are a recently wed, late 20's couple that need to get a financial plan in order and want some tips on where to start. We're actually in pretty good shape, but it is more a product of our natural frugality and being fortunate with the job market than anything else. We are both employed with a combined income of about 105K, have good credit, and are comfortably meeting our expenses and student loan payments. We have about 100K in student loan and another 8K in car loans, but no other debt. I also brought about 20K from a managed fund into the marriage that I intend to use towards homeownership or loan repayment. So, we want to develope a monthly budget and plan to meet some goals such as homeownership, young retirement, his/hers fun budget, etc. Where should we start? Who should we talk to about mortgages, saving up a down payment, etc? Thanks for any advice.

Answer:

Grab your car keys. You are going to either a library or a bookstore. Look for books on budgeting, financial planning, retirement, investing, etc The library is FULL of these types of books I like the big yellow books with the words "For Dummies" I also like Suze Orman books. You might see Dave Ramsey books His are a level below you, for those seriously in debt (good, but not for you) ---- One note to newlyweds. Check all your savings, checking, and retirement accounts and make sure you are beneficiaries in each

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why does an organisation need to have a budget and financial plan in order to be successful ?

Answer:

Having a budget and financial plan provide a organization with the oppuntitunity to better manage the flow of money. Providing a forecast of revenues and expenditures allows a organization to construct a model of how its business might perform if certain strategies, events and plans are carried out.

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What are the three types of financial management decisions?

Question:
For each type of decision, give an example of a business transaction that would be relevant.

Answer:

Capital budgeting is the process of planning and managing a firm's long-term investments. Capital structure refers to the specific mixture of long-term debt and equity the firm uses to finance its operations. Working capital management refers to a firm's short-term assets, such as inventory, and its short-term liabilities, such as money owed to suppliers.

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I'd like to be a Financial Advisor?

Question:
But really, I just want to help people make budgets and handle their own money. How do I do that freelance - legally? Would I still have to take classes and get a business license? I don't want to do stocks or mutual funds or any of that - just budgets.

Answer:

You want to be a budget advisor, not a financial advisor. People generally who need a budget advisor need financial councelling. You apparently are good and managing your own money, without investing. People who generally need budget planning are so far in debt, that they need more help than what you are prepared to give.

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CAN SOMEBODY WRITE OUT A BUDGETING PLAN FOR ME?

Question:
I am 19 years old, pregnant without a job expecting apr 20th 2011. I will be getting my own place soon and will be relying on various benefits ( Income support 130 pounds two weekly UNTIL BABY IS BORN) and ( Income support 130 two weekly, child tax credit- 40 pounds weekly, child benefit 20.30 weekly AFTER BABY IS BORN). Then 3 months after baby is born i will commit myself to a regular job. What i want to know is, How can i manage with this sort of budget BEFORE my baby is born with just income support and yet pay for bills and food etc AND how can i manage with the budget i will have AFTER my baby is born WITH paying for bills and food ? Ps I AM GETTING 500 POUNDS MATERNITY GRANT FOR BABY THINGS SOON. please help me by writing ( or typing in this case) me a plan of how i can spend my money and please know that any electricity or anything else like that i will take will be the cheapest available one that i will take. Thank you PS the reason i am not getting a job right now is because i am 7 months pregnant and it's not fair getting a job i won't be able to commit fully to ( giving birth etc).

Answer:

The easiest way to budget would be to draw yourself a table. - Gather every financial statement you can. (This includes bank statements, investment accounts, recent utility bills and any information regarding a source of income or expense) - Record all of your sources of income (Benefits, Wages, Savings) - Create a list of monthly expenses. (This includes a Rent payment, car, insurances, groceries, utilities, entertainment, baby essentials, college savings and essentially everything you spend money on) - Total your monthly income and monthly expenses. (If your totals show more income than expenses your OK. If you are showing a higher expense column than income it means some changes will have to be made!) - Work out your differences. (minus your expenses from your income to leave with the money you have left to spend each month) The best advice I could give would be search online for basic household budget templates and print one off or create your own.

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How do you create a budget?

Question:
Im a single mom and make a middle class amount of $

Answer:

See my blog http:/financialiteracyforyou.bogspot.com for three articles on budgeting They are in esscence here. If you find this useful check my blog. I write a weekly column for a local newspaper on financial literacy. Articles are posted weekly. Last week week’s topic was getting ready for the 2007 tax year. This week we are going to start talking about the real essence of financial literacy. Recall the AICPA’s definition of financial literacy: "the ability to effectively evaluate and manage one’s finances in order to make prudent decisions toward reaching life goals." The tools you need are ones that help you plan how you are going to spend your money. First determine your life goals. Be realistic. Write down on paper your short term goals, intermediate term goals, and long term goals. Short term goals are those you can achieve reasonably within a year. Intermediate term goals are those you can reach within five years. Long term goals are those that take longer than five years. Remember when making goals they need to be achievable within your actual resources. If you make $25,000 a year and have retirement savings of $25,000 and you are turning sixty-two in five years, it is highly unlikely that you can save enough to have an income of $13,000 a year from your savings until age 80. A realistic goal could be purchasing your next car without financing it. Set an amount you are willing to pay for your next car ($20,000) and pay yourself that amount each month ($317.22 @ 2%) from your pay. Placing that at interest in a credit union account provides a safe place to park the car payment until you are ready to replace your current car with a new car. Your goals need to be quantified: in five years I will buy a new car for no more than $20,000, in five years I will retire and I wish to have income of $5,000 a year from my retirement savings until age 80, or in 18 years I wish to have $25,000 a year to pay for my child’s college tuition for four years. Another tool you need in goal setting is the ability to calculate the time value of money. The next question you need to ask is do I have the resources to achieve my goals. The tool to determine this is budgeting. Budgeting coupled with setting one’s financial life goals puts you in a position to plan your financial journey. We are going to continue talking about your basic financial plan. This will be the road map you use to reach your financial goals during your life journey. The first step was to determine realistic, achievable goals. The next question you need to ask is do I have the resources to achieve my goals. The tool to determine this is budgeting. Budgeting coupled with setting one’s financial life goals puts you in a position to plan your financial journey. We talked about short, intermediate, and long term goals. Short term goals are those you can achieve reasonably within a year. Intermediate term goals are those you can reach within five years. Long term goals are those that take longer than five years. Write these goals down. Make sure they are quantifiable: in five years I will buy a new car for no more than $20,000, in five years I will retire and I wish to have income of $5,000 a year from my retirement savings until age 80, or in 18 years I wish to have $25,000 a year to pay for my child’s college tuition for four years. The next question you need to ask is do I have the resources to achieve my goals. The tool to determine this is budgeting. Budgeting coupled with setting one’s financial life goals puts you in a position to plan your financial journey. The first step in preparing a budget is to determine how much money you have coming in. Write down one column listing the source of your monthly income (e.g. job) and a second for the amount. Total it for the month. A good idea would be to do this for all twelve months; so, you get a complete picture of your income, including any bonuses or special payments you receive. After determining your monthly income, list the expenses you have to pay every month using two columns, one column identifying who you pay and one to show the amount. These are expenses like mortgage payments, rent, utilities, phone and other items you have to pay others. If you have other special required payments through the year (e.g. annual insurance payment) doing expenses for the whole year would help you plan to manage your cash to meet all your expenses through the year without borrowing. What is left is money you can choose how you spend. I would include food, clothes, and other items that you determine how much you spend. What is left after you have determined your spending requirements and subtracted your spending from your income is what you can save. That may not be very much. We are going to continue talking about your basic financial plan. Last time, we discussed how to create a budget. After having created the budget and determined your income and spending, we used the budget as a gauge to see the amount of money you have available to meet your financial life goals. Many do not have enough money to meet their desired goals even after having planned their spending. At this point, you have determined that you do not have sufficient resources to meet you financial life goals. What can you do? 1. Revise your financial life goals to meet your resources. Look at what the money you save can do and change your goals to meet your available cash. If I had planned on $5,000 of retirement income each year from my savings and the amount money available for me to put aside would only allow $1,500, then my revised goal would be saving to achieve the $1,500 level of income. 2. Cut spending. Look at what you do spend money on and decide if there is any way you can reduce your spending. If you can do this then you increase the money you have to meet your financial life goals. 3. Pay down debt. This course action is one many Americans need to take to achieve their financial goals. If you pay down debt you are no longer paying interest. This frees up the total mount you were using to pay debt once it is paid off. You could combine paying down debt with cutting spending to more rapidly free your money to achieve your goals. 4. Get a second job or other second source of income. If you cannot find enough money through cutting spending or paying down debt, then this is a solution. It is a very hard solution because it takes time and energy. Obviously, increasing you money resources makes it more likely that you will achieve your goals.

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budget :opinion?

Question:
what is budget?who prepares it and who also help in doing it?why is it important to prepare budget?what is your opinion about the 2007-budget (national)of india?

Answer:

Government Budget is plan or programme of receipts of income by the Government, ways and means of achieving targeted income and allocation of funds for various requirements of the Government programmes, wages and other fixed expenses involved in Governing the country. Oficials of Financial Department in consultation with various ministries, planning commission, cabinet discussions etc prepare the budget and Finance minister usually presents the Budget for the forth coming Financial year. Budgeting is an essential activity for any business including the Governing of the country and even for running of family or for managing personal financial management. This Year Budget is very ordinary one and a lot of public welfare meaures could have been announced , but not.

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HELP! Need $170,000 Financial Planning Advice?

Question:
I have $170,000 cash to be used for all my expenses during 5 years of school and am looking for a safe, hands-free place to invest it. I have worked out my budget for the next 5 years and this money should be enough to cover my expenses if it grows above inflation. I am not interested in purchasing real estate, owning a business, or managing a large stock portfolio, so I would be grateful for any ideas regarding the best way to invest this money for the next 5 years. I will need to be able to withdraw 20% of the money each year to cover my expenses. Money-market savings accounts and certificates of deposit do not appear to have high enough interest rates to be viable options. The only option that I have found so far are Treasury Inflation-Protected Securities (TIPS) and Vanguard Inflation-Protected Securities (VIPSX) looks to be the best TIPS, but I don’t know enough about inflation, diversification or investing to know if putting the entire $170,000 in a TIPS for 5 years is the best option. I would greatly appreciate any financial planning advice regarding my situation. If you could map out the specific investment vehicles or sketch a composite portfolio for the $170,000 I would be very thankful. This would be easier for me if I was investing for the long term, but my 5 year window, expense requirements, and the current inflation outlook and bear market make my situation very confusing. Thanks for your help.

Answer:

Get a checking account if you don't have one. Put 20% ($34000) into it and thats your first year "budget". I'd put another 20% in a 1 year cd, and when it matures, add it to your checking account for your second year budget. Another 20% in a two year cd and another 20% in a three year cd and the final 20% in a four year cd. The return will be a little more with each year and cd's are generally pretty safe investments, so your risk is very low. I wouldn't suggest investing anything in a risky venture--your education will be your most valuable asset and you don't want to risk that. Good luck.

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