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How Do You Budget For $0?

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You’re getting your paycheck today, but soon you realize that everything is spoken for and you’re actually left with $0 in your pocket.  You’re living from paycheck to paycheck, the first one pays for the mortgage then the next pays the bills.  What are you left with?  How will you survive?

My experience tells me that it is in these times that a budget plan is really important.  Sure you’ve got $0 in the pocket, but that’s better than having like say $-5,000 in loan!  Ha!  There are hundreds of thousands of people walking in the city that have an average of  -5,000+ dollars in their bank account.  Yeah it’s terrible than $0.

I won’t try to sweeten how you feel now, but squarely I’d say that life is tough.  You need to put your hard-chin up and face the music.  Even at $0 you can take control.  From here on make sure you you grip every penny.  List every expense, even if you feel it’s useless to do so… you gotta monitor every penny!

You’d finally see how money is coming in and out once everything’s written down.  It may just surprise you too that it reveals hope.  When you monitor how money comes in and out you’d be aware of spending patterns, you’d get to know where you can adjust a little tighter to pinch out a penny more into savings.

Believe you me… it is hard… but really worth it!

Financial Realities Women Must Face

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In today’s society, men and women are supposed to be equal. We do have to face the fact that the word “supposed” is the key here. While it is the ideal situation, it is not always the case. In terms of finances and financial planning, women need to realize certain things. I just read a very thought-provoking article on this topic written by Marci Alboher, and it is worth sharing with you guys. She writes that women should focus on finances for the following reasons.

1. Women earn less than men. While this is not always the case (I know a lot of women who earn more than their husbands), the numbers support this. It may be due to various reasons – from career choice to wage gap. Bottom line: women need to deal with the fact that they might not have as much money to play around with as their male counterparts.
2. Women engage in paid work for fewer years. Again, the reasons vary, but one of the main things is that women take more time off of work. They get pregnant, they need to take kids to school, on trips, or to the doctor. This, of course, affects how women can save for retirement.
3. Women live longer. This is a well known fact, and women have to realize that this requires more in terms of resources.
4. Women still grapple with the “a man is a financial plan” mindset. This may sound archaic, but it still does happen. Every now and then, you’ll meet a woman dreaming of that prince who will take care of her.
5. Women are not encouraged to negotiate their true worth. Nothing more needs to be said, huh?

Bottom line: women should start planning their financial future NOW.

Social Media CAN Hurt You Financially

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Last year, the popularity of social networks reached astonishing heights. All over the world, it seemed that everyone suddenly decided to join one social network or another. While it all seems innocuous on the surface, there are some financial implications of joining these networks. Maybe you’ve thought about these, but in case you haven’t, let me point some out.

Your chances of landing a job may be affected. In a bad way, is what I mean. I am sure you have heard of people getting in trouble at work because of Facebook. You might even have heard of prospective employers checking out the Facebook accounts of applicants. This is all true. While what you do and put on Facebook is your personal business, what potential employers see can affect their decision. And if you don’t get a job just because an employer’s impression was affected by your Facebook account, that would really be a bummer. Solution? Make sure you keep your profile private and that you really know who your Facebook friends are.

You can be tracked down more easily by collectors. This one is a no brainer. You may be ignoring phone calls and mail from collectors but they can always track you down online. The solution is the same as above. More so, do not publish details such as phone numbers and addresses.

You open up the risk for identity theft. There will always be scammers online despite the best efforts of social network security. Again, just make sure that you do not divulge any specific information that can be used by others.