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smart personal finance

Budgeting

5 Helpful Tips To Break Your Bad Money Habits

Most people experience financial trouble at some point in their adult lives. And this is often at least partially due to the fact that many of us are never taught how to properly manage money. Over time, bad decisions can turn into bad habits where spending and saving practices are concerned. But you can break the cycle. Here are some tips that should help you to break your bad money habits.

Track spending. You can’t possibly hope to break your bad habits without awareness. You probably have some inkling of what you’re doing wrong, especially if you like to shop without stopping to consider whether you really need the items you’re purchasing. And to be honest, one of your worst habits could be shopping without oversight simply because you know good and well that stopping to think about your purchases would sour the shopping experience. When you truly track your spending you can’t help but see where you’re making mistakes when it comes to unnecessary purchases. So becoming more aware is an essential part of determining what your bad habits are so that you can address them accordingly.

November 27, 2014

General

Self Employed Taxi Drivers – How To Manage Your Personal Finance

Becoming self-employed is a very appealing concept, as you get to choose your own hours, your own rates and in a nut shell – be your own boss!

If you decide to cut the strings and go it alone, it’s worth considering that managing your own finances can prove very tough. Alongside this, you also have to take ownership of your tax and organize your own insurance.

Here at Insure Taxi, we recognize that it can be a big challenge juggling these things, therefore we have put together a list of top tips to help you manage your money.

Seek professional assistance

An accountant can help you get your finances in order and advise you on how much tax your are paying, ensuring that you pay the correct amount and do not end up owing money. If you decide to hire an accountant fully, they can manage all of your finances for you so you don’t have to worry about a thing!

November 14, 2014

Family

5 Essential Money Management Tips For Married Couples

Money is one of the core factors when it comes to the success of a marriage. Money woes can cause all sorts of problems. In fact, money problems are one of the main causes of disillusion in marriage. So, it is critical to maintain a sense of financial security. When it comes to sharing bank accounts – and even sharing some responsibilities, like the mortgage and utility bills – it is even more important to have a sense of fiscal responsibility. Luckily, there are a number of ways to manage your money, so that there are no questions or confusion. Here are five essential money management tips for married couples.

Make sure to budget accordingly. It is critical to have a budget for everything. This will require sitting down and working out exactly what your collective debts are and what your personal debts are. You want to work out how much money is going out and how much is coming in. You should always know how much money you are netting, not just how much you are earning. Having this perspective will give you a clearer overview of how much money you have and what you can actually afford. Not having this perspective will continually make things confusing and you’ll always be wondering if there is enough money to live.

July 3, 2014

Money Saving Tips

Money Saving Tips For The New Year Ahead

With the global recession still firmly in place, money and finance is a hot topic at the moment meaning that more people than ever are looking for ways to be able to get ahead of their debts this year and create a ‘nest egg’ that they can use for anything from simply keeping it for a “rainy day” right up to starting a business or buying a house.

With the cost of living seeming to constantly increase and wages seeming to be sitting firm at the moment, we have come up with a number of ways that you can try to get a handle on your spending habits and start getting the upper hand on your financial constraints.

As we enter into the new year, we know that many of you that are reading this will be finding this month one of the hardest to budget for due to the recent festive period that seems to have everyone clutching their purse strings that little bit tighter, so here are our tips for saving money in 2014.

Don’t Panic!

Although you might be entering the first month of the year with possibly the tightest budget that you have had for the past few months, there is no need to panic as you aren’t the only ones that are in this situation, there are millions of others that are in the same situation.

January 10, 2014

General

How A Federal Reserve Practice Can Help Your Personal Finances

Driving along a wooded section of Florida highway, I noticed a haze of smoke among the trees and wasn’t sure what I was witnessing. A specific area of the forest had been burned, with care to preserve the trees but to destroy the undergrowth. I turned to my outdoorsy father-in-law in the passenger seat and asked him about the purpose of the intentionally set fires. He explained: “They help prevent bigger fires.”

In Florida, as well as in other dry parts of the country, wildfires happen regularly and sometimes spread uncontrollably. The additional fuel of the undergrowth not only extends their range, but also increases the temperature at which they burn, making them far more deadly for responders. By stress testing various tracts of woodlands for the potential of a fire, private landowners or Forestry Services can determine which, if any, preemptive measures should be taken to reduce the risk and frequency of wildfires.

In the banking world, the Fed is seeking to employ a similar strategy in order to prevent a recurrence of the 2008 “wildfire”. By observing historical data in order to measure relevant variables like the Probability of Default of a given financial institution, the Fed can perform stress tests in order to determine where and when to take minor actions (setting brush fires) so as to avoid major catastrophes. While those minor actions tend to be regulatory, and thus highly politicized and hotly debated, the model of stress testing is a practical one for application in our personal financial lives.

July 28, 2013

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