Tuesday, 26 April 2016

A Guide Through Flourishing Your Personal Finance Endeavors

Have you ever wondered about where all the money that you earn goes? Ever pondered why your money vanished in a heartbeat even after long days of hard work, or don’t even know what are the taxes that you are paying? Are you having problems on how to manage the moneys you make? If yes, then it is about time that you gain knowledge about personal finances. Start by doing or applying the routines that you’d read below in your daily life.

BUDGET - yes, whatever you do, wherever you go, whenever you use money, you have to always make a financial plan and arrangements. Take time to decide yourself where you want your money to go, and how they should be spent. Put it in your notes or making your own plan book would be better, but the most important part of planning is always putting it in your mind and applying it through your body.

Check your other financial statuses from time to time. Know them and be aware of your past, present and future financial activities. For example, if you are a dual citizen (U.S. – Canada), you could always consult a Canada US tax accountant to file your taxes. That way you’d be able to identify whether the taxes you obtain and impart is correct or not.

It is also very important to keep your life as debt-less as possible. Stay away from meaningless credits that would only burden you in the future. Some debts are really inevitable to make so as much as possible pay them as soon as you can, especially debts with interest or added payment. The same goes for your bills. Have a clear list of the bills you pay so that it would be easier for you to set aside money for settling them. Why risk in reaching their dues and having to pay them at the same time when you can avoid that by adding your bills in your financial plans?

If you’re working for a company, of course you’d get a hold of bonuses and a yearly tax return. Do not put them to waste by hastily spending your money to wherever your feet would take you. Instead, as mentioned above, for every money you receive, create a plan for them no matter the amount. You can save a part of it, use the other for settling bills or loans, and buy something you wanted to buy for a long time with the remaining balance. It shouldn’t be exactly like that, but you can have it in any way you’d like as long as it would benefit you in the future and not the other way around. However, if you feel like you did not receive the right amount of tax return, there are many ways to be sure of it. You can consult with your company accountant or for cross borders, it’d be better to have the help of a cross border tax specialist you have in your area. It is important that we get what we are entitled to get, after all.

Lastly, learn to SAVE. Do not just sell out all your money every payday. Make it a hobbit to put at least 10% of your income to a separate bank account. Doing that would not only help you in the future, but that could be the root of your successful and happy life.

There’s a whole lot more to be aware of when it comes to money, especially money that you yourself produced. Have time to read, watch and learn more about your personal finances because having the knowledge in that is essential for your hard work and perseverance to be paid off.


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