Top 5 Money Management Tips for Individuals

Every individual should learn how to manage money before you become stuck in some financial emergencies because saving money becomes even more difficult when you are in bad economic score. Here are some money management tips that may help you:

Master in budgeting: First know all your incomes and expenses, track a sheet of it. This helps in making your financial future. Spend less money, ensure the difference between wants and needs in your life. Always give priority to needs and then wants. Study your cash flow analysis, if your expenses are more than your earnings then try to find the ways to earn more money and if you find your earnings are more than your spending then plan in the right way to save your money for future needs.

Set financial goals: With strong determination make yourself a financially responsible person. Make saving as your habit, the money that you save can be used when you need cash in emergency situations. There are many alternatives to earn extra cash, go for it when you are in financial crisis; this goal helps in achieving your position financially. Plan a way to save your money, if you think that you are deviating from plan then make some adjustments in your budget plan. Many people are turning to cryptocurrency now as a new investment. You can see some of the popular ones here: http://www.livecharts.co.uk/crypto/

Try paying bills on time: This will not let you to enter into bad credit score. Go for a payday loans if you are unable to pay when bill comes due and clear the amount immediately after you receive your next payday, this is the best way to get you out of debt. Ensure that you pay off all credit card and debit card debt as soon as possible; if possible try to reduce unnecessary bills and save money on them.

Plan properly for your retirement: It may seem like a tough job for young entrepreneurs to manage their personal finances in a recession. It is essential that you start thinking about the future and properly plan for your retirement; contribute some amount to your retirement plan regularly. Make sure you achieve financial independence by a certain age.

Seek advice of professionals: If you are unable to come out from financial problem, even after implementing several plans, it means you are going wrong somewhere. To overcome this asks for advice from many professionals, they will give you some management tips on thorough analysis. You can even take suggestions from other business analysts; they provide you with tips and tools to develop a budget and help to put you in control of your personal finances.

The Crisis Crippling the U.S Economy

The United States is currently struggling due to a severe economic slowdown. The profits of many corporations have been badly hit and their levels are on the decreasing trend. The growth rate of jobs is not showing any promising figures. The jobs due to the internet are also fast diminishing. Despite the monetary stimulus of trillions of dollars that have been poured into the fragile U.S. economy by the Federal Reserve, the expected results have not been reflected in the state of the financial system; leaving a taste of bitterness in the minds of the U.S. citizens.

With the number of underemployed people in America continuing to remain at fifteen percent, it is an upsetting fact that about forty four million U.S. citizens have to avail the ‘Food Stamps’ Program, or the Supplemental Nutrition Assistance Program (SNAP) that aids lower income groups to buy food at subsidized rates.

chartAs regards the housing sector, the home foreclosure rates are fast declining. There has been a considerable decline in the mortgage rates. In effect, the number of prospective buyers of homes has increased substantially. There are almost five million cases of home mortgages that are in the process of foreclosures or whose payments have been defaulted. In addition, some home owners have been left with properties that have been so severely devalued, that if they sold them today, the money received would not be sufficient enough to even pay off their debts! On the other hand, sales of new homes have plummeted to record exceedingly low figures since 1963! The resale of homes in the U.S. too is not showing any promising results. Consequently, recuperation in the housing sector may take an inestimable period.

This year, The U.S. official national debt may cross the $20 trillion figure, with the exclusion of off-balance-sheet items like old age security, Medicare and other government promises to its citizens. If the unfunded liabilities and entitlement to the citizens are added to these, one could unofficially arrive at a figure of $100 trillion; which is 150% of the Gross Domestic Profit! Now add about trillions of dollars that the politicians have appended to the government spending. Lastly, include about $1 trillion that have affected the American banks by the European debt crisis. All these are indications of worse things to follow in the U. S.economy.

Mexico,India and China are leading the chart of the world manufacturing industries. In 2004, the interest rates were slashed down in the U.S.That was the time when the greater part of the borrowing was done to invest in real estates. Naturally, that gave rise to inflation. The increase in the prices of many commodities has been on the rise since that time. The prices of precious metals like gold and silver too are escalating. The U.S. dollar is fast losing value with the fluctuations in the stock market. Despite the money printing strategies of the government, the U.S. does not have enough financial resources to see through the next recession. As a consequence, it looks like the U.S. economy is going to be hit very badly with its revival road seeming a long way ahead!