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The Maze of Family Finances

The family finance game no longer just entails paying the mortgage and other bills each month. With budget planning, college and vacation savings, and making smart investments, knowing the ins and outs of your financial situation is vital for a healthy home and a healthy future.

Too many people, women especially, ignore this area of home management. Their spouse will take care of the finances while they take care of the home. This is all well and good, but it’s important not to keep yourself in the dark. Knowing where you are right now financially is the first step in knowing where you want to be, and how you’re going to get there. Be part of the decision making process – it’s what being partners is all about!So, how do you dive in and get up to speed on family financing?Make A BudgetThe most important first step you can take is to make a budget for yourself. Most people have no idea how much they spend on what each month, and knowing where your money is going is essential.

Write down all your monthly bills: mortgage, car payments, utilities, cell phone, internet, etc. Also keep track of how much you’re spending on groceries and ‘invisible purchases’, like that $3.

95 latte you get every morning. Track your spending for a month and you’re guaranteed to be surprised at where it all goes!Set GoalsAfter you know where your money is going each month, you’ll know how much you have left over for savings and investments. Having very clear goals about what you’re saving for is essential to successful saving.

Instead of just vaguely putting money into a CD or savings account, sit down and look at what you want. Do you want to take the family on a stellar vacation to Aruba next year? Do you want to be able to pay for college when your kids get older? If you know you’re trying to save up so your daughter can go to the school of her choice, it might make you think twice about that latte every morning. Coffee at home tastes just as good!Think Before You BuyMake conscious choices about what you buy on a daily basis. Making a real effort to mull over purchases will not only save you money but will also cut down onn the clutter in your home! Ask yourself if you really need this, does it have a place in your home, and if you’re really going to use it.

Teach Good HabitsDon’t forget about your kids. Teaching your children to handle money responsibly will help them be financially successful adults. Give them an allowance (whether or not to have them earn it is a personal decision) and let them know that once the money is gone, it’s gone.

If they splurge their week’s allowance on video games and then want more the next day to go to the movies, don’t give in! This teaches them to budget their money, and will make them start thinking about their own purchases. If they can learn to ignore our society’s lust for rampant consumerism and make wise choices, they’ll be ten steps ahead of everyone else.

Pay Yourself FirstHaving money automatically deducted from your checking account every two weeks is a great way to make yourself save. If you never really see the money, you’re less likely to miss it. Many banks will do this free of charge, and setting up automatic withdrawals takes only a few minutes. It’s well worth it if it helps you save for your future goals. If you’re wondering how much to withdraw each month, first try 10% of your net income. If that puts too much strain on your finances, drop it down to 8% or even 5%. But never down to 0%!RememberArticle Submission, having goals and knowing what you’re saving for will enable you to chart a clear course for where you’re headed. You can get there with some careful thought and advance planning.

The Maze of Family Finances / Pat Brill

ABOUT THE AUTHOR
Pat Brill is co-founder of http://www.SilkBow.com which supports Busy Moms with free gift ideas and helpful tips to meet the challenges of motherhood. She is also co-founder of http://www.WellnessArticles.net , a directory of articles covering many areas of wellness. You can reach Pat at pat@SilkBow.com.

Simply Cash from American Express – This Is The Right Choice Business Buddy!

The American Express provides two different types of credit cards. One, the cards with a credit line that can be cleared over a period of time and hence have a listed annual percentage rate (APR) and Second, the cards that require the holders to pay in full at the end of the billing period, having an “n/a” value in the Regular APR category.

Simply Cash from American Express belongs to the first category, but it is extraordinary in the sense that it does not impose any annual fee on the cardholder. Moreover, the host of benefits that the card promises for business-personnel makes it a hit with them.
Benefits Of The Card

The Simply Cash Business Card from American Express benefits business owners, enabling them earn at the most 5% cash back on select category purchases. On all the other purchases made, they will get 1% cash back facility. With the monthly statement of credits, the process of earning cash back becomes automatic.

The 5% cash back can be obtained on the purchases made for business purposes like, gas, office supplies and wireless services. The purchases you make on your credit card, Simply Cash from American Express gives you 1% cash back.

This card provides you access to the OPEN(r) network, which is a part of the American Express group looking after the needs of small businesses (and their owners). If you are a small business owner, this team can help you find discounts and resources for your business. They will leave no stones unturned to find out a way of saving your hard-earned money.

You can get unlimited additional cards to your account at no extra fee. This enables you to give your employees Simply Cash from American Express in order to pay for qualified expenses. This will be a nice way to add to your savings as you can achieve cash back on these purchases.

The OPEN(r) network also lets you save on shipping and travel expenses, including expenses you make at the Hyatt Hotels and Resorts, FedEx and Delta. The savings on your card adds up to any discounts or savings you might have already obtained.

The credit card is quite different from the traditional American Express cards and allows you to carry a balance to the next month if it is required or pay your full balance, both ways you are not charged any annual fee.

The card offers a 0% introductory rate (APR) for the first twelve months and 7.99% introductory rate for the entire duration of the loan on balance transfers, especially if the transfer is done within the first six months.
Perks

Simply Cash from American Express lets you keep track of your expenses. You can manage your account with the aid of the online manager. You can also avail many fringe benefits like purchase protection, travel accident insurance, travel and emergency assistant services, emergency check-in service, discounts on products and services at participating merchants and retailers, emergency card replacementFree Web Content, many Internet account related services and other services.

Simply Cash from American Express – This Is The Right Choice Business Buddy! / Richard Gilliland

ABOUT THE AUTHOR
Richard Gilliland Provides Expert opinions and reviews to help you Compare and Apply for a Credit Card – Compare Credit Card Offers with Credit-Wisdom.com – Unraveling the best in Personal and Business Credit Cards.