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Start planning?

When it's a good time to start planning your money?
Never have time for this?

fiP will help use the Corona lockout to improve your finances!
There are few simple steps:
1. register at fiP
2. make a transaction
3. and you'll get free ProPlus subscription for the rest of the year.

 Check out:
 - elastic transactions
 - budgeting
 - bank-credits management
... and many other exciting financial features.

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Comments

  1. aaronnssdMarch 17, 2021 at 8:59 PM

    You have done good work by publishing this article here. I found this article too much informative, and also it is beneficial to enhance our knowledge.Ways to Improve Your Finances in 2021 Grateful to you for sharing an article like this.

    ReplyDelete

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How to start planning

Important parts of a plan Financial plan is a flow of money. It must have 2 major items: incomes and expenses. Let's stick with these two for now. Building a plan Plan incomes For most of the people it's the easiest part. We are employees, have a fixed salary. Probably, some income from real-e-state objects we lend, or dividends. Such things is easy to plan. What if we run a business? Then we should have a rough estimate. Or get some vision based on previous year. Or, at least, our earning goal. Plan expenses Pay debts This is the most important part of the expenses. Debts is the main pressure. If we don't have enough earnings - we can skip vacation, rent a cheaper apartment, sell the car. But debts must be paid in time . So plan this first. Taxes Another important thing is taxes. Not paying taxes is a crime. And this must be avoided. Let's plan this too. Rental payments, public services Rent an apartment? Plan the rental payments too if you don't
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5 steps to begin

1. Data Collection Before making any plan you should learn yourself a bit: financial habits and regular, mandatory incomes/expenses. The regular incomes (such as salary), mandatory expenses (taxes, insurance, rent) can be planned right away. However, such things as food expenses, garments might be hard to predict. Then it makes sense to track such expenses for a few months to get an idea about monthly levels of those. 2. Select Method Most of the financial advisors suggest 3D budgeting schemas, like X:Y:Z. For instance, you can see such recommendations as 70:20:10, or 50:30:20, etc. Such methods suggest that you allocate X% of your income to expenses, Y% - to savings, and Z% to debt. Yes, it is essential to make some savings even if you pay the debt. It's life, and many things may happen, we always should have some cash quickly available. 3. Create a Plan When you have collected all the information regarding your incomes and expenses, you are ready to create a plan (or
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Poor or rich?

Simple question from the first sight. U.S. Census Bureau  defines poverty as a certain income level, which is $1062 a month for a single in US. However, the life is not such easy. All people are different and have non-identical needs. House rent, mortgage are not the same everywhere. Deceases, allergy any other special needs - all these raise the expenses. Another definition of poverty is inability to keep expenses under incomes . And such way is hard to define: under certain circumstances even $1M of income is still poverty. Furthermore, many people do not see themselves in poverty: the feeling of high incomes keeps them blind towards expenses until it is too late. We take new financial liabilities, debts, burden. Buying a new house or getting a baby - all this raise expenses and we feel wrong only when our savings fall to zero. Financial threshold The threshold, point where the lines of incomes and expenses cross, is often not noticeable for the majority. But even this
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