Your Budget, Revisited

If you care enough about your personal finances, you’ll likely already have a budget which you try to stick to. However, the various factors that affect our personal finances never sit still, and you need to be revisiting and adjusting your budget if you want to ensure it’s really working for you. In this post, we’ll guide you through the process of re-evaluating your personal budget.

List Your Goals

If it’s been a while since you revisited your budget, start off by asking yourself what your current financial goals are. These can change dramatically over time. For example, when you first drafted your budget, your main priority may have been getting out of debt. If you’ve reached this goal, you may have a large surplus of money you’ll need to redistribute. If you’re getting married soon, or have a new child on the way, this can also change your priorities dramatically. Whatever life has on the horizon, try to set at least one specific goal which you’ll work towards before anything else. Then, start putting at least ten percent of your income towards this goal.

Ensure your Budget is Bringing You Closer to Those Goals

After establishing a clear idea of your goals, you need to evaluate your budget and judge how efficiently it’s helping you towards those goals. This is generally very straightforward, but if you’ve experienced a sudden, unexpected change, like having to pay for an injury lawyer, your budget will have to change accordingly. Once you finally make the last payment on an outstanding debt, for example, and you have some extra cash to throw around each month, it’s important to keep saving your money, even though you may be able to increase your spending on other areas.

Look for Ways to Improve

One great financial habit that everyone could benefit from is looking for little ways to improve their spending habits. Almost everyone is guilty of overspending in one area or another. It’s important to keep re-assessing your spending habits, particularly in recreational expenses. Identifying your weaknesses, and developing the self-discipline to stop spending in these areas, is essential if you want to assure your future financial security. If you know you dine out too much, set a day of the week when you’ll cook at home. If you download too many movies, consider switching to a more cost-effective subscription service. Whatever’s draining your finances, identify it and plug it up!

Check it Monthly

Finally, get into the habit of revisiting your personal budget on a monthly basis. This will help you keep on top of any bad spending habits, and show you how well the changes you’ve made are actually working for you. You may find that you need to tweak a few categories in your budget and move money between accounts, but this monthly re-assessment shouldn’t take too long to complete. Your income, goals and expenses can fluctuate from month to month, and if you’re not adjusting your budget accordingly, you could be running straight towards a disaster.

The Importance Of Live Forex Rates

Just like any professional can’t do without their tools of trade, you can’t be a successful forex trader without proper real time charts. Forex charts are more than numbers and charts; they allow traders to perform both technical and fundamental analysis of the different currency pairs and stocks. In addition, they offer valuable historic data on the current currency rates, letting the traders at XFR Financial Limited have a broader view of the market. Since different traders have different methods of trading and charting preferences, there is quite a huge selection of charts available.

What Do Live Forex Rates Offer?

Live forex rates offer a way for traders to view the general status of the foreign exchange market, in order to be in a better position to identify and predict the different markets patterns and behaviors. This is very vital for both technical and fundamental analysis in forex trading. Technical analysis usually focuses on comparing the actual event in the markets with known patterns, while fundamental analysis puts emphasis on determining the correlation between the visible trends in the charts as well as macro events like economic and political events.

For traders to profit in forex trading, it is crucial to understand the important points such as resistance and support levels as well as other indicators, which should be aligned up to indicate if a certain level will break or hold. Looking at these indicators can be essential in formulating a strategy that is applicable for that period. You can join a service that assists you in identifying, reading, and analyzing Live forex rates if you are serious about making good profits in the forex market.

XFR Financial Limited And Charting

Charting comes in many different types, and you should choose the one XFR Financial Limited provides that offer the kind of visualization that will help you best in analyzing the charts. Line charts are some of the simplest forms of charts, and are ideal in highlighting the resistance and support levels of the instruments. They are usually based on the closing rates of each time unit, and result into the formation of a single homogenous line.

Bar charts normally have three separate rates per unit of time, the closing, the high, and the low rates. Some forms of bar charts have the opening rates for each period. Point and figure charts are typically based on the price and will not offer the trader any form of linear representation of time elements. Candlesticks charts are the most commonly used, and they feature prices at the opening, high, low, and closing points in each selected period.

Dark candles show declines while transparent candles show increases. There are other charts beyond these basic types, with some providing you with a combination of data to help you analyze the market better, identify patterns and movements, and ideally strategize on your trades to enhance your predictions.

Regardless of whether you are a beginner or an advanced forex trader at XFR Financial Limited, you should have everything you need as you trade in one place. Live forex rates can be shown via software that offers real-time rates, charting, news, and advice, some even offering a chance to communicate with other traders.  Such software is ideal for you.

How to Save Money in Property Investment

save-money-in-property

That title kind of sounds oxy – moronish, right? How can you save at the same time that you are investing? Actually, it can be done quite easily by working to lower your fixed costs. As the home owner you are paying for the utilities so that you can increase the profits from renting it. You can save money on the utilities and energy bills by having the latest in technology installed and finding a power provider like Enmax which exists in free electiricty markets, where you may not even be paying the lowest price for the same product, electrcitiy.

Nest

You might not know this, but your thermostat is responsible for a full half of your utility bill. This is more than all of your electronics and all of your appliances. For this reason, you need one that will assist you with saving energy. Enter the Nest thermostat. It does help you save energy. It is a type of technology that ‘learns’. It learns the temperature that you prefer and then builds that into a schedule right around your schedule. Just since 2011, this thermostat is responsible for saving more than 8 BILLION kWh when it comes to energy and this is throughout homes across the globe. Furthermore, there have been independent studies done that show that with this thermostat, you can save up to 12% on your heating bills and up to 15% on your cooling bills. That means that in less than 2 years, it will have paid for itself. Now, don’t you think that tech like this, that can save you money, is worth investing in?

Taxes

There are many reasons that people invest in property and one of those reasons is for the tax deductions. One thing that might qualify for a tax deduction when it comes to property investments is the money that you are paying for interest on your loans. For example, if you mortgaged your home to get the money to invest in a rental property, you will be able to claim the interest paid on that mortgage as a tax deduction.

Saving property

Positive Flow of Cash

When talking about investing in real estate, there are a couple of ways to save money – the cash flow that is before taxes and the one after taxes. The before tax cash flow is when the money brought in is more than your expenses. The after tax cash flow is when the expenses are more than what you bring in, but because of the tax breaks, you are still in the black. Whichever way this goes for you, if you properly budget for your real estate investment, you will be able to both save money and turn a profit.

Start Out as an Owner – Occupant

If you live in the property that you buy for a minimum of a year, you will be able to make a down payment that is smaller. This is particularly true with VA or HUD approved properties. Once you have been in the house for a year, find another house to purchase and move into the new house and then rent out the original house. Do this as often as you like.

If you are able to follow a few of these tips, you will be able to save money. You might break even when it comes to the expenses and if you keep up with the repairs on the property, you should even be able to turn a profit and the property could gain in value over time. Be prepared for the landlord responsibilities though, and you should also be able to withstand a month or two of the property being vacant and still be able to stay afloat.