I bought my HP iPaq h1910 back when Hewlett Packard was first coming out with their new models. I like to think that I'm an early adopter (one of those people that have the latest and greatest of everything new on the market) but if the truth be told I'm just a sheep - like 95% of the population.

Why did I buy it? I was tired of running a paper diary, a computer diary through MS Outlook on my work computer and the same with my home computer. Purchasing a PDA seemed like the most logical decision as I could carry this instant diary, which didn't contain whiteout marks all over it, and then synchronise it between home and work. Has it fulfilled all my expectations? Sometimes.

The reason I really bought my PDA, apart from the obvious diary and contact list features, was that it played mp3's and movies. Chuck the headphones in on the way to work and the hours pass as though they were mere minutes - or maybe its just because I only live 3 1/2 minutes away from work.

It also makes me seemingly more popular. Everybody wants to stop me and gaze at my gagdet - well, when it was new they did. Now everybody's got the latest PDA with Voip, GPS, Bluetooth, WAIX and everything else that I have no knowledge of what they are or how it could possibly benefit my life.

Still, I might need to update soon.

Posted by Stuart at 6:26 AM | Permalink

When you plan your honeymoon it never enters your mind that you would need to buy the luxury bungalow you nested in. And instead of hiring the wedding cars imagine deciding to buy them just for that one special day. Ludicrous really, isn't it?

So, why does a wedding gown which usually costs upwards of $800 need to be purchased when it will only be worn once? Grooms have been hiring their suits for years along with the their groomsmen yet it is still common place for a bride to buy a dress and also expect her bridesmaids to shell out for a dress themselves.

Now I'm a guy so I don't get the whole wedding dress thing but it seems simple enough that if you were trying to be smart about your finances the choice to rent the gown and accessories would be a no-brainer. For while the dress will only be worn once most brides seem obsessed with keeping it long after the event which also requires drycleaning and storage space.

It would be interesting to find out some ladies views on this one. Those who have been married, would you buy a gown again? And to those who may be getting married - would you consider renting a gown or does it have to be that one special dress?

Posted by Stuart at 6:25 AM | Permalink | Comments (2)

It appears the US is surging ahead with enabling their young people to get a better grasp on finances. While many students graduate understanding a great deal of academia required for a tertiary degree, or at least a good job, few leave understanding how to manage their money.

This article by the Daily News Tribune cites a bill endorsed by the Legislature’s joint Education Committee which will see personal finance become part of the curriculum.

This is so timely with credit card debt at its highest levels and more and more young people falling victim to crippling personal debt. I'm hoping that Australia will also stand up to the challenge to educate our kids in personal finance matters.

Posted by Stuart at 6:55 AM | Permalink

You've bought the engagement ring, hired a wedding planner/purchased some wedding planner software/decided to do it all yourself. The next thing to organise is the wedding location and who will be the officiating as the wedding celebrant.

Is it just a matter of looking in the phone book and ringing the first officiant that stands out in bold lettering or is there more to it? What about the location? Can you just decide to have your wedding in a local park and then turn up on the day with 300+ guests stolling across some council lawns?

Read on for some tips..

Tip #1: Choose the location first. If you're wanting to get married in a church building you may get the location and the celebrant for the price of one. If you're fortunate to be going to a church already and are able to use their building and you know the minister you may come out only paying a donation.

If you're wanting to get married in a public garden you will find that this may be an expensive option. Local councils will charge you for the privilege of using these facilities and may even require a bond in case the place is left in a mess.

The third option is in a privately owned garden which could be quite a cheap alternative providing you know the owners. Other privately owned gardens like those maintained by universities and colleges, or society owned gardens may be a dearer option. Depending on their popularity it may also be harder to secure the day that you were hoping to get.

Tip #2 Find someone you like to officiate. Even if it's a celebrant that you found in the Yellow Pages it's important to get to know them and feel comfortable around them. Make sure you're able to meet with them prior to paying a deposit and gauge the chemistry between them. If it seems dour and sterile and perhaps you're just another number, take the time to go looking elsewhere.

It may even be possible for a close friend to officiate while keeping a celebrant on hand to sign the legal papers. Keep in mind though, that this will still cost you.

Posted by Stuart at 6:15 AM | Permalink

After reading this article it seems that Florida South home sales are on the decline. But I have another theory that's unrelated to price.

I don't live anywhere near Florida South but the housing boom that continues in Busselton, a coastal town I live in, is sharing similar success with it's US counterpart. For the past 2-3 years we've been experiencing phenomenal sales growth in the real estate market. We built our house and land package in 2003 for a combined total of A$150,000 and today it's value is closer to A$400K.

Why the amazing values? This is where it seems to be in familiar territory with Florida South homes. Coastal properties always seem to attract more attention and buyers are always prepared to pay more for them. But there is another reason, I suspect.

It seems terrorism is getting the wealthy more jittery when it comes to investing and more importantly where they live. A large amount of recent buyers in our area and even further south are foreigners who are cashed up and willing to buy quickly and price isn't the most important variable. Safety is.

I presume that this is also the case for Florida south homes as people increasingly want to move away from the more identified metropolis' of New York and Los Angeles.

I'm interested to know from those building or selling real estate in the Florida South area whether my theory is close to the truth.

Posted by Stuart at 8:39 AM | Permalink | Comments (1)

If you haven't stumbled across it yet then it may be time to head over to PFBLOGS.ORG. This news aggregator is by far the most useful I link to as I get to find out what's current in the personal finances blog sector.

Pfblogs.org doesn't just cater for personal finance blogs though. They also aggregate real-estate and investing blogs.

Posted by Stuart at 8:18 AM | Permalink | Comments (1)

The biggest hurdle's been successful - she said "YES". Now the road to your wedding day starts. There's bridesmaids and groomsmen to organise, a wedding location to be sourced, the caterers, the flowers, what colour paper will go with the bridesmaid dresses but doesn't clash with grandma's dress that she always wears to special occassions, and on and on it goes.

The next challenge after popping the question is to organise this magnificent day within a limited timespan. The average engagement period is only 16 months (check out more wedding facts) which becomes a pressure cooker as those months disappear.

One option to save some time and stress, and possibly even some money is to employ the services of a wedding planner. To see how they will be able to help you, read on...

If you're wedding planner is any good (NB. take recommendations from others who have employed them for their own weddings) they will be able to make the wedding day go as smoothly as is humanly possible - for a wedding!

Due to their level of experience, they should be able to source the best venues and services at competitive prices. If it's your first time getting married you will have little experience with cost-savings and trying to separate heart decisions from objective financial wisdom will not be an easy task.

Some of the items they will be able to organise, and this depends on what you agree to within their terms of the contract, will be;

• Plan and organise the caterers, or reception centre, including the menu and who will be paying for what?
  


• Organise a photographer and AV specialist
  


• Plan the flowers and delivery of them
  
  
• Organise the weddings cars or other vehicles to move the bridal party around
  


• Help you choose the wedding stationery from invitations, order of services and table place names.
  


• Organise the wedding cake.
  

Posted by Stuart at 8:00 AM | Permalink | Comments (2)

Imagine eating breakfast slowly with your spouse, having a warm shower before donning on casual clothes and sitting down to your computer to begin work. No traffic jams, no parking hassles, no running to catch buses or trains.

It's just a typical day for a virtual assistant, someone who works from the comfort of their own home. And you can get started in your own home-based virtual office very cheaply with little overheads - mainly because you are paying for them already.

Companies are becoming more adept at outsourcing costs and can see real benefits for virtual assistants. A virtual office works by companies utilising their telecommunications package to revert calls on to the virtual assistant. The VA doesn't need to be physically located where the company is so long as their able to receive phone calls, faxes and emails.

The Virtual Assistant can then deal with all incoming communications and manage them as if they were physically present in the company.

The benefits for small businesses are enormous. A small business, with the right telecommunications package can operate just as professionally and be just as available as a larger business with the use of virtual assistants. They don't need to employ them full-time or permanently and so they have the freedom to pursue their business with less overheads.

The benefits for the virtual assistant are enormous as well. You can contract to more than company, work from anywhere in the world and never have to catch public transport to work again.

Posted by Stuart at 10:20 AM | Permalink

The first step toward any wedding day is the engagement ring. It says romance; "Marry Me"; excitement; but above all it says "cheap and frugal" or "elegant and classy". An engagement ring should never be viewed as an investment. If it is, it is the most non-liquid investment you will every purchase.

While it needs to last a lifetime and choices of quality are paramount, it doesn't need to cost the most moolah either. How do you make your purchase speak "elegant and classy" while being "cheap and frugal"?

Read on for tips to buying well...

1. Diamonds Ladies expect diamonds for their engagement ring! Ever since they started talking about getting married they pictured themselves with a big rock upon their finger. So here's the first tip: a 3 carat diamond costs more than three 1 carat diamonds. While it may look more incredible to have just the one stone a good jeweller can make a stunning ring with mutliple diamonds.

   Choose a diamond that has more colour in it as well. The naked eye can't notice too much difference between a top class diamond (purely white) and a less white stone but you will notice the change in price. The same applies for the clarity of the diamonds. Those which have very little inclusions compared to those that don't (again big $ savings) aren't visible to the naked eye.

   For a more detailed explanation check out .
   



2. Choosing a metal There are possibly 3 legitimate choices to be made here. (1) Gold, (2) Titanium (3) Platinum.

   Titanium is the least expensive of the three but it comes with some pretty heavy trade offs. The big one is that it can't be resized which can be very awkward as your prospective wife's fingers will change over time due the effects of pregnancy or perhaps weight loss or gain. It also can't be used for the setting clasps and so a different material will need to be used which may or may not look classy. Probably not the wisest choice especially in the long term.

   Platinum is the most expensive of the three and that's really all I need to say about that one.

   Gold is the usual choice but it comes in at least three different options as well. 9ct, 14ct and 18ct are the norm while 18ct is the most expected. You need to take into account that 18ct gold rings contain more gold than the other two and are therefore softer. This means that they may be more susceptible to being bent out of shape and are certainly more prone to having clasps that hold precious (and expensive) diamonds, break.

   9ct Gold is certainly a lot stronger and cheaper but the middle choice, 14ct gold, may be the most logical. It's cheaper than 18ct and stronger, isn't as cheap as 9ct but can still save you the most money.
   



3. The jeweller Finding a good jeweller isn't the same thing as finding the most expensive jeweller. A jeweller who resides in a shop that has smaller overheads than one that's taken up a superlot in the biggest mall in the city will usually be able to pass these savings on.

   However, they won't have as large a range and this could limit your choices and may force you to consider a custom-made ring (expensive option!). A larger jeweller will have more engagement rings to choose from and with economies of scale, hopefully deliver a better price.
   

Posted by Stuart at 6:58 AM | Permalink

Probably the largest one-off expense you will incur in your lifetime will be for a wedding. So over the next 11 days we're going to look at some of the biggest costs involved and ways to save money without compromising on quality.

Planning a wedding has become a multi-billion dollar industry with everyone wanting their piece of the action. And with every wedding there's a marriage to consider but that's the last thing on the bride and groom's mind as they head towards the deadline of other people's expectations. The wedding day is the pinnacle moment and it's not a day that goes well with disappointment though it inevitably rears its head.

So, if a wedding is on the not-too-distant horizon, tune in for the next week and a bit to take stock of keeping a little more in your wallet.

Posted by Stuart at 7:02 AM | Permalink

If you've ever thought about taking out a mortgage then naturally you will want to do the sums to make sure it's worth your effort. And unless you have a degree in finance or you're unccanily gifted in the mathematics department you'll find that calculating the costs can be quite overwhelming.

Today many banks or financial institutions offer their own versions of online mortgage or loan calculators but there are also an increasing amount of websites designed specifically for this purpose. Mortgage-Calc.com has not only mortgage calculators but debt consolidation calculators, refinancing calculators and even a "How long until you're a millionaire?" calculator.

Check these ones out as well;

• Global - Karl's Mortgage Calculator, Bankrate.com and Homepath
  


• Australia - BRW Magazine and Your Mortgage
  


• Canada - TD Canada Trust
  


• UK - UK Mortgage Advice
  

Posted by Stuart at 6:49 AM | Permalink

If you're married you would love to have a $1m+ to leave your spouse but the premiums for that amount are fairly restrictive. This article suggests 7 to 10 times your current annual salary which means for a $50K wage you would need $350,000 to $500,000 inlife insurance.

It's a topical discussion for my wife and I at the moment as we're sorting through some of our insurances. I think we've come to a conclusion that we need enough insurance to pay the mortgage out, pay all funeral expenses and then allow at least a couple years worth of salary to survive on for whoever's left.

It all depends on your life situation too. If you're single with no dependants you may not even bother with life insurance whereas a couple with kids will most likely need a substantial amount. My advice - work it out early and plan to make adjustments at regular intervals - perhaps every 3 years or so.

Posted by Stuart at 6:40 AM | Permalink | Comments (2)

It never ceases to amaze me how much my car will cost every time it gets serviced. Why is it that mechanics earn almost the same hourly rate as doctors? I know, that's a little extreme but it seems that their prices escalate with each visit and with each car.

What seems more absurd though is that to have my car serviced at the dealership where I bought it (in order to maintain the warranty) I'm paying nearly a 1/3 more than if I had it maintained down the road at a reputable service centre. Is a warranty worth that much?

Take a look at this report and you'll understand what I mean. Car maintenance is not cheap!

Posted by Stuart at 6:25 AM | Permalink | Comments (1)

My wife gave me a home brew kit for Christmas, which is what I've wanted for some time. I've made two batches, a Cooper's Lager and some non-al ginger beer for the kids, and both were successful. And while I've drunk more beer in the last month or two than I have in my whole lifetime, I love the fact that you can enjoy the process and save money.

At a $1.19 per bottle (cheaper if I used my own malt recipes) how could you save money and drink bought beer. And the taste? As good as, if not better, than it's marketed counterpart.

Posted by Stuart at 6:34 AM | Permalink | Comments (2)

When an economy's debt problem begins spiralling it makes sense to limit the amount of debt issued. In Taiwan's case many of the credit providers are feeling the pinch due to higher NPL (non-performing loan) ratios which for American Express are more than 3%.

American Express will still support their current clients in Taiwan but will cease issuing new credit cards until the country's bad consumer loan problem improves.

Read the full article.

Posted by Stuart at 6:21 AM | Permalink

Most people know to buy tickets well ahead of their planned trip as the price skyrockets closer to the date they need to fly. So what does the average Joe do when they need tickets in a hurry but they don't want to pay full-fare?

Imagine your mother, who happens to live interstate, has just been diagnosed with a terminal illness and has been given days to live. Or a business opportunity has just sprung up and requires you to travel to another part of the world.

Saving money on spontaneous air-travel seems ludicrous to most but is possible. The door opens....and in steps the consolidator...

Posted by Stuart at 5:56 AM | Permalink

Every now and then I hear someone complain that they've run out of money a few days before they're about to get their next paycheck. Ever happen to you?

If "Cash" is King then "Budgeting" must be God. Budgeting is the key for any financial success whether it be personal or household, without it you will continually struggle - unless, of course, you earn more money than you spend.

So to design a good budget, and they're not hard to do (just take a look at my 5 minute budget) it's a good place to start at managing your cashflow starting with your expenses.

Over the next week write down every expense you incur that comes from your spending money. We'll make the assumption that you already know about the mortgage/rent payment and also the bills that come in regularly. At this stage we're more interested in the extra expenses; the Kit-Kat you picked up when you bought fuel, the newspaper you grabbed on the way to work and the present you had to get your 10 year old child who's going to a birthday party on the weekend.

These are the costs that are really hard to budget for because thye just spring up unexpectedly and usually spontaneously.

So take the 1 week challenge. Everything you buy - jot it down.

Posted by Stuart at 10:49 AM | Permalink

Do most married people share bank accounts or keep their own separate ones? It seems that more often than not nuptials presume the shared marriage bed but discount keeping their money in the one place. Is there a benefit to this?

I guess if you're planning to fail in your marriage (and why wouldn't you - 3 out of 4 marriages fail these days) it may seem the most logical step. However, it may be costing you more for the privilege. It doesn't take an Einstein to calculate that two bank accounts will incur double the fees and taxes but what about the interest? Keeping one account with a reasonable balance will usually pay higher interest than two with smaller amounts.

Plus, it makes sense to keep things simple - you're on the same team anyway.

Posted by Stuart at 6:17 AM | Permalink | Comments (1)

The most expensive time of your life to be paying for car insurance is when you first get your licence. Car insurers who place value on risk ascertain that young people who are behind the wheel for the first time will have a greater chance of claiming than those who've been driving for longer.

However, it seems that some US car insurers are realising that students who do better at school are becoming less of a risk than those who don't. They're even willing to pay discounts of up to 15% to reward students with a "B" average or better.

Read the full article.

Posted by Stuart at 5:57 AM | Permalink

There is only one way to reduce your debt. Pay it off!

I know... you're blown away at my wisdom in financial matters. However, there is nothing you can do about reducing your debt other than to pay it off. The time it takes you and what it actually costs you are an entirely different matter.

Here are a few pointers to help you on your way.

1. Reduce the interest rate This one simple action could save you hundreds, if not thousands, of dollars. In some cases you may need to pay some fees for changing to a lower charging interest rate and depending on your debt amount this may or may not impact you adversely. Make some calculations using your MS Excel spreadsheet by calculating the CUMIPMT (Cumulative Interest Payment) on your loan based on two different interest rates.
2. Reduce the time If you've reduced the interest rate the next best thing to do is to try and take quicker at paying it off. If the loan is being paid monthly, begin to pay it off fortnightly at half the monthly rate.

   Increase your payments by paying more each time or by making more payments. This will reduce the amount quicker and pay less interest.
   



3. Change the loan holder Some banks and FI's charge monthly fees associated with your loans while others don't. Shop around until you can find a bank or FI that charges less interest and little or no bank fees.
   

Posted by Stuart at 6:40 AM | Permalink

As more and more would-be parents weigh up the cost of raising children the costs purported by the media seem to rise exponentially. How do analysts arrive at these costs and are they justified?

A Survey completed by the US Department of Agriculture shows that at a minimum each child will cost more than $100K to raise from birth to age 18. What intrigues me is the costs they are including in these surveyed results.

In accounting there is a term to describe expenses that have already been paid as a result of conducting the business and these are referred to as "sunk costs". I suspect that many of the costs they include here, especially the big ticket items are "sunk costs" - meaning parents would have been paying for these costs regardless of whether they had children or not.

Regardless of whether I had 2 children or not I would most likely have a 3-4 bedroom house as an investment. To include the difference between the cost of this house and the costs of keeping a 1 bedroom apartment is not the cost of raising children. The same can be said of vehicles. I would most likely run a 6 cylinder 4 door sedan rather than a 4 cylinder 2 door coupe anyway so the difference between the running of these two should not be considered as the cost of raising a child.

If this is how we quantify the cost of raising children we would have to use the same calculations for arriving at the cost of keeping pets.

Posted by Stuart at 5:20 AM | Permalink

I've had a bit to do with Multi Level Marketing, or Network Marketing as it is colloquially known, over the years. Companies like Amway, Herbalife and Omegatrend quickly spring to mind as the resident big-boys of this industry and ones that have become household names, not always good names though.

What are MLM's and do they really offer the benefits that they so readily espouse?

Multi level marketing companies are usually retail based. Their retailers are people like you or I who become members from the introduction of the business plan from a friend or aquaintance. Distribution of the product and rewards are handled up and down a line that resembles a pyramid in structure, hence the term "pyramid selling" often gets incorrectly tagged to these businesses (pyramid selling schemes are another type of structure which is illegal in most countries).

The person who introduces you to the MLM business takes a percentage cut from your sales while their introducing member takes a cut from the combined sales of yours and theirs. It's quite a good system allowing any member to out-earn those above.

So why do network marketing companies receive so much flak? Well it's not usually from the products, distribution or business genius but predominantly from the members and their selling techniques. It all comes down to whether people get into the business or not which can make or break it. Therefore, heavy cajoling tactics can sometimes leave friends as enemies and this is why many leave the business before making their millions - the cost of losing friends can sometimes be too high.

It is possible to make the millions though and depending on which MLM vehicle you choose will determine the time and ease to get there. A hint for beginners though - these are not get rich quick schemes and like any business take a lot of hard work and sacrifice to achieve your dream income.

Posted by Stuart at 6:30 AM | Permalink | Comments (1)

Cap at StopBuyingCrap.com started a meme on Tuesday asking for readers to share the contents of the wallet with the blogging world. I'm not about to bore you with the contents of mine but I noticed that some of the respondents, like AllThingsFinancialBlog.com had little or no cash in their wallet. Which got me thinking?

In a society hell-bent on using plastic to pay for everything from your grocery bill to school fees I wondered whether there were any benefits to keeping cash in your wallet. I admit, most of my purchases are performed using my debit or credit card especially as our credit society charges no fees on these transactions. However, I still like to carry a minimum $10. Why?

Most places that offer EFTPOS facilities will only conduct a transaction if it exceeds a $10 limit. If I'm out at the DOME and I want to buy a coffee (cost $4) I don't like having to increase my purchase by adding a piece of overpriced cake to the order just so that I can pay for it. So I like to keep at least $10 for small purchases at any one time.

How about you? Do you have a minimum amount you like to carry in your wallet?

Posted by Stuart at 6:18 AM | Permalink

If you're not satisfied with your income level that you're currently earning the best way to increase this is to make yourself more employable. While each industry has its own wage award which has limitations (the economics of supply and demand) it is possible to ensure that you're earning at the top levels of those awards. It may even be possible for your boss to pay a premium for your skills.

How do you become more employable?

1. Increase your qualifications sure this an obvious one but it doesn't always refer to the primary sources of education such as college or university degrees and certifcates. Find other areas that can increase your knowledge. Join a public speaking club like Toastmasters, or Cardiff (Mixed) Speakers Club.

   Maybe use your skills in a volunteer community service environment. Using what you already have in a new and challenging environment will increase your esteem as well as your knowledge base when handling different situations.
   



2. Work on time priority skills this may involve completing some type of course but will also need demonstration of the skills learnt. Employees love people who are efficient and don't waste or misuse time.
   


3. Read industry specific journals the more you know about cutting-edge movements in your industry and are able to relate this back in to your own workplace, the more in demand you will become. In western civilisations we tend to pay more for those who know more.
   

Posted by Stuart at 6:56 AM | Permalink

Banks and financial institutions love customers using credit cards. It's a surefire way to generate revenue and ensure repayment. Most banks and FI's justify their high-percentage interest rates on high non-repayment and with limited information in the public arena as to these non-repayment amounts who can argue?

So the only way to beat banks and FI's is at their own game. Utilise the benefits of a credit card without being caught by the banks own attempts at taking your money from you.

1. Never keep debt on the credit card for any longer than the fee-free period. Depending on which bank of FI you hold the card with will depend on this period of grace. It may be between 30 - 55 days. Using a credit card and then paying it off at the end of the fee-free period allows you to keep your cash in an account earning interest while you use the bank's money for your purchases.
2. Depending on your needs, find a credit card without all the bells and whistles. For most people having frequent flyer or bonus reward points attached to the card can cost you more then 5-6%pa extra for the privilege. If you did the math on what those frequent flyer points were costing you, you might find that it would be cheaper to pay for your own flights.
3. Try using only one card rather than multiple ones. It simplifies your life and allows a better handle on where your money is going. It also may also allow a better rate of interest with your bank or FI for greater debt limits.

Posted by Stuart at 6:30 AM | Permalink

We have four children who we are very keen to teach them how to save their money and use it wisely. Our allowance strategy is to give them a dollar for every school year (i.e. If they're in Grade 5 they will get $5 a week.) This doesn't just get given to them as a handout but they have jobs that accompany this payscale.

For example, our eldest boy is in Grade 5 and his job is to sweep the patio and barbecue area while our eldest daughter (Grade 3) has to sweep the front porch. Each year their amount increases as does their job responsiblities. It teaches them the value of money and that it comes at a price.

I stumbled across this article which had some great tips for parents - How to Teach Kids to Save Money – 15 Easy Strategies. It has some great ideas to teach children but I still think that we also need to show our kids that money is only a means to an end - not an end in itself.

Posted by Stuart at 8:25 AM | Permalink

The "labtop" instead of "laptop" spelling mistakes may have all but dried up in the online auction world of making a quick buck but there are still profits to be made from selling online.

If you view online auctions as a get-rich-quick-scheme you're probably going to become disenchanted early on. However if you view it in the same way as setting up a normal retail outlet but without the overheads you're more likely to succeed. Online Auction Hints provide a great set of guides for how to set yourself up on Ebay to create a great second income.

However, in their words..

In order to make a decent amount of money, it will take the same amount of work and dedication that would be required to make a success of any business venture.

There are many online auction sites with the main ones being Ebay, Ubid, Yahoo! Auctions or Gray's Online.

Posted by Stuart at 8:05 AM | Permalink | Comments (1)

OK. Are you ready? Pen and paper in hand. Good - let's go!

1. Put your income at the top of the page. Include all income that comes into the household; wages, government payments, maintenance from ex-spouse, board from the kids, christmas bonues etc. Divide this by 52 weeks to arrive at a weekly income. (You can use any other period division you prefer).
2. The first 10% I'm a Christian who believes in giving back to God what is God's so I will always give the first 10% back to Him. If you don't, no probs but I would encourage you to give some of it away to others. Hold money loosely and it won't hold you!
3. The first 10% (or 2nd depending on where you're at) Is yours!!! Put it away in a savings account that charges exhorbitant fees for withdrawals. That way you're more inclined to leave it where it is until you really need it.
4. Prioritise the needs These are the essentials that you can't live without. Paying the rent/mortgage, groceries, utility bills (water, electricity). I won't include phone here because although it's necessary you have so many options of how to save with these that depending on how you're financing this now you may be able to save a lot more by changing some habits.
5. The remainder The remainder needs to be divided between all your wants. This may be a car and fuel and all the other associated costs or if you're running out on the income side it may be using public transport. The kids ballet lessons, the Sunday newspaper that gets home delivered are all great things but if you're living from day to day they may just be the things that need to be released from your financial world.

Posted by Stuart at 7:17 AM | Permalink

With so many institutions vying for a share of our incomes, both current and future, it's no surprise that debt consolidation loans are becoming an attention getter in the finance world. Consumers may start a mortgage, take out a personal loan for a car, boat, holiday , max out the credit card and even run up huge debt on store cards. And each of them is charging a different rate of interest and varying fees.

Is it worth consolidating all that debt into 1 loan? The answer: Possibly. The real truth to answering this question lies in how will you handle your money if you do consolidate all your loans? Will it free the credit card up for more purchases or do you plan to reduce the limit or even get rid of the card altogether? Will you set yourself a budget and work at sticking to it?

While the answer to having all your debt consolidated into the one loan is an emphatic yes, unless you change your finance habits you will find that this may become a bigger burden to carry. Think it through carefully and make more changes to your habits than just consolidating your debt.

Posted by Stuart at 7:02 AM | Permalink

My boss forwarded this email to m and it would have been a waste not to have shown it here. I'm unsure as to the author of it but take a read anyway.

A boat docked in a tiny Mexican village. An American tourist complimented the Mexican fisherman on the quality of his fish and asked how long it took him to catch them.

And the moral is: Know where you're going in life... you may already be there.

Posted by Stuart at 4:05 PM | Permalink | Comments (1)