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Video: A “How To” On Being Financially Responsible

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Let’s start the new year right by following these steps to being financially responsible and clinching the formula to build wealth.
 
Some of the philosophies presented in this video come from Robert Kiyosaki, the author of Rich Dad Poor Dad Why do they not teach this in schools?

 

Personal Finance

VIDEO: 5 Money Rules You Can Totally Ignore!

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Unlike the baby boomers, young adults today are straddling massive financial pressure – be it heavy student loans or home prices reaching unaffordable highs. While all of this welcomes plenty of financial advice, most of them are wrong. Here are five pieces of money rules you can afford to ignore.

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Personal Finance

3 Simple Ways To Save Money Faster

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Would you be interested if we told you that there are efficient tricks to saving money? Well, it’s true; there are a few tricks that can be used to save money, even when it doesn’t feel like you have any money to save.

The present state of the economy is a loud wake-up call for you to tighten your belts, cut back on unnecessary expenses, and save more.

Though there’s nothing wrong with only spending when you can afford it, don’t backslide and disregard your long-term financial goals.

1. Automating Your Savings

Think about what it would feel like if:

  • You woke up everyday knowing that your money is automatically going where it was supposed to.
  • You spend less time managing your finances but still dominating it.
  • You can easily pay your bills/debt and watch your savings/interest grow.

We could go on and on, but the trick here is that automating your finances helps to remove all irrational human behavior that can get in the way of accomplishing your savings goal.

2. Move Any Unspent Money To Your Savings

The whole point of budgeting is to avoid living from salary to salary.

You need to have an understanding of how much you can survive on, monthly or weekly, try to cut your expenses, stick to it and hopefully have something extra at the end.

Any extra income you have before your payday should be moved to your savings account. Then, you start another cycle of budgeting.

It might sound boring but this trick not only shows how better you are at budgeting (having extra unspent income before payday) but it better motivates you to keep the numbers increasing and cutting your expenses.

Remember: Whether you choose to budget or not, at least find out how much you’re gaining or losing every month — Save the gain.

3. Zero Your Money Out Every Evening

This might sound really elementary but it works and it’s pretty easy. You have to make a decision to zero out your unspent money every evening.

So let’s assume after a days’ work, you end your account balance with:

₦51, 600 available on your bank account.

What you should do:

Deduct the last three or four digits from each number to get a zero at the end.

For example:

N51,600 — N1,600 = 50,000 — → N1600 goes to your savings account!

As simple as this trick might be, it helps you to actually control your spending and save. Give it a try.

What are the tricks that make saving easy for you?

Let’s know your answers in the comment section below.

Have a great week!

This article originally appeared on Piggybank.ng. Follow them on Facebook , Twitter , and Instagram

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Personal Finance

Shopping For Homes? 5 Low Down Payment Options You Need To Consider

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Home prices are hitting new highs so lots of folks are looking to snag an affordable home before it’s too late.

Here’s where a variety of low down payment options come in handy. But beware! They could come with a high price tag in terms of interests rates. Here are five you need to know.

(Here’s a comprehensive list by state.)

1. New American Funding

One of the features the lender offers is the flexibility for payment depending on the life of the mortgage. The buyer may also qualify for reduced rates, and down payments could go as low as 3%.

2. Chase

The Chase DreaMaker plan offers buyers the option to fund their entire down payment from any external sources – be it grants or gifts. It also provides low down payment – touching nearly 3%, and reduced insurance rates.

3. NACA

The Neighborhood Assistance Corporation of America runs through each request to determine the rates and down payment amount. What’s more, they don’t change any additional fees and your credit score is not tied to your interest rate.

4. Flagstar

Their Professional Loan plan is targeted specifically at buyers who have the potential for income growth over time. They have the option to provide almost zero down payment if you have a credit score of over 720.

5. Bank of America

Their Affordable Loan Solution plan is mainly focused on first-time home-buyers and comes packed with down payment assistance across each state. [FORBES]

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