Bogie's Wonderland
  • HOME
  • PRIVACY POLICIES
Bogie's Wonderland
  • HOME
  • PRIVACY POLICIES
Category:

Money

Save Money

How to Save Money this 2023

by Bogie January 2, 2023

New Year, New Goals. The start of the year is the best time to set practical financial goals. You might be one of the few people who struggled with saving money for the past years, and the new year is one good opportunity to get a grip on your money. Here are a few tips on how to save money for this year.

1. Review Your Finances

If you are to check on your bank book today, how much is the balance? Have you reached your saving goal for the year? If not, it’s time to assess what money is coming in and what money is going out as you spend.

According to a survey, one of the reasons people find it hard to save money is Money Mismanagement. People often make financial mistakes by overspending and not having practical goals for their money.

This year, take a realistic look at your current spending patterns, assess them and do something about them. 

2. Have a Budget

When I was in college, I had an opportunity to join a Financial Management seminar. One of the topics discussed was Budgeting. During the discussion, I asked the speaker if I need to budget my money given the fact that I am only depending on my school allowance. The speaker replied, when you know that your resources are limited, it is all the more important to have a budget. It will help you manage the little amount of money you have.

That lesson taught me to create a budget and stick to it. I am not a perfect budgeter, but having a budget helps me spend within my means. It allows me to focus on buying only the things that I need.

Moreover, having a budget allows you to assess if you need to make more money so you can set aside enough money for savings every month. This year is the best time to start budgeting. Don’t wait and start today. The tiny step to budget is better than the perfect budget you have in mind.

3. Pay Debts and Do not Acquire More Debts

Many people find it really hard to save money because of debts. Others are stuck in the habit of paying one debt and acquiring another. When debts are accumulating, this means you don’t have enough money left over to save. 

If your goal is to save money this year, start first by paying your debts. Start by writing all your debts, the amount owed, the interest rates, the minimum monthly payments, etc. Once you have written everything, make it your goal to pay for everything at least with the minimum monthly payments. Don’t think about skipping payments as this would only make things worse. Start paying off small debts and do not acquire more debts. This will surely take time, but you can do it. 

4. Cut Back on Expenses

If you find it challenging to save as much money as you’d like, it might be time to cut back on your expenses. Try to look for ways where you can lower your monthly fixed expenses and trim down daily expenses.

One good example of this is to consider examining the cost of eating out or preparing home-cooked meals. 

5. Start Saving Now

The best time to start saving is now. Even if you have debts to pay, set a goal to save money. You can start small and increase your goal each month. A savings goals calculator can help you with your plan to save. It will help you answer the question, “How much money will I save each month?” and guide you to enjoy your savings in the long run.

Whenever you are saving money, remember that this money should not be spent. Your goal for this money is to make it grow and use it when needed.

Economist William Wood says in his book Getting a Grip on Your Money, “Every day people make personal financial mistakes because they do NOTHING. So, let’s do something with our money this year… the goal is to SAVE.

0 comment
0 FacebookTwitterPinterestEmail
Borrow Money

Is It a Good Idea to Borrow Money?

by Bogie August 22, 2022

The ideal thing in life is not to borrow money. However, borrowing money can be a great help when it comes to starting a new business, paying for college tuition, buying a new home, and pursuing a personal dream. If used for the right reasons borrowing money can be an advantage.

To answer the question of whether it is a good idea to borrow money, the answer would depend on the following:

1. If You have the Right Reasons for Borrowing Money

Why do you want to borrow money? Many people borrow money to finance a new business. Others borrow money to pursue a long-term goal. Whatever your reasons are, make sure that you borrow money to make more money and be financially stable in the future.

2. If You have the Financial Resources to Pay

It is a good idea for you to borrow money if you have the financial resources to pay what you owe. If you are planning to borrow money now, you can do a self-assessment by asking yourself, “Do I have the resources to pay off the money I borrowed every month?”

Moreover, you have to consider borrowing only what you can afford to pay. You can check your budget and see how much you can afford to pay every month. Many people get into financial trouble because they have failed to assess first their financial resources. 

Furthermore, if you have the financial resources to pay what you borrow, this allows you to pay debts on time. When you pay on time, financial institutions may offer you higher credit offers and a good credit score. 

3. If You Borrow from the Right Financial Institution

There are many financial institutions like banks, loan associations, online banks and etc. that offer all the opportunities to borrow money. These financial institutions exist to offer cash loans, lending products, investment products, mortgage loans, and even loans for those with bad credit. Although it can be tempting to take all their offers, you have to take note of the interest rates. Compare interest rates and choose a financial institution that offers lower interest rates as well as provides an affordable term to pay off your credit. Remember, it is affordable to repay loans over a short period.  

4. If You Know How to Manage Your Finances Well

In order to manage your finances well, you have to create a budget. Having a budget helps you monitor your cash flow. It will also allow you to have a clear picture of how much you are spending and how much are you saving. When you have a budget, this will help you avoid making unplanned purchases as well as unnecessary spending. 

Additionally, you also have to have clear financial goals. What is your goal for borrowing money? If you know the answer to the question it will help you stay focused and avoid having to add more credits in the future. Make realistic financial goals with specific timelines. This will motivate you to manage your resources well.

Furthermore, it is very important that you know how to manage debt responsibly. If managing debt is hard for you, then borrowing money might be a burden and might add up to your financial troubles in the future.

0 comment
0 FacebookTwitterPinterestEmail

Building Responsible Credit Habits

by Bogie August 18, 2022

In today’s economy, using credit is one of the most powerful tools to get a house mortgage, acquire a new car, or just doing ordinary daily purchases. Once you have started off your credit journey, it is important that you build good credit habits because this can create a great impact on your financial goals. 

Here are a few tips on how to build responsible credit habits. 

1. Plan your Financial Goals

A financial goal is a plan you have for your money. This includes how much money you will save, and how much you will spend. Moreover, you also have to plan how you will pay off any current debts and weigh credit options carefully.

Once you have written down your financial goals, make sure that it is truly the goal you want for yourself. Planning your financial goals is essential so you can achieve what you want for your money and have a positive credit profile.

Once your financial goal is clear to you, it will help you change how you look at your money and how you will manage them properly.

2. Pay Your Bills On Time

Paying your bills on time is one of the important aspects of managing your finances well. It can help you save money, lessen your stress and build a solid credit history. On the other hand, If you don’t pay your bills on time it can damage your credit score, cost you money for paying interest and create other financial problems in the future. 

If you are the type of person who doesn’t pay bills on time, the chances of availing of credit and loans are less. Although, you may still be able to avail of loans for bad credit like short-term loans, make sure to pay them on time to avoid more financial problems in the future.

3. Monitor Your Credit Regularly

Monitor your credit by reading your credit card statements, billings and etc. By doing this, you will be able to keep track of how much debt you will pay for the specific month. Moreover, you will be able to correct if there are errors and other identity theft threats. 

4. Don’t Buy Things You Can’t Afford

If there are things you wanted to purchase, evaluate first if you can truly afford them. If not, you should wait to buy it until you can afford it. If you are buying things you can’t afford, you will end up achieving those through credit. The next problem would be is to look for the money to pay for it.

As Dave Ramsey would say, “Don’t buy things you can’t afford with money, with money you don’t have, to impress people you don’t like”. 

Do you plan to buy a house? Evaluate your resources first by understanding your income and other potential expenses.

5. Establish Good Saving and Spending Habits

One of the good ways to have good saving and spending habits is to create a budget and stick to it. Monitor how much you earn and how much you spend. By doing this, you can track and manage your expenses better. 

These are just a few tips for building good credit habits. You may not be able to do them overnight, but you just have to take one step at a time towards building responsible credit habits. One day, you will thank yourself for the discipline that you make and the positive impact it has made in your life. 

0 comment
0 FacebookTwitterPinterestEmail
  • 1
  • 2
  • 3
  • 4

Recent Posts

  • How to Save Money this 2023
  • Enjoying GrabFood Everyday Value Meals Starting at P99
  • Make Awesome Moments Count with Samsung’s Newest Galaxy A04s
  • CHECK YOUR CRYPTO WALLET FOR FREE BITCOIN WHENEVER YOU PAY WITH MAYA!
  • Is It a Good Idea to Borrow Money?

Recent Comments

  • Mocha with Linda on Amazing Grace (My Chains Are Gone)
  • Hazel on Amazing Grace (My Chains Are Gone)
  • Pia on Amazing Grace (My Chains Are Gone)
  • Godsgalnj on Amazing Grace (My Chains Are Gone)
  • Godsgalnj on Retreat 2011

Archives

Instagram

No any image found. Please check it again or try with another instagram account.
  • Facebook
  • Twitter
  • Instagram
  • Email

@ 2008 Bogie's Wonderland


Back To Top