Some small business people just run their business & may not see a need for a budget, as if everything will just fall into place. For many people, the word “budget” has a negative connotation. The future of your business needs a financial plan & strategy. If you haven’t started one already, the time is now. You should develop a budget & stick to it. Yes, budgets may need to be adjusted as time goes along but it’s a good idea to start out with one & set goals.

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A financial plan & budget helps you to gage your business and tell the performance of your business at the end of a fiscal year. This helps to tell how well your business has done over the year. If your financial budget is looking bad or starts to look bad, it could be a sign of poor planning and lack of a budget.

There is a lot to think about when creating a budget and maintaining one. It will most definitely benefit you in the end. You need money to help run your business and you need ample amounts of it. Having a budget and monitoring it on a regular basis can help to keep you from running short. Your finances are a big part of your business and should be taken seriously,  not haphazardly.

If you are always in the mindset of “i’ll get to it later”, then your already headed for disaster. Just simply having a financial budget isn’t a guarantee of success. You have to follow through with it. Start working on a budget at least one to two months before the arrival of the next fiscal year.

Having a budget helps to put your money to work for you instead of you being controlled by it or not succeeding in your financial goals. If you need assistance in this area you can invest in financial/ money management software, accountant, bookkeeper, CFO, financial expert etc…. You can also come up with your own strategy for money management.

You have to set financial goals. Make a list of what you want to achieve with your money & how it’ll benefit your company. You can break them down into short term goals such as, what to accomplish in 3-6 months or less than a year.

What goals to accomplish in medium-term (1 to 3 years) and long-term (5 years or more). As for personal & business, many experts are now saying that you should have at least 9-12 months worth of money saved. They used to say 3-6 months but when you look at the state of the current economy that has changed.

Most importantly, I can never say it enough, but educate yourself on all aspects of money management, budgeting for yourself & your business. Always have a plan in place. Read money magazines, articles, talk to financial experts, read about investing etc…

Evaluate & review your progress monthly, quarterly, or whenever you choose.Try it at least semi-annually, to determine if your strategy is working. If you don’t see any success or satisfactory progress then again, take time out to review your strategy. Make changes where needed or get help from a financial expert, accountant, bookkeeper etc…. You have to get it in gear if you want your business to have longevity.~Clerical Business Solutions

David McPherson’s top five New Year’s financial resolutions.

The truth is that even those of us who dispense financial advice for a living could do a better job of managing our money. Sometimes, in fact, I feel like I spend so much time helping others that I let things slide on my end.

Source:
http://abcnews.go.com/Business/top-financial-resolutions-make-2010/story?id=9435226

Is credit card debt driving you crazy? Spent too much this holiday season?

Well, you’re definitely not alone. Credit card debt is a way of life these days. Especially now, right after the holidays!

For many people, money gets REAL tight this time of year – we need to pay for all the holiday gifts, get ready for tax season…

Ahhhh!

What can you do if debt has taken over your life?

Make getting out of debt your New Year’s Resolution for 2006!

Here are 5 simple tips for getting out of debt. Keeping a New Year’s Resolution is difficult. But if you follow these tips, you’ll be prepared for a prosperous 2006!

1) Write down your goal and make a plan for achieving it!
The first step to getting out of debt is by far the most important – you need to:

• make a commitment to get out of debt
• write it down
• and come up with a plan for reaching it!

Hey, you didn’t get into debt overnight, and you won’t get out overnight, either. But if you want to get out of debt – if you REALLY want to get out of debt, you need to have a plan. And you need to stick with it.

2) Seriously consider using a debt reduction program
If you have the discipline to get out of debt on your own, without any help, then good for you! But if you’re like most people, a little help will go a long way. Here are a few debt reduction programs to consider:

• Credit counseling: If you have high interest rates on your credit cards, working with a non-profit company will help you lower those high rates, and combine your credit card bills into one lower monthly payment – which means more of your money will go towards reducing your debt!

• Debt consolidation loan: If you own a home, you can consider taking out a home equity loan to pay off all your credit card bills, lower you interest rates, and possibly deduct the interest on your taxes (but check with your tax professional on this one).

• Debt settlement: If nothing else is working, and your debt is still overwhelming, then you should consider debt settlement. This is a more aggressive approach, and is not right for everyone, but if you’re considering bankruptcy, this is a good option. You can pay off all your credit card bills at a savings of 40-60%, and get out of debt much quicker.

3) Start fixing your credit problems
Many people think that anything that goes on your credit report stays there for 7 years. Well, that’s not always true. I got a bunch of negative credit items off my credit report – all I did was get a copy of my credit report, and ask the credit bureaus to remove the “bad stuff”. In just a few months, my credit was almost back to normal. There’s nothing that says we must pay for our mistakes forever (or even for 7 years)!

4) Cut down your monthly expenses
If you overdid the spending in 2005, then it’s time to cut out all the expenses you don’t need, and use the money you save to pay off your credit card bills. Take a look at your checking and savings account statements, your credit card statements, and your monthly bills. Then start looking for things to cut. I know, I know, it’s hard to live without cable TV, cell phones, internet access, the morning paper, weekend dinners and entertainment. BUT DO IT ANYWAY – at least until you get your debt back under control!

5) Make some extra spending money
Sometimes making more money is the best answer! There are lots of ways to make money – selling some of your valuables, getting a part-time job, starting your own business. Despite some of the ads you read, there’s no really secret to making money – you just need to find something you like to do, and work hard at it!

6) Think positive!
OK, there were only supposed to be 5 tips, but this one is the best one – no matter how hard life can get, no matter how much debt you have, the one thing in life you can control the most is how you think. So rather than focusing on what you don’t have, be thankful for all that you do have. Nobody dies wishing they had made more money or worked longer. But many people do regret all the fun and meaningful things THEY DID NOT DO! So make some time to have fun, think positive, and find little ways to enjoy life EVERY SINGLE DAY you are here on plant Earth!

Wondering what makes me an expert on debt? Well, I lived through it. I know what it feels like to struggle. And I know what it feels like to overcome financial problems. There’s nothing special about me. I work at a college, so I don’t make a heck of a lot of money. I didn’t win the lottery. And no rich relatives left me a pile of money.

I just learned a few simple strategies – actually, I learned the 5 tips you just read about – and stuck with them until my life changed for the better.

And you can, too – just follow the tips above, believe in yourself, and DON’T LET ANYONE OR ANYTHING STOP YOU FROM REACHING YOUR GOALS in life!

Kristy Sinsara

Kristy Sinsara

Mortgage and Financial advice in St Albans and Hertfordshire

Finding the right mortgage is becoming increasingly more difficult given the current economic situation.

However with house prices now falling, there has never been a better time to buy.

We offer Independent Whole of Market mortgage advice and are driven by our wish to provide you with the best possible service.

What’s more, we do not charge a fee! You do have the option to pay a fee if you wish. This option would be 1% of the loan amount and we would then refund you the commission we receive from the lender.

We are based in St Albans in Hertfordshire but conduct most of our mortgage process online, saving you our customers time and money.

Call us now or click for Independent Mortgage Advice and we guarantee one of our fully qualified consultants will contact you the same working day

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Last month, consumers fighting to reclaim bank charges suffered a major setback in the Supreme Court. In short, the Office of Fair Trading (OFT) lost its test case against high street banks, and was told it didn’t have the power to determine whether or not overdraft charges are fair.

This David versus Goliath fight has, rightly, hit the headlines. But it’s also important to remember all the other sneaky tricks financial institutions are pulling on an everyday basis.

Overdraft charges are, in fact, just a drop in the ocean of rip-offs we still have to contend with. Some may not be as sensational as the bank charges fiasco, but all of them result in financial providers making a profit at our expense. Keep your wits about you!

1. Poor linked products

Every now and then, a bank or building society advertises a new account that sounds absolutely fantastic. It might be a savings account with an enormous rate, or a current account that promises to be ‘fee-free’.

On closer inspection, I almost always come across the same catch: To take out this product, the customer also needs to take out a not-so-special ‘linked’ product with the same provider.

Very often this linked product involves considerable financial risk (for example an investment product) or requires a substantial, long-term commitment (like a mortgage).

The Santander brands (Abbey, Alliance & Leicester and Bradford & Bingley) are particularly keen on this approach – so always read the small print of any attractive offers from this bank!

The solution

Be very wary of signing up to any deal that requires you to take out a linked product, particularly if it’s for a relatively small, short-term gain.

For example, it’s not sensible to sign up for a juicy savings rate that disappears after a year, if it also involves the huge financial entanglement of a pension plan or mortgage you’re not happy with!

2. Loyalty doesn’t pay!

Many financial providers routinely discriminate against their existing customers.

This is particularly true in the weird and wonderful world of insurance: New customers are typically offered the best insurance deals, while existing customers who want to renew their policies are charged heaps more – sometimes twice as much – for exactly the same level of cover.

The solution

When your car insurance or home insurance comes up for renewal, don’t automatically sign on the dotted line with your current provider. Instead, shop around to take advantage of the sought-after status of ‘new customer’. For example, find competitive quotes for car insurance and home insurance and when you’ve tracked down the best possible deal, ask your existing insurer to beat it; and if it’s not willing or able to, take your business elsewhere!

3. Pricy packaging

Packaged current accounts are often marketed as a ‘luxury’ option, designed to reward valued customers and simplify their lives. In fact, many people end up forking out pounds every month for products they could get much more cheaply if bought separately.

As well as being poor value for money, packaged accounts are very often irrelevant to customers’ specific needs. For example, there’s no point in paying £12 a month for an account which includes worldwide travel insurance if you never leave the UK!

Finally, the components (like insurance) within packaged accounts often come with a host of exclusions, making them far less attractive than they initially seem.

The solution

Steer clear of any packaged current accounts that don’t meet your needs exactly.

Even if you find one that does, it’s still worth shopping around to make sure you can’t get that same combination of products and services more cheaply elsewhere.

4. ‘Typical’ doesn’t always mean you!

When applying for a new credit card, many customers make the mistake of assuming the typical APR on the card will apply to them. In fact, this rate only needs to be offered to two-thirds of borrowers for it to be deemed ‘typical’.

This means that one-third of customers could be accepted for the card, but charged a far higher rate of interest on any money they borrow.

Customers often get a nasty shock when a 0% balance transfer period ends, and interest is charged on the remaining balance. The ‘typical APR’ of that card might be 15.9%; but that doesn’t stop you being charged an APR of 30% or even more!

The solution

For peace of mind, choose a lifetime balance transfer credit card: One of these will offer you a low rate of interest for as long as it takes to clear your balance.

And if you do go for a 0% balance transfer deal, just make absolutely sure you’ve cleared the balance before that 0% period ends!

5. When a bonus rate isn’t a bonus

The rates of many of the most attractive savings accounts are boosted by ‘bonus’ elements – temporary add-ons to the interest rate which usually disappear within a year.

For example, the West Bromwich Building Society Branch Bonus Account 2 is an easy access account with a very competitive rate of 3.38% APR. Of this, 0.60% is a temporary bonus rate.

Bonus rates are not necessarily a bad thing, as long as they’re fixed. You just have to be ready to up sticks and find another savings account when that bonus disappears.

Variable bonus rates are the ones to watch out for. A variable bonus – attached to a variable rate account – leaves you with no guarantees at all. Theoretically, that rate could drop like a stone tomorrow.

The solution

Savings accounts which include variable bonuses don’t generally advertise the fact. If you like the look of a particular account and you want some sort of rate guarantee, make absolutely sure any short-term bonus rate is fixed before you commit.

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I happened to hear that Helen Hyatt Elementary had received some money last year from an anonymous donor to be spent on marketing the school and that it was used to hire a person to contact alumni asking for money. I have no idea how that turned out, whether it increased enrollment and brought in any extra money or not. In this post I’m simply reflecting on what I would do personally if I was in charge of spending $30,000, or approximately enough money to hire a full time marketing person.

First of all, I wouldn’t take the route of contacting alumni – I don’t really see how that would bring new kids in to the school – instead I would concentrate on reaching out to the community. Chances are that people within the church, and obviously people who went to the school already know about it and have made their minds up about sending their kids there or not.

I also wouldn’t hire a full time person – instead I would hire someone who would be in charge of overseeing the money and be paid for their time – it’s not really a full time job suitable for an elementary in my mind. The situation reminds me of an old saying – “I’d rather have a fishing pole than I fish” – the fish that are currently in the “pond” are eventually going to leave so we need an effective method to catch new ones.

Here’s how I would put the cash to good use. I would put it into advertising programs – after all, how will people learn about the school if they don’t even know it exists? The school sits on a street that couldn’t reasonably be considered “high traffic” which means any kind of on-site sign isn’t going to pull many people in. Instead, I’d spend the money on newspaper advertising (both print an online), search engine ads through Google AdWords, billboard ads, a viral online video and on an interactive website and a great brochure to give to people who come to look at the school. I’d break it down like this (in order of importance):

• Website: $3,000
• Newspaper Ads, Print: $5,000 (Wednesdays and Sundays)
• Newspaper Ads, Online: $2,300 for 2 months in summer and fall (ROS leaderboard)
• Billboard Ads: $4,940 for 2 panels for 4 weeks each, summer and winter
• Viral Video Tour: $2,000
• Brochures $1,200
• Google AdWords: $1,200
• Well-run blog, Facebook and Twitter accounts: FREE!

These numbers come out to $19,640 which leaves $10,000 to pay the person responsible for organizing this effort and making it happen. Not bad.

These ad efforts would produce tangible and measurable results in the form of at least 177,214 minimum impressions (or views). That’s absolutely huge, even if these impressions aren’t equivalent to unique people, which is irrelevant since you are still reaching a huge amount of parents and families who could choose to send their children to the school. That number looks even more impressive when you take into account the total estimated population of Lincoln which is 251,624. When you compare this with contacting alumni, I don’t think there’s really a comparison.

It would be important to have the ads designed by a professional firm or agency (disclaimer – yes I am a graphic and Web designer). I am not suggesting that I am the person for the job – just that a professional should be used, not just someone somebody happens to know that tinkers with design as a hobby. The person in charge of designing these ads needs to have a real knowledge of how to make an effective ad.

Why would I spend money on a website if the school already has a free one? Simple – the better the website looks the more people you are going to attract – it’s the main touch point for people looking for information on the school – they will head straight to Google and either be immediately impressed or not. Not to say anything against the current website design or designer – it’s a great free website – but it takes money to make money (in this case raise enrollment). A one size fits all approach is not effective in this type of a situation – a thorough process needs to be gone through where goals are considered and objectively tackled; How do we want people to respond and react when they see this Website? What are the primary and secondary objectives of this Website? and so on… and only then should a Web design and ad campaign be designed.

In all honesty, the school has many great things to offer but reaching out to alumni will not bring in the revenue necessary to keep it alive! The solution is to spread the word to parts of the community who have no idea that the school even exists.

Well there you go, that’s how I would do it, not that anyone asked or cares : )

Had there not been such a significant breakdown in the ethical standard of enforcing the rules and regulations that have been on the books for some time, “crisis” would not be the dominant word used to describe our current economic situation.

When we get behind the wheel of a car, it is the responsibility of each and every one of us to drive their vehicle in such a manner that maintains safety for themselves and others, regardless of what the road and weather conditions may be — or we pay the price.

Through Core Asset Conservation, the individual takes back control and ownership of their future. By taking the initiative to reduce the level of risks associated with one’s core assets, the individual is in a much stronger position to keep themselves and their families in step with the unalterable cycles and milestones of life, regardless of what a changing economic environment may put before them.

Ultimately, ethical systems that stand the test of time are built, maintained and sustained by a preponderance of ethical individuals… a simple fact of life.

On Monday, I sat in on a value investing talk given by hedge fund manager Joel Greenblatt, best-selling author of The Little Book That Beats the Market. He’s started a money-management firm based on the “Magic Formula” outlined in the book, and the talk was attended by a smattering of reporters, financial advisers, and academics.

If you haven’t read the book, it’s a good primer on value investing, though the conclusion it boils down to — that to beat the market, you just have to invest in stocks with low P/Es and high returns on capital — would raise the ire of plenty of his value manager peers. I’m oversimplifying, and there are other places where you can read more about Greenblatt’s strategy, but what interested me at this talk were the questions fired at Greenblatt after he finished.

Let’s just say that some of these questions didn’t inspire confidence in the investing process. A couple paraphrased examples:

• From an adviser, apparently: “What’s the economic benefit to an adviser of recommending the service? How do we get compensated for referring people to your firm?”

At MONEY, we go on and on about the benefits of hiring a fee-only financial planner, such as those from NAPFA or Garrett Planning Network, instead of one working on commission. This is precisely why. When your adviser hears about a new service, do you want one of the first questions from his mouth to be, “What’s in it for me?”?

• From a professor: “So the formula beats the market, but what good is that when the market did crap? Wouldn’t it be better to just not invest in the market at all?”

I don’t know if the professor just wanted to elicit a response or if she really considered stocks too risky for individual investors. Greenblatt said that his methodology just dealt with the stock portion of a portfolio and that proper asset allocation was needed to bring an investor’s risk in line with his tolerance.

I myself would ask the professor, “What’s the alternative?” The fact is, over long periods of time, the stock market does outperform just about any other asset class, precisely because it’s risky. You can always lower your risk by investing less in stocks, but you need to offset that by saving more to meet your goals — in some cases, a LOT more.

Boston University professor Zvi Bodie, whom I interviewed a few months ago, tells investors to put all their money in inflation-protected Treasury bonds. In exchange, they have to either stick upwards of 30% of their income in their retirement savings or not retire at all.

So what sounds the most crazy: Saving 30% of your income, working until you’re dead, or investing in stocks?

It’s not a stupid question. We get similar ones from readers all the time. And there were plenty of other smart questions from the audience. But it’s good to keep in mind that advisers and academics have the same foibles and doubts that we all do about how to invest.

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We’ve left our small and mid-sized businesses behind [that employ 80% of our workforce]; and we’ve left our American people behind… This does not an economy make.

President Obama is trying to nudge banks in the right direction, at least on the surface:

-Make more loans to small and medium-size businesses.

-Increase modifications of underwater mortgages.

-Bring executive compensation under control.

-Give more support to legislation overhauling financial regulation.”

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We now really do seem to be heading towards a perfect storm at an alarming rate. The country cannot afford future pension, health and care costs for our ever-increasing older population; individuals themselves cannot afford to retire because of inadequate savings and pensions and yet may be turfed out of their jobs (if they have one) at age 65 without so much as a by-your-leave; the support ratio of working persons to retired persons is declining  fast and will put intolerable strain on the future working population; the government’s pension planning is in disarray and no one is prepared to bite the bullet in any shape or form before the next election; and the population at large cannot afford to save, have lost faith in most savings vehicles and lost trust in the organisations providing them, and prefer to spend what they have today and not think too much about the future.

It, therefore, comes not a moment too soon that some attention, albeit lip service, is being given to tackling the wholly inadequate level of financial literacy in the country. Starting at school level must be the correct long term strategy but that will not work its way through to the adult population for many years to come. Something has to be done for today’s adults and the best place to start that is in the workplace.

The Financial Services Authority (FSA) would say that it is already tackling the question of “generic financial advice” but it has a number of shortcomings in its offering. Firstly, to win the confidence of a very cynical populace, its advice and its advisers must be seen to be far more independent and detached than at present; secondly it must be prepared to invest more time in its education process; and thirdly it must recognise that most people are not equipped to work on a menu driven, individual problem solving basis – they really do have to be taken back to square one.

This last point is not intended to be patronising in any way. Whether dealing with the man or woman in the street or large company directors it is almost impossible to overstate the difficulty and lack of understanding people have, even with the basics. Despite knowing that it is important, the subject is riddled with jargon and complexity, and deals with numbers – which many have difficulty with at the best of times. How much easier to say that it is “boring” rather than “I don’t understand”, and put off dealing with the problems. But “understand” people must and sooner rather than later!

We now really do seem to be heading towards a perfect storm at an alarming rate. The country cannot afford future pension, health and care costs for our ever-increasing older population; individuals themselves cannot afford to retire because of inadequate savings and pensions and yet may be turfed out of their jobs (if they have one) at age 65 without so much as a by-your-leave; the support ratio of working persons to retired persons is declining  fast and will put intolerable strain on the future working population; the government’s pension planning is in disarray and no one is prepared to bite the bullet in any shape or form before the next election; and the population at large cannot afford to save, have lost faith in most savings vehicles and lost trust in the organisations providing them, and prefer to spend what they have today and not think too much about the future.

It, therefore, comes not a moment too soon that some attention, albeit lip service, is being given to tackling the wholly inadequate level of financial literacy in the country. Starting at school level must be the correct long term strategy but that will not work its way through to the adult population for many years to come. Something has to be done for today’s adults and the best place to start that is in the workplace.

The Financial Services Authority (FSA) would say that it is already tackling the question of “generic financial advice” but it has a number of shortcomings in its offering. Firstly, to win the confidence of a very cynical populace, its advice and its advisers must be seen to be far more independent and detached than at present; secondly it must be prepared to invest more time in its education process; and thirdly it must recognise that most people are not equipped to work on a menu driven, individual problem solving basis – they really do have to be taken back to square one.

This last point is not intended to be patronising in any way. Whether dealing with the man or woman in the street or large company directors it is almost impossible to overstate the difficulty and lack of understanding people have, even with the basics. Despite knowing that it is important, the subject is riddled with jargon and complexity, and deals with numbers – which many have difficulty with at the best of times. How much easier to say that it is “boring” rather than “I don’t understand”, and put off dealing with the problems. But “understand” people must and sooner rather than later!

If you read the SEC filings for publicly traded companies, there is a portion called “Management Discussion & Analysis”.  In this section of the filing, management interprets the financial statements and sometimes they discuss off-balance sheet liabilities that are not otherwise documented or possibly assigned to a footnote in the filing.  This information isn’t exactly hidden, but it can easily be overlooked.  Generally Accepted Accounting Principles (GAAP) allows for off-balance sheet liabilities to be disclosed in this manner.

In November of 2009, I’ve implemented a new Generally Accepted Accounting Principle: I am scouring the footnotes of my life and the lives of my friends and family (aka “clients”) for off-balance sheet ASSETS.  

Off-Balance Sheet Assets are the things that matter the most but are measured the least, if they are measurable at all. 

This has not been a fun year for anyone that I know.  Some have lost jobs, others have lost companies or gone into bankruptcy, and all of us have seen our personal balance sheets suffer.  It’s easy to get depressed and discouraged by these personal tragedies and struggles, and I have slipped into that abyss several times over the course of the past year, but not anymore.  Now, all I feel is gratitude.

I’m grateful that our clients are O.K., that they weathered the financial equivalent of a category 5 hurricane (aka Hurricane Freddie and Fannie).  I’m grateful for my family and friends.  I’m grateful for our health and for this season. I’m grateful for the roof over my head.  I’m grateful for the opportunities I have to help others, even if it’s just smiling at them.

Sir Winston Churchill wrote, “A pessimist sees the difficulty in every opportunity. An optimist sees the opportunity in every difficulty.”  I’m not suggesting that we all take a Pollyanna world view and ignore the legitimate struggles that we face.  Rather, I am acknowledging that I am not in control of the stock market or the economy or government policy.  The only thing I can control is my attitude and I have chosen to be grateful because I really should be.  Life is a miracle and we’re surrounded by miracles every day.  We’ve conditioned ourselves to ignore them by being busy, and when we fail to recognize them, we lose perspective.

Apply this new Generally Accepted Accounting Principle to your own life.  Take out a yellow pad and write down the things you are grateful for, especially the little things.  After five or ten minutes, or two hours, it starts to really sink in.  It will not materially change the struggles that we are facing, but it does put them into perspective, and that’s what helps us to make it through them.  Some of the best things that ever happened to me were the worst things that ever happened to me at the time they were occurring.  If we gain the proper perspective while getting through these tough times, then they become fruitful, and they could become the best times to ever happen to us and our families.

Merry Christmas!