Money is something that people need in order to survive. But many people find it difficult to manage money. They get into the habit of spending more, going into debts and failing to come out of this complex situation, especially when they engage in bad practices or are unable to control their money and blow it all on a luxury car rental in Miami. However, there are some easy tricks to manage your money and lead a peaceful life.
1. Have a savings account with high-interest rate
Most people have a savings account, but they rarely check the interest rate they are getting. There are many banks today that offer five times more interest rate than the national average. You should do some shopping and find out which bank is giving more interest rate on the savings account and open an account there.
2. Consolidate your accounts
Having too many accounts can cost you money. The annual fees for some of the accounts can be high. So, you can consolidate those accounts and make them into one. That way, you will be saving money. Some bank will offer you free service charge if you keep a balance of a certain amount all the time. It will also be easy to manage one account.
3. Set up a budget
You must observe your spending for a month. See how much you need to pay your bills and how much goes towards other expenses. Then set up a budget for next month and try to stick to it. That way you will be able to manage your money comfortably and will be out of debt.
4. Use cash
Having too many credit cards can be bad. You will feel the urge to spend more money and use credit card always to purchase things. So, try to use cash all the time. That way you will be able to keep track of your money all the time.
5. Do balance transfer
If you have too many credit cards and have balances on those cards which you find hard to manage every month, then you can do a balance transfer. Choose a card that offers low-interest rate. The balance transfer is usually free. So, now you will need to manage only one debt account.
6. Track your expenses
You should track your monthly expenses, especially if you have high-ticket items on your list like a Range Rover rental in Dubai. Sometimes, we sign up for credit cards or upgrade our cable or internet deals unnecessarily.Find out whether these deals are necessary. If not, cancel them or downgrade to a suitable package. Lower the number of bills you have to give out the better it is.
You will have to simplify your lifestyle in order to manage your money comfortably. If you spend wisely and stick to your budget all the time then you won’t have to deal with any debt and managing your money will become easy.
According to a recent consumer survey, two out of 5 households in the US are in debt. This statistics is a bad sign and indicates that people are struggling to lead a financially sound life. Some people are paying off the debt amount every day, but there are others who are struggling to do so. If you are in debt and struggling to pay off the money then here are some tips for you.
Pay more than minimum every month
If you pay only the minimum every month, it will take a long time to pay off your debt. You might end up paying triple the amount you borrowed from the credit card originally. So, you should try to pay off more than your minimum amount every month and pay off the entire money within a short time.
Stop taking more debts
Some people get into a never-ending circle of debt because they keep on taking more debt while they are paying off the money for their previous debt. This will get you nowhere. So, you should stop taking further debts. If necessary, you should freeze your credit cards.
Create an emergency fund
You should have an emergency fund and you must deposit money into this fund every month. So, whenever you will require money for any emergency purpose, you will be able to use up the money from the emergency fund. This way you won’t use your credit card or apply for other loans.
Negotiate lower interest rates
If you have a good credit history you can negotiate with your creditor to lower your interest rate. When you pay the minimum amount every month, most of it goes to pay off the interest; the original amount still remains. If you can get a low-interest rate then you will be able to pay off your debt fast.
Deal with one credit card at a time
If you have multiple credit cards, then it’s better to deal with one credit card at a time. So, keep on paying the minimum charges for the other credit cards and pay more money on the card that has the highest interest rate first. That way you will be able to get out of debt quickly.
Credit counseling service
If you think that you are having a difficult time managing your credits then you can consult a credit counseling service. They can negotiate a lower interest rate for you with your creditors and make a plan so that you can slowly pay off all your debts.
These are great tips for getting off your debt fast. You should try to be debt free in future. You must spend according to what you earn. That way you will be saved from the burden of debts.
France has the third largest economy in Europe. There has been a financial downturn around the world, but the other European countries like Germany and UK have recovered from the dreadful situation. France, on the other hand, has been slow at recovery. Here are the biggest financial challenges France is facing today.
Low GDP growth
The GDP growth of France is low compared to the other European countries. The GDP growth has been 1.2% in 2016 and 1.4% in 2017. But Germany and UK had a GDP growth of 1.8%. France is a dual labor market for which the growth of living standard has been low. The insiders are getting highly paid with benefits; whereas, the youngers are getting low paid short-term jobs. It is expensive to hire employees and to lay them off as well. The laying off procedures must be simplified. About 70% of the country’s economy is dependent on the service sector, like tourism and entertainment. But these sectors are not as productive as the manufacturing sectors. So, lack of innovation in the manufacturing sector contributes to the slow GDP growth of the country.
The unemployment rate is high in France. The rate is now 10% which is higher than the eurozone average. Almost double number of people are jobless in France compared to UK and Germany. The unemployment rate is high among the young people. 24% of people between the ages of 15 to 24 are jobless. The government debt is now 90% of GDP; whereas, it was only 58% ten years ago.
More social spending
France has a very generous welfare system. As a result, the social spending has increased. There are pensions and other benefits for the public and private sector employees. The healthcare system now needs more money. The public spending must be brought under control; otherwise, France won’t be able to get out of its debt problem. The government has to work under very strict budget and if the social spending is reduced, the situation can get better.
The labor market of France should be reformed and the public spending must be reduced in order to come out of these financial challenges that France is facing today. Other European countries like Germany and the UK are in a better financial position than France right now according to the GDP growth and unemployment rate. The deficit in the annual budget must be overcome and the French government must undergo some reforms in order to improve the country’s economic situation.