How To Do Financial Clean-Up In 6 Ways

Whenever we see our house in a mess, we immediately take up activities like dusting and scrubbing until everything is spotless clean. But, unfortunately we don't follow the same practice when it comes to our finances.

A situation which is financially messy, generally doesn't grip us unless we are already neck deep in the mess! Now that's one thing we must all steer clear of. Financial cleaning is one thing that has to be done proactively. Check out these six tips to clean up your finance-related mess and become a pro at managing money!

1. Get a financial planner

Yes. Get an exclusive planner to organise your finances. Financial planning definitely cannot share space with grocery lists and birthday reminders in your day-to-day planner. Your hard earned money deserves special attention. Use this planner specifically for chalking out the details of your finances. Premium payments, outgoing bills, EMI dates, FD records, etc can be tracked by jotting it down. Organise well and set up a process to track dates and documents. Free your mind space by writing everything in the planner.

2. That important number!

Obviously, we are referring to the CIBIL score! Regularly checking this score should top your list. However, this activity easily gets ignored unless we need to submit the score for evaluation. At that time it's too late to take any corrective action, if the score is not up to the mark. Checking your CIBIL score regularly gives you a fair idea about how institutions are going to perceive your financial health. In case, you have to apply for a loan in near future, problems which may arise due to the CIBIL score can be resolved in advance. An action plan to improve the score can be drawn and implemented if we track the score regularly.

3. Clear your debts

List all the debts and then calculate the interest you are currently paying on each one. Also, evaluate for how long you may have to continue to do so. This can be an eye opening activity! You would see that few debts are turning out far too expensive. Figure it out if you can clear any of them in near future and draw an action plan. Re-organising your debt can be a game changer! Pay off those debts and dodge the money black-hole called 'interest payment'.

4. The magical tool- Budget

If you don't have a budget yet, stop everything and do it now! Budgeting helps in limiting expenses. It's a good idea to have monthly budgets and a review session every quarter. During reviews, check if the budget is helping you in saving and is in-sync with your short and long term financial plans. Riding on a good budget is essential to reach your financial goals.

5. Is you retirement plan on autopilot?

If you answer is 'yes' , congratulations! Because at least you have a retirement plan in place! In case you haven't planned it yet, this is your red flag. Retirement planning is crucial because that's when you will be reaping the benefits of all the years of hard work. Putting your retirement plan on autopilot is a good way of believing that you are on the right track. Well, hold on! Investments which are a part of the retirement plan need to be re-visited and re-evaluated periodically. How else will you know if the funds are going to be sufficient for a comfortable life? This is a long term plan and definitely calls for smart planning.

6. Investing time can double your money!

To invest smart and invest better, one should to be aware of various available options. Invest your time in educating yourself. Speak to experts, subscribe to good financial magazines, follow blogs and sign up for updates on finance websites. Knowledge about financial products can help you choose a better product while being aware of the risk involved. That way you will also feel more confident about your finances. As we know, knowledge is the key. Investing time in gaining knowledge will definitely fetch rich dividends. We understand it's easy to get into a rut in vicious circle of life. But, do not let this block your thought process for coming up with new and creative ways to make more money. See what you are passionate about and find ways to monetise it. It is also important to have a Plan B ready. So have an open mind and develop new revenue streams.

Financial management is all about smart planning and organising.

Personal finance: Smart planner's guide to getting a fix on finances@ INDIA

Personal finance: Smart planner's guide to getting a fix on finances Too many financial goals around the same time may prove to be more challenging By VISHWAJEET PARASHAR, BAJAJ CAPITAL TAGS: PERSONAL FINANCE, FINANCIAL PLANNING, BAJAJ CAPITAL When the objective of person’s aspiration is achieved financially, it is termed as financial goal and to realise it, one is required to time and forecast one’s goals, i.e., the time by which you would like to accomplish your goal. No goals are big and small since each one has its own purpose and ultimately each goal should contribute towards the betterment of your life both in terms of facilities and a sound level of mental satisfaction even before you finalise the goal. When you start thinking about your financial goals, certain questions come to mind such as: >> Which goals do I need to achieve first in my life? >> Which goals are in line with the bigger picture of life I have drawn for myself? >> How should I differentiate between the goals in view of my current situation, future needs and wants? >> Which goal will give me strength & power after achieving it? >> 10 years down the line, what basic needs should I be accomplish? Questions like these and many more will come to your mind but before you choose to dedicate yourself to your objectives, it is important to review your list of goals with as much correct information as you can. It is only after answering these questions, that you will notice a stream line pattern of your goals. A prioritised list of goals that is in sync with your needs and in line with the bigger plan of life. How to prioritize your financial goals There are many ways to prioritise your goal. It is always advisable take a overview of various things which are necessary for you. It is true that ‘Life‘, like the money invested, should get a return of satisfaction & a growth in your standard of living. Give a glance on retirement planning Many people believe that the provident fund, superannuation and gratuity corpus they will receive on retirement will be adequate to ensure a comfortable life during the retirement years. Most of the times, it turns out to be inadequate because you have never give serious thought to inflation and other economic factors. Therefore, a retirement plan should be part of every one’s list of goals. Main objective should be to ensure that your savings are enough during the earning years so that you can easily maintain a comfortable retired life between the time of retirement till life expectancy. Understand the difference in consumption and investment expenditure Many of us have an endless list of lifestyle expenses. However, you should be prudent with your expenses and always understand the difference between your consumption and investment expenditure. This can be done by highlighting how the expenditure might affect the chances of the family being able to fulfill some other financial goals and the trade-offs should be clearly understood. Some outflows, like providing education to children, may appear to be consumption expenditure while actually they turn out to be useful investments if the children are capable and contribute to the family income and stature. Such Expenses should be carefully prioritised. Prepare a budget At times, most of us do not realize how much money goes in various avoidable expenses. In order to know these expenses we should note down all expenses above a certain amount. Let’s say the limit is Rs 1,000 or it can be Rs 5,000, depending upon individual level of income. A summation list of expenses at the end of the month can be enlightening to say the least. For example, the total amount spent on eating out or entertainment, when calculated at the end of the month, can make a significant difference to your next month’s budget as well as your lifestyle. Asset allocation to various categories of goals Asset allocation into equity, debt, liquid funds, etc. should be strategically accomplished while considering the need and requirement to achieve that particular goal. The monthly summary of outflows also helps in understanding the current order of priorities. If unusual expenses are kept out (for instance, a hospitalisation that was not covered by insurance), the balance outflows can be categorized as retirement savings, loan servicing, essentials and lifestyle expenses etc which may vary from person to person and family to family. Maintenance of asset should be done tactfully and in accordance with the market conditions so as to meet the true value of your goal by the time you want that goal to be achieved. Lurching time of goals me financial goals need to be fulfilled within a specified time frame. For instance, education of the child has to happen within a particular period and progression. The child’s higher education should not be postponed because money is not available at the right time. Other financial goals may have to be deferred to ensure that the critical financial goal is not compromised. For instance, around the time that the family proposes to buy a house, buy a car or an annual holiday may need to be reviewed to make up for the one that is higher on the list of priorities. It is important to remember that too many financial goals around the same time may prove to be more challenging.

soul Reflection

save first then spend

Secara umumnya, kesedaran tentang amalan membuat simpanan masih rendah di Malaysia.

Aspek simpanan, amat penting dalam aliran tunai kewangan seseorang dan ia amat berkait rapat dengan pendapatan dan perbelanjaan.

SIMPANAN merupakan satu tahap yang paling penting dalam pengurusan kewangan. Dalam semua buku-buku pengurusan kewangan di seluruh dunia dan tempatan akan menekankan perkara ini.

Malah di dalam Al-Quran sendiri, cerita Nabi Yusof menunjukkan bahawa menyimpan itu adalah sengat perlu.

Sebagaimana yang saya sentuh di awal tulisan tadi, SIMPANAN diletakkan sebelum PERLINDUNGAN dan PELABURAN.

Sekiranya seseorang itu gagal untuk menyimpan, maka sebenarnya dia telah gagal untuk menguruskan kewangannya dengan baik. SIMPANAN merupakan satu tanda aras pengurusan kewangan yang baik.

Ya, untuk memperkatakannya memang mudah, tetapi untuk melaksanakannya amat-amat payah dan sukar sekali!

Namun, tiada perkara mustahil di dunia ini!

Semoga tip-tip yang diberikan dapat membantu saudara-saudara untuk membuat simpanan…

Berapakah jumlah yang sepatutnya disimpan?

Sebelum pergi kepada kaedah bagaimana untuk menyimpan, pertama sekali harus letakkan matlamat terlebih dahulu.

Ada orang menyimpan untuk membeli rumah, ada orang menyimpan untuk menabung untuk pendidikan anak-anak, ada orang menyimpan untuk persaraan, ada orang menyimpan untuk menunaikan haji, dan sebagainya.

Contoh-contoh di atas adalah situasi-situasi berbeza-beza tujuan simpanan tersebut.

SIMPANAN yang paling utama adalah untuk DANA RIZAB / DANA KECEMASAN. Tujuan DANA RIZAB ini adalah untuk menyediakan kewangan yang cukup untuk memastikan kestabilan hidup seandainya kewangan kita terjejas.

Kisah Nabi Yusof

Dalam kisah Nabi Yusof, Raja Mesir telah bermimpi tujuh ekor lembu gemuk dimakan oleh tujuh ekor lembu kurus, serta melihat tujuh tangkai gandum hijau di samping tujuh tangkai gandum kering.

Nabi Yusof mentafsirkan mimpi tersebut bahawa negara Mesir akan menghadapi tujuh tahun musim kemarau selepas tujuh tahun musim menuai hasil. Nabi Yusof menyarankan agar tujuh tahun pertama digunakan sebaik-baiknya untuk menanam dan menuai hasil dalam masa sama menyimpan sebahagiannya untuk menghadapi musim kemarau selepas itu.

Jadi, pendapat peribadi saya (saya terpaksa bold kerana takut disalahtafsirkan sebagai pendapat ulama’) jumlah yang sepatutnya untuk membuat simpanan adalah selama tujuh tahun perbelanjaan.

Ataupun, kita perlu menyimpan separuh daripada pendapatan kita.

Ya, satu jumlah yang besar!

Beberapa persoalan:

Mungkin timbul persoalan, Saya mempunyai pendapatan sebanyak 2000 sebulan, maka adakah saya perlu untuk menyimpan sebanyak RM 168,000 (RM 2000 x 12 bulan x 7 tahun)?

Oh, bukan begitu sebenarnya. Cuba baca kembali ayat-ayat saya sebelum ini; tujuh tahun perbelanjaan. Seseorang perlu menyimpan sebanyak tujuh tahun perbelanjaan, bukan tujuh tahun pendapatan.

“Bagaimana sekiranya sememangnya saya berpendapatan RM 2000.00 dan perbelanjaan RM 2000.00?”

Saya mengandaikan perbelanjaan seseorang itu akan kurang daripada pendapatannya. Malah sepatutnya begitulah, kerana perbelanjaan melebihi pendapatan adalah neraka dunia.

Jadi, dalam situasi ini, ada dua pilihan yang perlu dilakukan:

Pertama: Mengurangkan perbelanjaan, atau
Kedua: Menambah pendapatan.
Saya lebih tekankan untuk menumpukan kedua-duanya, berbanding memilih salah satu. Ramai orang yang menghadapi masalah kekurangan wang, menumpukan aspek penambahan pendapatan. Namun, apabila pendapatan bertambah, maka perbelanjaan juga turut bertambah dan ia tidak menyelesaikan masalah.

Gali lubang, tutup lubang akhirnya…

Dengan mengurangkan perbelanjaan, secara automatiknya seolah-olah saudara menambah pendapatan. Sebagai contoh, sekiranya perbelanjaan kita selam ini RM 2000 sebulan, dengan mengurangkan perbelanjaannya kita kepada RM 1900, seolah-olah pendapatan kita bertambah RM 100. Maknanya, jika selama ini di hujung bulan tiada langsung duit baki, tetapi dengan cara pertama ini, saudara memiliki baki lagi RM 100 di hujung bulan.

Mungkin ada sesetengah orang yang langsung perbelanjaannya tidak boleh dikurangkan, maka sebab itulah ada pilihan kedua iaitu “menambahkan pendapatan”.

Apa yang penting di sini, selepas berjaya menambahkan pendapatan pastikan saudara kekalkan dengan perbelanjaan yang sedia ada.

Sekiranya sebelum ini pendapatan saudara RM 2000 sebulan dengan perbelanjaan RM 2000 sebulan, pastikan selepas pendapatan saudara meningkat kepada RM 2100, perbelanjaan saudara masih kekal pada tahap RM 2000.00.

Jadi, bagaimana untuk memulakan simpanan dengan cara mengurangkan perbelanjaan atau menambah pendapatan? InsyaAllah akan diulas dalam keluaran akan datang

TAKAFUL / INSURANCE

Membuat Perancangan Kewangan Umpama Membaca Buku Peta

Terima  kasih kepada  Sifu Afyan Mat Rawi memberi izin share artikel dari sumber http://rahsiatakaful.com


Membuat perancangan kewangan seumpama membaca buku peta.

Perkara UTAMA yang perlu kita lakukan ialah, menjawab persoalan-persoalan berikut;

1) Di mana kita sekarang?,

2) Ke mana destinasi hendak kita tuju?, dan

3) Bagaimana cara ke sana?.

# PERTAMA: Di mana kita sekarang?

Dalam perancangan kewangan, persoalan di mana kita sekarang dijawab menggunakan dua peralatan di bawah;

1. Penyata Aliran Tunai (cashflow), dan
2. Penyata Nilai Aset Bersih (networth)

Dalam aliran tunai, mengandungi penyataa pendapatan dan perbelanjaan, manakalan di dalam penyata aset bersih mengandungi penyata aset dan libiliti.

Apabila kita mengetahui aliran pendapatan dan perbelanjaan, serta aset dan libiliti yang kita ada barulah kita dapat mengetahui kekuatan yang kita ada.

Dari situ kita dapat kesan stail perbelanjana kita sama ada kita seorang yang boros atau seorang yang berjimat cermat.

Dari situ juga kita tahu kekuatan tunai kita dan hutang-hutang yang kita ada sebelum bergerak ke langkah seterusnya.

# KEDUA: Ke mana destinasi hendak kita tuju?

Selepas mengetahui kedudukan kita sekarang, kita boleh plan ke mana hendak kita pergi.

Itulah matlamatm kewangan kita, sama ada untuk mendapat kebebasan kewangan, bersara dengan aset RM 1 juta, menunaikan haji, membantu ibu ayah di kampung, menghantar anak ke universiti dan pelbagai matlamat lagi.

# KETIGA: Bagaimana cara untuk ke sana?

Hanya selepas kita tahu di mana kita berada, dan tahu ke mana hendak kita tujui, barulah kita boleh memilih bagaimana cara yang paling sesuai untuk kita bergerak dari titik mula untuk mencapai matlamat kewangan kita.

Selalunya akan ada banyak jalan can cara untuk mencapai matlamat kewangan, tapi bukan semua bersesuai dengan kedudukan kita sekarang.

Atas sebab itu amat penting kita mengetahui kekuatan aliran tunai dan aset bersih kita supaya kita dapat gunakan cara yang bersesuaian dengan kewangan kita.

Mungkin cara itu melalui proses pengstuturan semula hutang, mungkin melalui saham, mungkin melalui pelaburan hartanah dan mungkin memerlukan kita menambah perlindungan takaful.

Kemudian, akhir sekali ambil tindakan!

Memulakan Perancangan Kewangan

sumber sharing dari sifu Afyan Mat Rawi
http://rahsiatakaful.com


Ada seorang rakan bertanya, dia baru sahaja mempunyai kesedaran utk mengurus kewangan dengan betul dan meminta nasihat saya.
Ini intipati respon saya;

Saya ibaratkan beliau sepeti org yang baru “bertaubat”, jadi perkara pertama yang perlu dilakukan ialah menyesali perbuatan lampau spt pembaziran, pemborosan dan sebagainya.

Kemudian saya sarankan beliau membaca buku-buku perancangan kewangan dengan satu nasihat;

“Membaca buku perancangan kewangan umpama membaca buku peta.

2 Perkara awal yang perlu dilakukan ialah;

1. Kita perlu tahu di mana kita berada, dan
2. Kita perlu tahu ke mana kita hendak pergi”

Untuk perkara pertama, kita perlu tahu di mana kita berada dengan cara kita menjejak aliran tunai dan nilai aset bersih kewangan kita.

Perkara kedua pula ialah meletakkan matlamat kewangan kita secara spesifik yang mengandungi maklumat asas iaitu tempoh masa dan jumlah aset atau kewangan yang diperlukan.

Selepas membuat perkara-perkara di atas, seterusnya baru kita boleh memilih “jalan” di atas “peta kewangan” kita

http://smartfinancialplanner-suria.blogspot.com/2014/09/membuat-perancangan-kewangan-umpama.html

.http://smartfinancialplanner-suria.blogspot.com/2014/09/tip-memulakan-simpanan.htm