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Ideal Approach to Personal Finance
by Samantha Flokigge
http://www.fuzzyfinance.com

Not everyone is comfortable with the idea of managing
personal finances. Most people are petrified of the very
concept because it brings up the complicated and intricate
image of budgeting, investing and making difficult choices
between buying or renting. Mind you, it is not only the
mindset of the common man; even the well-informed and
educated consumers face this dilemma. Consequently, most
people avoid handling personal finance concerns till it is
too late, and irreparable damage has been done.

Many people have only vague idea about their current
financial position. But a firm idea regarding it is
absolutely necessary before any decision regarding their
finances or taking any action thereof could be taken.
Experts find, to their dismay, that most of the people have
only hazy idea of their net monthly income and total
spending with the result that they are not sure whether
they are saving some money or not.

So the first thing to do is assess you financial situation.
Gather together all of the information and documents
that will give you a picture of your financial position.
Tally your net worth, including real estate,
superannuation, monthly income and all other assets.
You may be pleasantly surprised by the total. Then, set
yourself up a budget by listing all of your expenses. Be
completely honest and dont leave anything out. If you
cheat on this you will only be cheating yourself. List
everything including luxury items such as take out,
cosmetics, magazines and movie tickets.

Thus, making a budget is the first and most important step
to be in control of your financial position. But, that's
not all. There are other services such as electronic bill
payment, investment counseling and helpful tips for
achieving sound financial health available in the market,
which are worth exploring. BPay, or the electronic bill
payment system is very useful for those who are habitually
lazy and forgetful; it helps you organize your finances and
avoid late payments. You can get your bills by email and
pay them electronically. The entire process of transaction
is competed in a matter of minutes if not seconds.

Once you have assessed your budget and established
a regular and efficient bill paying mechanism, you
might feel that you are then brave enough to investigate
other areas of personal finance such as investments
and stocks and shares. Once again, the Internet can
be an invaluable resource, allowing you to thoroughly
explore all of the different options and strategies
available. You can find all sorts of useful references
about investments such as term deposits, managed
funds, purchasing stocks and shares and participating
in share clubs.

Of course, you will tread cautiously and start with opening
a short term savings deposit account, in which you can put
in your savings every week or every month. That's the best
way to start. Soon you will be saving bigger amounts for
fulfilling your dreams to buy a car, go on a holiday or be
prepared for a minor surgery.

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