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Money Budgeting – The Key To Financial Success

Money Budgeting is a phrase that either bores them too much, or makes them depressed. But, this is how successful people deal with money – they budget. It’s a lesson that must be learned to succeed financially in this life. Here is some helpful information.

Many people are lured into the trap of spending more money each week than they are bringing in and most people are doing this without even realizing it. The main reason this happens is because we are no longer taught or remember how to budget our money. With the introduction of credit, it has become easier to use money that you don’t actually have.

This lack of money budgeting in today’s world is beginning to reach a cataclysm with many families, and individuals who are now finding themselves with severe debt problems and little knowledge about how to turn their bleak situation around.

Even with all of the bad debt write-offs, banks are more than happy with the way things are. Banks build in their own risk factors based on bad debt in their interest rates to give them profit regardless of bad debt write-offs. Simply put, those borrowing money are paying for their inability to budget effectively.

Tips to Effective Money Budgeting:

The basics of budgeting start with you listing incoming money over a period of time, such as a weekly, monthly or fortnightly, then listing the outgoing money, such as mortgage payments, car re-payments, credit cards and so on. Money budgeting also has many other factors used to make it effective, including keeping a constant eye on how your budget is doing and changing it to accommodate unexpected problems without overspending.

Keep all of your receipts and account for what has been spent. Use this to make calculations as to where your money is going and for what. Expenses can be divided into four main categories. These are:

-Housing: mortgage, rent, utilities, property taxes, insurance, etc.

-Work: transport, parking, work clothes, lunches and if you have children, day care

-Living: food, clothing, medication, insurance, etc.

-Personal: entertainment, newspapers, magazines, alcohol, gifts and education, etc.

Once you have categorized all of your bills, take out a blank piece of paper and a calculator. Figure out what is being spent each month on these categories and what can be cut out of the budget to allow more money to go toward bills or improving your financial situation.

Many people get so used to luxuries, they turn these things into fixtures in their weekly, fortnightly or monthly spending habits. By weeding these expenses out or making them a luxury again that is only enjoyed occasionally, you can also save quite a substantial amount of money. When you go through your spending habits, you will be able to calculate how much you are actually spending on these things.

Don’t forget that a contingency fund should always be factored into any money budget. This works out to be around 10 % of your income. A contingency fund will benefit you when you need it the most, such as when you lose your job or have an unexpected expense such as plumbing go wrong in your home. This contingency fund should be kept in a separate savings account and only accessed in emergencies.

Motivation Is The Key:

Motivation is very important when you are budgeting. As an incentive to create a budget and stick to it, remember that the only way to regain wealth is by spending less money than you are receiving. The only way to spend less and do more with your money is to learn how to effectively budget it and stick to your plan.

Once you start to see the benefits of your budgeting and are rewarded with more money in your bank account after you have finished paying out, you will be more encouraged than ever to budget your money.

Another way to teach yourself to budget is to give yourself a solid incentive to stick to it, and make your budget work. You may make it your goal to get your finances in order, so that you can take a vacation or get something that you and your family really wants. Place reminders on your fridge or in your wallet. By doing this, you will be reminding yourself of the reason you have decided to sacrifice some of your luxury spending.

Although this sounds great, when you budget, you will have to learn to set aside any emotions that you may feel toward your budget. Examples of emotions getting in the way and interfering with a well planned budget is when you have to cut out the things that you want, such as weekend breaks away, toys for your children or new furniture, for a while, until you have arranged your finances for the better better.

If you have a family, try to keep them involved in your money budgeting and where the budget needs to be tightened to benefit everyone to exclude non-essentials, explain to family members why budgeting is important. This will help to educate those around you about the importance of budgeting and how budgeting can help you all obtain the things that you want, such as luxuries, without them being a financial burden.

Another trap many people fall into is getting into the habit of ‘keeping up with the Jones’ regardless of their own personal financial situations. After all, money budgeting is about your personal set of circumstances and your personal finances, not someone else’s. Just because your neighbors have just bought the latest model car or had cable television installed, doesn’t mean that you have to, pay attention to your budget and let it be your decider on whether you can afford the things that you want.

Budgeting is a vital skill needed to control your finances and avoid getting into serious debt. By educating yourself on how to budget effectively, taking the time to carefully plan a good budget and monitoring it regularly you will be able to keep yourself and your family encouraged to stick with it.

Set achievable goals and even though, at first, money budgeting may seem tough, it is the only way to have the things that you want, as well as a secure financial future.

Tags: Budgeting, Financial, Money, Success

Budgeting Business Finances in an Economic Crisis

In these tough financial times, more and more businesses fall into financial despair and need extra funding in this bad economy. Many of these businesses could change their financial position somewhat by focusing on their budget and cutting it THE BONE.

The first step to take, which is the easiest and fastest, is to cut out that unnecessary spending.

At first glance, you might think that your budget is very tight and there is nothing in there to cut. As a business owner and financial consultant for over 20 years, I have found that this is seldom the case. There are almost always ways to cut costs and save money.

A big mistake most businesses make is not taking the time to prepare a budget when times are good. Typically business owners tend to take an interest into budgeting money once they’re in financial trouble. Their debts have piled up, their income doesn’t seem to cover their bills and habits, and they are stressed out as a result. Does this sound familiar? If so, you probably need to learn the usual budgeting techniques.  

Budgeting and financial planning are the cornerstones of responsible money management. Not only that, but they are vital in developing a workable plan for the future, and can even reduce stress. While many businesses shy away from the accountability and responsibility required to create and maintain an accurate budget, buckling down and building a budget can ultimately help reduce stress and worry, and lead to a more pleasant and fulfilling life.

Before getting started, it’s important to define what a budget is, and what it is not. It is not just a list of where your money goes each month. A budget is a comprehensive overall picture of your financial situation where money comes in, where it goes out, and what it’s spent on. A budget is a plan, a map of the financial future. It should include salaries, bonuses, bills, insurance, savings, and other expenditures. It should be divided into wants and needs and should be organized as a line-item list, with each item

categorized and accounted for.

Most importantly, a budget should be accurate. Creating a budget that is inaccurate is a complete waste of time. People often create budgets that reflect where they want to be financially, or that ignore certain one-time-only expenditure this is not going to be effective. Instead of focusing on where you want to be and fudging the lines of where you are, make your budget an accurate and honest reflection of your current economic situation. Once you have that in place, you will be able to more easily identify where changes can and should be made, and you can begin to transform your financial situation by spending and saving responsibly.

Just as a budget should be honest and accurate, it should also be flexible. While, whenever possible, we try to plan for the unexpected, it is a fact of life that there will be times you need to go beyond your budget, a financial crisis, for example. This is understandable, and does not indicate some failure on your part to plan. In such situations, simply keep account of your spending and adjust your budget for subsequent months, where possible, to make up for the extra expenditures.

The most important thing to remember about a budget is that it is a living, breathing thing “well, not really, but it should be treated as such. A budget will do you no good if you create it then put it aside and never look at it again. A budget should be updated monthly and kept on hand for quick reference and revision. Keeping your budget up to date will allow you to see not only where you are financially, but will help you see how to get where you’d like to be.

Creating an accurate budget is important not only because it helps you see where you are financially, but also helps you map out the road to where you’d like to be.

What makes up a good budget? What expenses should you include in the budget? What can you do about variable expenses in your budget? How can you personalize a budget?

Where are you going?

The key to a good budget or spending plan is knowing where you have been and where you want to go. Knowing where you have been is done by insuring you have written down where all you money has been going. You can find this information by categorizing and reviewing your last 6 months of check registers or other accounting methods you have been employing. If you have no such method in place, you have just uncovered your main budgeting problem which is the first item to be corrected.

If on the other hand you use a check register or other means but have numerous general entries such as “cash” or “miscellaneous” or other unidentifiable labels, this too must be corrected. You MUST know where your money is going before you can divert it. I recommend carrying a small spiral notebook for at least 2 weeks (longer is far better) and recording every cash transaction. You will truly be amazed by what you learn from this experience.

Tags: Budgeting, Business, Crisis, Economic, Finances

Why We Need To Teach A Kids Budget

Teaching budgeting for kids is an important concept that you can teach your children. To teach children budget techniques is to firstly explain what budgeting is. Quite simply, this is a calculation of expected income and expense for a given period of time. A kids budget can is simply saving the allowance now to buy something bigger and better later.

Budgeting for children will assist them in developing their understanding of money so they can reap the rewards later in their life. One instance her is budget for kids may be saving for the latest Xbox game which may take say seven weeks to attain. A teenage budget maybe saving for designer shoes after eight weeks.

Educating about children budget habits, you are setting them up earlier in their life of how many can assist them in their lives. The education system in schools are not focused on teaching kids about money, especially in the topic of budgeting for kids. So where else can your kids learn about this? The family home is a start.

The safest and most convenient way to start a kids budget program is right in their own home. Parents, remember to make it fun and exciting as possible. Children don’t have a very long attention span so make sure you make it entertaining as much as possible. These days, parents are too busy to teach kids about budgeting. The global financial crisis has deepened the pressure for both parents to be working, therefore not being able to spend enough time teaching budgeting for kids.

To teach children budget techniques means to spend time to properly educate your kids. IT could be in the lounge room where you watch television. Ask your children for example what they have done with their allowance for the week. Just remember that budgeting for children should be a fun activity for them, so don’t be critical for everything they spend on. Just give them words of advice on how they can allocate their resources better next time. It could be saving a little bit each week for that skateboard that they’ve always wanted.

Budgeting for teenagers is obviously going different to a younger kids budget. A teenage budget may include items such as clothes, sports lessons, mobile phone bills and transport costs. A teenage budget will cost higher than a younger children budget plan.

One of the essential tools for budgeting for kids that I highly recommend is saving at least ten percent into a savings account. The concept of saving is what should drive the plan for a kids budget.

Finally, ensure you make kids budgeting interesting and exciting. Remember a teenage budget plan is most likely going to cost more. Have constant talks with your kids consistently over this topic of kids budget and you will start to see them develop in financially responsible adults.

Tags: Budget, Kids, Need, Teach

Learn how to prepare Financial Budgeting Spreadsheets the easy way

Most people associate the word “budget” with the approving, rejecting, or arguing over various budgets. In contrast, most business organizations use budgets to focus attention on company operations and finances, not just to limit spending. Financial budgeting spreadsheets highlights potential problems and advantages early, allowing management to take steps to avoid these problems or use the advantages wisely.

Financial budgeting spreadsheet is really a guide to help managers to steer their respective divisions to the path that the company had wanted. Study after study has shown that financial budgeting spreadsheet has been widely used and highest rated tool for cost reduction and control. Advocates of budgeting go as far as to claim that the process of budgeting forces a manager to become a better administrator and puts planning in the forefront of the manager’s mind.

Many seemly healthy businesses have died because managers failed to draw up, monitor, and adjust budgets to changing conditions.

Types of Financial Budgeting Spreadsheets

The most forward-looking budget is the strategic plan which sets the overall goals and objectives of an organization. Some business analyst would not classfiy the strategic plan as actual budget. In any case, the strategic plan leads to long-range planning which produces the Financial Budgets. The Financial Budget make up of a few components, operating budget, investment budget, financing budget and cashflow budget. The terms used to describe these components vary from organization to organization. In any case, most Financial Budgets have common elements.

Operating Budgeting Spreadsheet or commonly known as the Profit & Loss Budget or Income Budgeting Spreadsheet, summarized the company’s business activities. This budgeting spreadsheet provides detailed projection of all estimated sales, income and expenses for the future usually for the next 12 months. Along with it, the formulae and assumptions used in the calcuations of the budgeted numbers are also disclosed. The budget also compares the budgeted numbers with the historical past 12 months or more results to justify its reasonableness.

Investment Budgeting Spreadsheet gives an indication of how the fund in the company are invested. The usual investments are computer hardwares and sofwares, office renovation, office furniture and fittings and motor vehicles. Other investments include buying shares of other companies or putting capital for setting up new companies. The budgeting spreadsheet also shows the return, if any, from these investments.

Financing Budgeting Spreadsheet provides details of how the company activities are being funded. Common funding activities are capital injection, loans from banks and advances from directors. The budgeting spreadsheet also show how the loans from banks and advances from directors are repaid.

Cashflow Budgeting Spreadsheet provides detials of the company’s inflow and outflow of cash over the budgeted period of time. The budgeting spreadsheet will gives indications that whether the cash comes in too early or too late to meet certain financial commitments.

Please visit http://www.budgeting-spreadsheet.com for more related articles.

Tags: Budgeting, Easy, Financial, Learn, prepare, Spreadsheets

China Budget Hotel Report, 2009-2010

As of December 31, 2009, China had 3,757 budget hotels in total, up 952 and 33.9% year-on-year, with 412,840 guest rooms, rising 99,910 and 31.9% year-on-year.

In addition, the top ten budget hotels in China were Home Inns, Jinjiang Inn, Motel168, 7 Days Inn, Hanting Inns & Hotels, GreenTree Inn, Super 8 Hotel, Ibis Hotel, Vienna Hotel and Hotel Home. The top three, top five and top ten accounted for 37.0%, 52.5% and 63.3% of China’s budget hotel market respectively, and the market will be further concentrated in the future.

China’s budget hotels are mainly distributed in first-tier cities such as Shanghai, Beijing and Guangzhou, and Beijing and Shanghai alone accounted for around 25% of China’s total. In the future, the well-known budget hotel groups will expand to second-tier and third-tier cities due to a wide and prospect future there.

The report has made an in-depth analysis of China’s budget hotel industry in terms of tourism development, hotel industry development, budget hotel regional development, nationwide budget hotel groups, and regional budget hotel groups.

Table Of Contents:

1. Definition & Characteristics of Budget Hotel
1. 1 Definition
1. 2 Characteristics

2. International Budget Hotels
2.1 Development Course
2.2 Management

3. China’s Budget Hotels
3.1 China’s Tourism Industry
3.2 China’s Hotel Industry
3.3 Overview of China’s Budget Hotels
3.4 Operation Modes of China’s Budget Hotels

4. Regional Budget Hotel Markets in China
4.1 Beijing
4.1.1 Tourism & Hotel
4.1.2 Budget Hotel
4.2 Shanghai
4.2.1 Tourism & Hotel
4.2.2 Budget Hotel
4.3 Tianjin
4.3.1 Tourism & Hotel
4.3.2 Budget Hotel
4.4 Chongqing
4.4.1 Tourism & Hotel
4.4.2 Budget Hotel
4.5 Guangzhou
4.5.1 Tourism & Hotel
4.5.2 Budget Hotel
4.6 Xi’an
4.6.1 Tourism & Hotel
4.6.2 Budget Hotel
4.7 Nanjing
4.7.1 Tourism & Hotel
4.7.2 Budget Hotel
4.8 Hangzhou
4.8.1 Tourism & Hotel
4.8.2 Budget Hotel
4.9 Shenzhen
4.9.1 Tourism & Hotel
4.9.2 Budget Hotel
4.10 Wuhan
4.10.1 Tourism & Hotel
4.10.2 Budget Hotel
4.11Chengdu
4.11.1 Tourism & Hotel
4.11.2 Budget Hotel
4.12 Jinan
4.12.1 Tourism & Hotel
4.12.2 Budget Hotel
4.13 Shenyang
4.13.1 Tourism & Hotel
4.13.2 Budget Hotel
4.14 Suzhou
4.14.1 Tourism & Hotel
4.14.2 Budget Hotel
4.15 Qingdao
4.15.1 Tourism & Hotel
4.15.2 Budget Hotel

5. Nationwide Budget Chain Hotels
5.1 Home Inns
5.1.1 Profile
5.1.2 Operation
5.2 Jinjiang Inn
5.2.1Profile
5.2.2 Operation
5.2.3 Listed in A-share
5.3 Motel168
5.3.1 Profile
5.3.2 Operation
5.4 7 Days Inn
5.4.1 Profile
5.4.2 Operation
5.4.3 Successfully Listed on the New York Stock Exchange
5.4.4 Gaining Pricing Power through Direct Sales
5.5 Hanting Inns & Hotels
5.5.1 Profile
5.5.2 Operation
5.5.3 Successfully Listed on NASDAQ
5.6 GreenTree Inn
5.6.1 Profile
5.6.2 Operation
5.7 Super 8 Hotel
5.7.1 Profile
5.7.2 Operation
5.8 Ibis Hotel
5.8.1 Profile
5.8.2 Operation
5.8.3 Launching Franchise Operation to Rapidly Expand China’s Market
5.9 Vienna Hotel
5.9.1 Profile
5.9.2 Operation
5.9.3 Boutique Business Hotel Orientation
5.10 Joyinn
5.10.1 Profile
5.10.2 Operation

6. Regional Budget Chain Hotels
6.1 Hotel Home
6. 1.1 Profile
6.1.2 Operation
6.2 Gold-Lions 100
6.2.1 Profile
6.2.2 Operation
6.3 Nanyuan Inn
6.3.1 Profile
6.3.2 Operation
6.4 City Inn
6.4.1 Profile
6.4.2 Operation
6.5 Huatian Inn
6.5.1 Profile
6.5.2 Operation
6.6 Xilong Hotel
6.6.1 Profile
6.6.2 Operation
6.7 Garden Inn
6.7.1 Profile
6.7.2 Operation
6.8 Shindom Inn
6.8.1 Profile
6.8.2 Operation
6.9 Huakun Hotel
6.9.1 Profile
6.9.2 Operation
6.10 An-e-Hotel
6.10.1 Profile
6.10.2 Operation
6.11 Grace Inn
6.11.1 Profile
6.11.2 Operation
6.12 Holiday Star
6.12.1 Profile
6.12.2 Operation
6.13 Jin’s Inn
6.13.1 Profile
6.13.2 Operation
6.14 Orange Hotel
6.14.1 Profile
6.14.2 Operation
6.15 WHWH
6.15.1 Profile
6.15.2 Operation

7. China’s Budget Hotel Industry Development Trend
7.1 Operation Differentiation & Brand Building
7.2 Management Specialization & Technology Improvement

Tags: 20092010, Budget, China, Hotel, Report