Fortunately, we can tell you the answer is ‘no, it’s not all lost.’ There are plenty of ways to get back on track even when you feel lost. Everyone experiences the feeling at one time or another. The important thing to remember is your financial hardship is temporary, and with a few adjustments, you can get back on track.

10 tips for how to get back on track financially

So, are you ready to take charge of your finances? Here are 10 tips on how to get back on track when you feel lost!

1. Reflect on your mistakes

Have you ever heard that mistakes are opportunities to learn? It’s true. You can look at a mistake as a complete and utter failure, or you can look at it as a learning experience. Look at it and decide what you could have done better. What could you change?

Use your mistakes as stepping stones to improve your life (and your finances), and don’t let them hold you back. While it won’t help you get back on track immediately, it will help you grow as a person and make wiser choices moving forward if and when life kicks you again.

2. Create a habit tracker

If you’re the type that starts a habit and then falls off the wagon after a few days or weeks, use a habit tracker to make it easier to stick to. You can even set up rewards for specific milestones. For example, if you stick to your budget for two weeks in a row, reward yourself (with a small reward, nothing that will break the bank).

If you notice on your habit tracker that you can’t stick to your budget or you quit your ‘good’ habits after a few tries, figure out why. Is there something specific going on in your life that makes it impossible to stick to your desired habits?

Take an honest look at your life and figure out what’s causing the roadblock and see what you can do to work around it.

3. Review your budget to get on track

Sometimes the budget that seems right is all wrong. If you can’t stay on track with your finances, it could be because you set up the wrong budget. Even if you followed a template or did what your successful BFF did, it doesn’t mean it will work for you.

Take an honest look at your spending. Pull your bank and credit card statements, determine where you’re going over budget, and understand why. Did you make your budget too restrictive? Do you need to rearrange how much you have budgeted for certain categories?

You may find you have to cut back on certain costs. List your costs by priority and decide how you’ll cut back. It could be small things, like cutting back on your grocery spending or eating out less. Finding the right budget method is how to get back on track when you feel lost about your finances!

4. Stick to your schedule

Everyone needs a schedule to stick to their good habits. Your schedule helps you make good choices rather than trying to make fly-by-night decisions. Set up a schedule to pay your bills, revisit your budget, and contribute to your savings or investment accounts.

The more you have scheduled, the more likely you are to get on track. It’s harder to say ‘I’m not going to put money in savings today’ when it’s staring at you from your calendar. The guilt will get to you, and you’ll find that you want to stick to your good financial habits because they’re scheduled.

5. Find an accountability partner

Getting an accountability partner is how to get back on track when you feel lost. If you’re married, can you hold one another accountable? If you are both spenders or you’re both guilty of falling off track, find a neutral third party to be your accountability partner.

You need someone who will ask you the questions you need to hear and wait until you provide honest answers. You’re more likely to stay on track with your finances if you have to answer to someone. For example, you are shopping and see a gorgeous purse you must have.

You know it’s not in your budget, but it’s calling your name. If you have an accountability partner, you know you’ll have to answer to them. You’ll likely give the purchase much greater thought and hopefully won’t do it.

6. Focus on what you can control

Life is unpredictable, as you know. We think we are in control of it all, but we aren’t – not even close. Instead of looking at what you can’t control, focus on what you CAN control.

You can control how much money you put in your savings account each month. You can control how much you contribute to your retirement account each paycheck. What you can’t control are things like pandemics, losing your job (sometimes), or falling ill.

When you focus on the things you can control, it’s a lot easier to get on track with your finances. Life doesn’t seem as overwhelming when you focus on what you can control and worry less about what you can’t.

7. Always keep learning

You are never too old to learn. As far as personal finances are concerned, the landscape keeps changing. While it used to be ‘smart’ to use your credit cards for every purchase, it’s no longer the right thing to do. FICO calculations change, what lenders look for change, and even how you can invest your money changes all the time.

Always learn, see what’s new and how you can improve your personal financial situation. Take cryptocurrency, for example. This wasn’t around or at least popular a few years ago, yet now it’s the latest craze and is how millions of people are growing their portfolios at breakneck speeds.

8. Realize every little bit counts

You don’t have to make big changes to get on track. Small changes often add up to much more, especially when you have a lot of them. The next time you think, “I’ll only save $1 with this coupon” or “I can only put away $10 in my savings account,” think again.

Every dollar or even every penny counts. It all adds up and, with consistent effort, can make a big change in your personal finances. Little habits lead to big changes, and that’s how to get back on track.

9. Create a realistic plan

No matter how bad you want to get on track, don’t be unrealistic. You can create a plan that sounds amazing on paper, but if you can’t make it a reality, what good does it do? The only thing an unrealistic plan will do is make you feel worse.

You’ll feel like you can’t do anything right and can’t get your finances in order. Instead, create a plan that’s realistic for today, no matter how meek it may look to you at the moment. Realize the potential in a realistic plan and know that your plan can change as you grow.

10. Prioritize your values

Take a long hard look at your values. What’s important to you? If you want to get back on track with your finances, make that a priority over shopping, going out, or spending needless money.

Write down your goals or make a vision board. Let your visions be in your face all the time, so you have no choice but to make them a reality. Prioritizing your values is how to get back on track when you feel lost.

One step at a time is how to get back on track with your finances!

It’s not as hard as it sounds to get back on track with your finances. It takes some soul searching, planning, and a lot of consistency. Only do what you are comfortable with and can master right now. Then take bigger steps as you make progress.

It’s nothing you will change overnight, especially if you were knocked to your knees after the pandemic, a divorce, or any other significant occurrence in your life. Give yourself some grace, form good habits, and before you know it, you will get on track again with your finances.

If you need additional help then sign up for our free financial courses and worksheets to start saving money and building wealth!

Source: www.clevergirlfinance.com

What is Bitcoin?

The concept of bitcoin can be traced back to a white paper published in 2018 by Satashi Nakamoto. The currency which has surged over $48000 at the time of this article was hovering over $12 in 2013. Bitcoin, to say least, is a virtual currency and is an online cash that changes hands over internet. As of now, there are plethora of services one can avail using these virtual currency.

And giant corporates racing against time for devising a payment strategy to provide and accept services related to cryptocurrency, in itself shows that no one wants to miss the bandwagon of cryptocurrency.

How One Buys It?

People who are keen to buy Bitcoins should go to bitcoin exchanges. There are many platforms in India where one can buy cryptocurrency from exchanges like Coinbase and Coindesk. But in India, one can buy Bitcoins from ZebPay. For buying Bitcoins, one can do a transfer from your bank account into ZebPay. You are required to undergo a basic KYC before you start trading in Bitcoins. You can get your KYC done after submitting Aadhaar card, Pan Card or any other document.

After placing an order, you can purchase Bitcoin using digital payment methods. Money from your bank accounts can be transferred using NEFT, RTGS, debit or credit card. Currently the Bitcoin is of $48000 but this does not mean that you will have to buy a Bitcoin, in fact you can invest in Bitcoin starting from Rs 500.

How Does it work?

As we said, it is an online cash, and changes hands over the internet. This means transfer bitcoins from their wallet to another person’s wallet who is a party to that transaction. All transactions are recorded in a public list called as blockchain. One point that needs to be noted here is that every transfer of bitcoin is recorded but not with names of buyer and seller but just with their wallet IDs.

The block chain is made of data units called blocks that holds all information about the transaction. All information is arranged in chronological order making a chain called block chain.

Is it legal in India?

The Supreme Court of India came out with the judgement overturning the ban imposed by the Reserve Bank of India in 2017. The Reserve Bank of India barred entities from dealing with Bitcoin. The decision made by the apex court brought the much required clarity for companies and people that it can buy and sell it easily.  But one must note that there are no rules and regulations and guidelines in place for resolving issues pertaining to Bitcoin in India.  So risk factor can be a big dampener otherwise its legal to buy and sell Bitcoins in India.

While these may seem like enough, the truth is there are other types of insurance that you should consider to adequately protect yourself and your future income. We’ll go over nine of them, but first, let’s talk about why insurance is so important.

Why is it important to have insurance coverage?

Think of insurance as protection for your wallet. Having the right types of insurance can potentially save you a ton of money in the event of an emergency, unplanned life occurrence, or a medical need. Car insurance can pay for the costs of a car wreck, like repairs and medical bills.

A homeowner’s policy can help you rebuild your home after a devastating fire. Health insurance can pay for expensive emergency room bills after an injury or illness.

In exchange for paying money (premiums) to an insurance company, you get coverage. It means you can protect yourself without having to impact your long-term financial plans. Not having enough insurance policy types can derail your financial goals, and you definitely don’t want that.

Before you start signing up for any additional insurance coverage and adding new premium payments to your budget, you need to make sure that the insurance policy types make sense for your life situation.

You also want to make sure that the additional monthly costs are justifiable. You don’t want to be making monthly payments for insurance coverage if you don’t necessarily need it.

Check out these nine types of insurance you may need — and that you might not have considered otherwise.

1. Life insurance

Life insurance is something to consider if you have other people who depend on your income, such as a spouse or children. This policy is vital if you have large financial commitments such as a mortgage, child education expenses, or any major debt. Sometimes you even need a policy if you’re getting a small business loan.

The purpose of life insurance to provide a lump sum (and usually tax-free) payment to your dependents in the event of your death. How much life insurance you buy is a personal decision. Generally speaking, it depends on the number of years of income you want to cover for your household after you’ve passed away.

The two most popular insurance products you’ll come across are term life insurance and whole life insurance:

Term life insurance

Term life insurance, as the name indicates, only covers you for a specific term or a number of years (e.g., 10, 20, or 30 years). As long as you pay your premiums and keep your policy active, your beneficiaries should get a lump sum in the event of your death.

If you outlive your policy term, the coverage expires, and you can either renew (if offered) or apply for a new policy. The premiums can be affordable, but they get more expensive as you get older.

 Whole life insurance

Whole life insurance coverage lasts your entire lifetime as long as you keep up with your premium payments. It may also offer cash value benefits like a form of savings or investment account associated with it. Over time you may get money credited to you. While this type of life insurance sounds attractive, it is also substantially more expensive.

Regardless of what type of life insurance you choose, you want to make sure you fully understand what is associated with each, how much coverage the premium provides, and if there are any conditions or requirements.

2. Long-Term Disability Insurance

This insurance covers you by replacing your income if you’re unable to work due to a permanent or temporary disability. Regardless of whether you have dependents or not, if you have monthly living expenses, then it’s a good idea to consider getting disability insurance.

What about short-term disability insurance? Well, if you have a fully-funded emergency fund, then it could cover you if you can’t work for a little while but it may not be enough. Adding on short-term disability might not be a bad idea depending on the cost — especially if your employer offers it at a low cost or free. It can help you keep your emergency savings intact in exchange for the monthly premium you pay for coverage.

3. Renters Insurance

If you’re renting, you’re not responsible for the building itself or major repairs. That’s your landlord’s responsibility. That being said, you definitely want to consider getting renters insurance to cover your valuables within your home.

Renters insurance protects you if your belongings get damaged by flooding, fire, or in the event that your home is broken into. This is also why it’s a good idea to keep an inventory of your stuff — like your expensive electronics or musical instruments — to know how much protection you actually need so you’re not overpaying.

Your electronics and other valuables are the things that your renters’ insurance would cover. Renters insurance also covers items stolen from your vehicle, even if it’s parked away from home.

4. Personal Article Insurance

Do you have an expensive engagement ring or wedding ring set? An expensive watch? A laptop you take with you everywhere? The costs of replacing items like this can be really expensive. If you have any personal items that are of value and you often have them outside of your home, you should definitely consider insuring them through a personal articles policy.

You may even be able to add a floater to an existing policy to cover valuables like jewelry (ask your renters or homeowners insurance company). This will ensure that you can replace them without having to incur any major financial setbacks in the event they get lost or stolen.

5. Pet Insurance

60% of Americans have a pet of some kind, and many times people don’t consider the associated medical costs with bringing home a pet. Pet parents should expect at least one $2,000 to $4,000 emergency vet bill during their pet’s lifetime, according to the ASPCA.

Pet insurance can save you a lot of money if your pet needs major surgery or has expensive medical care, so it is definitely something to consider. Talk to your vet to see which policies are accepted at their office before buying any coverage.

6. Homeowners insurance

Financial institutions require you to have homeowners insurance. However, you absolutely should have homeowners insurance even if you own your home outright. Homeowners insurance protects you if your home is damaged or destroyed.

This policy includes dwelling insurance, which covers the amount it would take to rebuild your home. Homeowners insurance can cover your personal belongings and include liability insurance if someone were accidentally injured on your property.

Review your policy thoroughly to ensure you have the correct types of insurance in place. For example, flood insurance is excluded from most homeowners insurance policies. Invest in a flood insurance policy to prevent major expenses in the event of a flood.

Other types of insurance, such as earthquake coverage may not be included either. You should speak with your agent to ensure you are properly protected. And be sure to explore ideas to potentially lower your homeowner’s insurance cost without sacrificing coverage.

7. Identify theft protection

Over 33% of adults in the United States have been victims of identity theft. Identity theft is when someone uses your personally identifying information to commit fraud or criminal acts. There are various types of identity theft, such as:

• Bank account theft
• Tax identity theft
• Medical identity theft
• Criminal identity theft

Identity theft insurance protects you by covering the costs of identity theft. This insurance can save you hundreds to thousands of dollars along with countless hours fixing your identity theft case.

8. Long term care insurance

One of the most essential types of insurance is long-term care insurance. None of us want to think about not being able to take care of ourselves, but we need to prepare in advance. Health insurance does not cover the types of services that long-term insurance covers. This policy covers costs such as assistance with daily activities and if you have a chronic medical condition.

For instance, if you were to need help bathing, using the restroom, etc., this would be covered with the policy. It’s important to purchase long-term insurance sooner than later because it’s one of the types of insurance you may not qualify for once you have a condition.

9. Umbrella policy

Depending on your situation and the protection you desire, you may want to purchase an Umbrella insurance policy. This policy is a personal liability policy that protects you if the costs are more than your homeowners and auto insurance coverage.

For instance, if the cost of the incident were $25,000, and your policy only covered $15,000, then the Umbrella insurance would cover the remaining $10,000 of expenses.

Without this type of insurance, you will pay the remaining expenses out of pocket. Remember liability insurance policy types protect against damage to other people and property. You still need to have other types of insurance in place to protect your property and assets.

Choose what’s best for your situation

Bottom line: Make sure that whatever additional insurance coverage you get makes sense for your life situation and that the monthly cost for coverage fits into your budget.

The potential payout from an insurance policy should far outweigh the cost you’ll be paying to have the coverage over time. By having the right types of insurance you can prevent financial mishaps and protect your assets!

Source: www.clevergirlfinance.com

In addition to the stressful feelings of having no savings, if you are starting from scratch, the idea of building a solid financial future might seem daunting. However, the good news is that it is possible to build savings from any point, even if you have none right now.

It’s important not to beat yourself up over your past financial mistakes. Instead, focus on moving forward and taking control of your finances. If you are ready to learn more about building your financial future, then continue reading.

1. See where you stand

The fact that you want to work to improve your financial future is a big step in the right direction. Now that you are ready to take control of your finances, it is time to take a closer look at your financial life.

In order to better understand your current financial situation, it is critical to calculate your net worth. First, layout any debts that you have on the table. It is important to see all of your liabilities, or debts, in a single place. Next, tally up your assets. Then simply subtract your liabilities from your assets.

You might be surprised to discover where you stand. If your net worth is negative, that is okay. Many people start building a successful financial future from a negative net worth. If you find that you have a positive net worth, then you are in a better financial position than you thought because you must have savings built-in somewhere.

No matter where you are starting from, it is good to be realistic about your financial future. If you are starting from 0 or a negative net worth, then you should not expect to clean this up overnight. In fact, building a better financial future may be a long road. However, the sooner you start the process, the faster you will reach your destination.

2. Assess your lifestyle

After you have taken a closer look at where you stand, you need to understand how you’ve come to the point.

Dive into your spending habits to understand your financial position better. Are you spending more than you should? Your first step should be to create a plan that ensures you are not spending more than your income. Otherwise, it is easy to rack up debt quickly.

If you find that you are spending more than you should, then look for ways to cut back without sacrificing your quality of life. Unfortunately, you may need to make some adjustments to your spending.

However, you should look at this as a new challenge to be creatively frugal instead of cutting all of the fun out of your life. You need to understand where your money is going in order to start saving money successfully.

3. Make a budget

A budget is critical to get your finances on track. Although it might seem restrictive to start budgeting, you’ll need to find a budgeting method that works for you in order to start saving successfully.

A budget can be difficult to start, but it is important. Luckily, there are a variety of ways to budget. You just need to find out which one works best for you. If you are having trouble getting started, then consider taking our budgeting course. It will walk you through different ways to budget and help you find the best fit for you.

As you build your budget, you’ll need to find new ways to save money. A few ways to dial back your expenses include shopping around for new car insurance and cutting out any subscriptions you no longer use. Additionally, you can start cooking more at home and hitting the stores with coupons in hand.

4. Build an emergency fund

An emergency fund is the first type of savings you should build. After all, it is your first line of financial defense against the emergencies that will inevitably come your way. Whether you need to fix a flat tire or a medical emergency pops up, you’ll have the funds you need to weather the storm.

If you are just starting out, then this should be your first priority. Start by building a fund of one thousand dollars. It will provide the cushion you need to cover unexpected expenses.

After you have a better handle on your finances, then build out your emergency fund to at least 3 to 6 months worth of expenses. You should have this amount of money safely tucked away in your savings account.

Once you have a fully-funded emergency fund, you’ll be able to breathe a little bit easier. Whatever life throws your way, you’ll be financially prepared.

5. Pay off your debts

If you have a large debt burden on your balance sheet, then it can hinder your other financial goals. If you want to save money for the long term, then any debt is only going to hold you back.

Since you are ready to build a better financial future, that starts with eliminating your debt. You’ll need to find a debt pay-down strategy that works for you. In some cases, the snowball method in which you tackle your smallest debts first works best.

In others, the avalanche method in which you tackle your debt with the highest interest works better. Take a minute to find out which strategy will work best for your situation. Then dive into your debt repayment journey.

Once you’ve paid off your debt, it will be easier to save for long-term goals. Not only will you eliminate monthly payments, but also avoid racking up interest charges that can derail your financial future.

6. Save for long term goals

If you are starting to save from nothing, then large savings goals may not seem attainable. For example, retirement may seem like a distant vision for the future without any concrete retirement savings. However, it is critical to start saving for your long-term goals now.

If that is retirement, then you should take advantage of tax-advantaged saving opportunities such as your 401k or an IRA. The amount you are able to save in these accounts will vary each year based on IRS limits.

Other long-term goals might include making a down payment on your first home. Consider that in your budget as you start to increase your savings.

How to stay on track with your savings goals

As you increase your savings, it might feel difficult to stay on track. Like all habits, you’ll need to provide some positive reinforcement to ensure that you continue on your savings journey.

Keep Budgeting

Even when things start to look better, you should continue to save. Hold on to your budget even when your financial life is easier.

Remember to adjust your savings goals to your life; in some seasons, you will be able to save more than others. Although you can adjust your budget throughout your journey, make sure that you are always aware of what you are spending.

If you are having trouble staying on track, then think about the reasons behind your spending. Carefully align your spending with your values. Once you find alignment between your values and your spending, you may find more joy even without overspending.

Find a Side Hustle

If you are having trouble meeting your financial goals, then you may need to increase your income. A side hustle is a perfect way to increase your income.

A side hustle offers flexibility on the amount of time you commit and the amount of money you can earn. Whether you want to work from home in your free time or pick up a second job, you can increase your income with the power of a side hustle.

Put your savings on autopilot

Once you’ve worked out your budget, you could choose to automatically transfer your savings into a separate account each month. With this, you’ll be able to save the money you plan to without needing to resist the urge to spend down your checking account.

If you have trouble sticking to a budget if the money is readily available, then move it to a separate account that is slightly less accessible. With that, you’ll be forced to think about your spending actions before you swipe your card.

Additionally, you can have your retirement savings pulled right out of your paycheck. In this case, you wouldn’t have to worry about spending your retirement savings because they would never touch your regular checking account. Here’s an article if you are wondering how much should you have in savings!

Don’t focus on a deadline

Yes, setting savings goals are important. However, it is important to not get too caught up in your deadlines. As long as you are making progress towards your savings goals, missing a goal by a few hundred dollars is not the end of the world.

Don’t allow yourself to get discouraged and stop saving altogether. Instead, continue to save based on your plan and watch your savings grow over time. You might be surprised how quickly they add up once you have the right systems in place.

The bottom line on what to do if you have no savings

If you are starting from the bottom, then you have the perfect opportunity to build a solid financial foundation. After all, you need to understand the base of your financial success in order to sustain it over the long term.

Instead of looking at saving money as a cumbersome challenge, look at it as a way to redefine your future on your own terms. To get started, be sure to check out our completely free courses to help you save!

Source: www.clevergirlfinance.com

Risk management: You have children and don’t have any written paper for their care if you die. You have to face this risk and prepare for everything that could happen. A financial consulting service may help you have a careful plan.

Retirement plan: Retirement planning involves evaluating your current financial standing and creating an accumulation strategy that will help to ensure a desired retirement lifestyle. This is one of your biggest plan to do in your entire life. Believe me, you don’t want to mess up with it. Retirement plan requires some fair knowledge and experience which a financial advisor trades for.

Accumulation: Accumulation planning addresses your investment needs, asset allocation, and the suitability of different types of securities in light of your goals and risk tolerance. This is a long-term strategy that takes your financial goals and outside holdings into account. Again, a qualified financial advisor can facilitate this.

Taxation: This is really a difficult one, attached to a long and hard-to-understand articles of law. Tax planning considers the tax implications of individual, investment, or business decisions, usually with the goal of minimizing tax liability. While decisions are rarely made solely on their tax impact, you should have a working knowledge of the income or estate tax issues and costs involved. A major goal of tax planning is minimizing federal income tax liability. The best way is letting someone who has expertise and experience do it for you.

Estate planning: When you reach a point in which you’re constantly afraid that you’re going to make a mistake with your property, then you need professional advice. Especially, either the receipt of or access to a large sum of money that you didn’t have before.

Business planning: Business planning focuses on issues specific to business owners and shareholders. These people have enough thorough knowledge yet not enough time. That’s why they want to hire financial service to support them.

Have you realized the importance of financial consulting service? Prepare the best for you and your family by having a careful and thorough plan, consulted by a professional.

At one time, the internet appeared to offer all organisations a simple proposition: email connectivity and a clickable presence in the form of a website. Today, web presence has rapidly evolved with interactive content and the ability to deliver transactional experiences – or e-commerce. Migrating services online helps business reduce costs, while customers benefit from the convenience and autonomy of self-service.

Financial services sites are absolutely competitive. They are really trying to drive people online. The self-service model is being taken seriously so they want to make sure their sites are available, responsive and allow users to do as many things as possible.

Though, many have shown an overall poor performance. The top reasons for failure were as follows: company websites make browsing too difficult; content missing, repeated and

poorly worded; and site search doesn’t work for typical tasks.

Here are three factors for a successful online financial service site which keeps users engaged and displays great use of technology while still delivers company’s messages

clearly and effectively:

• Customer experience, which includes the impression the homepage and overall design style give the customers, their satisfaction when they interact with the site and perform tasks.
• Best practices, such as ease of use, quality, availability and security – site managers must be compliant with data laws requiring them to protect customer information and the integrity of customer accounts.
• Service-level, which looks at responsiveness and reliability of websites – scores them on how quickly they respond to user commands and such factors as average downtime.

Financial services must tie these three factors together – customer experience, best practices and reliability/responsiveness – to have an effective web presence. They can’t go hard into one particular area and ignore the others. They have to understand what’s available versus their competitors, what consumers think of their sites versus competitors’ and how their sites are performing.

The mission of Internal Audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.

The inclusive but not an exhaustive list of value that internal auditing brings can be grouped into several categories as mentioned below:

1. The Business
Demonstrate a deep understanding of the organization, its history, its mission, key stakeholders, its strategy, its competition, its corporate culture, its structure, and the business function.

2. Technology
Understand and apply those new technologies that are reshaping how we are work and live. For e.g.: blockchain, digital transformation, drones, financial technology, artificial intelligence etc.

3. Governance
Testing the same risks and controls by multiple assurance providers is efficient and creates fatigue on process owners.

4. Risk Effort
Assess the organization’s ability to foresee and respond to global events and provide advice regarding risks and opportunities.

5. Fieldwork
Develop audit findings using the format: Condition, Criteria, Cause, Effect and Recommendation.

Internal Audit will provide a clear picture to cover all the significant potential risk after assessing all internal and external factors and providing objective opinions, information, support, and education to the top management.