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Here are ten time-tested guidelines to give a boost to your finances. Follow these commandments religiously and you can’t go wrong with finances.

We all know that money is important to survive and meet the basic comfort needs. But what we have to realize is that money can’t make you happy. On the other hand, it can make you miserable if you’re managing it in a wrong way.

It’s time to change your outlook on your finances. Just having finances is not enough. How you manage your finances is more important.

Having a strong financial foundation right from the start will put you in a very favorable position in the times to come. While you are busy carving a niche for yourself, follow the time-tested guidelines given below to give a boost to your finances.

1. Start Early
Have realistic goals in your life and a proper strategy to achieve them. Ask yourself- what do you want from life? Make short term plans, like 5 years or even less. See how you are going to budget yourself to achieve these goals, like buying a car within a year.

Budgeting is a great way to do this. See where your money is going so you can make the necessary adjustments in your finances.

2. Make Saving a Habit
Get in to the habit of saving right from the start. Next time your paycheck arrives, make it a point to keep some away. Arrange with your bank to automatically divert part of your paycheck every month into a savings account.

Eventually, this little trickle of saving will amount to a large sum one day. So, you will be in a stronger position to face the economy upheavals or cover your expenses during a sudden job loss or pamper yourself with that dream vacation you have been wanting.

3. Live Within your Means
If you can’t afford something, don’t buy it. It’s that simple. Don’t give in to temptations. Most of the women have a difficult time following this. They do get the object of their desire, but then they are in a miserable position, having loads of debt to pay off. Learn to keep spending in check while you’re young, and you’ll save thousands of dollars over the years, and save yourself a lot of stress too.

4. Start Investing
Investing early in life will put you in a far better position. Facts and figures are there to prove it. Getting rich is not that difficult as you think. You don’t have to be born with a silver spoon in your mouth to be rich. Learn the smart ways of investment early in life and see your funds grow. The magic of compounding is there for all to se.

5. Pay off our Credit Cards
Get rid of any credit card balance, right now. Set a target to pay off all your debt or any other financial responsibilities within a certain time frame. Commit to use your credit card only for expenses you can afford to pay off each month. Avoid using plastic money, and use it only if it’s a necessity.

6. Establish Credit
Having a good credit history will help you a lot in the long run. You will not only qualify for the best interest rates on a credit card, auto loan or mortgage, but you can also save yourself a bundle on your auto insurance or help youself land an apartment or a job. So, start building a good credit history, as it will show you in a better light and build up your credibility.

7. Develop a Marketable Skill
Your education and job skills will be the most valuable asset you’ll ever own. Have a good qualification to start with the right career and boost your earnings. It’s also a good idea to start building and maintaining a network while you’re young. Personal contacts can come in handy to further your career or enhance your personal life.

8. Cut the Financial Umbilical Cord
There is nothing wrong with parents trying to help their child. But remember, your parents are not going to be there forever. So, the sooner you get the reins of your life in your hands, the better.

Now that you have your own apartment and your own paycheck, it’s time to get real and grow up. Be the controller of your finances. Just don’t let the parental help get in the way of learning to succeed financially on your own.

9. Marry Wisely
You and your spouse will make the most important team in your life. You will have common goals and interest, and will work together to achieve them. So, choosing the right spouse will have a direct effect on your life and its goals.

Your spouse should be someone with whom you can have a good communication at any time. Do not have any money secrets between each other. It’s a good idea to regularly assess your goals and progress. Money can drive a wedge between even the strongest of couples. Remember, a divorce is costly and can derail even the best-laid financial plan.

10. Have Some Fun
Following all the above guidelines doesn’t mean that you start taking your life solemnly. Managing your finances need not be a boring and serious affair. One should take out time to enjoy life too.

Take a class just for fun. Or take advantage of cheap travel options such as youth hostels, camping and off-season travel deals. Build some memories, meet new people and try new things. But make sure you don’t go into debt while doing it. Save up ahead of time, and you’ll be in a prime position to make the most of your life.

by Gurmeet Kaur, The Money Times

money and happiness finance, financialsecurity, investing, ladiesfund, options, tudawood

In many countries and cultures of the world, it is the women not the men who manage the finances.  But, really, who is better at it, genetically speaking?

Check out the results of this latest survey …

SINGAPORE (Reuters Life!) - When it comes to money, women really are more responsible then men, with an international survey finding that they’re less likely to get into debt and strive harder to become financially independent.

The global Reuters Synovate survey polled some 4,500 women in 12 countries about money matters. An equal number of men were also asked several questions related to finances.

The survey showed that just over half respondents of both genders said women are more responsible with money than men, with the highest level of agreement found in Mexico, where 72 percent of people believed women were better at handling finances.

And although more than 40 percent of women use part of their monthly income to pay off credit cards, some 70 percent of female respondents also said that having more than one credit card could lead to financial debt, revealing women’s higher awareness.

“It’s obviously not the card itself that causes anyone to use it. So the statement is really about control and temptation,” said Claire Braverman, international market research firm Synovate’s senior vice president of Financial Services in the United States.

“The ability to spend more, that you don’t have in the first place, can certainly lead to debt. It means people have to control themselves and their spouses,” she added.

More women believed in their financial ability than men, with 61 percent saying they were more responsible, while only 40 percent of men agreed.

But nearly half the women surveyed also conceded that they were bigger spenders than their male counterparts, with nearly 60 percent of men agreeing.

The survey was conducted in December in Australia, Brazil, Bulgaria, Canada, France, Indonesia, Malaysia, Mexico, the Netherlands, South Africa, Britain, and the United States.

Synovate’s Bateman said the survey’s findings could help financial companies understand women’s needs, as they tend to live longer than men, and typically have less money on retiring.

Women who pool their finances with a spouse or a partner are also likely to suffer more if the relationship ends.

“Some women have checks in place to guard against this happening to them, some don’t. Some are financially savvy, and some are simply not interested,” she said.

“This adds up to an urgent need for financial services companies to understand women and cater to their specific needs and the situations in which they are likely to find themselves, planned or unplanned,” she added.

Nearly six in 10 women considered themselves to be financially independent, which for 41 percent meant not having to rely on a partner for money and living debt-free for a third of respondents.

The survey, however, found that despite their independence, 43 percent of women believed that a man should be responsible for the mortgage or the house payments.

(By Miral Fahmy with editing by Sugita Katyal)

From Reuters

managing money financialsecurity, investment, ladiesfund, options, womanandmoney, womenandmoney