Well, we made it. We’re past the tumultuous year that was 2016 and now 2017 is upon us. What can we expect from this year? It’s hard to say, but one thing we can all afford to do a little better, is budgeting our finances.

That’s why today we’re going to look at 5 awesome tips for budgeting yourself in 2017, and ultimately leading yourself to a more successful year than the one that just ended.

5 Strategies For Improving Your Budget in 2017

The overall concept of a budget can be scary, but if you break it down into simple strategies, it becomes a lot easier to see how everything fits together. Here are five ways you can get your budget back under control in 2017:

1. Drop Unneeded Subscriptions

We all have things like a Netflix subscription, and possibly a few others, including that gym membership you keep saying you’ll use. When you look at these monthly spendings, they suddenly add up to a lot more than you would expect. Just a few $20 monthly subscriptions can add another $500 or more to your yearly budget.

If you have more than one video subscription, why not narrow it down to one you can’t live without? As far as the gym goes, you don’t need to pay someone to exercise. Take a walk around your neighborhood, go to the park, heck, even do pushups in your living room. Don’t let me money disappear from your budget on things you don’t use or need.

2. Create Alerts on Your Phone

I am one of those people who gets very forgetful with all the stress of daily life. Simple things like credit card payments would slip by if I didn’t have some kind of reminder in place. Life is complicated, so don’t depend on yourself to simply remember things like these. Set up alerts on your phone that give you a heads up when something is due, so you can take care of it before it becomes late.

Late payments can be detrimental to your credit score, and for some people, they can’t afford to lose any more points off their credit. Thankfully, you can utilize credit repair if you need to with this resource: www.debtsteps.com credit repair companies list.

Either way, keeping yourself on track to pay everything on time will help you budget better in the long run.

3. Break it Down Week-by-Week

If you break your budget down into weekly limits on your spending, you’ll have a better grasp of where you stand on any given day or time in the month. This also allows you to be more in tune with how much you have to spare, if any, on weeks where you might need to take a break and go out one night to reset.

This is why it’s also important to set realistic goals. You can’t completely cut yourself off from the possibility of going out to dinner one night or renting a movie when you’re bored. Financial health is important, but you also have to think about your mental well-being.

4. Make a List (and Stick to It)

Anytime you’re going out shopping for things you need or even things you want, keep yourself in budget by creating a list. For example, let’s say you’re going to the grocery store. You’ll probably be tempted to pick up a few things that are nice, but not completely necessary. We’re all guilty of it, but it can bring up a grocery bill pretty fast.

If you make a list and stick to it, you’ll stay within your budget by a reasonable degree. Most grocery stores also offer the ability to clip digital coupons and use them with your phone number at the register. Take advantage of programs like this to save even more money when you’re shopping.

5. Keep Track of Everything

Our final tip is one that comes straight from my own strategies. I like to keep track of everything in my budget using an online spreadsheet that I customize myself. It allows me to write down all my bills and expenses in one place and keep track of the due dates. When it comes time to pay something, I just utilize the miracle of mobile banking to get it done.

I marked the bills as paid in my sheet and I can refer to it at any time of the month to see where I stand on budgeting. It’s an optional, but very helpful way of keeping track.

Final Thoughts

We’re in a new year, full of new possibilities. It’s time to think about how you can restructure your budget and make this year better than the last. How do you plan on improving your budget this year? Let us know in the comments!

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The National Pension System (NPS) is a defined contribution retirement plan offered by the government. The plan is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

Subscribers must avail their Tier 1 NPS accounts with one of the PFRDA-appointed Point of Presence (POP). The contributions may be invested in 3 asset classes’ viz. equities, government securities, and corporate bonds. These funds are managed by professional fund managers designated by the regulator.

NPS is compulsory for government employees except the armed forces. The plan is optional for the private sector personnel. An increasing number of private sector employees are choosing NPS to take advantage of the various tax benefits available under the Income Tax (IT) Act.

Here is how government employees may choose fund managers

Permanent Retirement Account Number (PRAN)

Applicants are updated about their PRAN application status through an email or SMS. This number is unique for each subscriber, which makes the NPS account completely portable. The applicants may check the status with the POP or the regulator’s website in case the PRAN card is not received.

Choosing the fund manager

Government employees did not have the liberty of choosing their fund manager as available under the All Citizen Model. The state or the central government had the responsibility of choosing the fund managers. However, recently, PFRDA announced that public sector employees will now be at par and may choose their preferred fund manager to handletheir NPS contributions.

Being able to choose their preferred fund manager provides the subscribers an opportunity to assume higher risks and enjoy better NPS interest rate. The returns on NPS contributions depend on the percentage that is invested in the different asset classes. Therefore, by investing the maximum permissible amount (50% of the total annual contribution) in equities offers investors the chance to earn higher returns.

Changing the fund manager

The private sector personnel also have the option of changing the fund manager in case they are unsatisfied with the services. The proposed modification by the regulator also makes the option of changing the fund manager available for the government employees.

Opportunity to earn higher returns

The public sector employer matches the annual contribution made by the employees to the NPS. Having the option to choose their preferred fund manager allows the subscribers to take advantage of investing more in equities, which may potentially increase their returns.

The NPS corpus may be withdrawn on maturity. Investors may withdraw 60% of this amount as a lump sum. The balance must be compulsorily converted to an annuity plan. Subscribers may use a pension plan calculator to estimate the potential returns on their investments.

The revised norms for government subscribers make NPS beneficial for the investors. They may now choose the fund manager and the investment breakdown to maximize their returns.However, the existing system of the government choosing the fund manager will also continue for those subscribers who do not want to make their own choice.

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When creating financial goals and setting a budget, most folks understandably have questions about personal finance topics such as cutting back on expenses, how to save, what investments are best and how to get out of debt. These subjects are important because very few individuals have an unlimited income stream, and most face competing demands for their paycheck.

Regular monthly bills, such as rent, utilities and groceries often take up a good portion of the budget. It’s also wise to not spend every penny that one earns, but, instead, to hold on to a portion of it in order to have the funds available to save, invest and pay off debt. With all of these competing demands and only limited money in a budget, it’s difficult to decide which goals are the most important.

This is especially true when it comes to planning how much money to spend and save and which personal financial goals should take priority: investing or paying off debt?

Why Investing for the Future is Important

There are many types of investments one can make, and they run the gamut from stocks, bonds, commodities and real estate to mutual funds, 401(k) plans, annuities and even notes held against corporate, private and public debts. Basically, anything whose ownership can be acquired, either in part or whole, and later sold if one so chooses, is an asset which might grow in value over time and in which others can invest.

Investments are attractive because they offer the potential for growth. This is why it is a wise financial move to set aside a portion of one’s money for investment. However, it’s difficult for most individuals to find room in their budget to be able to save up enough money to invest, especially if they happen to already have a lot of debt, since debt and other spending eat into cash flows.

The High Cost of Debt

According to information about household debt from the U.S. Census Bureau, nearly 69% of all American households had some form of debt in 2011, the last year for which comprehensive data is available from the agency. The median amount of debt that they hold is around $70,000. Debt is a significant issue for most Americans, as debt payments often consume a major portion of the budget.

In addition to holding individuals back from being able to invest, it can also prevent them from being able to save for other goals, such as college tuition, a down payment on a home and saving for retirement.

When Debt is a Good Thing

While debt can take up a large portion of many folks’ budgets, not all debt is necessarily bad. For example, most people are unable to buy a home unless they pay for it over time through a mortgage. Other times, loans can be a real benefit if they improve one’s cash flow, such as taking out quick installment loans in order to consolidate several smaller loans or credit card balances.

When used to consolidate debt, this type of loan can help individuals to reduce the amount of interest that they pay over time on expensive revolving debt. Once all of the debt has been combined through consolidation, it also decreases the number of minimum monthly payments that must be made to keep accounts current, which is especially helpful for people who have several small debts that may require $50 to $100 or more in minimum monthly payments.

In this way, a simple installment loan often helps individuals to be able to shake debt more quickly and free up a significant amount of their cash flow each month which they are then free to save, invest, or spend elsewhere in their budget.

Balancing the Need to Pay off Debt vs. Investing

Since many investments tend to grow in value over time, especially classes of assets that involve the payment of interest, it’s always a good idea to regularly commit even a very small portion of the budget to investment, even when there is significant debt. Deciding how much to save for investment, and how much to save to pay down debt will depend on the constraints of the individual’s budget.

There are a number of popular budgets, but many financial experts, including Senator Elizabeth Warren who is Special Adviser for the Consumer Financial Protection Bureau, recommend the 50-30-20 budget.

In this budget, payments to meet needs such as housing, transportation, and other expenses are limited to 50% of the budget. The other half of the budget is divided between spending on wants, such as entertainment and savings that are used to pay debt and invest.

Deciding how to divide 20% of the budget between debt repayment and investing is the tricky part. It’s a good idea to always be putting something towards investing, but when the amount of interest on the debt is significantly larger than the interest that one can earn on an investment, it’s better to pay down the high interest debt first, and then slowly increase the amount earmarked for investments.

It’s also important to note that one doesn’t have to spend 30% of their budget on one’s “wants.” By reducing discretionary spending, even in the short term, it’s possible to free up additional funds to pay down debt so that there is always more room in the budget for investing.

Rather than avoiding all debt, properly managing it, such as using an installment loan to consolidate debts made at higher interest rates, gives borrowers options and enables most individuals to be able to meet their needs, indulge their wants and have enough money in their budget to both repay debt and invest at the same time.

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Bear markets happen. You can’t avoid them, so you might as well prepare for them before they hit.

First things first: What exactly is a bear market? It’s when the stock market as a whole is off by 20 percent or more from its high point. If you look at stock market trends, you’ll see that this shows up about once three years.

Preparing for the Bear’s Rampage

When the bear starts his rampage, your initial reaction may be unsettling. It will probably look like tough times are on the horizon, and you start envisioning yourself losing all the gains you’ve made financially. But don’t let the bear fool you. There are ways to not only prepare, but also to succeed with bear market investing.

If you keep your wits about you and a cool head, the market’s troubling timespan be used to your advantage. Knowing that a bear market is inevitable, there are a few things you can do to prepare for it.

Accept that the Bear Is Going to Come Along

Downturns are going to happen, and there is nothing we can do to prevent it. Just like everything else in life, the stock market has ebbs and flows. If you want to get biblical about it, look at it this way: the market giveth and the market taketh away. These swings are just a normal part of the investing game. Take advantage of the downturns when they occur and you’ll come out ahead when the bear goes back to hibernating.

Cut the Leverage

In financial circles, the term “leverage” refers to money borrowed at any level. It could be money you borrowed from a bank to buy your home, or from a credit union to buy a car. You may even have borrowed money to get into some investments.

The problem is that leverage is just a fancy way of saying debt. And debt can rapidly grow into a massive burden during challenging economic days. When you get a hint that a bear market is rearing its ugly head, you’ll want to get rid of as much leverage as you can, from both your invested portfolios and your everyday life. Doing this shields you from some major financial problems that can arise when hard times hit.

Spread It Out

This simply means to make certain all your investments aren’t sitting in one stock or fund. Diversification should be the strategy that rules your portfolio. This will give you flexibility during a bear market. To keep your assets performing at an acceptable level while the market is down, spread your money out into cash, bonds, favorite commodities, varied real estate and stocks.

Keep It Fluid

If something in your portfolio is doing well, sell some of it. Purchase some of what is not doing so well. This is the basic tenet of the “buy low, sell high” strategy that is time tested. Even when the popular trend may be going in the opposite direction, don’t jump on the “buy it while it’s hot” train. This process of rebalancing your portfolio shields you from the bear market while allowing you to sell stocks at a profit and buy bonds while they’re low.

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All kinds of costs come with running a business. Of course, a lot of your budget should go on your primary operations. Many companies choose to invest money in things like marketing, great equipment, and a large workforce. But while these costs are helpful, some expenses are absolutely essential. Here are some of the costs you must pay to keep your business running smoothly.

Workplace Upkeep

Whether you operate out of an industrial building or rented office space, you’ll likely have to pay monthly costs. While the main cost of the building is a big concern, there are also other costs associated with the upkeep.

Naturally, you’ll also have to pay for utilities like water and electricity. You may also need building maintenance work from time to time. Some workplace problems can cause you and your employees illness. Make sure everything is well-maintained to avoid health and legal problems.

Sometimes rented office space covers a lot of the upkeep themselves. By renting out a small office unit in a business building, you won’t have to worry about handling building maintenance costs. This can save a lot of money.

Taxes

All companies must file business income taxes each fiscal year. Failing to do this can result in penalties and fines for your business. If you fail to pay the full amount back, you’ll have to pay extra interest on the rest. Therefore, it’s essential you plan for this cost in advance and handle it on time.

What you pay and the forms you fill out can vary depending on what type of business you’re running. It can get confusing trying to handle it all on your own. Most companies enlist the help of an IRS lawyer to make sure their taxes are handled professionally.

If you can’t pay your taxes on time, you can sometimes get a short extension. The good news is you can get all kinds of deductions from your business tax. Things like office supplies, premises, and work-related travel can often be taken off your tax bill. This can make the costs much easier to handle, so keep receipts for anything you might be able to deduct.

Payroll

You’ll need to pay your employees what you’ve agreed to on time, every time. Terms are often set out in employee contracts about how your employees will be paid and when. Some businesses choose to pay workers weekly, some monthly. Either way, make sure employees get their money.

Paying employees late can severely reduce their motivation to work. Not only that but if you fail to fulfill payment agreements with employees you could find yourself in legal trouble. If your payroll is becoming a crippling cost, you may need to look into downsizing. However, not paying employees is never a suitable option.

Internet Connection

The internet is essential for many business operations nowadays. Make sure you pay for internet connection with the best uptime- this is the most important factor for company internet.

It’s also a good idea to use I.T. services to handle any computer or internet problems around your business. Computing problems can affect your business’s productivity, so it’s important to pay to keep it running well.

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