Personal Finance Basics – A Place to Start

in Personal Finance

Personal finance can be challenging and may not be something you want to think about. However it is important learn how to manage  money regardless of how much you earn. Read on for some suggestions on making personal finance work for you. Whether you are married, divorced, single or widowed it is important that you take a hands-on approach to your finances. The more you know about your financial picture the better you will be able to handle it if something changes. Even if you presently have someone else taking care of your money, insist that you be a part of all financial activities, transactions and decisions.

Knowing Where Your Money Is

saving money and personal financeIt is important to know what your assets (or joint assets) are; what your debts are and where all of your bank accounts are (including the present balances of each). You need to know what bills are owed and whether or not these are getting paid on time or not. Everyone needs to know what their balances on their credit cards are and what insurance policies they carry. Everyone also needs to know if their taxes are paid up or if you presently owe money to the government. Part of personal finance also involves knowing where all of your financial records are. Can they be retrieved easily in the event that you needed access to them right away? If your records are kept in a safety deposit box at the bank then make sure that you know where the key is at all times.

Read as a Form of Research

If you are new to the world of personal finance then begin to build your interest in it by reading articles and books that are relevant to the subject matter. Books such as Personal Finance for Dummies by Eric Tyson (Wiley) are a good place to start. Look for books that are geared towards teaching women about personal finance. One such book that is not only full of valuable information but is also very inspirational in nature is Women & Money: Owning the Power to Control Your Destiny by financial expert Suze Orman (Spiegel & Grau). First you need to grasp the basics that make up personal finance. Once you have an understanding of that, you can then narrow your focus and zero in on specific topics such as investing, small business loans, insurance and retirement planning.

Expand Your Knowledge with Online Resources

The Internet provides a wealth of information to the woman who is new to personal finance. There are plenty of sites that are very informative and offer free information such as a free credit report. Many of these websites can provide links to other financial related sites so you can expand on your knowledge. Visit these sites to widen your knowledge about personal finance- www.Bankrate.com, The Motley Fool at www.fool.com and MyMoney.gov at www.mymoney.gov.
The more you learn about personal finance the more you will probably want to learn. This does not have to be a dull and drab topic. Personal finance will really become important to you if you decide to become an entrepreneur and start your own business. Women face more obstacles and setbacks when it comes to qualifying for loans to start a business then men do. This is especially the case if you are new to the business world. The best place for a woman to seek out a small business loan if she wishes to start a business is the United States Small Business Administration (SBA). The website for the SBA can be found. It is the goal of the SBA to help as many women entrepreneurs as they possibly can by providing accessibility to loans.

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