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How to manage your finance efficiently

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How to manage you finance efficiently

To manage your finance efficiently calls for discipline not to be swayed away by moving with trends, amongs many other financial strategies.

It’s a golden rule not to put all your eggs in one basket, but the current generation is one with many baskets, so the strategy must be complied with to the letter.

Here are seven steps to manage your finances:

1. Ensure to have a financial plan

To begin with, you need a reliable financial plan if you want to spend your money righly and achieve your financial goals.

You will need a perfect knowledge of what you need money for; why you have to spend on that item. This is the begining of the journey towards achieving good result in your financial strategy.

You can as well achieve a standardized personalized financial plan by consulting with experts, though this is what you can achieve on your own which will include list of your accounts, assets and debts as well as your priority on what you spend your money on.

2. Highlight Mayor Accounts

The next thing to a good financial goals is to identify accounts that are relevant for your success. These may include:

  • Savings account.
  • Current or Checking account.
  • Retirement account.
  • Student savings account.
  • Rewards credit card.

Don’t leave anything out, just put everything in one place. Even if you have multiple accounts, this is the time to decide which one primary account is used often.

3. If You Have Unused or Excess Accounts, Combine or Close them

Many reasons might occationed your multiple accounts, it may be for a new credit card or for some bonus or for variation in interest rates.

Maintaining multiple account is cumbersome to say the least, as you will have to switch between passwords to monitor your many balances, whereas just one account can achieve just that.

Consolidating your accounts will simplify your finance management and also have other advantages, like forestalling risk of identity theft. Your data won’t be stolen, neither will there be cases with small balance lost in an account you barely use.

4. Convert Your Payments to Standing Orders

It becomes impossible to miss payments once your bills are autoplay. No more penalty charges and insterests which inturn make helfty fees and upset your goals.

Automated payments can both save your time and money.

Either through your bank or directly with your payee, you can choose any mode to automate your payments. Next is to select the payment day, which of course should be scheduled to preceed your payday just to enable fund is  available in your account.

5. Keep Money Not Spent Seperate

We have earlier warned to consolidate, combine or close multiple accounts, but times are when you need to seperate your money into different accounts just for divers plans.

Your money management task will be easier when you can trace your progress to achieve specific financial goals.

An instance, endeavour to transfer out money not spend at the end of the month in a bid to overcome temptation to overspend in the following month. This will even assist from comitting impulse purchase.

Excess money not spent in a month should be kept seperate in a log-in account folder to monitor when the money is kept.

6. You Might Need To Reduce Investments

Yes, you don’t really have reason for several brokerage accounts if you are not a sophisticated investor. You will only realize the benefit after you might have simplify your investments.

Just like running multiple bank accounts is difficult, so are investments as you might not have a proper mix to meet your target results and might go beyong your risk level.

You also stand the risk of conflicting advice when using multiple financial advisor.

Also, ensure your investment channel is reviewed.

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Cryptocurrency

Cryptocurrency News: Market value, exchange rate to dollar today 19 November 2021

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Here are the exchange rates for top cryptocurrencies to dollar.

The cryptocurrencies are bedeviled with high rate of volatility because it is the hottest trend in investment. However, here are some rundown of current rates as at the time of filing this report.

The spotlight will be on the top 10 cryptocurrencies based on their market value today 19 November 2021.

Cryptocurrency list: Dollar USD exchange rate | Market Value

  1. Bitcoin (BTC): $57 178.00 | $1 079 431 780 881.00
  2. Ethereum (ETH): $4 159.3 | $492 467 866 269.00 USD 
  3. Binance Coin (BNB): $558.76 | $93 922 411 613.00
  4. Tether (USDT): $1 | $73 891 287 767.00
  5. Solana (SOL): $203.05 | $61 707 349 952.00
  6. Cardano (ADA): $1.82 | $58 427 127 903.00
  7. XRP (XRP): $1.06 | $49 851 924 286.00
  8. Polkadot (DOT): $39.92 | $42 184 437 261.00
  9. USD Coin (USDC): $1.00 | $34 479 653 188.00
  10. Dogecoin (DOGE): $0.226 | $29 994 411 095.00

What is Cryptocurrency?

Cryptocurrencies are the digital coin that live on the blockchain. It is a decentralized computer network that records all transactions. The value of crypto is determined by how many people buy it. That is why it does not depend on central authority like traditional currencies depend on banks.

As of March 2021, there are about 9,000 cryptocurrencies in the market. Bitcoin is the first to begin and still remain at the top because it has limited supplies that’s why some view it as a good store of value and an edge against inflation like gold.

Meanwhile, a group of investors who garnered $47m worth of ether just in a week to buy a rare, first-edition copy of the U.S. Constitution at a Sotheby’s auction — and lost, CNBC report says.

The group, known as ConstitutionDAO, wrote in its ‘frequently asked questions’ that the funds would be redeemable, minus a transaction fee.

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Cryptocurrency

Buying and selling cryptocurrency

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An as an investor, you need to understand that cryptocurrency is highly volatile. Therefore, you need to time the market more than conventional investments to make good returns.

What is cryptocurrency?

Cryptocurrencies are the digital coin that live on the blockchain. It is a decentralized computer network that records all transactions. The value of crypto is determined by how many people buy it. That is why it does not depend on central authority like traditional currencies depend on banks.

Cryptocurrency is secured by cryptography that ensure and checks that currencies are not spend twice. On the other hand, blockchain technology, which is a distribution of ledger enabled by another network of computers.

 

Buying and selling cryptocurrency

Buying and selling cryptocurrency

What is cryptocurrency trading?

As a cryptocurrency trader, you aim is either accumulate Bitcoin or to make a profit in dollars. It is very easy to increase your portfolio in dollars while trading your crypto in the bull market. However, it is not that easy increasing your Bitcoin value.

You can therefore trade your Bitcoin for alternative coins (altcoins) like Coinbase Pro in order to track your Bitcoin value.

However, you are taking risk by buying and selling your cryptocurrency. You may lose as well as gain in the market. Although, it is rare for traders to suddenly lose money because the market is volatile.   

By actively trading your cryptocurrency, you risk losing your crypto to the market. Since cryptocurrency prices are so volatile, it’s not uncommon for traders to lose money quickly trading cryptocurrencies. This is why so many crypto enthusiasts just HODL their Bitcoin.

Similar to traditional exchanges, traders will earn gradually has price rises.

How to buy cryptocurrency

Exchanges are out there more than willing to assist traders procure crytocrrency. For beginners, Coinbase will be an option.

Binance, Luno, eToro and many other platform to trade. You will need to make your findings to know which offer lower commission.

Most important factor to look out for in a cryptocurrency exchanges are secure, quick setting up, ease of use, flexibility in funding and overall efficiency.

For each of the exchanges, you will be required to verify your identity after registration.

Account set up

After verifying your account with your preferred exchange, you will then need to stock your cryptocurrency wallet.

For will need a brokerage account, who will be exposed to the maret on your behave.

Which currencies are you buying and selling

Amongs thousands of cryptocurrencies in the market, you have to settle for one or two. Precisely, trade the major currencies, like Bitcoin, Ethereum, Dogecoins, Litocoins. New altcoins are added, so you can trade them as well. But do your diligence to know about them..

Strategize before trading

Better understanding of the market puts you on the hedge. Cryptocurrency pricing depends on a many factors.

Government regulations, businessmen and media influence have being a major influence in the last 2 years. Dollar influence cannot be neglected as well.

Place your order strategically

Next step in trading is to define your ‘close’ conditions – i.e. the point that you will exit a trade. This can be an important discipline.

Always remember that cryptocurrencies are volatile and running large open positions is risky. At that specific moment that you attained your target, or you have hit your maximum loss, you will need to close out your position.

Set up this filter to automatically be your benchmark. It is advised to start small, or use demo account to practise. Move to real account after you have gain some experience about the market dynamics.

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Cryptocurrency

Cryptocurrency News: Market value, exchange rate to dollar today 18 November 2021

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Here are the exchange rates for top cryptocurrencies to dollar.

The cryptocurrencies are bedeviled with high rate of volatility because it is the hottest trend in investment. However, here are some rundown of current rates as at the time of filing this report.

The spotlight will be on the top 10 cryptocurrencies based on their market value today 18 November 2021.

Cryptocurrency list: Dollar USD exchange rate | Market Value

  1. Bitcoin (BTC): $59 750.00 | $1 127 738 084 128
  2. Ethereum (ETH): $4 233.78 | $500 991 855 944.00 USD 
  3. Binance Coin (BNB): $571.85 | $96 184 714 382.00
  4. Tether (USDT): $1 | $75 494 173 345.00
  5. Solana (SOL): $209.84 | $63 980 921 988.00
  6. Cardano (ADA): $1.85 | $59 583 103 815.00
  7. XRP (XRP): $1.1 | $51 281 737 612.00
  8. Polkadot (DOT): $40.71 | $42 969 302 090.00
  9. USD Coin (USDC): $1.00 | $34 605 281 360.00
  10. Dogecoin (DOGE): $0.233 | $30 585 569 373.00

What is Cryptocurrency?

Cryptocurrencies are the digital coin that live on the blockchain. It is a decentralized computer network that records all transactions. The value of crypto is determined by how many people buy it. That is why it does not depend on central authority like traditional currencies depend on banks.

As of March 2021, there are about 9,000 cryptocurrencies in the market. Bitcoin is the first to begin and still remain at the top because it has limited supplies that’s why some view it as a good store of value and an edge against inflation like gold.

Meanwhile, the total market capitalization for cryptocurrency has reduced to $2.18trillion as Bitcoin and altcoins continue to experience price decline. This excludes USD Coin (USDC) which rose by 0.04 in the last 24 hours and few others. Market value currently stands at $2.72billion.

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