Connect with us

Finance

Managing your money wisely

Published

on

Managing your money wisely

Do you spend too much on shopping? Do you usually have an empty purse even before the end of the month? Do you find it difficult to save money? If you have answered ‘yes’ to any of these questions, then you are probably having problems managing your money. In this article, we discuss how you could best manage your money.

Make a budget

The mantra for managing your money effectively is to have a budget. This is the best way for you to plan your finances. Make a list of all the money you earn from various sources – salary, commission, interest, etc. Then make a complete list of your expenses. Utility bills, grocery, mortgage/rent, loan repayment, insurance, fuel expenses, and taxes. Make sure your list is comprehensive.

After you deduct expenses from income, the money left over should be divided into two categories ‘Spending on wants’ and ‘Savings’. You can divide it 60:40. The money on wants can be for movies, vacations, eating out and other such non-essential expenses. The remaining money needs to be saved for the future.

Ideally, you should be left with 30-50% of your income after deducting all your expenses. If it is much lesser, then you need to work out how you can increase your income or reduce expenses.

Stick to the budget

Once you make a budget stick to it. Ensure that every month you review how much you have actually earned and how much you have actually spent. If you find you are deviating from your budget, you need to cut down on non-essential expenses.

Track your spending

Make use of an app or just a sheet of paper to track your spending. Do this daily and you will find you are more effective when it comes to sticking to your budget. This also makes you conscious when you spend money. It is a good way to stop spending too much.

Save for the future

Make sure you save enough money for the future. You need money for your children’s education. You may need money for a new car, a home and of course for your retirement. Make sure the money you save is enough for your future expenses. Also ensure that you save money in different investment options – pension plans, mutual funds, bonds, and savings deposits. Track your savings frequently so you know if you are really making money for the future or not.

Debt management

If you have outstanding debts, your top priority should be to clear all your debts. The sooner you clear your debts, the easier it is for you to save more for the future. Being debt-free helps you get a good credit score, which would be handy if you need a loan in the future. Also, make sure you use your credit cards wisely. Avoid the temptation of swiping your card frequently. Make sure you stick to your budget at all times.

Involve the family

Managing money is not an individual effort it involves the entire family. Make sure your budget is for your whole family and everyone should do their bit. Involving the family helps in tracking expenses easily. Family members can also pool together ideas to increase income and reduce expenses.

Discipline is the key

Be disciplined. Stick to your budget and don’t get tempted to spend money on things you don’t need. This is the secret of being able to manage your money effectively.

Finance

Staying connected: keeping the numbers moving in the finance industry

Published

on

Staying connected: keeping the numbers moving in the finance industry 1

By Robert Gibson-Bolton, Enterprise Manager, NetMotion

2020 will certainly be hard to forget. Amongst the many changes we have come to live with, for many of us it has been adapting to a new style of working. Whatever your take on it is, remote working, working from home or even agile working, one thing remains clear – for many of us, this could be the new-normal for the foreseeable future. The professional services sector is no different. For example, many finance practices around the world are now allowing staff to work from home part of the time. In addition, a recent KPMG report found that half of the UK’s financial services workforce want to work from home after COVID-19.

Will this therefore become the de facto working practice for the finance industry too? We can’t say for sure, but this agile approach to working has certainly caused a major rethink for many firms. And as they evolve and adapt to meet the demands of a different way of working, firms need to ensure that their workforce can seamlessly interact with each other and their clients – this is key if they want to continue to deliver exceptional client service. Whilst financial services organisations everywhere are busy adopting innovative new technologies to better reflect the ‘work from anywhere environment’, they need to ensure secure access to resources and strive towards enhancing the end user experience. Success will be replicating the office working experience at home or wherever else they may be.

It’s all well and good for a firm to boast about the ability of their staff to work successfully from home, but how do they also establish that their people are just as productive as they were before? Whilst the IT department will have to grapple with security and compliance issues that arise from agile and remote working, they must also ensure that their people can connect securely, without eschewing user experience. And it needs to be completely seamless, without compromising the service level provided to clients.

Why all the fuss?

Which brings us nicely to persistent connectivity. Persistent connectivity effectively allows you to do more. How frustrating for the user when connectivity drops, or when the device that they are working on can’t find a network to connect to (or if the device switches between different networks). When connectivity drops, and re-connection is required then there is that small period where the user is not connected at all. And the user might have to re-authenticate or log into their VPN again (most VPNs are rubbish when they lose connectivity). All of these different scenarios ultimately disrupt the user experience – persistent connectivity provides the flexibility to overcome these challenges. When you enjoy consistent connectivity, you are making sure that the technology works as it was designed to work, allowing staff to rely on optimum user experience, anytime, anywhere – in effect, supplying them with that office-like experience, wherever they are. Just think about how many hours might be spent on a train, in a hotel or even on a client site. Consistent connectivity is key here – consistent in any of these locations.

Connectivity will be a fundamental component for successful remote working as firms try to meet the demands of an increasingly mobile workforce. Ultimately, they need encrypted and reliable connections that enable them to quickly and easily reach business applications and services. Working in a disconnected environment can lead to frustrated workers, hardly fitting given all the new remote working policies in place.

Getting the user experience spot-on

When you fine-tune connection performance so that essential business applications run reliably across networks, you are essentially talking about traffic optimization. Mobile traffic optimization ensures that applications, resources and connections are tuned for weak and intermittent network coverage and can roam between wireless networks as conditions and availability change. When connections aren’t performing well, applications that are crucial for job performance can experience packet loss, jitter or latency that can make working on the hoof extremely tricky. Compared to wired networks, wireless networks operate under highly variable conditions, including such factors as terrain or congested mobile towers. When you optimise the flow of traffic, you are helping to manage packet loss. Effectively, packet losses are data loss, which happens very regularly when you’re on the move or transitioning between different networks. Applications that require a lot of data tend to become fairly unusable when you hit even minor packet loss, which can be a common occurrence for many on residential broadband or on local Wi-Fi. conversely, NetMotion can enable critical applications to work and prevent disruptions at over 50% packet loss – in this way, employees can rely on technology performing well in situations and locations where it simply could not before. That is incredibly powerful for firms.

The finance industry is facing many of the same challenges presented to other industries. It is a question of balancing the requirement for more sophisticated ways to ensure secure access to resources with the need to enhance the end user experience (key team members in particular). For finance firms everywhere, adopting the right technologies will ensure that their people can enjoy a ‘work-from-anywhere’ environment.

Continue Reading

Finance

Hong Kong’s Cathay Pacific warns of capacity cuts, higher cash burn

Published

on

Hong Kong's Cathay Pacific warns of capacity cuts, higher cash burn 2

(Reuters) – Cathay Pacific Airways Ltd on Monday warned passenger capacity could be cut by about 60% and monthly cash burn may rise if Hong Kong installs new measures that require flight crew to quarantine for two weeks.

Hong Kong’s flagship carrier said the expected move will increase cash burn by about HK$300 million ($38.70 million) to HK$400 million per month, on top of current HK$1 billion to HK$1.5 billion levels.

Hong Kong is set to require flight crew entering the Asian financial hub for more than two hours to quarantine in a hotel for two weeks, the South China Morning Post reported last week, citing sources.

“The new measure will have a significant impact on our ability to service our passenger and cargo markets,” Cathay said in a statement, adding that expected curbs will also reduce its cargo capacity by 25%.

The airline, in an internal memo seen by Reuters, requested for volunteers among its crew who could fly for three weeks, followed by two weeks of quarantine and 14 days free of duty, adding it will be a temporary measure and not all its flight will require such an operation.

“We continue to engage with key stakeholders in the Hong Kong Government,” the memo said.

The government did not immediately respond to a request for comment.

Separately, a company spokeswoman said the airline could not detail the impact on vaccine transport specifically in terms of cargo shipments.

The aviation industry has been hit hard by the COVID-19 pandemic as many countries imposed travel restrictions to contain its spread.

In December, Cathay’s passenger numbers fell by 98.7% compared to a year earlier, though cargo carriage was down by a smaller 32.3%.

($1 = 7.7512 Hong Kong dollars)

(Reporting by Shriya Ramakrishnan in Bengaluru; Additional reporting by Jamie Freed in Sydney and Twinnie Siu in Hong Kong; Editing by Bernard Orr and Arun Koyyur)

Continue Reading

Finance

Travel stocks pull FTSE 100 lower as virus risks weigh

Published

on

Travel stocks pull FTSE 100 lower as virus risks weigh 3

By Shashank Nayar

(Reuters) – London’s FTSE 100 fell on Monday, with travel stocks leading the declines, as rising coronavirus infections and extended lockdowns raised worries about the pace of economic growth, while fashion retailers Boohoo and ASOS gained on merger deals.

The British government quietly extended lockdown laws to give councils the power to close pubs, restaurants, shops and public spaces until July 17, the Telegraph reported on Saturday.

The blue-chip FTSE 100 index dipped 0.1%, with travel and energy stocks falling the most, while the mid-cap index rose 0.1%.

“Stock markets are crawling between optimism around the rollout of vaccines and worries that a jump in virus infections and fresh local lockdowns could further affect recovery prospects,” said David Madden, an analyst at CMC Markets.

Britain has detected 77 cases of the South African variant of COVID-19, the health minister said on Sunday while urging people to strictly follow lockdown rules as the best precaution against the country’s own potentially more deadly variant.

Prime Minister Boris Johnson had earlier warned that the government could not consider easing lockdown restrictions with infection rates at their current high levels and until it is confident that the vaccination programme is working.

The FTSE 100 shed 14.3% in value last year, its worst performance since a 31% plunge in 2008 and underperforming its European peers by a wide margin, as pandemic-driven lockdowns battered the economy.

Online fashion retailers Boohoo and ASOS surged 4.8% and 5.9%, each. Boohoo bought the Debenhams brand, while ASOS was in talks to buy the key brands of Philip Green’s collapsed Arcadia group.

Recruiter SThree Plc gained 0.9% after its profit, which nearly halved, still managed to beat market expectations and the company said it had resumed dividends.

(Reporting by Shashank Nayar in Bengaluru; editing by Uttaresh.V)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Staying connected: keeping the numbers moving in the finance industry 4 Staying connected: keeping the numbers moving in the finance industry 5
Finance17 hours ago

Staying connected: keeping the numbers moving in the finance industry

By Robert Gibson-Bolton, Enterprise Manager, NetMotion 2020 will certainly be hard to forget. Amongst the many changes we have come to...

How to lead a high-performing team 6 How to lead a high-performing team 7
Business20 hours ago

How to lead a high-performing team

By Matthew Emerson, Founder and Managing Director, Blackmore Four When we think about a great team, the image we conjure...

A practical guide to the UCITS KIIDs annual update 8 A practical guide to the UCITS KIIDs annual update 9
Investing1 day ago

A practical guide to the UCITS KIIDs annual update

By  Ulf Herbig at Kneip We take a practical look at the UCITS KIID What is a UCITS KIID and what...

Oil prices steady as lockdowns curb U.S. stimulus optimism 10 Oil prices steady as lockdowns curb U.S. stimulus optimism 11
Business2 days ago

Oil prices steady as lockdowns curb U.S. stimulus optimism

By Noah Browning LONDON (Reuters) – Oil prices were steady on Monday as support from U.S. stimulus plans and jitters...

Dollar steadies; euro hurt by vaccine delays and German business morale slump 12 Dollar steadies; euro hurt by vaccine delays and German business morale slump 13
Business2 days ago

Dollar steadies; euro hurt by vaccine delays and German business morale slump

By Elizabeth Howcroft LONDON (Reuters) – The dollar steadied, the euro slipped and riskier currencies remained strong on Monday, as...

Hong Kong's Cathay Pacific warns of capacity cuts, higher cash burn 14 Hong Kong's Cathay Pacific warns of capacity cuts, higher cash burn 15
Business2 days ago

Hong Kong’s Cathay Pacific warns of capacity cuts, higher cash burn

(Reuters) – Cathay Pacific Airways Ltd on Monday warned passenger capacity could be cut by about 60% and monthly cash...

Stocks rise on recovery hopes 16 Stocks rise on recovery hopes 17
Business2 days ago

Stocks rise on recovery hopes

By Ritvik Carvalho LONDON (Reuters) – Global shares rose to just shy of record highs, as optimism over a $1.9...

Fragile recovery seen in global labour market after huge 2020 losses - ILO 18 Fragile recovery seen in global labour market after huge 2020 losses - ILO 19
Business2 days ago

Fragile recovery seen in global labour market after huge 2020 losses – ILO

By Stephanie Nebehay GENEVA (Reuters) – Some 8.8% of global working hours were lost last year due to the pandemic,...

"Lockdown fatigue" cited as UK shopper numbers rose 9% last week 20 "Lockdown fatigue" cited as UK shopper numbers rose 9% last week 21
Business2 days ago

“Lockdown fatigue” cited as UK shopper numbers rose 9% last week

LONDON (Reuters) – The number of shoppers heading out to retail destinations across Britain rose by 9% last week from...

Alphabet's Verily bets on long-term payoff from virus-testing deals 22 Alphabet's Verily bets on long-term payoff from virus-testing deals 23
Business2 days ago

Alphabet’s Verily bets on long-term payoff from virus-testing deals

By Paresh Dave OAKLAND, Calif. (Reuters) – For Alphabet Inc’s Verily, a healthcare venture that is one the tech giant’s...

Newsletters with Secrets & Analysis. Subscribe Now