The Personal Financier

The family car, or a car designed for at least two to three children in the back seat, are often overlooked or considered less than appealing. Though modern family cars are full of the latest technology, safety features and interesting designs, numerous other benefits are available to make the purchase of the car worth the expense.

Insurance Benefits:

One of the best benefits of a family car is cheap auto insurance policies. The cars are filled with the latest and best safety features to give parents with young children peace of mind. Those same safety features result in great car insurance discounts that save a family or individual large amounts of money over the course of a year.

Safety Features:

Family cars come with many standard safety features that the little sports cars or fancy cars might not always include without adding to the price. Most family cars have front and side airbags, anti-lock brakes and stability control through electronic means. These features help give peace of mind to parents who might worry about young children.

Cost:

Family cars will vary widely in cost, but in many cases the vehicles are reasonable when compared to other types of vehicles. It is possible to find new family cars at low prices to mid-ranged prices without difficulty. Many new cars in the family vehicle category are reasonable and most families can find used cars for budget friendly prices.

Technology:

One thing that is often misunderstood is the technology features in the family car. Many think that the reasonable prices and family oriented designs mean the vehicle is limited in the technology included. This is simply not true as many of the latest family cars are filled with as much or more technology than other types of vehicles. The family vehicles often come with a GPS system and the latest vehicle technology.

Space:

Family vehicles are designed for numerous passengers and car seats, resulting in a spacious interior that is comfortable for the whole family. This is a benefit that many other types of vehicles cannot match because sports cars and vehicles designed for individuals or couples are not made with the idea of passengers in the back seat. Family cars expect the family to grow with the vehicle, so the space in the back is made for infants and teenagers to feel comfortable.

Storage:

Like the space requirements, the storage needs of a family means a larger trunk and more options for storing items when traveling or carrying young children. The large storage space is a typical feature of any family vehicle.

Family cars have numerous benefits that make them perfect for a growing family, carpooling or an individual who wants to take friends out on the weekend. Though it is designed with the family in mind, the benefits are available to anyone who buys the car.

It is essential that you try and come out of debts if your debts are continually rising. This is important as after debt reduction not only your financial life but also your family and social life, improves. One of the most important ways in which you can proceed towards debt reduction is by planning a budget that helps you identify your problem areas where you are spending too much and also will help you stay motivated about debt repayment.

A few things that you have to consider when making a budget are as follows.

1. What time frame you will be considering?

You must first decide the time frame that you will be using for your budget. The time frame that you consider can be monthly or yearly or even quarterly. It is best for you to use the monthly budget. This is because mostly all your bills come once a month and thus using a monthly budget will be most beneficial for you.

2. What is you total income?

One of the first things that you will need to consider when making your budget is how much money you earn. You are to determine exactly how much money do you have incoming. This should include not only your monthly income but also the income that you make from other sources such as investments or additional jobs.

3. What is the amount that you spend?

Now you must calculate how much money you spend. It is important to note that there are some expenses that are fixed. Such expenses do not change over the months. These include expenses such as food bills, rent, etc. Some other expenses are variable expenses that change every month. You must understand that these expenses must be recorded precisely to get the total expenditure. Thus, it is essential that you include all major and minor expense in the budget that you make.

4. What is the surplus?

After you have found out your total income and your total expenses you are to find out how much is the surplus. To get this amount you are to subtract your total expenditure from your total income. The amount that is left behind is the total that you have in order to pay off your debts as well as to save for your future. This is the amount that you are to allocate to paying off your different debts. In case this amount is a negative figure, then you must consider ways in which you can reduce your expenses and increase your income so that you can opt for speedy debt reduction.

These are a few questions that need to be considered when formulating a budget.

by Martha Jackson.

“Virtue, then, is a state of character concerned with choice, lying in a mean… Now it is a mean between two vices, that which depends on excess and that which depends on defect; and again it is a mean because the vices respectively fall short of or exceed what is right in both passions and actions, while virtue both finds and chooses that which is intermediate.” Aristotle, Nicomachean Ethics.

Read more…

While it may be recommended to manage both a budget and net-worth sometimes focus leads to better results.

I’ve been keeping a detailed budget for over two years now. My budget served me mostly in tracking my family’s expenditures and investments rather than in setting goals but I tried to “course correct” whenever I noticed exaggerated expenditures in any area.

Read more…