Money Magazine ( Money logs )

Is chaos the first word that pops into your mind when you think of your finances? Take our seven steps to straighten out your financial life and regain control over your money… Life’s fast and 24 hours are so not enough these days. In between career, kids and commute, you have little time to think about reviewing your finances, let alone actually planning them. So, the bills pay themselves and your financial life follows its own course. While that’s understandable, it’s not advisable. Letting fate take over your finances may land you in some uncomfortable situations. Here’s a seven-step guide to organizing your financial life.

"There is no greater Harm than that of time wasted." ~ Michelangelo We are all aware of the artistic genius that was Michelangelo and his most beautiful piece of work: the Sistine chapel in Rome. Before you think there’s no link of him to money, let me assure you there isn't; but for this beautiful quote of his that cannot emphasise more the value of time. I've often heard friends /clients say " I'll start saving once I get married, I'll start saving once I'm 30, I'll start saving once the sun rises from the west " etc.. The excuses are many.

Start your Tax Planning for March 31 2016 From Today ! You read it right. We are indeed talking about tax planning for the year 2016 and not 2015. Surprised? Don’t be. And all those who tell you that tax planning is a year-end activity are wrong.  In reality, tax planning is an activity, which should ideally be carried out during the start and not the end of the year. In all likelihood, you would have just finished the task of investing for the purpose of tax saving in 2015 about a month back.

Savings go a long way in taking you out of troubles during rainy days but not everyone has enough money saved in their savings account that they can look up to in the time of need. Creating a good savings habit is a must in today’s times because expenses are increasing while salary hikes happen sparingly.

We are living in a world full of distractions, and if you want to spend money on everything that puts a glitter in your eye, you will bring your savings to nil at no time. While it is true that you earn money to enjoy your life, certain adjustments are required If you want to make the most of your hard earned money.

Knowing how much of the income tax you have to pay for previous financial year can help you a lot with managing your finances better. For everyone who pays income tax, it’s absolutely a must thing to know how income tax they pay is calculated.

Managing money is one task each and every one of us is confronted with on an everyday basis. Most often it is seen that one works very hard, earns well, splurges and then there is hardly anything left for the proverbial rainy day. This vicious cycle continues and when an emergency pops up, one is left to face the ugly truth that you may be broke. In such a situation it would be worthwhile to consider what are some of the bad financial habits that makes one go broke. Being financially independent doesn't mean earning alone, it means using your money judiciously and at the same time making money work hard for you.