Welcome to the Fran58 Money Blog

We aim to get people to stop and pay attention to their finances and understand how to make good money management plans and financial decisions. We believe saving money and using your dollar bills efficiently is no rocket science and it can be done by anyone quite easily with the help of a few tips and guideline, which we aim to provide here.

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About Me

Loves to play poker and spend his time talking about money.

Savings

This money can be saved in a piggy bank or more securely at a savings account at a bank.

Investments

To invest is to allocate money in the expectation of some benefit in the future.

Finance

Finance aims to price assets based on their risk level and their expected rate of return.

Tips and Advice

We aim to get people to stop and pay attention to their finances.

Outsourcing

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Who Am I
Portrait of smiling asian businessman sitting in front of colleagues

Dave is a young man of 28 who is extremely hyperactive, loves to play poker and spend his time talking about money. Since early teens, he thought that he was “The Man” when it came to money but did not get his act together until 2013 when he bought a house and started living with his wife in New York City.

IMPROVE YOUR WAYS ON SAVING MONEY WITH OUR GUIDES

We believe saving money and using your dollar bills efficiently is no rocket science and it can be done by anyone quite easily with the help of a few tips and guideline

Selling your house ain’t easy. But here are some tips

When you buy or sell a home it is one of the largest financial transactions that you will have in your lifetime. It is important to be prepared for this transaction in order to have it go well. There are so many different contingencies that are sometimes beyond your control which can impact the success of the sale, and being prepared for selling your home is one of the more important forms of preparation that you will perform in your life as it can have a significant impact on the return you can get.

Due Diligence on the Price of Your Home

It is important to be prepared by understanding the value of your home and what you can sell it for if you are able to eventually sell it. Start by finding out the price that other homes have sold for in the neighborhood and h long they were listed on the market before they were able to successfully sell. Comparisons and statistics on sales are important to understanding your home value and pricing strategy. Highlight what is important to buyers in your areas such as a school district, access to nightlife transportation options, or maybe nearby amenities or beaches. Understand why people are looking to buy in your neighborhood and craft a strategy to sell to them based on these pros. By doing so you can understand how to best market your home for its sale and provide you with the best value.

Get Your Home Ready for the Sale

If you are going to have people visit your home and potentially buy it then you want it to be in the best condition possible for the fast house sale. Make sure that your home is clean and presentable, that many of the minor repair items are addressed such as broken windows or other needed maintenance, and consider small renovations like painting or refinishing floors that can greatly improve on the value of the home. Consider having a professional staging company come in and take a look at preparing your home for an open house. This is particularly important if you are not living in your home and it is vacant. Staging a home can help a family to see how the home were to look if it were to be populated and the cost of the staging of your home is often more than compensated for by a higher sale price.

Consider Preparing Paperwork and Checking on Certificates

In many towns, you may need to get formal certificates of completion for various major renovations that you do, such as adding another bathroom or room to your home. These certificates help to ensure the quality of the renovation and make sure it is safe to occupy. If you don’t have a certificate of completion then you may need to go through a lengthy process to have it provided, which can be costly. Check that your paperwork is up to date on your home and that you don’t owe back taxes or other things that can limit or slow the sale of the home.

What is Default Risk?

Businesses face a variety of risks in their normal day to day operations. The least of these risks is not default or credit risk which represents the risk of not receiving cash or other services for the products or services that you sell. While not all companies are exposed to default risk, those that extend credit to customers are and are faced with needing to manage these risks in a variety of different ways.

Types of Default Risk

There are many examples of default risk. Default risk can occur for banks and other lenders making loans to individuals or businesses. There is a risk that these loans will not be repaid which represents some form of default risk. Credit card lenders face the same default risks, which are addressed through charging higher interest rates on their loans. In addition, there is a risk that merchants who extend credit to customers or businesses will be unable to collect their advances and therefore experience default risk. The proliferation of credit cards and other forms of payment options for individuals to buy with a prolonged period of time has shifted the default risk for companies experiencing it away from directly to customers but rather to other businesses. As such, businesses who engage in business to business lending or credit are often the most significant firms that experience default risk.

How Do Companies Manage Default Risk Before the Sale?

Unlike some external risks, companies can manage their default risk and improve on collections by taking proactive steps and using default risk solutions to address the risk of default. The collection process should really start when a company is accepting a client with a detailed background check into their past history of paying outstanding bills and assessing both the risk of default and the amount of credit that they want to extend to the particular customer as a result. Once the firm has ensured that they have properly vetted new customers, they should install credit limits that are maintained for each customer, and follow these limits closely.

How Do Companies Manage Default Risk After the Sale?

Invoices should be properly prepared and a company should invest in their accounting staff to help to ensure that bills are sent out in a timely and accurate manner, which helps to improve on collections. Receivables should also be monitored and followed up on by an individual dedicated to the collection process after the sale is completed. Using aging reports and other tools to improve on collections and to monitor those accounts most likely to not pay is important a well. Firms should consider using an third party collection agency if they are experiencing problems with a customer not paying or even after ty default on a payment. If collections are slow and unpredictable, a company may want to consider using a factoring firm to help to provide a more regular cash flow to the business in order to help them manage their default risk and operations more effectively.

Default Risk Can Be Addressed

As noted above, while default risk is a real concern for businesses, it can be addressed and reduced proactively by businesses by taking certain steps.

A few Tips on Using a Credit Card

Credit cards are one of the most crucial factors in building a long-term credit history and setting yourself up with a solid foundation for future investments like a vehicle or a home. Used wisely, they can open up many doors in life that otherwise would not have been available. So what are the best ways to use your credit card? Here are some tips to show you how.

Use Your Credit Card Only for Things You Really Need

When buying on credit, you want to ensure that every purchase is something you would have bought anyway. That way you don’t overextend yourself with a loan you can’t pay off.

Pay Off the Balance Every Month and Don’t Miss Payments

The best way to accomplish timely payments is to use your line of credit in the same way you might use a debit card. Pay for things like groceries and gas and then pay it all off at once or with every paycheck as soon as your receive it. It can be tempting to just make the minimum payment every month, but this is a surefire way to get caught in a debt loop. In fact, sometimes you may feel like you cannot make a payment at all, which is definitely a mistake. Whatever you do, make sure you are paying off as much on your credit card as you can every month.

Get a Rewards Card

Rewards cards are the most effective to build good credit because they reward you simply for using them. You can rack up points for travel or even cash back bonuses that you can, in turn, use to pay off any existing balance.

There are some awesome tips in this youtube series, you should check it out:

Use an App or Excel Sheet to Track Spending

There are many finance apps that you can find that help you keep track of where your money is going to ensure that you don’t get in over your head with your credit card. Limit yourself to a reasonable credit limit and then stick to a budget to maintain a healthy credit history.

Keep in Mind Your Utilization Ratio

Utilization Ratios take into account all of your open loans and lines of credit and creates a ratio of how much credit you are using. If you have $1,000 of credit and you use $300, then you are in the average range of utilization, which looks good on your credit score. Any more than that and you might be risking a bad credit rating or even an inability to pay off the loan.

Credit cards are an essential part of building a healthy credit history and these tips are the best way to get the most bang for your buck.

 

Effective Ways to Save Money for Future Use

Money cannot buy happiness but it can pay for that exotic family vacation or that gorgeous pair of boots, which will make you happy. This is why we all need to save money in order to pay for something, which will make us happy in the future. Money can also come in handy in various situations and no one can deny its importance in our lives. Now the question, which comes to our minds, is how we can save money. In addition, what can be some effective ways to do so? Following are some ways, which might help you to save.

    Eradicate Your Debt

If you’re trying to save cash through make financial arrangements but still carrying the burden of a large debt then start with the debt first. Not persuaded? Sum up how much you spend servicing your debt every month and you will quickly understand. Once you are at liberty from giving interest on your debt, that money can effortlessly be put into savings.

Piggy bank on balance account money

    Making savings goals

Saving money is not an easy task and you will need commitment and motivation for it. Visualize what you are saving for by setting a personal goal. You can specify the amount of money you are going to save over a period of time and then stick to that goal. Once you have a target, all you have to do is save and reach your specified target. The urge to accomplish your goal as soon as possible will motivate you to save more and more.

    Pay yourself first

Whether you keep a savings account or a piggy bank at home, put the money in it first when you receive your monthly income and then proceed with using the rest for your other expenses. Do not cheat yourself and make a rule for yourself to save first and use the left over income for your expenditures.

    Utility Savings

A large amount of your income will surely be going to the payment of your utility bills. Try to cut down on the utility consumption. You will not believe how much an act as simple as switching off some extra lights and installing an on-demand water heater will greatly cut down your electricity/gas consumption and help to lower the bills.

    Pack your lunch

 Let us face it making a sandwich at home and buying it from your office cafeteria is not the same. An obvious savings tip is finding everyday savings. If buying lunch at work is costing you $5 but you can easily make your lunch at home in just $2 then start packing your lunch instead of spending every day. It may seem funny that how saving a few dollars at lunch is going to help you but once you start to save in little things you will be quite amazed what you will be able to achieve in a few months if you stick to this.

    Annualize Your Spending

Do you pay $20 a week for a bag of chips or a soda can at the vending machine at your office? If you sum it all up, you are eliminating around $1000 from your budget for soda and chips each year. Summing up and annualizing your everyday spending will help you to work out a better plan to use your income and thus help you in finding out more ways to stop wasting money on minor things which contribute to a lot at the end but are of no use to you.

 

Personal Savings

Whether you are a young teenager who wants to buy tickets to attend that upcoming music concert of your favorite band, a fashionista who wants to buy the latest Prada or a dad who wants to pay his son’s college tuition, everyone needs to save money for some cause.

Personal savings are the certain amount of money, which you take out from your income and put it aside to be used for a cause later. This money can be saved in a piggy bank or more securely at a savings account at a bank.

Keeping personal savings is something that requires true personal commitment. You need to reduce your daily expenditures, planning on how you spend your income and managing your finances.  Let us discuss a few tips you need to know to start personal savings.

    Start with a small amount

If you were the kind of a person who has never saved anything in your life, then starting on a big personal savings plan wouldn’t be easy for you. Many experts believe that you should set a small goal for yourself like, for example, make a commitment to yourself that you will save $5 this week. At the end of the week when you have achieved this little goal, you will be excited and happy. Save another $5 for the next week and so on. The sense of personal achievement that you will get from saving each $5 bill would be so great that you will start to get familiar with this idea in no time and then gradually you can commit to saving more and larger amounts of money.

Bicycle parking in the city. Shallow depth of field.

Reward yourself

Everyone likes receiving gifts or rewards in return when they do something good. Experts say that when you start saving money you should do the same. This does not mean to spend twice the amount that you saved on the personal reward. You can give yourself a little treat if you have achieved your goal for the month and it can be something very simple and inexpensive. For example, plan that if you achieve the goal of saving $40 for the month of December then you will reward yourself with a nice walk in your favorite park or a hot bath.

    Trim your expenses

The most important thing of all is balancing your income and expenditure and then reducing the spending so in order to save. Experts believe that you can start by making a list of your monthly expenses and then prioritize the important ones for example payment of utility bills and car fuel. You need to cut the expenses that are not important and merely eating away your money like for example buying that extra pair of shoes, which you do not need and probably won’t wear but are thinking of buying just because they are on sale.

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