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Are you one of those people who doesn’t open their bank or credit card statements? Do you take out store cards on the spur of the moment? Have you been with the same bank simply because it is less hassle than changing?

If you have answered yes to any of the above questions, fear not confused consumer, help is at hand, with some assistance from a few internet tools.

* Internet tool number one:

** The consumer champion site for personal finance information

Websites such as Fool.com, Fool.co.uk and Moneysavingexpert.com have proved extremely popular with consumers. Fool.com is more geared towards the US market, whilst Fool.co.uk focuses on the UK market. Both have an extremely diverse selection of information from investment and high risk options to personal finance and low risk options. There are extensive discussion boards, newsletter subscriptions, finance calculators and competitions. These sites not only answer your questions, they make you want to ask more.

Fool.com, Fool.co.uk and Moneysavingexpert.com are community based sites and function on consumers exchanging information between themselves, whether that’s about passing on recommendations or expressing concerns. The article “Ten Reasons To Fear The Future” by Cliff D’Arcy” on Fool.co.uk is a particularly good introduction to the financial aspects of modern life.

Martin Lewis has almost become a household name in the UK through his website Moneysavingexpert. The outspoken journalist and presenter offers a comprehensive resource on a range of personal finance topics. If you can put up with the cheesey photos of Mr Lewis and his catalogue poses, you will undoubtedly find this site extremely helpful.

* Internet tool number two:

** The price comparison site for personal finance information

Kelkoo, moneynet.co.uk and Lowermybills.com (US) are now commonly exploited by consumers to ensure they are getting the best deal on their purchases. However, it is probably fair to say that more people shop around for clothes and music, than they do for their personal finance products, which is worrying as these cost significantly more.

* Internet tool number three:

** Online banking and account aggregation tools

The internet can be a scary thing and there is still much scaremongering about online security. However your details are often as secure online, as they are offline and providing you choose and hide your password effectively - there should not be a problem with people accessing your confidential information. Choose a password of eight characters or more, preferably replacing some letters with numbers, such “1nternet” or “passw0rd”.

Set yourself up with online accounts and you can proactively manage your finances yourself, without waiting for statements through the post or call centre agents to take your query. You can also save yourself bank charges by transferring funds yourself over the internet. Some banks charge large amounts for transferring funds when you can do it for no additional cost at all.

Personal finance doesn’t have to be about debt and the efficient co-ordination of funds may save you hundreds of pounds in the long-term.

Resources:

http://www.fool.com

http://www.moneynet.co.uk

About Rachel

Rachel would be really interested to get feedback on whether anyone actually reads this section. Rachel has written about living in straw huts, having the ‘Best Hits of 1987′ in her music collection, eating Green and Blacks chocolate and the fact that on her left foot - her second toe is bigger than her big toe. If someone feels like rescuing Rachel from obscurity, she would be grateful for an e-mail out of here.

Rachel also writes for the personal finance blog Cashzilla - http://www.cashzilla.co.uk

Don’t spam it though or she’ll eat you.

Contact details
Rachel Lane
Rachel@positiveinterest.com

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Debt levels are at an all time high in the UK. The younger generation tend to be feeling the pinch the most, but parents are increasingly being required to bail them out, often at great expense to their own limited mortgage or retirement savings.

It has become almost accepted as a fact of life that graduates will begin their careers with a considerable level of personal debt. The Association of Investment Trust Companies found that on average students expected to graduate with

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Whether you know it or not, you are always setting your financial priorities. Some may decide that a new stereo system is more inportant than this month’s electric bill. This may be a little off the wall but it is still setting your priorities.

Anyone wanting to better manage their money would be wise to determine what their financial priorities are and stick to them. Of course, if you see that these priorities will not put food on the table and pay your bills then you will have to rethink your priorities.

Setting your priorities is simple. You just decide what is the most important aspect of your finances and put that item on top. However, if you decide on that stereo over your electric bill, you may find yourself in the dark with no need for a stereo.

There are basic priorities that pertains to everyone. These are simply a matter of survival. Here is a list of the basics:

Water
Food
Shelter

That was a tough one.

What does it take to ensure that our basic needs are met? The main ingredient is a source of income to pay the rent or house payment, pay the utilities, and buy the groceries. This is where you start setting your priorities.

Before you can spend another penny, you have to take care of what you need to survive. Don’t put off the rent or house payment, utilities and don’t skimp on your groceries and necessary health items. If you do you will start experiencing money problems much sooner than you would if you had delayed paying other bills instead.

What’s next? If your source of income happens to come from a job, then I would say your transportation. You have to get back and forth to work so you can afford all of the other stuff. This would include your vehicle payment, gas, insurance and maintenance. If your source of income is not a job then go to the next step.

And Now? Naturally, this would be your other bills. You can even split this category a little further.

First, you have your bills that are secured by property. You should always pay these bills first.

Secondly, your unsecured bills which are probably credit cards.

The reason you should always pay your secured bills first is that it is much more likely that they can take the secured property and probably will unless payment is made. While credit cards companies are notorious for their threats, they very seldom follow through. I’m not saying not to pay them, just that they aren’t as high a priority as your secured bills.

Next would be your savings. I really to hate to list savings as your last priority because having a savings can prevent the use of those dreaded credit cards and help in so many ways. If you have the money to cover all of your other priorities then you should always put savings at the top of the list. However, if you don’t have enough money to cover your bills and expenses then your savings will have to be the first to go.

Just to recap. The below list is an example of what your financial priorities should look like:

1. Groceries and Necessary Health Items

2. Housing (Rent or House Payment)

3. Utilities

4. Transportation

5. Secured Bills

6. Unsecured Bills

7. Savings

Let’s hope that you never get in the position to have to decide which of the above list will have to wait. But if you do, following the above priorities is absolutely necessary to ensure your survival.

Terry Rigg is the author of Living Within Your Means - The Easy Way http://www.homemoneyhelp.com/ebookadpage.html and editor of the Budget Stretcher web site. Join the thousands of subscribers to The FREE Budget Stretcher Newsletter and get great articles, tips, downloads and a lot of Budget Help by visiting his home page at http://www.homemoneyhelp.com

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