July 12, 2009

iBearMoney is your personal finance assistant. Track your expenses, control your income, manage assets and liabilities – all on the palm of your hand. Found yourself financially struggling? Need to pay for education? Want to save for a new car? Planning to start a small business? No matter what your financial goals are iBearMoney will help you to achieve them.Create your income statement. List all your income sources: daily pay, interest income, dividends, small business income, etc. Put all your expenses in the Expenses column. Do you spend above your total income?Create your personal balance sheet. List all the assets: real estate, stocks, bonds, copyrights, etc. Put all your liabilities in the Liabilities column: loans, mortgages, etc. What is your balance net worth? Are you deeply in debt? Now you know where you are and are ready to move forward.Keep your expenses low. Generate build-in reports, analyze the expenses. What are your major areas of spending? Switch your car to a more efficient one. Cut off unnecessary expenses. Improve your spending habits and stick to the budget limits.Get rid of the liabilities. Usually your biggest expenses are related to the liabilities. Even some of your assets like a house or car may eat up a substantial chunk of the income. Your assets should generate income, or appreciate in value, otherwise they turn to liabilities.