Keep track of your Credit Report

Start the process by taking a look at your current Credit Report. A strong and accurate credit report is one of your most important financial assets. Not only is it a clear picture of your indebtedness, it can reveal problems or discrepancies which could bar your access to further credit. Getting a problem repaired now is always easier than attempting to do it after you have applied for a mortgage or car loan. You can get a free copy of your Credit Report from Consumer Info - http://www.dpbolvw.net/click-2308-10363464

Gather Records

The process of developing and maintaining your budget is much simpler if you have the records of what you are currently spending on hand. Rather than saying "I think we spend about $300 a month on groceries," you will have the exact average monthly expenditures for various items. Keep bills from utilities, physicians, service stations and any expense that varies from month to month. Once you have a running total for several months you can develop an average and adjust your budget up or down accordingly.

Evaluate expenditures for their value and necessity. For example, stop buying things that are rarely used, like expensive toys that sit in the corner or things for hobbies that were never taken up, 4 Wheel Drive vehicles that are a thousand miles from the nearest snowstorm. Stop "investing" in wasteful items and then get rid of those that you have and convert them into cash by selling them.

Start putting the reins on spending that increases your debt load, both on necessary items (like food and shelter) and those that are not necessities.

Save money on your every day spending and get control of your purchases. Then, with the aid of a family budget, designate a specific amount monthly toward debt reduction, not just paying the monthly minimums but adding enough to make a concerted effort at debt reduction.

Consider home equity loans that can consolidate your debts into a lower monthly payment (and generally a lower interest rate) so you can concentrate on debt reduction.

Incorporate Your Goals

Family budgets that include established short or long term goals are always the most effective. For example, you may decide that "we want to trim enough from our current spending so that we can buy a $2500 Certificate of Deposit within 6 months to begin a college fund." Or, "the savings from our budget will pay for our entire vacation next August so that nothing will be added to the credit cards." Discussion is important here so that everyone focuses on the same goal or goals. Start slowly with a fairly easily attainable goal and then "test' yourself with a more difficult (and rewarding) goal as you get more proficient at your budgeting process.

Develop Your Budget

Just the idea of a budget makes a lot of families shudder. Many feel that it will be too restrictive and limiting. They assume that they will lose too much of their spending freedom, taking away some of the pleasures in their lives. In reality, an effective budget does the opposite: by keeping track of your expenditures, it allows you to concentrate on those items that bring the highest reward, both financially and personally. An effective budget puts YOU in control of your finances, rather than letting the control slip into the hands of chance.

Hedge Funds are massive business. If you are wealthy and fancy a gamble on the markets, hedge funds have outperformed almost every other kind of investment in recent years.

In mid-2006, the European Union published a report from hedge fund practitioners including RAB Capital, Gartmore and Goldman Sachs (UK), which makes a "strong" case, according to the high and mighty in Brussels, that hedge funds have made "a positive contribution to sound functioning of financial markets". The hedge fund industry is worth around $1.3trillion globally, with some estimates suggesting that 50% of trading on the London Stock Exchange is hedge fund related.

Franz Münterfering, now Germany's deputy chancellor, labeled hedge funds "locusts" after large funds TCI and Atticus forced Deutsche Börse to give up on its London Stock Exchange bid and sack its chief executive and chairman.

The main concern held by experienced market analysts and investors is that hedge funds are a high risk/high reward form of investment and have traditionally been the domain of wealthy private investors, whereas the majority of the market is now funded by banks and pension funds. The ethical aspect of investors gambling with pension funds has upset many observers, but the EU's report should set some minds at ease. Before investing in a hedge fund, risk analysis software (particularly pension fund risk analysis software) should be consulted to ensure that the investment is a sound one.

Computer software can be a useful tool when considering investments, whether you are looking to develop credit risk models to minimise potential loss or simply consult portfolio analysis software to make sure you are getting the most from your investment. While top investors and hedge fund managers are notoriously secretive about their methods, it is generally assumed that many use as much computer software as possible to supplement their knack for spotting ripe investments.

Software is available to help determine enterprise risk, which should always be considered when running a business. This is why corporate risk analysis is a rapidly growing sector, particularly within consultancy.

Another popular use for financial software is in the tricky field of portfolio optimization. While keeping a keen eye on the markets is definitely the best way for those with investments to ensure they are getting maximum value from their portfolio, programs have been created to ensure that returns are optimised.