3 Budgeting Tips That Work – How To Budget Like A Pro

You can do a lot more with your finances if you learn how to properly budget and save. You could go from sitting at the house watching television during your paid time off of work to taking a nice vacation with the spouse. You can do much more with your life if you learn how to handle your money like a pro. I’m going to give you 3 tips that if done correctly and steadily will be very effective. Some of these tips may seem obvious; however, too many people fail to do them!

1. Learn To Budget – As painful as it may be this all comes down to the old fashion way of grabbing a pen and a piece of paper and doing some math. Figure out your average monthly income and write that number down. Then, subtract all your bills. After that, take 5% or 10% of the remainder and add it into your savings account. Finally, you have to reward yourself. So hopefully you have something like $300 left, so take $100 and use that for recreation and put the remaining $200 into your budgeting or reserve account. Be sure to realize that life and finances is subject to change. So make this a reoccurring thing. I create a new “Budget List” about once every 3 months.

2. Expect The Unexpected – Things happen. Whether we like it or not, that’s just reality. You have to have the willpower to set aside some amount of money each paycheck into your reserve account. You still should also set aside a certain portion and put it into your savings account but if you put all your budgeting money and saving money into one place you won’t be building as much interest as you should be once a tire goes

How To Stretch Your Salary When You’re Stuck

Sometimes your salary isn’t paying quite enough to cover all you wish it could. Maybe you got promoted to an exempt position that looks good on your resume, but now that lucrative overtime bonus is gone. You could have been offered benefits that you truly need (medical insurance, for instance), and on paper it all looks good, but in your wallet there’s not enough cash.

This is where that “B” word – Budget – comes in to help.

All the experts start with an honest assessment of where your money is currently going. If you don’t know where your money is currently going, how can you control its flow? Write down all the ugly reality on paper so you can look it in the face and deal with it.

The problem isn’t automatically solved by a higher salary; it is solved by controlling the way you spend what you earn.

You can see this in the sad tale of many lottery winners whose huge chunks of money are gone in a few years or the way even high earners go bankrupt. This means that you have hope because you can control your cash flow by choosing to work with the real numbers instead of the dream numbers.

Look at the real numbers and come up with a real plan and follow it:

  • Do some research on money management. There is so much wisdom and free advice or seminars out there that your head will spin, but the reality is you have to make it work for your situation.
  • What are you willing to sacrifice to keep that steady salary or those benefits?
  • When you make the choice NOT to spend, remind yourself that you are saying “no” to this thing and “yes” to controlling your cash flow. You are the boss of your spending.
  • Pay the minimum on

4 Mistakes Young People Make And An Easy Way Out

Defaulting On Loan

The fact that you are out of college with no job, tired and broke. You may have enough reasons to default on your loan. That explains why 26% of American have defaulted on their loan before the age 30. This research comes from Credit Karma and Qualtrics. But the fact that you have no job doesn’t mean you should just sit and whine. An easy way can be to call your card company and negotiate on your loan. Your company will be more willing to sort you out.

Failure To Build A Good Credit Score

The effect of a poor credit rating can’t be ignored. Your credit card history carries everything. Your credit card score will determine if you can not only buy a home, but maintain it. If you will get a car insurance. If you will even get a job in certain states. A good credit card history is the key to your financial life. It is what opens the doors of possibilities for you. But the moment you abuse it, it will have no mercy on your life. So, guard it.

Irresponsible Use Of Credit Card

Being young comes with happy moments such as shopping. You buy everything that fascinates you, even the things you rarely need. It’s like there is no tomorrow. Controlling the things you buy can have a positive impact on your ratings. That is why financial discretion and discipline are essential when one is an adult.

Failure To Understand How Credit Card Works

Most young people rush on taking credit cards without giving much thought to what they are doing. And this is the key to poor score and bad financial habits. Before taking a credit card, one needs to understand the following things. You need to know how interest rate works. Once you get a

8 Apps and Sites That Will Put Cash in Your Pocket

Are you living paycheck to paycheck? If you’re like a lot of people, your cash barely lasts until the next payday. While a windfall would be nice, it’s not likely. With little effort you can tweak your spending habits and maybe have a few dollars left over at the end of the week. Save a little here and you can spend a little there.

There are many ways to cut spending, save money and make a little extra cash. While each method may bring in a seemingly insignificant amount of change, together they add up to big savings. At the end of the week, you’ve managed to hold onto a good amount of your hard-earned dough.

Here are 8 ways to turn a pinch of technology into some great money-making opportunities:

1. InvisibleHand is a browser add-on. When you shop online it lets you know if there’s something less expensive out there than the item you’re about to buy. It works with Google so that when you Google something, it automatically checks for the lowest prices of that item and alerts you. There prices are real-time, meaning they are the price as of now, not yesterday or this morning. When you’re not shopping, the add-on stays hidden, so there’s nothing in your way. This is a great way to save money!

2. PriceBlink works in the same way as InvisibleHand. It automatically searches over 4000 merchants while you shop to bring you the best deal available. It also has the added feature of alerting you to coupons for the items you’re shopping for now and allows you to keep wishlists for items you want later.

3. GiftCardGranny is a site that sells discounted gift cards. If there are stores you shop at frequently or you are going to make an expensive purchase, buy the gift

Your Personal Bankruptcy Checklist

You are earning a comfortable salary and so is your spouse, so the very thought of bankruptcy must be a faraway one. You can never be too sure though, in recent times economic uncertainty has become a regular phenomena and there can be little done to control it. While you may not be able to predict the future, whether economic or otherwise, you can definitely secure it. And how do you go about doing this? Simply by keeping your own bankruptcy checklist of course. Here are a few:

1) Too many obligations?

Think once. Think more than once. How many loans have you going on? Are you struggling to pay off the installments every month? Are there any unpaid credit card bills? If your answer is yes for all these questions then, you are on your way to bankruptcy slowly but surely.

Your cash inflows and outflows need to be well balanced. Obviously, your inflow should be of higher value when compared to your outflow. When you try and balance this equation, there will be a better chance for you to face off any financial adversities.

2) Forgotten medical insurance?

Have you forgotten to avail medical insurance or don’t think it’s worth it? Seek a reliable professional to help you choose a suitable medical insurance so that you or anyone from your family needn’t be bombarded with medical bills when there is an unexpected hospital visit. This is one of the common forms of bankruptcy across the world.

3) Is your life insurance sufficient?

Although most of us avail life insurance, are we sure of how much is enough? If you have a significant debt burden, then ensuring your family is shielded from it is of the utmost importance in your absence. Evaluate carefully and modify your insurance plan if necessary.

4) Remember your good old piggy

How To Avoid The Pitfalls Of Personal Bankruptcy

Many people find themselves in financial trouble every now and then. It can feel hopeless and like the end of the world. This is because people don’t realize that filing bankruptcy is a viable solution to their problems. Filing bankruptcy is not as hard as we have been led to believe.

Do not get an attorney for your bankruptcy when you are feeling overwhelmed. You have got to be levelheaded when you hire a lawyer. After all, you will be expected to pay him/her for services. Find out upfront what you will have to pay any lawyer before you hire one.

If you lose your job, or otherwise face a financial crisis after filing Chapter 13, contact your trustee immediately. If you don’t pay your Chapter 13 payment on time, your trustee can request that your bankruptcy be dismissed. You may need to modify your Chapter 13 plan if, you are unable to pay the agreed-upon amount.

When meeting with a personal bankruptcy lawyer, be sure you have all of the necessary paperwork with you. This will make the whole filing process go much easier and quicker. Some of the paperwork you should have with you includes loan documents, credit card bills, and any other relevant financial documents.

Make sure that you fully understand the implications of declaring yourself bankrupt. Once you have filed for bankruptcy, you will find it difficult to secure any credit at all. While you may not see that consequence as a huge problem at the moment, if you wish to purchase a home in the future, or lease an automobile, you are probably going to need the credit.

Do not think of filing for personal bankruptcy as a shameful thing. Going through the filing process often brings out the worst in people, causing them to feel a variety of negative

What Are The Positive Factors Involved In Personal Bankruptcy Filing

Personal bankruptcy is the process of legally declaring the inability of an individual to pay off his debts. In many cases, bankruptcy might not be the only option available to you for dealing with your financial difficulties. Consulting an experienced attorney can help you gain awareness regarding your rights and available options. However, in case it is the only option available, it is important to maintain a positive approach towards it. Despite all the conventional negativisms associated with the concept of bankruptcy, it is important to know that there are several positive aspects involved in it:

  • In spite of the fact that bankruptcy can impact your credit record severely, it is also true that once the entire process in complete, all your past credit records get cleared, providing you a chance to start afresh.
  • As soon as your personal bankruptcy filing is accepted by the court, and your bankrupt status is confirmed, the creditors are legally bound to stop making direct calls to you. To get an instant relief from the harassment’s caused to by the lenders is probably one of the most positive parts of bankruptcy filing.
  • Nothing can stop you from filing for personal bankruptcy more than once if you want to and need to. However, in some forms of bankruptcy, there is a need to maintain a particular period of time between two filings. For example, while chapter 13 bankruptcy can be filed as often as you need, there’s a need to maintain a period of eight years between two successive filings for chapter 7 bankruptcy.
  • It is not necessarily true that you would lose all your assets if you file for personal bankruptcy. Instead, there are provisions in the bankruptcy laws that enable you to retain certain valuable assets and also get the advantage of easy repayment plans in

Number One Reason to File Bankruptcy Is Not Creditors, But Protecting Your Stuff

Nowadays, you would really have to be an idiot to believe that the economy has turned around and things are getting better. When looking around and talking to friends there is no one I know who can testify that things are better for them than they were seven years ago. Although, it’s not a topic that people like to discuss. It’s almost like the normalcy bias has affected everyone in the United States and to go against the mainstream media makes you a conspiracy theory nut. I’m not afraid to say it, the economy sucks and doesn’t appear to be getting any better for me and my family. I suppose if you are heavily invested in the stock market you might be doing okay but even that is rolling the dice with the family farm. The dinosaur mainstream media continues to overwhelm the masses with nonsense that is otherwise known as the normalcy bias. In this case, it causes people to underestimate both the possibility of a financial disaster occurring and its possible effects. There is this idea that since they have never experienced it before, it will never happen in the future or a least their lifetime. This is why so many people on the verge of filing bankruptcy continue to leverage themselves into oblivion. Thanks to the too big to fail banks and quantitative easing that is allowing these guys to continue loaning money to people who can’t afford to pay it back.

It’s always been said that history repeats itself and it’s happening right now right before our eyes. All we need to do is make people aware of what’s really going on so their eyes will be opened to this financial disaster that is about to happen. Many Americans are now using credit cards and payday

Personal Bankruptcy May Help Cure Financial Hardships

Everybody can experience financial difficulty in their lives. The way that they respond to those difficulties is going to be the determining factor on what their next steps are. Personal bankruptcy can be an option when someone’s financial problems have gotten out of hand.

Financial hardships are not an easy thing to face. People will do whatever they can do to avoid them, but sometimes, they creep up without warning. Someone could get sick and end up with a lot of medical bills on top of not being able to earn a living.

Something could happen that was not expected also. This is something that is going to be very important to consider. Some people that are faced with bankruptcy have faced many other challenges in their lives.

Just because someone is filing for bankruptcy does not mean that they do not pay their bills. There are times in a person’s life when they simply run out of money. They cannot pay anything when there is not money coming in.

While most people are going to avoid filing for a personal bankruptcy at all costs, they may still end up doing this. When someone is getting counseled on their financial options, they can choose to go with the advice or not. This is something that is very important to consider, because what will work for one person will not work for someone else’s situation.

Financial problems are not something that are planned. They can creep up on anyone. This is something that nobody wants to deal with, but they have no choice. Their bills do not just go away.

Learning how to deal with this can help a lot. There are several different types of things that people will be able to do to help them get out of debt without filing for bankruptcy, but

How to Avoid Bankruptcy and Save Your Assets

Bankruptcy is not the only option for someone in severe debt there is another option which people should be aware of namely the consumer proposal.

Whereas in a bankruptcy your assets are assigned to a trustee (subject to exemptions) who then liquidates them to pay your unsecured creditors, this is not the case for a consumer proposal. The consumer proposal, under the Bankruptcy and Insolvency Act, is an offer to pay your secured creditors an agreed amount of money to extinguish your debts and thus avoid bankruptcy. This money is paid interest free over a period of up to 5 years.

When a consumer proposal is filed 3 major things happen:

  1. Interest stops on your debts
  2. Your assets are protected from the creditors and a stay of proceedings is in place
  3. Creditors can no longer contact you by phone or mail or any other means

So long as you keep up the payments your assets are protected under the Act. This option is usually the preference for people with savings or equity in their house or for small business owners who need to protect their business assets to maintain an income. If three payments are missed then the proposal is annulled and you are back to where you started!

Consumer proposals do adversely affect credit and are reported to the Equifax and Transunion credit bureaus until 3 years after the proposal is paid off. One option to speed up credit building is to pay off the proposal earlier which will remove it from the credit bureau earlier.

Other advantages of the consumer proposal over bankruptcy are:

  1. If your income increases during a proposal the payments to the creditors does not. In a bankruptcy your income is monitored and payments to creditors adjusted accordingly
  2. Inheritances and windfalls are kept whereas in a bankruptcy these are paid to the creditors.
  3. You can