the-secret-to-keeping-your-budget-on-track

The Secret to Keeping your Budget on Track

Writen by Darlene Arechederra

“Don’t find fault; find a remedy.” — Henry Ford

B-u-d-g-e-t. The very word can cause us to tremble in our new boots! But a hard-working soul need not fear — there’s a simple way to win the battle of the budget. It’s great fun, and what better time to get started! So what’s the secret?

*** Build Some Rewards and Fun Into Your Budget! ***

Think this tip is too simple to be effective? Consider the last time you blew your budget. You were probably zipping along just fine. Life was great. A month later, you slipped up just a bit. Two months later — boom! Your budget’s blown, big time. How long did it take you to get back on track after that?

Think back on your most recent project. Was there a reward waiting for you after completion? If not, did you feel as if the project took forever, with no light at the end of the tunnel? Your rewards will serve as a mini-light at the end of your tunnel.

How to Set Up Your Goodies List

Here’s where the fun starts. Your Goodies List will be your own personal list of rewards, fun, or items you’d like to buy or do. Jot down some things that excite you, things you can look forward to. Why? Because there’s no budget on the earth that will work if you have no motivation to keep going.

How to Use Your Goodies List to Motivate You

For every month (or week) you’re able to stay on track with your budget, reward yourself with one item from your Goodies List. Keep your reward in a range you can easily afford (just make sure it’s enough to motivate you.) Try $40 or less for a monthly reward. For weekly, try $10. Even $5 can energize you.

In the past, you might have felt as if you were ‘giving up’ things to stay on track. You’ll find that you’re not giving up anything at all. You’re simply targeting the things you really want or need, and rewarding yourself for not making those budget-blowing purchases. It’s easy to burn out or feel deprived if there’s nothing to show for your hard work.

Affordable Suggestions for Your Goodies List

** Longing to change the colors in your bathroom? Try:

• A towel to match your new color scheme.

• A can of paint

• A new shower curtain

• A new rug

** Dreaming of taking up writing? How about:

• A course on writing

• A book on writing a best seller

• Paper, pens, resources, software for writers

• A new writing area in your home

** Yearning for fancy new tires for your hot rod? Try:

• For each month/week you stay on track, write yourself a check for your reward amount and tuck it into an envelope.

• When you’ve saved up enough to purchase one tire, go shopping! Write one check for the tires, then destroy the other checks. Update your checkbook, making up any small difference.

• Buy your tires one at a time as you ‘earn’ them. If there’s a huge discount for buying more than one at a time, simply keep saving your checks until you can buy more than one (only do this if you can stay motivated.)

** Simply want to feel more secure? If money itself will motivate you, consider this:

• Write yourself a check as your reward instead. Use it to open a savings account. Name your account, writing the name on the cover of a pocket notebook.

• Carry it in your pocket or purse, tracking every deposit you make in this notebook. Keep your balance up to date.

• Make it a big deal (it is, you know).

So, how motivating is that? Keep in mind, your rewards are not just for keeping your budget on track. Use your Goodies List to help you ward off procrastination and keep you energized to complete your projects (even those dreaded chores).

Now, tweak your plan until you’ve got it working for you. Go ahead — get started today!

coping-with-identity-theft

Coping With Identity Theft

Writen by Joseph Kenny

Lock your doors, hide your money in the safe, hire security guards to protect your prized possessions, but what can you do if someone stole your identity? If something valuable is stolen, you can call the police and hope to get your stolen property back. Rightly termed as the crime of the 21st century, victimizing millions of Americans, you can do very little if you find your identity stolen. Identity theft is on the rise, and nearly everyone is vulnerable to this new-age form of fraud.

How is it done?

Using all possible methods, criminals steal credit card numbers, social security numbers, telephone calling cards, ATM cards and other key pieces of an individual’s identities. The information on these is used to impersonate the victim, by spending maximum money in the shortest time they can.

Preventive steps or Precautions

1. Avoid carrying valuable documents and cards with you whenever you go out, unless it’s absolutely necessary.
2. Opt for the Direct Marketing Associations Mail Preference Service and the Telephone Preference Service. By doing this, your name is added to the computerized name deletion lists used by marketers all over the nation.
3. Pick the newly ordered checks from the bank and do not allow them to be sent to your residential address.
4. To keep the mailing system secure, install a locked mailbox at your residence.
5. Post mail bills and other sensitive items at the post office instead of the neighborhood drop boxes. Sometimes the envelopes containing the address could land in the wrong hands and be altered.
6. Do not give out information over the phone unless it is an individual belonging to a trusted company. Lottery and ‘lucky dip’ calls should not be entertained, as they are usually hoax. 7. Release Social Security Numbers (SSN) only if it is necessary.
8. While creating passwords and PIN numbers, avoid using numbers from social security, birth date, middle name or any kind of important personal numbers; these are said to be easy for criminals to figure out.
9. Cross check that financial institutions are safeguarding your important data. Insist on the removal of account numbers from ATM slips; also ask them to shred the paper reports before throwing them away.

After the Theft

1. The moment you feel that there has been an identity theft, it is important to report the crime to the police. Provide all the requisite documented evidence. Even if the police refuse to give the report, be persistent and demand it. Keep the police report for the bank and credit card company’s reference.
2. Inform the banks, cancel all the savings and checking accounts and get new account numbers.
3. Call the 3 credit reporting companies and ask them to flag the accounts. Ask for a fraud alert to be attached to the report and extend it later if you want to. This fraud alert lets creditors contact you whenever there is an attempt to open an account in your name.
4. File an ID theft affidavit with the Federal Trade Commission after reporting the theft. This affidavit can be sent to credit bureaus and institutions to close fraudulent debts and accounts opened in your name.
5. Lastly, do not blame yourself for the theft, you being the victim should not feel guilty for the theft, and instead handle the situation calmly.

Do not let all the reputation and respect you have earned be trifled with by a petty thief. It is sometimes observed that people you know are the ones who sabotage your identity by using it against you. Be on the safe side and avoid disclosing any personal information to anyone. The identity you have been given is yours to have; no other person has the right to take it from you.

a-guide-to-offshore-banking

A Guide To Offshore Banking

Writen by Peter Kenny

If you are someone whose career and place of residence changes a lot, then you might want to keep your banking constant. One way to do this is by using offshore banking, which allows you to keep your money in one country, yet have access to it wherever you go. If you want to know more about offshore banking then this guide has some information that might be useful

Why get offshore banking?

Getting offshore banking can be useful if you are travelling around a lot and aren’t really located in one specific place. If you use an account from one country then you will find it harder to get your money out abroad, and might have to pay fees each time you want to carry a transfer or withdrawal. You might not even be able to access your account in some countries. Offshore banking can help you to have access to your accounts like you were in your home country wherever you are in the world.

Tax exemption

Another reason why offshore banking is popular is for tax exemption. If you have a large sum of money that you don’t want to pay tax on, then moving it to an offshore account might be useful. Of course, you need to make sure that you abide by the tax laws of your country, but there are legal ways to save yourself money through offshore banking

Benefits of offshore banking

Apart from the tax benefits, having your money offshore means that you have equal access to all of the world’s markets, and this makes it easier to invest in a diverse range of products and services.

Offshore banking features

You can use offshore banking simply as a savings account, or you can use it as your main means of banking. You can have a current account with a debit card, and even make investments and buy insurance and loans using your offshore bank. Most of the products and services that your standard bank can offer are available offshore, with the added bonus of being available around the world.

Risks

Offshore banking does use the law to its fullest, and so there are a number of risks associated with it. Firstly, if you don’t know what you are getting into then you could end up in legal trouble. Before signing up to offshore banking you need to consult a lawyer. Also, you need to deposit a large amount of money in order to get offshore banking, and that money could be at risk if anything happens in the country you opt for. You know that your money in your own country is insured, but if something happens offshore then you might be in trouble. Offshore banking does have some benefits, but make sure that you know the details of the system before proceeding. If you do this then offshore banking can help you save money and access your finances wherever you are in the world.

foreign-currency-market-tools-to-protect-your-budget

Foreign Currency Market Tools to Protect Your Budget

Writen by Ciaran McVeigh

There are number of tools and techniques available to currency buyers that can help avoid the risks imposed by the rapidly moving currency market. Most currency brokers will be able to offer you these risk avoidance tools. It is all very well negotiating a good price for your overseas property but so many people throw away their savings by not considering the implications of exchange rate fluctuations. No one can control the currency markets or predict in which direction they are going to move. Wildly moving exchange rates can have a detrimental effect on your budget or anticipated profits and any shrewd investor should consider the currency market tools explained below.

Spot Contract

A Spot Contract allows you to buy currency at the prevailing exchange rate and pay for it straight away. Spot contracts are generally used when foreign currency is required immediately, for example, a deposit on an overseas property. The currency is purchased from a broker and will usually need to be settled within 2 working days. This method is the best way to buy currency quickly and at the best exchange rate.

Forward Contract

A forward contract allows you to fix the exchange rate now for a specific date in the future. Forward contracts are ideal when you only need foreign currency at some point in the future but don’t want to expose yourself to adverse currency market movements. For example if you were buying a property overseas with the settlement price to be paid in a month, you would not know the exact cost of your property until you had bought the foreign currency and paid for the property. The currency market moves 24 hours a day and this would cause the cost of your property to fluctuate 24 hours a day. A forward contract lets you fix the cost of your property now. You wouldn’t buy a house in your own country if you didn’t know what it was going to cost, so it is always a good idea to protect yourself. With forward contracts you secure your exchange rate now and only pay when you actually need it. Rates can usually be fixed for up to two years.

Limit Order

A Limit order can be used if you have got time to hold out for a really good exchange rate. As mentioned above, the currency market moves 24 hours a day and if the exchange rate moves in your favour whilst the UK market is closed for example, you may miss the opportunity to take advantage. A limit order is an automated order to buy or sell currency that will be executed by a computer when the exchange rate reaches the level that you have specified. This tool is useful when you need a specific exchange rate in order to stay within a budget. You can set a higher level or limit to take advantage when the market moves in your favour or a lower level stop to protect yourself if the rate moves against you.

offshore-banking-accounts

Offshore Banking Accounts

Writen by Eric Morris

For big corporations and even small companies and individuals, it helps to have an offshore bank account to protect cash assets from taxes. An offshore bank account also brings great flexibility to businesses when it comes to fast cash mobility and transactions that usually happen in mergers and acquisitions. This type of setup is often restricted by rigid government controls over the currencies that are in the banks.

Often, the best offshore banking locations are small states that do not have strict guidelines on the flow of foreign currencies in and out of their countries and those that do not impose taxes on deposited cash. Some of these are Mauritius, Bahamas, and Antigua and Barbuda.

Business experts point out several advantages to having an offshore bank account. They say that many offshore banks charge inexpensive service fees from clients and return higher interest rates compared to most banks. These offshore banks provide their clients with the capability to transfer and move their funds anywhere in the globe at the push of the mouse button. Deposits and withdrawals can be done online and through debit-and-credit automated teller cards. Offshore banks also have strict policies when it comes to protecting the identities of their clients and accountholders. This can be beneficial for most companies that cannot be bothered by constant government and private scrutiny. Host countries of these offshore banks also provide tax shelter. Of course, it is a different scenario when you bring your money back to your country.

Offshore banking is regulated by international laws, but most often it is up to the host countries how rigidly they implement them. This is probably the reason why some people have misconceptions about offshore banking as a means used by corporations to defraud their governments. But the fact is that offshore banking is a common practice among the world’s companies. And there is also no law restricting companies and even individuals from opening and maintaining offshore bank accounts.

business-banking-explained

Business Banking Explained

Writen by Mark Lambie

No matter where you are within your business, just beginning or have been in business for many years, one thing remains the same; your business needs a banking institution that is solid and great for businesses. Within this article, we will look at some of the main items you should consider when looking for a bank account for your business. There are many things you should think about when opening a new bank account for your business, each one of them should work to benefit your company in all ways necessary.

For starters you should look at some of the basics, first consider what type of company you are, limited or sole trader. For a limited business, you will be required to obtain a business bank account, while a sole trader has the ability to use their personal bank accounts for any activity within their business. For those who insist or are required to have a business bank account, you should consider a institution that has a team in place specifically for businesses.

Consider any fee’s that are associated with the bank account for example, overdraft fees or transaction feeds. Also, consider if the bank offers a period of time that is fee free for new accounts, if they offer this it is wise to take advantage of this offer. You should also look at any incentive offers that the bank gives you, for example, charge cards, free statements, or credit cards. Always check the interest rates offered on these account and consider if the chosen bank has internet banking, this is important because it allows you to have up to the minute information regarding various aspects of your account. Businesses will benefit from internet banking because it allows you to do your banking at your convenience, which we know that many busy business owners frequently do not have the time to visit the bank.

When you have finally sorted out the proper banking institution for your business it is time to open your account. There are many things you will have to bring to the bank when you go, this documentation could include your business plan or other various details in regard to your business. Additionally, you will have to take along your incorporation certificate, any items necessary to prove your identity (Photo ID, utility bills, and perhaps your passport), and a list of those who are authorized to sign any company checks.

a-fathers-dilemma-can-we-help-our-children-without-crippling-them

A Fathers Dilemma: Can We Help Our Children, Without Crippling Them?

Writen by Jon Hanson

Breakdown in the Becky Lane!

I’d just sat down at my office away from home, the local Panera, when another regular customer, Harold, sidled up to my table. We’d chatted a number of times before, and he was intrigued by my title of Financial Sanity Coach and knew I had been working on my book, “Good Debt, Bad Debt” (Penguin-Portfolio,Jan. 2005) at this very table for the past year. Today he sought my advice on a weighty matter.

“Jon, I am thinking of buying a car for my daughter,” Harold confessed. I didn’t need to hear any more to know what was coming next. And when I did hear the whole story, I didn’t know whether to feel sorrier for the daughter or the father. Apparently, Becky had been working for three years and had succeeded in saving an amount roughly equal to one eighth of the tip I’d left at the counter. Now Dad was about to reward her excellent saving behavior by buying her a car.

Unbeknownst to Harold, he was about to initiate a life-long process that Stanley and Danko, authors of The Millionaire Next Door, call “economic outpatient care.” There’s only one cure, as I advocate in my own book, Good Debt, Bad Debt : crimp the cash flow, now. If this sounds like “tough love,” it is, and for good reason: kids who can’t save a good chunk of their income are destined to become financially challenged when they finally do leave the nest.

Sadly, even with a big jump in salary, most young people continue to spend like they did when their parents were footing everything, from essentials to lifestyle extras. Their “metabolic spending set points” work against them when its time for them to pay ALL their expenses.

To explain the problem, I gave Harold the following example: “If you’re living at home and make $200 a week and spend it all, there are no immediate consequences. Suppose you spend all $200 on going to the mall, eating out, concerts and clothes? No problem. Mom and dad cover the serious stuff. But once you start living independently, even if your salary starts at $1,000 a week, there’s a problem with spending $200 a week on fluff. For starters, taxes are higher; total housing expenses will be about 36 percent of salary and has, for 23 years kept pace with income. Suppose housing expense (rent/mortgage/utilities/taxes) chew up 36 percent, taxes take 28 percent, and your lifestyle choices cost 20 percent of salary. This leaves less than 14 percent of income for everything else: food, transportation, retirement, etc. That aint much.”

Harold nodded as I went through my example. I could see by his body language that this was a painful topic for him. “Hey, it’s natural to want to do nice things for your kids,” I said to assuage his guilt a bit. “The problem is finding a way we can give that doesn’t cripple the ambition and thinking of the recipient.”

I also explained the plan I’ve been using in my own home. Here’s how it works. My wife and I allow our kids to spend only 50 percent (40 net) of the money they get from small jobs and gifts; the other 50 percent must be saved. When my 13 year old son had a job helping a neighbor insert ads for a commercial paper route, he was earning $20 a week. He would bank $10, tithe $2, and use the remaining $8 for games, books, or special treats. Several times when he wanted a $40 Nintendo game, he understood it could take five weeks to save the money. Often, he would strive to come up with special jobs around the house to earn the money faster. This plan seems to work pretty well — it provides enough cash to generate some immediate benefits, while enabling my son to experience the pleasure of watching his savings grow. So far he hasn’t complained one iota.

Harold’s eyes widened as I described how the 50-percent plan works in my household. I could see that the gears were turning. This was the time to make my real point. “Harold,” I said, “You’re obviously a successful guy and you got to be that way by exercising good judgement and fiscal diligence. Don’t you want to pass on those qualities and skills to your daughter?” Harold raised his his Rolex clad wrist in front of his chin and thought for a moment.”Maybe Becky would be better off it we didn’t pay for everything,” he admitted. “I’m gonna give this some thought.”

Apparently, it wasn’t a whole lot of thought. About two weeks later I looked up from my perch at the bakery and saw Becky and her dad driving by in a new Camry Solara convertible. Oh well, the road to fiscal hell is sometimes paved with good intentions. Maybe Harold will remember the first mile of his descent when he’s still paying for Becky’s car repairs twenty years down the pike.

Copyright © 2004 Jon Hanson www.gooddebt.com

Note: This content is availble for free use on your website or e-zine, or print based so long as it is, used in its entirety and is not altered and my name, copyright notice and URL appear in the article. Or Jon Hanson for interview jon@gooddebt.com Thanks. Jon

business-finance-software

Business Finance Software

Writen by Kristy Annely

Business finance software is fast gaining popularity, especially in computerized financial planning systems. At the heart of a computerized financial planning system is a model that specifies the relationships relevant to the firm. A computerized financial planning system helps in preparing proforma financial statements, estimating the requirement of external funds, and calculating a variety of ratios. Such a system naturally offers a number of advantages. Once the model has been developed, the tedium of manual computations is eliminated with the help of business finance software. The circularity problem is easily tackled as the computer can quickly perform the required iterations. Finally, business finance software can be employed very conveniently to perform sensitivity analysis.

Thanks to the above advantages, the computerized financial planning system strengthens the firm’s planning ability. However, there is a potential disadvantage associated with it that may be overlooked. The ease that computations can be performed with the help of business finance software and forecasts generated may result in misdirected efforts. A large quantity of low-quality predictions may be churned out creating confusion and on the part of management. Quality may be sacrificed to quantity. To guard against this danger, greater thought should be given to the scenarios evaluated and the quality of analysis when using business finance software.

With electronic data processing, it is possible to handle large amounts of data and to make information available to a large number of people. Thus, one can obtain, analyze and organize timely data quite inexpensively by using business finance software. But it must never be forgotten that data is not necessarily information. Information must inform someone. With the help of business finance software, you can use computer graphics. It can inform visually, displaying important company information. Managers can now quickly display a colored map showing their competitive picture instead of computer printouts for information.

if-i-file-for-bankruptcy-will-my-student-loans-get-discharged

If I File for Bankruptcy Will My Student Loans Get Discharged?

Writen by Tim S

So are student loans able to be discharged? In short, probably not. Student loan debts are nondischargeable in Chapter 7 Bankruptcy cases unless paying the debt would cause the debtor “undue hardship.” This basic rule also applies to Chapter 13 Bankruptcy cases.

Discharge of student loans received popularity in the 1970’s. Many individuals would file for bankruptcy shortly after completing their expensive education. The goal was to discharge these student loans before they began earning money.

The wording of the exception of a “hardship discharge” and what is considered a student loan has recently been broadened so that most student loans made by nonprofit groups or the government are now considered student loans. This only applies to the actual student and not a co-signor. So a parent signing for one of their children could not have this debt discharged. In addition, this exception does not include debts to an educational institution for tuition. If the loan is nondischargeable then the petition on the loan is also not going to be discharged.

So we turn to “undue hardship.” Most published court opinions agree that “undue hardship” means more than garden variety hardships that come with the costs of future payments. Several circuit courts of appeals have developed a three-prong test.

In summation, the debtor cannot maintain a minimal standard of living and his dependents are left with the debt, some additional circumstances in regard to the standard of living would extend over the life of the repayment of the loan, and the debtor has tried to the best of their ability to pay off the loan according to the plan.

The ideal debtor who will successfully discharge student loans are the low-income debtors. The debtor has the burden of proving their hardships. Any reason that makes this loan impossible for the debtor should be made known to your attorney. For example, unemployable debtors, underprivileged debtors, a total lack of available jobs suited for the debtor’s skills, certain disabilities, etc. If any of these situations exist, your attorney will strive to prove any extenuating circumstances to the court to get these student loans discharged.

Read more about bankruptcy at www.bankruptcyhome.com

financial-advisor

Financial Advisor

Writen by Elizabeth Morgan

A financial advisor is a person who advises people of all walks of life on financial affairs. He is a very valuable servicer in the area of saving money and making investments. He makes investment decisions, manages your finances and gives you all financial advice. Thus he influences the vital decisions in your life, career, business and future.

So the financial advisor should definitely be a qualified and experienced person who has experience with various financial matters. In matters related to money, experience counts. Practice makes perfect, says the proverb. You can never risk your career and money for unintelligent advice. So qualification and competence matter.

How will you check a financial advisor’s credentials? Of course the reputation and references are important. Credentials must also be considered. The designations may sometimes vary, like financial consultant or certified financial planner. They of course are professionally qualified for the post.

Next is the educational background. Here you have strike the right balance. You might find some very brilliant and competent financial advisors who have made a name through their vast experience. In such cases sometimes you won’t find the right educational qualifications, but experience matters more. The reverse is also possible. Those with a good educational background may not prove competent. So check an advisor’s work history and understand how he approaches the market and other financial equations.

Next is the remuneration. Opt for a person who works only for a fee and not on commission. Those persons may not be reliable, because they will force you to unwanted financial commitments.

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