Education Archives - Page 4 of 8

Preventing Bad Financial Situations

Posted on March 22, 2020 Written by FinancialWriter

You can adopt a few habits and avoid certain financial products to stay in control of your personal finances. Read this article for some helpful tips for preventing bad financial situations.

How to Make a Bad Financial Situations

Live on a budget. Limit yourself if necessary by keeping track of everything you spend. Go over your receipts and bank statement to get a better idea of what is costing you money and create bad financial situations. Perhaps you could save a lot if you quit smoking or started cooking more at home, instead of going to fast food restaurants. Do your best to save energy and reduce your utilities as much as possible. If you find that you cannot afford something, find an alternative. For instance, you could cancel the lease on your current vehicle and get a more affordable one instead.

Put some money aside every month. Open up a savings account, and make sure you have enough money in it to pay the deductibles for your different insurance policies in case something happens. If you do not have insurance, put enough money aside to cover unexpected expenses such as medical bills. For emergencies, you should have a savings account that can be accessed right away. You should limit your daily expenses by sticking to a budget that includes the money you need to put aside every month for your savings account.

Once you have enough money to cover emergencies, think about opening another savings account or investing in other products to save money for projects such as buying a home or a new vehicle. Put your money in a savings account with a good interest rate or invest in stocks, bonds, foreign currencies or real estate. Make sure an investment is safe and protect your money by creating a very diverse portfolio. Take the time to learn more about investing or find a financial adviser you can trust to manage your finances.

You should stay away from credit cards unless the rewards program actually helps you save money. Using a credit card means you will be tempted to overspend while shopping and you will pay high interest rates at the end of the month. By using a credit card you are taking the risk of finding yourself overwhelmed and missing payments, which means you will may end up in debt. Think carefully before applying for a credit card and do the math; you will probably find no benefit in using a credit card. If you already have credit cards, you should pay your highest balance first to keep interests from adding up.

Applying for financial products such as payday loans could ruin your finances and create bad financial situations. If you find yourself needing some cash right away, find out if your friends, family or employer can help you. A payday loan will end up costing you a lot because of high interest rates and hidden fees. You should always do some research before applying for a loan or investing in any kind of financial product. Think about your decision, and do the math to make sure this is a smart financial move.

You should start by going over your finances and figuring out a budget for yourself. Taking control of your personal finances can be a lot of work, but it will be worth it.

Facing Foreclosure With Dignity or Hope

Posted on March 21, 2020 Written by FinancialWriter

In today’s economy, it is reality for many people that they are living in homes that are worth far less than what is owed on their mortgage. This is not your fault, though it is highly likely that you are the one paying the consequences for mistakes and bad business practices made by people you will never meet. If it has come down to you losing your home in this precarious economy, you are certainly not alone. Millions of Americans are in exactly the same place, so take heart and do not give up on the potential for either saving your home, or lessening the impact it will have on your life. Read on for some ideas for anyone facing foreclosure and how to get through these trying times.

Ideas for anyone Facing Foreclosure

You purchased your home with good intentions, and giving it up can be both emotionally and financially devastating. However, if you are in the position where you must make a choice, do not overlook the concept of “strategic default.” This is basically the practice of giving up your home due to the fact that it is no longer feasible for you to keep it. It means that you give up rights to owning your home, and essentially give title back to the bank. Your credit will inevitably be damaged if you choose to do this, but you could very well benefit financially from relieving yourself of a property that may never be worth what you owe on it. Many, many people have chosen to go this route, and it is nothing to be ashamed of. It can, in fact, be the wisest choice you can make. The financial institutions who caused the housing market to crash by securitizing mortgage loans are the ones who are to blame. If it makes financial sense for you to relieve yourself of extraordinary debt on a home that is “underwater,” consider doing this.

If you are intent on saving your home at all costs, for whatever reason, then take a look at all the loan modification programs that are available. Admittedly, there are very strict requirements that must be met, and you must, above all, prove ability to pay, which is difficult under the strict rules that are in place. If you think you can qualify, however, apply for these programs. Most of them are underwritten by the government, so you have a much better chance of being approved than in previous times. If you do choose to modify your loan, you will likely be put on a “trial period”, in which you must make all payments in a timely fashion. It would be wise to have an outside party involved, to ensure that you will not be denied in the end. This could be a government entity or a private attorney, though the latter could be an expense that you cannot afford. Above all, be persistent and keep records of each and every conversation you have with the mortgage provider. Also, send all payments and correspondence via certified mail, with a signature required.

Your mortgage provider will likely offer you the option of conducting a short sale on your home. Before you agree to this, however, you must realize that this puts the burden on you to get the home sold, in order to save them the costs of foreclosure. Determine whether or not you actually gain any benefit from providing this service for them. Also, look into the tax implications, since most mortgage companies will send you a tax form at the end of the year, in which you will be responsible for taxes on the losses they incurred. Make them agree to take the losses without holding you liable for taxes, and get it in writing. Remember that short sales save the mortgage companies thousands of dollars, and you get stuck with the taxes because of it. Do not let them get away with this.

If your debt is excessive and the options do not appear to be in your favor, do not hesitate to exercise the right of every American to have a “clean slate” through bankruptcy proceedings. It can be the best decision you ever made, allowing you to start fresh and get on with your life. Just remember to find a new place to live, and get any credit or resources you will need to survive, before the bankruptcy appears on your record.

Use these insights to make a transition that works for your family, and do not be ashamed of circumstances over which you had no control. Start fresh and build a new life that is free from excessive debt.

Common Sense Ideas to Save Money

Posted on March 19, 2020 Written by FinancialWriter

No matter how much money you have, you can always use more. While coming into an inheritance or getting a big raise are things that do not happen every day, there are some small ways that you can economize to help you wind up with more cash in your pocket.Common Sense Ideas to Save Money.

Save Money on Food

Cut back on dining out. Sure, eating out is fun and convenient, but it also is far more costly than buying groceries and preparing your meals at home. Eat breakfast before you leave home in the morning so you do not have to stop for coffee and bagels. Bring a bagged lunch with you to work so you are not tempted to go out for lunch, and buy enough groceries each week so that you can cook quick, nutritious dinners for you and your family. You will be amazed at how much money you can save by reducing the number of times you eat out.

Before you go grocery shopping, be sure to make a list of all the things you need. Impulse buying can wreck your budget and cause you to buy things that you do not really need. If you have a list, you can search for the items you need and ignore the marketing gimmicks in the store that tempt you to buy unnecessary items. Also, eat before you go grocery shopping. If you are starving when you are in the food store, you are more likely to buy food that you do not need.

Save Money on Your Cell Phone Bill

Review your current cell phone plan, and compare it to other plans to see if you can save money by switching. If you do not use all your minutes each month, perhaps you can switch to a plan that includes fewer minutes but costs less. Or maybe you can find a plan that offers unlimited texting or free incoming calls. Depending on how you use your phone, these offers could save you quite a bit of money.

Review your cable plan and see if you can switch to a different plan that saves you money. Do you and your family watch all the channels that are available, or do you mainly stick to a few favorites? Most people only watch a few channels. If that is the case with you, you might be able to save money by downgrading your cable plan to one that includes fewer channels and costs less. You may even want to consider ditching cable altogether and relying on over-the-air TV signals, depending upon where you live and the reception you receive.

You can save money on gasoline by walking to nearby destinations or using public transportation when available. If you live in a city with a great public transportation system, you may even be able to do without a car entirely. That would save you money on the cost of buying a car, as well as on insurance, maintenance and gasoline.

Try to use ATMs within your bank’s network so that you do not have to pay a lot of unnecessary fees. Plan in advance when and where you will withdraw money from an ATM, and make sure you take out enough so that you will not be caught short and have to go to an out-of-network ATM. Another option to consider for obtaining cash is to use certain credit cards when making a purchase in a store that allows you to obtain cash back without incurring fees.

If you take medications on a regular basis, it is a good idea to check the prices of the medications at various pharmacies. Prices can vary substantially, and you may be able to save a great deal of money by transferring your prescription to a different drug store. You can also use mail order to buy prescription drugs, and that can save you money as well.

All these strategies are simple, common sense things that you can do without much effort. Simply making a change here and there in your everyday behavior can help you keep more of your hard-earned cash in your pocket.

Save Money on Your Utilities

Posted on March 15, 2020 Written by FinancialWriter

Save Money on Utilities

Everyone has become more cost-conscious given the current economic conditions. It seems like prices go up on a daily basis, but jobs are hard to find and salaries are stagnant. That means that you must find creative ways to save money, and one great way to do that is to find ways to lower your utility costs.

First, consider your telephone bill. Many people have cell phones these days, and many actually rely on their cell phones exclusively. If that is the case with you and your family, you may want to consider eliminating your landline phone. If cell service is reliable in your area and most people have your cell number, you will probably not miss your landline. Getting rid of it can save you approximately $30 per month, maybe more.

The cost of heating and cooling your home is a major expense, but if you adjust your thermostat appropriately, you can save money on your gas, oil and electric bills. During the winter, turn your thermostat down to 68 degrees during the day. If you are cold, wear warmer clothing. Dressing in layers and wearing long underwear and sweaters can help you feel warmer. At night, you can lower the temperature even more. Just make sure you have some warm comforters and blankets to keep you toasty while you sleep. In the summer, turn your thermostat up to 75 degrees during the day. Wear lightweight clothing to help you stay cool. At night, you might want to turn the thermostat down to 72 degrees to make sleeping more comfortable. Setting your thermostat correctly can help you save money on heating and cooling your home throughout the year.

It may sound simple, but you can save money on electricity by turning of lights and electronics when you are not using them. Pay special attention to televisions and computers that draw electricity even when they are turned off. You can connect them to a power strip, and then when you turn off the power strip, electricity will not flow to those appliances, and you will save money on your electric bill.

Many people spend a great deal of money in order to watch television. They subscribe to cable or satellite service, and that can be expensive, especially if more costly packages are purchased. You can eliminate your satellite or cable bill by using an antenna to watch over-the-air television if it is available in your area. Alternatively, you can watch many television shows and moves on your computer by using the Internet. Investigate these options, and you may find that you can survive quite nicely without paying for cable or satellite TV.

Water bills have soared in recent years along with other utility bills, so you should do what you can to limit your water usage. Consider installing a new toilet that uses less water. You can also install a water-saving shower head in your shower to help you conserve water. Try to limit your shower to five minutes, too. There is no need to stay under the running water for a half hour!

With a little common sense, you can probably pare down your utility costs. Consider ditching your landline, adjusting your thermostat, turning off your electrical appliances when not in use, finding alternate methods to watch TV and eliminating wasted water, and you will be surprised at how much money you can save.

Unorthodox Ways to Save Money

Posted on March 14, 2020 Written by FinancialWriter

Strategies To Save Money – Financial Strategies

You are probably familiar with many save money and financial strategies, but there is always more you can do to save your hard-earned cash. Following are some ideas that you may not have considered.

Buy a freezer and stock up on meats and other perishables when they are on sale.This can save money over time you a great deal. In addition to meats, you can stock up on seafood, frozen vegetables and ice cream when they are on sale. You may even want to buy or grow your own fresh fruits and vegetables and freeze them.

When the latest books, DVDs and magazines come out, instead of heading to the store, borrow them from your local library. This saves you from spending the money on purchasing a book, DVD or magazine that you are likely to read or view once, and then watch it gather dust on your shelf. Most libraries can get just about any book you want, even if they have to obtain it from another library within their network.

Ways To Save Big Money

Cars are a major expense that is often a necessity. But if you live in a city that has great public transportation, you may be able to get along very well without a car. Subways, trains and buses that run regularly on a variety of routes can probably take you almost anywhere you need to go. If you need a car to travel out of the area, you can always rent one for a short time. This strategy can you big save money, between the cost of the car itself, gasoline, insurance and maintenance. Certainly you will have to spend money on fares, but that is sure to be much less expensive than what you will spend to buy, operate and maintain a car.

At one time, water bills were very low and not something to worry about. These days, however, water bills have risen, and it is wise to economize on water usage. One thing to try is to put a plastic bottle filled with water in your toilet tank. Doing so leaves less room for water that flows into the tank, so you will use less water each time you flush. Also, make sure to fix any leaky faucets, as each drip is the sound of your money going down the drain.

Never buy anything at list price. There is almost always room for negotiation, so always try that tactic before you buy. If the sales person does not seem able to negotiate, ask to speak to a manager. You are often likely to be rewarded with a discount. If not, you can always go elsewhere and try this strategy.

Find out how to formulate your own household cleaners. Laundry detergents and softeners, dish detergents and general household cleaners can be quite costly. They can also contain ingredients that may be harmful when inhaled or when touched. Make your own non-toxic, eco-friendly products. You can find instructions on the Internet, or look on some of the containers for ideas. White vinegar and baking soda are two relatively inexpensive items that can be used for cleaning in a variety of situations.

If you have a smartphone, use it to compare prices on anything you want to buy. No longer must you traipse from one store to another in search of the best deal. There are a number of apps than can help you find the best price on just about anything, and you can save a bundle.

Becoming wealthy is more dependent on how much you save than it is on how much you earn. Regardless of your income, there are many things you can do to save money.

Selecting The Best Bank For You

Posted on March 10, 2020 Written by FinancialWriter

How to Choose the Best Bank for You

One very important decision when it comes to managing your finances is choosing the best bank. There are several factors that you need to think about when you are trying to make this decision. This article will help you make the choice between all of the many banks that may be available to you.

The first thing to do is to find a best bank that does not charge you a monthly fee for having an account there. There are usually a lot of these around, but they charge high fees for other things. One thing that is very common with free accounts is requiring people to put in a fairly large deposit to open them. When you are trying to decide which bank to go with, try to find the one that has the lowest minimum deposit amount.

Try to find banks that have a good rate of interest on their accounts. Having a savings account is great because it can help you build up a nice nest egg, and earning interest on it will only make it that much larger. If the interest rate being offered is not fairly high, you should think about banking elsewhere.

Try to find a best bank that has a branch near your house. This may sound like an unwise decision, but it actually makes a lot of sense. People tend to go to banks that are convenient to them. If you go to a bank that is out of your area, you will end up doing a lot of transactions at banks other than your own. That can cost a lot of money, since other banks will charge you a fee for using their ATM and your bank may charge a fee as well.

Ask if there are any fees associated with making debit card purchases. Most banks do not charge fees for making purchases, but there are some that do. Avoid those that charge fees, particularly if you tend to make a lot of monthly purchases. Find a bank that does not charge fees, because these small fees add up to big dollars lost over time.

If the bank you are interested in offers a rewards program, you should think of that as an added bonus. Many people overlook these, but they can actually be very beneficial. There are several accounts that offer customers cash back on all of their purchases. You should try your best to find one of these when you are looking for a best bank to open an account with.

Try using a credit union instead of a best bank. They tend to charge less money than a bank and they have regulations that are a bit more lax. You will also qualify for a loan easier because their standards are not as high.

Selecting a bank is not something that is very easy to do. Make sure that you have a lot of information available so you can make an informed decision. Use this article to help you choose the right one.

Seven Things You Should Never Buy New

Posted on February 25, 2020 Written by FinancialWriter

Things you should never buy new

Paying full retail is nobody’s idea of smart, but many consumers think it’s the only way. Au contraire! The following seven items are just the tip of the iceberg when it comes to things you can buy used and save yourself a bundle. Check them out and just imagine the cash you could be keeping for yourself instead of handing over to the retailers.

1. Cars. Everyone knows how much value is lost by a car as soon as you pull out of the lot; look seriously for a two or three year old car that still has a factory warranty on it and save yourself literally thousands of dollars up-front and in insurance costs.

2. Furniture. One great characteristic of a lot of furniture is that you can re-finish it to a newness or your own liking. Rather than paying full retail for a brand buy new dresser or end-table, pick up something unique at a yard-sale and enjoy spiffing it up some.

3. Video games and CD’s. There are many places to pick up previously-owned games and disks in great condition. Consequently, there’s simply no reason to absorb the astronomical costs of getting buy new ones. Especially with children who want the latest release in all the big-named animations, hunt down great deals and you can even end up with a greater volume of movies and games while still having paid much less.

4. Books and textbooks. The price of brand buy new textbooks borders on the insane; some of them cost more than the course itself! Look for online deals or exchanges where you can pick up the needed school books at give-away prices. Also, use your local library for the latest best-seller you will read once quickly and then be through with. Check out the book section at a yard-sale or thrift store because the printed word holds no less value simply because it is pre-owned.

5. Baby and kid’s clothes. Children grow so fast, it’s hard to justify them brand buy new clothes all the time. Visit a Goodwill on their monthly half-off everything day and load up on all kinds of things your kids will love, need for school or romping around in play land. While you’re at it, see what you can find for yourself too!

6. Tools and garden equipment. Most of these items are built to last for years, so check want-ads or Craigslist for great deals on whatever you may need for your home repairs and landscaping. Lawnmowers, power-tools, ladders and even smaller hand-held tools like hammers and screwdrivers can always be found for sale somewhere: take full advantage!

7. Toys. Not only can you find amazing savings at thrift stores and yard-sales, you could start a toy exchange with other parents where you swap off toys in great condition that your kids have outgrown or lost interest in. Toys, especially the big basics like bikes, slides, play-houses and tot tables, usually outlast even multiple kids within the same family. Don’t pay full retail for these things when there is bound to be somebody else looking to get rid of them cheaply or for free.

Nobody wants to spend more than they have to, even if money is no object. Those of us who need to adhere to a budget will take much pleasure in following the above ways to save and find even more helpful tips to doing so. Stop paying retail and save yourself a bundle, by buying things used instead.

Your Financial Resources

Posted on February 24, 2020 Written by FinancialWriter

Prepare Your Financial Resources

So many people today wish they knew how to properly manage their financial resources. If you have been trying to manage your finances for some years now but have always come up empty then you are definitely in the right place. Lucky for you this article has a lot of helpful advice on how to get your financial resources back in check so you can live a better life.

The golden rule of learning how to manage your money properly is to always spend less money than you make. When you manage to spend less money then you make then you always generate a profit for yourself. You can make a lot of money but if you always spend it all then you are never going to have any money saved.

Budgeting your Financial Resources

Although you must never spend more than you make you also want to make sure that you budget your money wisely. You don’t want to make $100 and spend $99, this makes no sense. You cannot expect to save $1 every month, no good is going to come from this. So make a real budget and stick to it, a good idea is for every $100 you make save $25.

If you have any credit card debt then make sure you pay those off as soon as you can. You want to live as debt free as possible and have as much of a cushion to fall back on as possible. A good way to make a reasonable future for yourself while establishing good credit is to eliminate all of your debt.

Start planning for your future now, this way when you come of age you can retire and live life with ease. Start putting money into a retirement plan and let is gain interest over the years, you’d be surprised at what $20 a week for the rest of your life could add up to.

Having a savings account is a good way to make sure that your money doesn’t go missing or is wasted. Make up a savings account and start putting money in your account regularly. If you get any bonuses at work then make sure you at least put half into your savings account.

If you see that you could make some money with stocks or Forex then do not hesitate to save some money. There are a lot of opportunities available to you to make some money, you just have to be smart about how to gain some profit.

If you receive benefits from work then make sure you are using them. You can save a lot of money by using your work insurance to buy medication you need or attend a doctors visit. If you work requires you to use a cell phone and you use your personal device you can even save some money from your provider depending on your circumstances.

Look at your insurance coverage and make any adjustments that need to be made. You don’t want to overpay for insurance as this can be a waste of money at times.

Look at your credit record, is it clean? If so then maintain that good credit record, if not then make all the efforts you can to improve your credit history and score.

With all of the advice you learned on how to manage your financial resources you should have many ideas about what you are going to do with your money in the future. Remember to stay focused and don’t lose sight of your end-game goal.

Key Considerations Regarding The Process Of Bankruptcy

Posted on February 21, 2020 Written by FinancialWriter

While nobody relishes the thought, bankruptcy filing is a necessity for many. The article below contains some useful advice for accepting the need to file and for taking the right actions to move forward in the aftermath.

The Bankruptcy Process

When it becomes obvious that bankruptcy is the best option for salvaging your personal financial situation, it is important to take some time to reflection. Try to determine where your finances went awry, and try to develop a plan of action to avoid similar mistakes in the future. Doing this will help give you a sense of confidence in your ability to make wise decisions going forward.

Once your bankruptcy case draws to an end, make sure to review your credit score and reports in detail. Be certain to gain a good grasp of your entire financial picture so that you know in which areas you can improve the most. Knowing your credit score will also give you a baseline from which to measure the positive impact of your newly-acquired financial literacy.

Bankruptcy allows you the option of completely walking away from certain types of debts. This can pave the way for a fresh start and give you the breathing room for which you have longed. For many filers, credit card debts are the most burdensome obligations they face, and by filing Chapter 7 bankruptcy, it is likely that such debts can be eliminated once and for all. It is important to note, however, that tax debts, child support debts and various other obligations cannot be discharged in bankruptcy, and this is a fact that must be factored in when developing a long-term financial strategy.

Filing for bankruptcy protection may make you feel as though you will never be granted credit again. However, this is simply not the case. There is an ever-growing pool of lenders who are willing to give those with imperfect credit histories a second chance. Recent bankruptcy filers are often amazed to find that once their debts have been discharged, they are inundated with offers from these types of lenders. Be sure to read the fine print, however, before accepting an offer of credit in the immediate aftermath of a bankruptcy filing.

Getting a Credit Card After Bankruptcy

In many cases, the quickest way to obtain a credit card in the aftermath of a bankruptcy filing is to get a secured credit card and then, eventually, an unsecured card. Secured cards require the consumer to deposit funds with the card issuer, which are then drawn upon as the card is used. These are often quite easy for recent filers to obtain. Once a solid credit record is rebuilt, it will become easier to obtain unsecured cards that do not require such cash deposits and which function as conventional credit cards.

There is no escaping the fact that bankruptcy can be a truly wrenching process, both emotionally and financially for anyone who determines that filing is their only viable option. The key is to be proactive during and after the filing so that a solid financial future can be yours.

Helpful Hints In Saving Money When You Shop

Posted on February 14, 2020 Written by FinancialWriter

Everyone wants to get the best deal when they shop. Money is tight these days, and whatever you can do to stretch a dollar is helpful. Groceries account for one of the most common expenses in any household. This is also one of the easiest areas to save money. If you want some tips in becoming a smart grocery shopper, read this article for some great ideas.

Saving Money Tips – The Beginner’s Guide to Saving Money

You have, no doubt seen coupons proliferating in the Sunday paper and advertising circulars. On the surface level, the cents off coupons may not seem like such a significant savings. However, if you think about how many times you have seen a coupon for something that you end up buying, the cents off coupons can add up to big dollar savings. Therefore, pay attention to those ads the next time you see them. Cut out coupons for things that you usually buy. Coupon websites are also becoming very popular, so visit them to find coupons for your products. Be mindful of the expiration dates, and take these coupons with you the next time you go grocery shopping. You will be pleasantly surprised by the savings.

When you go down the grocery aisle, you will probably see store brands next to name brands for many products. A lot of times, the quality of the store brand products are just as good as the name brand. That is because name brand manufacturers often manufacture products for a store brand as well, but under the store’s name instead of the manufacturer’s name. Supermarkets make more money when they sell their own store brands, so they can afford to price them a little lower than name brands, thus passing the savings to you. Try a store brand next time, and judge the quality for yourself.

Certain grocery items are available in bulk, and the bulk pricing is usually lower than when you buy the same number of units individually. For example, if you have an opportunity to buy paper towels in a pack of 12 rolls, take advantage of that instead of buying individual rolls. When bulk packages go on sale, that is an additional savings for you, and that is when you should stock up.

The Smart Way to Spend Money

Before you shop for groceries, make a list of things that you need to get. Supermarkets often advertise sales on products that they want to move or promote, and they put these at the end of the aisle in order to capture your attention. If that item is not on your grocery list, do not buy it, regardless of how much of a discount you are getting. Buying something that you really do not need is not a smart way to spend your money.

Beware of sales of perishables that advertise 10 units for $10, or something similar. If you have no need for 10 of them, then this is not a good deal because you would not be able to use them all before the products expire. Just buy what you need.

These money-saving tips can help reduce the cost of your groceries. Get into the habit of shopping smart, and you will be rewarded with more money in your pocket.