Make Household Budget and Stop the Financial Bleeding

This is a topic that most people avoid until they realize that there future financial goals are non-existent and their retirement plan involves working far past when they want to. It's when the sense of financial panic sets in that most people make household budget, and while it's better late then never, stopping the financial bleeding needs to happen much sooner to truly see your financial dreams come true.

Many people get stuck on just getting started. They tend to over complicate what making a budget actually is before they ever begin. Fortunately it is not as hard as some people make it to be. Here's how you get started with your household budgeting plans.

The easiest way to set up a household budget is by looking at your cash flow on a monthly basis. Since we all seem to think of our finances this way it is best to plan around each month and it is simply looking at income versus expenses over that time period.

Determining you monthly income is normally the easiest part of any budgeting process. This is the amount of any and all paychecks you receive over a month's time. If you have a variable income because you work on commission or own your own business you can use an average of the last three months to get this number. Be sure to include any other income as well such as child support, disability income, etc.

Next comes the part that nobody likes; figuring out the household monthly expenses. Start by listing out everything you spend money on in a month's time. Rent, mortgage, car payment, phone, electric bill, credit cards, groceries, entertainment, medical expenses, clothing, dry cleaning, personal care (haircut, nails, etc.), gifts, etc. Some of these expenses are fixed, meaning that they are the same every month while others are variable. For your variable expenses such as groceries go back three months and calculate the average amount you spend each month.

In order to better understand where your money is going it can be well worth the effort to make subcategories for those expenses that can be further broken down. As an example your food category can be broken down into groceries, eating out, snacks from the vending machine, and anything else you may spend money on. The more detailed you are the better handle you will get on your finances.

Once you have totaled your monthly income and expenses subtract your expenses from your income and see what is left over. This "moment of truth" as many people call it can be quite sobering because in almost all instances no one has any idea of exactly how much they spend each month and on what. All of a sudden those little $5 to $10 purchases at the local coffee shop or eating out for lunch hit you right between the eyes and you have that "Ah-Hah" moment.

If your finances are out of control and you are tired of living paycheck to paycheck make household budget to take back control. It is your most powerful tool for managing your most powerful wealth building tool: Your money!

If you seriously want to take back control of your money you need to build a Monthly Household Budget. To learn more about creating a budget please visit the website Household Budgets by clicking here.

A Monthly Household Budget is The Cornerstone of Your Financial Future

For most households the monthly budget works something like this; every month money comes in and every month all the money goes out. Is this how it works around your house? Do you know where all your money goes? Unless you have control of where your money goes and how it works for you your future financial well being is on shaky ground.

If this is you then you seriously need to think about creating a household budget because your money needs a plan to follow. Just about everything you do in life revolves around a plan of some sort. Most jobs require some sort of plan it you want to be efficient and profitable. Successful businesses follow not only a business plan but they also have a budget which allows them to be productive and profitable. Look at it this way, if you ran the finances of a business the same way you run your household finances how long would your business last?

If you don't like the word budget because it sounds too restrictive then consider creating a cash-flow plan. Whatever you wish to call it your money needs a plan to follow, unless of course you like living paycheck to paycheck.

Do you have financial goals? Are you doing anything to reach them? Are there things you would like to do but don't really have any idea how you can do them because you don't have the money? Here's an idea. Write down what your goals are, where you would like to be financially in 5 years, 10 years, when you retire. Now off the top of your head think about what is standing in the way of your goals. Chances are you're not completely clear as to what monetary obstacles stand in your way. You might have an idea but the picture is not clear.

A monthly household budget will paint a clear picture as to where you currently stand as far as your finances are concerned. You will see exactly where your money is going and this allows you to come up with a plan to take back control of your money.

Once you see where your money is going you can take the necessary steps to start working towards your financial goals. Do you have too much credit card debt? How about eating out 5 nights a week? Does that $400 plus car payment on a depreciating asset really help you meet your goals? These are just some of the question you'll start to ask when all your monthly expenses are laid out in front of you.

The first time you write out your monthly household budget, or cash-flow plan, it probably won't be real pretty. The important thing is you have taken the first step to taking back control of how your money works for you. Once you do that you can start building a strong financial future.

If you seriously want to take back control of your money you need to build a Monthly Household Budget. To Learn more about creating a budget please visit the website Household Budgets by clicking here.

Business Debt Management

Business debt management is a financial service offered by many debt relief companies that understand the particular financial needs, risks, requirements and solutions inherent in successful businesses. If a company is experiencing financial setbacks because of slowed customer interest, huge monthly loan payments or poor company planning, such services may be necessary to protect owners from losing their company. Tailored especially to provide solutions to most debt problems, a financial company will assist owners in overcoming the most daunting company situation.

Staffed with licensed personnel, a financial guidance company can help owners trim monthly loan payments down significantly to an affordable rate, help the owner retain assets, and help them immediately satisfy the most aggressive creditor. Other basic company concerns in which business debt management experts can provide assistance are how to keep the services of the present vendors intact, how to secure assets and how to continue offering quality services to present customers. Financial professionals will advise owners on what it takes to juggle all company debts and operation concerns in order to survive the most difficult financial situations.

A financial counselor or service can typically provide immediate relief for monthly credit repayment obligations by offering a plan to drop monthly payments to as little as 2% of the overall debt monthly payment. Other options business debt management companies may offer are mortgages and loans that can assist the company owner in managing the weight of financial difficulty. They may have considered attempting to personally resolve outstanding credit problems with company creditors without securing outside advice. Through professional financial counseling, a financial guidance source can consolidate and expedite their credit responsibilities while giving advice on continuing an effective company usually more objectively and knowledgeably than the owner. "For wisdom is a defence, and money is a defence: but the excellency of knowledge is, that wisdom giveth life to them that have it" (Ecclesiastes 7:12).

These financial services offer free counseling with no charges until an agreed upon amount of company debts are reduced. At that time, the business debt management source is repaid by a percentage of the overall reduction. This payment policy provides high incentives for the financial company and manageable charges for the owner. Financial companies are bonded and should be a member of the Better Business Bureau. If a company is nearing bankruptcy, cannot make its monthly payments, trying to survive a seasonal down business cycle or the owner simple wants to manage their finances more effectively, they can check for an online financial service today.

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Creating a Household Budget Brings Your Personal Finances Back in Line

If your personal finances are a mess don't feel bad because you are not alone. The vast majority of Americans have little idea where their money goes each month other then to pay bills with little left over for savings or investment. Living paycheck to paycheck is the best reason you can have for creating a household budget because it will show exactly what your money is doing.

Bringing your personal finances back in line is about taking back control of your money and telling it what to do and where to go. The only way you can take back control is to see where it is going and as painful as adding up all your expenses on a budget may be it is a necessary part of any strong financial plan.

Most people and businesses that are successful have one thing in common. They keep track of where their money is going and what it is doing. Their money works for them, not for some creditor that charges outrageous interest rates on top of minimum monthly payments that do little to pay down your debt.

One way to look at your finances is from a business perspective. If you were to run a business the same way you run your household finances how long do you think you would stay in business? If you want to be successful with then it pays to do what successful people do, and that includes making a budget.

If you are ready to start building your financial future then the first step is creating a household budget. All you need to get started is a notebook or legal pad and a pencil. Create two columns for your monthly income and monthly expenses. The income side should be relatively easy but for the expense side you will need to go through your monthly bills, credit card statements and check book register and write down everything.

When you add everything up the first time it may not be exactly what you want to see but with the truth of your spending staring you back in the face you can begin to make changes that will positively affect your cash flow problem. This first budget is more of a template for the future so don't get discouraged if it doesn't work quite the way you thought it would. It takes most people 3 or 4 months to get a good handle on their financial picture after making a budget.

When your personal finances are out of control creating a household is the first step to bringing them back in line with your financial goals. Once you see where you money is going and why you can take action and for many people this helps to free up some cash flow that can be put to better uses.

To learn more about creating a household budget please visit the website Household Budgets by clicking here.

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Consolidate Debt Online

To consolidate debts online, a consumer must be willing to input confidential information over the Internet to a lending institution that offers these loans and can disperse the funds with an electronic signature. When a consumer chooses to consolidate debt online, they are increasing their options from only the local lenders to national lenders. These national lenders tend to be more lenient in providing the funds necessary, but may still require collateral to protect the company interests. An individual who would like to cooperate with these long-distance lenders, and has collateral to be used as security, must provide proof of the collateral.

Most lenders require home equity for any consolidating financial agreement. However, there are a few that just require references, and proven stable employment. A good program used to consolidate debts online should consist of simultaneous credit counseling. It is actually in the lenders' best interests to counsel each debtor in order to keep them out of debt once they pay off their credit balances. Unfortunately with loans that consolidate debt online, the opportunity still exists to charge to the paid off credit cards again. Some lenders require the credit accounts to be closed as a stipulation to consolidation.

Other lenders grant loans to anyone who pledges their home as security. A home equity loan can also be used to consolidate debts online, and usually carry a very low interest rate. Paying off excessive borrowed funds or investing in something that brings in a great return are the best reasons for taking out a home equity loan. When researching the available companies offering to consolidate debt online, a consumer must be wise and not choose without considering the options and terms offered. It is suggested that a consumer check with the BBB or Better Business Bureau before enrolling with any lender online. The BBB uses a rating system to approve or disapprove of businesses based on customer complaints or customer satisfaction.

The BBB can be accessed completely online and should be a first reference point for those seeking financial assistance with unknown companies. While taking out a loan to pay off other debt is convenient and can lower interest and monthly payments, a Christian ideally wants to be out of debt completely. This can only be done through self discipline and following a budget. "He that loveth pleasure shall be a poor man" (Proverbs 21:17). In order to take control of one's own financial life and consolidate debt online, it will take wise choices, perseverance, prayer and support. It can be done. When God commands something, He will enable them to complete it.

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Lump Sum Retirement

The temptation to take a lump sum retirement payout has to be huge for some people who are looking at having a check for more than they have ever seen in their entire lives. A trip around the world or at least to Bermuda, purchasing that business always dreamt of or buying a plane and learning how to fly could all be possibilities. For the retiree that has saved and contributed to a pension plan or 401K, the world could certainly appear to be his oyster with such a grand amount at his disposal. But certainly, having spent all a working life putting money aside for the rest of one's life, few people would spend a lump sum retirement in such a poor manner. But...temptation can never really be erased; rather its danger is in how we respond that becomes the flypaper that traps.

It is true that many companies offer a lump sum retirement payout because it is actually a money savings proposition for the company. It saves them administrative costs over a number of years and eliminating monthly payments to the retiree actually generates accounting figures to fatten the company's overall income. So the question really does become whether to take one big payout or perhaps buy an annuity and have monthly checks arriving for the rest of one's life. But the time to make this very important decision is not on the day one is packing up all the personal items in the office and wiping off the "Happy Retirement" chocolate cake from one's chin. If a note from the benefits department comes down saying, "Please come up and see us before you leave today-we have things to talk about," there may be trouble a brewing. Being asked on that day by a benefits administrator who really wants to get out of the office by five, "Okay, how do you want your retirement money set up?" is NOT a good thing.

If a person does receive a lump sum retirement payout, put the money immediately into a money market account. To save money, this should be done through a brokerage firm that offers true discounts. At that time, a person can then truly sit back and take the time needed to make the big decision. This might be a good time to search out a good financial advisor. This person can give sage advice and recommend perhaps several different avenues for income advancement and safety. The Bible has terrific instruction for husbands on how to truly love one's wife with sacrificial love. The example is from Jesus' own life when the scripture reads, "Husbands, love your wives even as Christ also loved the church and gave himself for it." (Ephesians 5:25) More information on finding a financial advisor is below.

There may be a very seamless way for a person who is given a lump sum retirement payout to invest the money in a new business that perhaps has always been a dream. Those holding a 401k, 403b, Keogh, SEP or other retirement plan can roll their money into a self directed IRA allowing them to invest in real estate, mortgage notes, and other property that can be the gateway to a new entrepreneurial project always dreamt of in years past. This opportunity allows taxes to be deferred until a future date and can open doors to buy rental properties, commercial properties and even foreign real estate opportunities. This option gives rise to the retiree perhaps becoming self-sufficient through the creation of a personal business. One should seek out those who are familiar with this kind of plan and glean the needed advice to be successful.

One should be very careful, however, about those who might try to scam a person who has just received a lump sum retirement payout. For many people who haven't saved enough for retirement, they may be prone to falling for the get rich quick schemes of scammers who can squander or even steal hard earned retirement money. Baby Boomers are beginning to retire by the hoards and have almost two trillion dollars in pension fund assets. This amount of money poses a gigantic temptation for very cunning people to try and take advantage of those who may be fearful and skittish about their futures. The most important advice is for those who are about to trust their lump sum retirement payout to someone who claims to be a financial advisor is to really vet that person with plenty of scrutiny. Check credentials, check the Better Business Bureau and call the associations with whom the broker or money manager is associated.

Of course, maybe the reader is only thirty, changing jobs and wanting to know what to do with the lump sum retirement program payout received on the last day of work. Without much hesitation, the person should take the payout and roll it into the new employer's 401k plan. Try to work it out so there is no personal handling of the money at any time. That's sometimes called trustee to trustee transfer and then there is no question about having to pay any taxes at this time. No matter where a person is in life, holding a large check in one's hand can be a heady experience. This stage of life is time for level-headed thinking and prudent action. Remember that the beautiful red sports car that might be so tempting to buy will one day be just a car, and that world cruise just pictures in an album.

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The Investment Answer: Learn to Manage Your Money & Protect Your Financial Future

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This book cuts through the Wall Street hype to give you just what you need to know. Joe Grundfest, Stanford Law School Professor and former SEC Commissioner, says that “Gordon Murray and Dan Goldie share secrets that Wall Street would rather you not know. Read this book and prosper.”

The Investment Answer will teach you to take advantage of how markets really work and how to benefit from the wisdom that Nobel Prize winners have acquired over the last 60 years. Nobel Laureate and Father of Modern Portfolio Theory, Harry Markowitz, remarks that “the book offers sound advice, which you will rarely if ever get from a daily financial newscast.” Gene Fama, widely recognized as the father of modern finance, says that the book is “an excellent primer for the investor who is not a finance specialist.”

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Christian Debt Management Companies

Christian debt management is a service available to families and individuals who find themselves in debt and need answers, due to extended responsibilities because of job loss, high interest rates, medical expenses, and other extenuating circumstances. Using a faith based approach, these companies offer counseling to educate and equip debtors with a Biblical perspective and provides an alternative to declaring bankruptcy. Counseling offered through these companies will address financial problems involving family life. Financial difficulties can lead to marital problems as well as stress affecting the entire family bond.

The professionals help to lift burdens and lighten loads for those whose are burdened with financial woes. They are experts in their field and are equipped to help families and individuals make sound credit decisions. Christian debt management companies are ministries that reach out with healing arms. Debt management is taught by experts who teach money management techniques. Financial burdens weigh heavy upon families and individuals as rising interest rates and unforeseen circumstances show up at the least opportune times. Debtors can inquire and seek help from Christian professionals who understand each persons needs and educate one to make informed decisions.

Managing finances includes knowing one's rights with creditors and knowing the ins and outs of the system. Christian debt management companies will educate and train each individual on the steps to take to stop creditor harassment and will show how to avoid filing bankruptcy. Bankruptcy will stay on a credit report from seven to ten years. Christian debt counselors will help to take positive steps to save from future high interest rates and fees caused by bankruptcy showing on an individual's credit report. Many Christian debt management companies are nonprofit and nondenominational.

They use many methods to help acquire financial freedom and will work with each person to develop a management plan that makes sense. These financial plans are based upon individual needs and circumstances. Christian debt management includes long term solutions, calculations for financial freedom and the reduction or elimination of finance charges. In many cases these management companies are successful in securing lower interest rates. If one finds financial burdens difficult, Christian debt management is the answer. "And every one that was in distress, and every one that owed money, and every one that was discontented, gathered themselves unto him; and he became a captain over them: and there were with him about four hundred men." (1 Samuel 22:2)

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Debt Help Service

Debt help service organizations attempt to evaluate an individual's financial situation and create a realistic solution to begin the process of eliminating financial hardships with the cooperative efforts of the debtor. Assistance programs are offered throughout a variety of locations and specialize in one or more financial problem elimination methods. These types of organizations have established business relationships with common creditors and are familiar with the limitations the creditors have with regard to negotiating a debt balance or a repayment plan. Many of these places are non-profit and offer the assistance free of charge to the debtor.

In America, the average household is holding $18,000 in financial hardship, and that does not include mortgages. It is said that consumers' money problems totals over two trillion dollars. This is an outstanding amount, as these monies become due, there will be an even greater demand for a debt help service. These various assistance programs require a debtor to organize and keep records of their spending habits. Many use a debt help service to create financial reduction or elimination plans, but these methods should be tailored to each individual's particular situation.

One size does not fit all. For example: A debtor that gets a consolidation loan through debt help services, to pay off the amount owed, and then has one manageable monthly payment chose the right method. A debtor who has racked up their credit cards because of uncontrollable spending, should not get a consolidation loan to pay off the credits cards. The second debtor is in danger of racking up the credit cards once they are free from any balances, only this time they have an additional payment on a large debt consolidation loan. A financial assistance program will be able to evaluate each situation and offer specific advice to solve specific financial health problems.

Before enrolling in any debt help services, check the BBB or Better Business Bureau for the rating and review any complaints. The most important quality debt help services can have is that of proven success and accountability. Also, one ought to follow the advice laid out in Proverbs 16:16 which states, "How much better is it to get wisdom than gold! and to get understanding rather to be chosen than silver!" Making changes to a personal financial portfolio can be a daunting and sacrificial task, but the feeling of freedom gained from financial reduction and elimination is worth the time, effort, and sacrifice a debtor can put in. Debt help service organizations are ready, willing, and able to help those who want to get out of trouble and stay out of financial hardship.

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The Business End of Personal Finance

Your personal finances are your business. If you fail to treat them as a business, you may struggle just to keep your head above water, or worse, you could drown in a sea of debt. I have met successful business people that worked very hard to achieve significant income, yet still scratched their heads at the end of each month wondering where all the money went. They were organized goal-setters in running their business, but they seemed to leave those qualities at the office, as their personal finances were in disarray. Whether you are a businessperson or not, those two things - organization and goal setting - will serve you well in your quest for financial success. Let us now examine those two things in more detail.

Daily Diligence

Your financial success is not going to achieve itself. You must pay attention to it, monitor it, even goad it into being. This means that you must hold yourself accountable for the state of your finances every day. Here are three tips you should employ daily:

Eliminate unnecessary spending. Brew your own coffee, cut down or quit smoking, clip coupons, and go out to dinner only on special occasions. There are likely many other ways specific to you to cut out the waste.
Increase earnings. If you are deep in debt, you may consider working a second job for a while. Also, try to make yourself more valuable in your primary job, and ask for a raise.
Perform a daily assessment. Before going to bed, mentally review your day. Ask yourself where you went wrong, what you did well, and where you can be better tomorrow. Another good idea is to keep a notepad on your night table so that you can write down your ideas for improvements to your household finance and implement them the next morning.

Monthly Budget

A good, well-maintained monthly budget is the cornerstone of responsible personal finance. In the beginning, you should be as detailed as possible. Gather all your pay stubs, bank statements, and bills. Save the receipts from all of your cash purchases for at least two months so you can see what your spending habits truly are. You will probably find some surprises about yourself.

Now that you know what your income and expenditures are, you can begin to set goals. Your mortgage, car payment, and cable bill do not change from month to month, so you do not need to set goals for them. Or do you? It may be a good idea to try to negotiate with your creditors to get a better deal. Additionally, you may decide you can live without the premium television channels. Your other goals will have to do with potential increases to your income and the elimination of wasteful spending. If you want your money to stay, you must always be conscious of where it goes. Above any other tool or technique, maintaining a budget with aggressive yet realistic goals is easily the most effective. Tragically, this crucial step is often ignored. If you crave financial success for your future, you must put together a budget; keep in mind that someday you will be able to pay someone to mind that budget for you.

Financial Statements

"I'm broke" is a financial statement, but not of the type that we need to discuss here. For our purposes, a financial statement is a document that shows your assets and liabilities. Subtract your liabilities from your assets and the result is your net worth. Every individual or family should complete a financial statement on a regular basis. A good rule of thumb is to do one every three months. This will help you keep track of how you are doing on the financial front, and give you a basis from which to set ever higher goals. You can find ready-made forms on financial software programs or by doing a simple web search.

Good businesses are grounded in a high degree of organization and positive goal setting. Do your personal finances deserve any less attention? A daily assessment, a monthly budget, and quarterly financial statements - all are organizational tools designed to give your goals a framework, and all are easily accomplished once you get them started. Do not hesitate. Your financial future needs attention now.

Fletcher Harris regularly contributes articles on eliminating credit card debt. Mr. Harris has personal experience with debt, and he has spent years studying personal finance and debt management in an effort to help people currently engaged in the battle against credit card debt.

Creating a Household Budget is Step One to Finding Financial Freedom

If you were asked the question, "Do you know where all your money goes every month?" How would you answer? What about this question, "Do you have a plan for the future or do you live paycheck to paycheck?" Which way would you answer this question? The fact of the matter is most Americans have no idea where their money goes each month and for them it's a struggle to get to the next paycheck.

If this is you then creating a household budget is the first step to taking back control of your financial situation. A budget shows you exactly what your money is doing, where it is going, and what you can do to make it work for you.

Think about it this way, what does every successful business do that ensures it cash flow is always good? It has a budget that tracks all their income and all their expenses. This gives the business owner the ability to make calculated decisions about their businesses cash flow that helps them grow and prosper. Now ask yourself would you run a business the same way you run your household finances?

A family budget allows you to create a cash flow plan for your money. You can control your spending as well as start setting aside money for savings, future large purchases, and retirement. You will also be able to track your monthly expenses over a long term which will better help you identify and cut expenses that are affecting your bottom line.

The first step to creating a household budget is writing down all your income and all your expenses for one month on a piece of paper. Do be aware that the first time you do this it may not be pretty, but if you stick with it you will be able to refine and perfect your budget. It is important to not miss anything. Go through all your bills, credit card statements, and check book register for one month and write it all down.

The first two or three budgets you create are good practice and will start to bring your household finances into a clearer view. This is the time to really take a look at where your money is going and start making some decisions about where you want your finances to be a year, two years, and ten years from now.

Creating a household budget will allow you to take back control of your money and how it works for you. You will have to have some patience as your new cash flow plan evolves but once you get the hang of it it will become an indispensable financial tool.

To learn more about how to create a household budget please visit the website Household Budgets by clicking here.

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Money Management For College Students

Money management for college students is possible with a budget and a spending plan that limits expenditures to necessities and strictly curbs entertainment expenses. Some students start out with a certain amount for a specific period of time but they do not have a plan on how to set back a little of that for later on. All income sources should be taken into consideration and all expenses should be as well. If these funds are budgeted out then there is a much greater possibility that an individual will have enough to last until the next semester or even later. Money management for college students involves making smart decisions on using credit cards, limiting amounts that go for entertainment, and not spending a lot on eating out. "So shall the knowledge of wisdom be unto thy soul: when thou hast found it, then there shall be a reward, and thy expectation shall not be cut off" (Proverbs 24:14).

Some important tips that can help students save include sharing expenses with a roommate, purchasing used books for school instead of new ones, and consider getting a part-time job on the weekends. Money management for college students should include innovative ways to save or cut expenses. Clipping coupons, buying store brands, and sharing transportation costs with others are some ways to avoid overspending. Opening a student checking account that is free will save with bank costs. Limiting purchases on credit cards can save a lot now and in the future because doing so will keep the monthly payment down and interest charges to a minimum. In addition, an individual who is working on her education needs to consider the importance of priorities.

Getting one's ducks in a row is necessary when trying to be responsible with cash. Money management for college students should be focused on a list of priorities. The most important priorities are going to be living expenses, food expenses, books and school supplies, and transportation expenses. To be responsible with cash means not eating out everyday and being willing to find inexpensive ways to have fun during off times. Entertainment expenses can really take a chunk of cash unless innovative ways are found to avoid spending. Instead of going to the movie theater consider renting movies and watching them several times. Other students might be interested in sharing movie rental expense so the cost for each person turns out to be minimal but everyone gets to enjoy it. The same thing can be done with the snacks. If everyone involved in the entertainment will share the expense it can be minimal for each one.

To keep track of all expenses an individual should find a way to keep up with every receipt. Then the receipts can be written down in a notebook so a person can easily see where her funds are going. Money management for college students can be helped by keeping track of all expenses no matter how small. A folder with pockets or a notebook with pockets will provide a place to store the receipts and a place to write down the expenditures. Keeping track of every receipt allows an individual to track where all of her funds are going. Most people do not realize that the small daily purchases can add up to as much as a cell phone bill or the cash to fill up the car with fuel.

Rising fuel costs have made all consumers evaluate their finances more closely. There has to be adjustments when expenses go up. People who were budgeting for fuel have had to cut back somewhere else in order to have transportation. Money management for college students is an ongoing process that takes reevaluating frequently. Students who do not have a car of their own will still have to pay cab fare or bus fare. These types of costs have increased because of rising fuel costs as well. Individuals in college who do have cars need to be extremely careful to budget enough for fuel, oil changes, and insurance. Individuals who purchase fuel with credit cards should consider only using cash because of interest.

Using credit cards to make purchases can really get a person into trouble especially when used on impulse without considering the consequences. The consequences of using credit cards to buy things can cause financial problems for years ahead. Not paying the balance in full each month will mean paying high interest on the balance. Making the minimum payments each month will not pay much more than the interest. Of course if the account has a low interest rate it will not be as bad but any interest can result in making payments for years on purchases made now. Money management for college students involves being smart when using credit cards and if you can not then it is best to not use them at all.

When taking classes in college an individual should seriously consider taking a financial planning class or go talk to a financial counselor about money management for college students. A financial counselor can assist with preparing a budget, helping an individual to understand about borrowing money or using revolving credit, the damage that spending recklessly can cause, and how to work out a plan to be able to save and maybe even invest for the future. Saving for the future would be idea especially after graduating when the time comes to pay payments on student loans. More information can be found online about financial tips while in college.

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Creating a Household Budget

Everyone wants to pay all their bills on time. Successful debt management is a source of pride and of good credit. All of us want good credit whether we use it or not. Unless you have unlimited funds to spend however you wish, you will need a personal budget to pay off debts. Budgeting your money can be a difficult process. In order to create a household budget, you must include all your monthly and yearly bills. You must also include your spending money, savings goals, and retirement funding.

How do you create a personal budget? There are financial planning counselors at your bank and at individual insurance companies and brokerages. A financial planner will consider your finances, your goals, such as college funds, retirement fund, and general savings, as well as any debts you have. The counselor will help you create a monthly household budget including all of your bills and goals. You can revisit your budget as things change in your finances. A good rule of thumb is to visit your financial planner at least twice a year to make sure you are on track with your debts and goals.

Another way to create a household budget is to use budgeting software on your computer. Two of the top sellers are Microsoft Money and Intuit's Quicken. These programs ask you the same questions as your financial planner. It takes a while to go through the setup based on the information you enter, but at the end, you have a way to track your personal finances and make sure you are following your budget. Creating a household budget gives you peace of mind that you are controlling your debt and your finances.

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Know Thy Finances

The first step to financial success lies in knowing your financial situation at any given time. There is an anecdote attributed to John D. Rockefeller--that as a child he was given a monthly allowance from his parents, but upon stipulation that he had to save 10% of it, give away 10% to charity, and account for the rest of it. While his parents required that he record down to the penny where he spent it--you can be a bit more lenient on yourself!

Track your spending for 1-2 full months

Use a program like Quicken to keep track of all your personal finances. I recommend the latest version of Quicken or a similar financial program if you already own one. You should start out by entering in your present-day personal checking account, savings, investments, and cash situation.

To complete this step, you will also need a cheap plastic filing container or something similar. You can purchase these for about $15 at Office Depot, etc. As you make payments, keep track of all the receipts you receive, the checks you write, and any other monetary transactions you make. Like I mentioned earlier, you don't need to be exact when it comes to cash--just try to be, as much as you can tolerate.

At some later time, at your leisure, enter all this transaction data into Quicken. As you do so, put the purchasing receipts into the file folder under the appropriate Category. Make separate labels for each of the file folders-- I suggest some of the following:

Personal


Household


Charitable


Books & Education


Dining Out


Business Expenses


Taxes


Misc.

You can also add your own categories or remove some as appropriate. At this point, you may be wondering why you have to do all this. For the moment, just trust me that it will be beneficial to you (I will explain it later on). Also, it takes a grand total of about 10-15 minutes per week to do what I just described. The next section, Budgeting, will take a little longer. But budgeting also requires that you need to at least perform the first step mentioned above, that is, keeping track of what you currently spend.

Planning your Budget

I can already hear what you are going to say--oh no, not a budget! I don't like them either, because they tend to reign in my emotional spending or "I gotta have it" mentality. The truth is, you are the master of your financial destiny (not to sound corny, but its true for the most part). If you want to buy that fancy knickknack with the wireless PDA attachment downloader, then by all means, get it. But if it doesn't serve your needs in the long run, then you will have wasted $X dollars to serve your fleeting emotional desires. Besides, you will notice after tracking your budget for several months where the real money is flowing. You might buy a fancy computer toy only occasionally, at $200+ dollars, but eating out at lunch everyday + dinner with the girlfriend at fancy restaurants all the time is leaving you broke. How about going to bars? I like to drink, but a beer at a bar or nightclub can range from $4-$10. It's probably even more if you live in areas like San Francisco or New York.

Anyway, the point of planning your budget is just to get a better grasp on directing the flow of your money. I'm not saying that you should totally change your lifestyle or even change it at all--but if you are complaining about not having enough then there are certain things you should do, mainly spend less. It will be described later the benefits of saving & investing your money (which you probably already know anecdotally, but perhaps do not have extensive experience personally).

Good Luck!

5 Ways to Trim the Fat From Your Household Budget Without Giving Up the Things You Want

When household finances are tight, every little bit you can save helps. But don't assume this automatically means you'll now have to do without the things that you and your family have grown to enjoy. By examining the details of your monthly budget, the following simple cost savings can quickly add up.

Premium Television Service

It might feel like the cable and satellite television providers have you over a barrel. The cost of these services can add up quickly and it's not uncommon for a household to spend $100 or more monthly. This is a big chunk during difficult economic times. But with a little ingenuity, it's easy to bring these costs down significantly.

It's irksome that providers generally offer new subscribers better deals than they will offer you as someone who's been a customer for some time. One simple way around this problem is to shop the competitors. Generally, most households have the option of doing business with one of the big cable providers and one or two of the big satellite providers. They are willing to compete for your business.

Chances are, one or more of the competition is offering a deal for new subscribers. It's not uncommon to save 50% or more from the rate you currently pay. You can either accept one of these competitor offers or take the details of the offer to your current provider. If you choose to bring the competitors offer to your current provider, make sure to choose the "cancel my service" option when reach your provider. The cancellation department is authorized to make deals that the regular operators cannot make. I guarantee you will be pleasantly surprised.

Another option is just to get a rooftop antenna. Now that television is digital, you'll not only eliminate your monthly cost, you'll get free HD on the major networks. You won't receive the cable channels, but you can easily watch the cable programs in high quality on websites like hulu.com.

Phone Service

The days of landlines are numbered. If you currently still have a hardwired phone through AT&T or another regional phone company, I have good news for you. That $15 - $200 per month you've been paying can be cut to less than $2 per month. If you haven't tried Magic Jack, do yourself a favor. It's a little device that plugs into the USB port of your computer and, using your high speed internet connection, allows you, if you live in the US, to make unlimited calls to anywhere in the US and Canada. The first year cost is $39, $20 per year for each additional year - and it works and sounds great. Even if you only use a cell phone, you might be able to save on that bill by reducing your service and getting a Magic Jack.

Groceries

On this topic, I could some up my advice in two words - newspaper coupons. If you don't already do it, buy your nearest metropolitan local Sunday newspaper and go through the coupons. If you already do this, you know what I'm talking about. If you don't, you can easily save at least 20% off your grocery bill weekly.

Use CFLs

Compact fluorescent lamps can be used in place of regular (incandescent) light bulbs. CFLs cost a little but more initially, but not much. They last much longer and use much less electricity which makes them a good value. You'll notice the difference in your electric bill.

Meals at Home

You probably already know that eating meals at home costs much less than meals purchased even at cheap restaurants. Still many people eat out regularly. If you're one of those people, I invite you to try eating at home for 30 days straight as an experiment. If preparing meals is not something you regularly do, a one month trial will help you build the habit. You're also liable to begin to develop a strong appreciation for it.

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Debt Relief Program

A debt relief program is some type of repayment or discharge of debt program geared toward those who have gotten in over their heads financially. These programs are offered with many different components and many different emphases. Debt consolidation, debt counseling, and debt management services are available to those desiring to get out of debt for good. If you find your personal finances and personal unsecured debt has gotten away from you, a financial assistant may be able to help you.

A debt relief program can take one of many forms. You may desire to hire a debt professional to negotiate your plan to repay what you owe when you discover you can no longer pay the minimum payments required by your creditors. You may choose to deal with your creditors directly by use of debt relief programs. Choosing your plan of attack is the first step toward ridding yourself of the burden of debt you have created by poor planning or poor spending habits.

Getting help can help you keep from having to file bankruptcy by getting a hold of your spending and charging habits. The credit counseling aspects can be one of the greatest benefits of seeking someone to help. A debt relief program should not just help you make arrangements to pay off your debts, but should also help you to keep from continuing in the bad spending habits you have been practicing. These services can be a godsend to those who face the fear and frustration of financial instability on a daily basis.

A debt relief program can help you get back your life. The harassment of bill collectors and creditors will be stopped. The dunning letters jamming your mailbox will also cease. Debt relief programs will give you back the peace of mind that accompanies wise spending and credit use, and knowing that you are once again in control of your money. Getting financial help can positively change your life and bring you back to fiscal solvency in your personal finances.

Working with a financial expert can help you determine to keep your promise to pay your creditors. Deuteronomy 23:21 says that if you make a promise or a vow, you should quickly pay it. There are services that are geared toward helping those who have acquired too much debt to begin a systematic program of repayment that will in the end bring them to a place of return to financial responsibility. Receiving help in time of need can be an answer to prayer to someone dealing with debt in his or her personal finances.

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Long Term Care Insurance and Household Finances

No one ever wants to become so sick or disabled that they cannot manage to take care of themselves. No one wants to have to rely on the assistance of others just to get out of bed in the morning, get dressed, use the restroom, and make breakfast. Unfortunately, this becomes a way of life for many people, and when it does they usually have one of two options - they may have family members look after them, or they may have hired professionals to look after them.

If the chosen option is to have hired professionals look after them, these hired professionals can visit them at their homes, or they can be taken care of at long term care facilities such as nursing homes. If hired professionals are going to be providing the care, regardless of the location, it's going to cost money. This is where long term care insurance comes into the picture.

Many people choose not to purchase long term care insurance frankly because it's not an insurance everyone needs. The odds of eventually using car insurance, homeowner's insurance, health insurance, and even life insurance are greater than eventually using long term care insurance. Therefore, many people opt not to add another bill to their lists of household finances; however, in the event that you do need long term care, how are you going to pay for your household finances and the cost of long term care? Having long term care insurance will take care of paying for your long term care.

Before you head to your local insurance agent, research your family history. Have there been any family members who have ended up needing long term care? For what reason, and for how long, did they need the long term care? How did they pay for the long term care? Use these answers to help determine whether or not long term care insurance is right for you.

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Debt Solution

Many debt solutions are offered by companies claiming they can alleviate money burden for little or no money, often suggesting not to make any more payments if using the services of their company; This is not true. Some debt solution companies claim that owing back payment on credit cards is illegal debt because of a loophole in one of the laws; This is a false claim. The best debt solutions are always ones that emphasize restraint in spending and discipline in management.

Many consumers think a legitimate fix is to pay off one credit card with a low- or no-interest-rate credit card. The reason this is not a wise is because it is a short-term debt solution that does nothing to address the larger problem of excessive spending. Debt solutions will continue to be temporary band-aids if they are not grounded in wise counsel. This wisdom can be found in two places: a financial advisor and the Bible. Of course it is always good to find a financial advisor that believes in God. This will mesh Biblical truth with earthly reality.

The choice to gain control of finances is a decision in line with Godly living. God supplies the grace and discipline it takes to get out of financial trouble. By choosing God's way, the best debt solution option, anyone will be able to experience financial freedom. "He that refuseth instruction despiseth his own soul: but he that heareth reproof getteth understanding." (Proverbs 15:32) Weighing all the facts of debt and the personal situation are important in making the best personal decision. What will work for one person will not always work for another person. Patience and prayer are the two best qualities to have when wishing to succeed in financial freedom.

A few legitimate resolutions would be seeking credit counseling, tightening the budget, destroying credit cards, and choosing to live on a cash system instead of a system of credit. If someone's money problems are at an unmanageable amount, a debt solution may be to consolidate, which allows for the possibility of one lower-interest loan payment. There are many different companies that offer consolidation services, and each charge different fees, so make sure to take the time to research these companies. Many Christian organizations will explain different debt solutions for free in an effort to liberate people from financial pressure. These companies offer advice not only for financial matters, but also biblical money management.

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Debt Relief Center

A reputable debt relief center can help struggling consumers find constructive solutions to financial overload. Turning to professionals for help can be a good idea when all other options fail. Of course, anyone who struggles with indebtedness can certainly make progress independently. Contacting creditors to work out a plan of repayment can be effective in some cases. However, there may be points of negotiation that are beyond the scope of the average individual. When this is the case, consulting a debt relief center can be the answer. Before working with any organization, it is always wise to check out the organization's credentials as well as the certifications of counselors. Some organizations will work with the client's best interests at heart, while others will engage in unscrupulous practices. Some of the options that may be available to clients who struggle with too many debts could include bill consolidation loans, debt management plans, or even bankruptcy. Every client will present a different set of issues. A skilled financial counselor should be able to look at the unique circumstances of each client and create a solution that will best meet the client's needs. Whatever option an individual might take, a qualified professional can provide helpful answers.

Before turning to a debt relief center, many consumers find that they are able to reach some level of solution on their own without professional advice. Obviously, the best way to repair bad credit is to pay off outstanding loans and begin to make monthly payments on time. This plan can be difficult to achieve for those with a limited income. Starting small can be a good way to begin. By paying off smaller debts completely, monthly cash flow can increase and a personal credit score can slowly begin to climb back up. Clearing up these small bills can simplify things and help a consumer get a sense of being on the right track. The path back to financial stability can be long and hard. If an individual possesses the discipline and the determination to correct personal economic problems, they can certainly see these efforts succeed. However, when a problem has gotten to far out of hand, the help of a qualified debt relief center can make all the difference. The Bible provides instruction on the error of trusting in riches. "He that trusteth in his riches shall fall; but the righteous shall flourish as a branch." (Proverbs 11:28).

In addition to agencies that offer honest help and hope to clients, there are other organizations that have intentions that are less than honorable. For starters, any organization that claims to provide a quick fix to all financial problems should generally be avoided. There are no quick fixes for deep economic issues and no organization, regardless of how persuasive the promises, can provide such a fix. There are many scams and highly questionable practices. If a debt relief center claims that they can erase bad information from a personal credit report, even if that information happens to be true, a wise consumer will take their business elsewhere. Some credit repair services have even been known to go so far as to suggest that a client apply for a new credit identity. There is simply no legal way to do this. An individual's credit history, good or bad, is there to stay. It can be rebuilt and repaired, but it can't be recreated. High pressure sales tactics or an urgency to sign any kind of contract can also serve as major warning signals. Large fees that are charged up front or any kind of questionable fees that are charged at any point in the process may indicate an unscrupulous debt relief center. If a client has signed an agreement with an organization, and later has second thoughts, that consumer has the right to get out of the agreement as long as they have changed their mind within three days of signing.

Once a reputable debt relief center has been located, there are several different types of solutions that may be offered. Dealing with unsecured debts is generally the main issue that will be handled by these counselors. Most agencies will start with a private consultation with the client. At this consultation, the counselor will explore the unique situation that the client presents and offer education and advice on what would be the wisest course of action. Bill consolidation is a frequent solution in these cases. This does not mean that the client will be taking out a new loan. A representative of the center will contact creditors on behalf of the client. Negotiations will go forth that are geared toward compiling all or most unsecured debts into one monthly payment. If creditors agree with the terms that are suggested by the counselor, a client can see significant monthly savings through the consolidation of outstanding loans.

Sometimes a debt relief center will suggest to the client that some form of bankruptcy is the only option that makes sense for them. Generally, an individual who finds themselves in this position will either file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. The main differences between these two types of bankruptcy have to do with whether or not a client's defaulted loans are wiped out or reorganized. A Chapter 7 filing will usually involve the liquidation of assets. Funds that are raised by this liquidation would then be applied to the balances on outstanding loans. When a client files a Chapter 13 bankruptcy, a court enforced repayment plan is worked out.

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The Everyday Person's Guide to Household Finance

The term household finance has become somewhat of a mainstream phrase over the last couple of months, with the economic recession being the main culprit for its widespread popularity. It's a term that's being repeated everywhere and by everyone. But do you know what household finance really means? This article will attempt to answer this very question in the easiest possible manner.

How Would You Define It?

Household finance is commonly described as monitoring what's coming into the household and what's going out. This must be monitored and controlled if any household is to remain functional. And the best way to assure great household finance management is through a budget.

You may not be aware what a budget exactly consists of and so I will go through this right now. A budget is typically described as a document that outlines future income and expenses for individuals or groups of individuals such as a household. A budget is great for household finance as it serves to ensure that all expenses are covered and debt is either avoided or reduced.

Some Helpful Advice

In order to control the expenses of a household with the aim of great household finance, it's important that some action is taken immediately. This doesn't have to be complicated, it can be simple and effective just like the following:

- Reducing your daily coffer consumption can save a big amount of money over time.

- Always try to buy items in bulk, it's cheaper that way on a per unit basis

- You should look to cut back on certain luxuries such as going out

- Cooking and eating at home rather than dining out can do wonders for your household finance

- Reducing your mobile phone use. There are alternatives to mobiles such as the Internet and Skype.

- Turning the lights off when you are not using them, reducing your time in the shower and minimising use of the air conditioner and heater can potentially save you a lot of money

My only hope is that this article improves your knowledge of the important topic of household finance so that you are able to create a better and prosperous future for you and your family.

Martin is a guest author of Healthy Wealthy Soul [http://www.healthywealthysoul.com/blog], a website dedicated to providing people tips and tools on household finance [http://www.healthywealthysoul.com/household-finance.php] and other important issues related to personal finance to attain both financial and spiritual happiness in their lives.

International Debt Relief

The topic of international debt relief is highly controversial. Campaigns to change the economic status and bring relief to underdeveloped countries began in the 1990s. Not until the late 1990s and early into 2000 were more initiatives and coalitions developed. The past decade shows changes brought to economically challenged countries through businesses, organizations, and movie actors. For example, a few organizations and actors have created methods to help the less fortunate in underprivileged areas. These methods include food supplies, medical teams, and services for children. Movie stars spend time and effort to establish organizations to bring change. Some actors even spend their time in the underdeveloped country trying to bring change by being actively involved in the change process. Other actors use their publicity to bring the underserved countries to light. Even royalty has been involved in the process to bring recognition to the plight facing other countries and be involved in change processes. Only they would that we should remember the poor; the same which I also was forward to do (Galatians 2:10).

International debt relief are brought by initiatives that provide help with debt and poverty relief while bringing about social change that will produce positive change to the economy. While the debt relief does not solve the problem facing the country, assistance brought in begins a trickle down affect that provides liberation to the population. The aid provides some to total debt forgiveness. The reform that occurs from the aid affects communities by establishing public services and utilities such as electricity and water. The hope with providing help is that the growth of debt will slow or totally stop.

For a place to be eligible to apply for international debt relief or forgiveness, important factors need to be in place. A country must show a vast financial burden and meager financial circumstances. A country must also develop and produce a plan for economic growth and stability after balance absolution. The developed plan must show the potential for social reform in a very apparent manner. The plan must also depict a strategy for the reduction and possible total elimination of poverty for present and future generations. The applicant must then demonstrate the ability to be proactive and show a positive performance in accomplishing the goals set forth. If after a one-year period passes and the applicant have proven them self worthy, the country will then be eligible to receive partial or total debt forgiveness.

However, the controversy begins. Some experts argue that partial and total debt forgiveness helps and should occur. Other experts disagree. Good questions surface in viewing the aspects surrounding international debt relief. Government personnel and various organizations argue and question each other. People look at the economic situation and wonder who is stuck paying the balance. If loan forgiveness occurs, who pays? It becomes a Robin Hood scenario, robbing the rich to give to the poor. The argument rises that the country left paying for the unpaid balance of an economically challenged country is an industrialized country. The industrialized nation then decreases public services provided to their inhabitants and then needs to raise taxes to cover the extra expenditures.

One of the problems facing international debt relief is the corruption found at government and other official levels. Countries insist that previous governmental agents caused the current strain on the fiduciary means. Other nations claim corruption of the military serving the nation. Therefore, the argument remains. How can international debt relief provide reprieve? Various coalitions say that conditions need to be attached to the aid while other organizations say no conditions should be added. While reducing spending and deleting balances is an ideal situation, the reduction process could adversely affect the citizens of the nation. Reduction of the spending might affect what monies help to fund health, welfare, and education. Corruption in government agencies has led to cooked books with erroneous facts of the financial plight of the nation. One bad apple can spoil a whole basket. Because of the corruption found in the politics of some authoritative figures, providing help with loan forgiveness causes the need to incorporate tough preventative measures.

Coalitions dealing with the welfare of other nations see a variety of bad apples in the mix of financial hardship. Crooked administration also brings bad policies, fraudulent loans, and poor loans into the economic jumble. While corrupt government creates create havoc on the financial history, the lack of proper government and rules creates civil unrest thus leading to a continued break down of civilization. Each factor affects another and produces a weak economy, blocks progress, and produces the opportunity to continue in the path of economic dependence. With so many challenges, rallying for international debt relief is hard.

Many businesses, people, coalitions, and other agencies support the need for international debt relief. People acknowledge that support and debt forgiveness encourages and enables better management of fiduciary accounts, provides opportunities for growth, and promotes social progress. The idea to support third world development continues to rise and progress is occurring. Suggestions for development and encouraging fiduciary growth bring new challenges and opportunities. One topic in discussion and being implemented involves new import and export methods, thus hopefully creating new jobs, raising economic stability, and providing new and different goods and services to struggling places. Another means of support involves creating newer and better loans to improve the financial structure of the people. Besides financial and other economic changes, improvements are being made to improve living conditions. Improving living conditions could have a ripple effect too, thus affecting positive change.

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