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29 March 2011

Budgeting

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 All,Making Money         6 comments

Budget
There are many ways to cut your expenses and so to have more disposable income and more money to save, but this is only one aspect of saving money. That’s because even if you were to save hundreds each month by buying cheap food, walking instead of driving and re-using your bottles, you would find that you ended up spending some of this saved money again in other ways – such as on nights out or on things you decide to treat yourself too. Thus budgeting is also highly important and this means telling yourself how much money you are going to save, how much you are allowed to use, and crucially – how much you are going to save.
 
Effective budgeting then means categorizing your outgoings. You need to decide what you normally spend your money on and then look at how much you are willing to spend on each aspect. So let’s say that you spend your income on food, entertainment and activities, transport, bills and rent, gifts and savings. Now what you would do is to start budgeting and work out roughly how much you need for each aspect and then decide on limits on how much you …

22 March 2011

Best Debt Consolidation Companies 2011

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 All,Debt Tips         6 comments

Best Debt Consolidation Companies 2011
Debt consolidation means essentially taking out a single loan in order to pay off a range of your other loans. This is incredibly useful for those with debt problems for many reasons. Firstly this means that you don’t have to keep track of a range of different debts – you owe one company money and that’s all. Once you’ve paid off that loan you’re then free and there’s only one day each month when money comes out of your accounts. At the same time though debt consolidation also means that you can choose a loan with good interest rates. This interest rate might be better than those for the loans that you currently owed and that then means that you will be able to pay back a smaller total amount that you had to before. Often the debt consolidation company will also be able to offer you a more flexible loan repayment schedule too and this will mean that you can pay back the loan as and when is convenient and in smaller lump sums allowing you to generally forget about it.
If you are looking for debt consolidation companies for 2011 then, this might be a …

17 March 2011

What is Debt?

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 All,Debt Tips         8 comments

What is Debt ?
We all hear a lot about debt whether it’s from debt consolidation companies, our banks or our friends and relatives who perhaps are struggling with it themselves. It seems everyone these days has debt whether it’s your average Joe, large corporations or even countries… but what is debt? And what does it mean?
Essentially the easiest way to answer the question ‘what is debt’ is to describe it as an amount that an individual or organisation owes to a lender. When we are in someone’s debt it means that they have done something for us and we need to repay them, and we often use this in a colloquial manner when someone does us a favour. However in finance that debt refers to money, and we will usually owe this to an organisation such as a bank or a mortgage company. In this situation that loan will normally come with interest and that will mean that the debt grows over time and this is how the loan companies make their money. To those businesses we are an investment in much the same way you might put your money into stocks and shares, a property, or a savings …

11 March 2011

An Alternative to Pension Companies

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 All,Retirement         9 comments

An Alternative to Pension Companies
When you’ve been working your whole life, you often do so in the hope that one day you will be able to retire – that when your body is old and tired, you will be able to relax into your old age and let your pension take care of you. We hope then that our pension scheme will be able to take over and that we will be able to forget all of our previous woes such as working to pay off debt and keep our properties, and can instead spend our remaining days pursuing holidays and reading up on things that interest us.
Unfortunately this isn’t always the case any more and the media is currently full of stories where the elderly are left unable to get their pensions because their private pension companies have been forced to close, or because they discover their state owned pensions aren’t actually worth anything. This leaves those unfortunate individuals living in poverty, or unable to pay off their rent, or even having to continue to work into old age.
At times like these then it makes sense to take matters into our own hands and to look at ways …

11 March 2011

Financial Modelling and Your Tax Return

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 All,Taxes         9 comments

Financial Modelling and Your Tax Return
Tax returns are a stressful time for anyone who runs their own business or is otherwise self employed. Essentially this tax is a debt that you have to pay off at the end of the year and it’s normally a very significant one. You can put money aside in the hope that you will be able to pay this tax debt off very easily, but in many cases you will find yourself getting a nasty shock when the amount comes through and often this tax debt can become a real debt as we are forced to borrow money to pay it off – and this then can become a slippery slope that sees our finances really start to struggle.
As a result it’s crucially important to think about your tax debt before you have to fill out and pay your return. One good way to do this is with something called ‘financial modelling’. For those who are not familiar with that term, financial modelling is essentially the act of creating ‘models’ of your finances in spreadsheets, financial modelling software or programming languages. From here you can then change the data to see how you …

11 March 2011

How a Credit Card Can Improve Your Credit History

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 All,Credit         9 comments

How a Credit Card Can Improve Your Credit History
While none of us want to have problems with debt, we nevertheless do need to be able to take out loans and to borrow money for certain purchases. For instance all of us apart from the extremely wealthy, will likely need to take out a loan in order to buy a home (this loan is called a mortgage of course) and many of us will need auto loans or even business loans at other points throughout our life. If we are in a lot of debt however, then this can be quite difficult as debt damages what is known as our ‘credit rating’.
Your credit rating, also sometimes known as your credit history, essentially is a number next to your name that indicates to lenders such as banks and auto finance companies, whether you have a history of paying back your loans on time. To a loans company you are of course an investment – the hope being that you will pay back their money with interest and so their wealth will grow as a result of having given you the money. So if they see that your history indicates you …

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