May 2011

Reducing Debt by Earning on the Side

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Reducing Debt
If you’re in debt then this will be because you didn’t have the money you needed to pay for something. Whether this is a car, a house or anything else at some point you will have found yourself with insufficient funds to make a purchase or pay some bills. Now if nothing has changed since then, that would suggest that you still don’t have the funds available to pay off your debt and thus you are paying it back very gradually while it gets bigger and more expensive. Meanwhile you might find you struggle with these repayments too and that over time this gets worse.
In other words if you don’t change the balance so that you earn more than you owe then you will never be successful reducing debt, or at least it won’t be an easy task. Thus you need in these scenarios to find a way to earn more money thereby leaving the left over income for reducing debt.
Of course earning more money and reducing debt isn’t as easy as that – and most people would love a promotion right now but aren’t able to get one. So what can you do?
One answer is to start …

May 2011

The Importance of Calculating Your Debt and Finances

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Calculating Your Debt and Finances
So you’re in debt and you’re having a difficult time keeping up with your repayments. It might feel like you’re ‘in over your head’ and gasping for air, and it may seem as though there’s nothing you can do to get yourself out of that hole. However a lot of the problem here is not getting a perspective on the problem and really quantifying the situation your in. The point then is that many people simply don’t know how much debt they’re in or how much interest they’re going to pay. At the same time they don’t know how much money they need on a day to day basis or what money they have coming in even. This then leaves them unable to come up with an action plan or solution to their debt problems, and means they are more likely to make mistakes that land them in more debt.
Thus it is important to calculate your debt and to make a note of all the other relevant numbers you’re working with. This means making some time to do some basic accounting, but by calculating your debt and keeping track of your income and outgoings it …

May 2011

Selling Your Items

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Selling Your Items
Budgeting is all very good and well and a great way to increase your finances and to improve your chances of paying back debt, but sometimes it can seem like a rather passive way to build up money. Something a little more active then, is to start selling your items, and if you have a large amount of debt this is a very good way to start repairing your finances and improving your chances of paying it all back.
The first thing you need to do when selling your items is to choose the items you are going to sell. While you don’t want to go overboard and start selling your items that have sentimental value to you, or that aren’t going to make you much money, almost all of us have things we don’t need or use and that could together make a significant difference to your finances. If you only sell enough to pay off one debt repayment, then that will still be a debt repayment less for you to worry about.
When selling your items there are some possessions that people commonly sell, and which of these you choose to sell will depend partly on how …

April 2011

US Personal Debt Statistics

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Us Personal Debt Statistics
We all know that countries across the world are currently struggling with a lot of debt at the moment. We’re in a time of financial crisis and it’s no surprise that this has also affected the individual and that we are all in a lot of debt personally too. Here we will look at the US personal debt statistics as according to the 2010 census statistics. It is a worrying insight into just how much debt the average American is in, but also perhaps shadenfreude for some who might feel relieved to know that US personal debt statistics suggest that they’re not that much worse off than their neighbours…
The first of our US personal debt statistics related to what’s called ‘consumer debt’. This means consumer credit that does not include real estate. Rather this covers all of the rest of our US personal debt statistics coming from student loans, automobile loans, credit and more. This consumer debt comes to a total of 2.4 trillion dollars across Americans, and according to the census that means roughly $7,800 for every single individual. Of course we have to remember with US personal debt statistics that these are averages effected by …

April 2011

Retirement Goals

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Retirement Goals
As you head towards your retirement you might find yourself with a mixture of feelings. On the one hand you are nearing a point where you will have all the time in the world to pursue any leisure pursuits you might desire. At the same time though you are also looking at a time where you won’t have quite the same disposable income, and where you will have to rely on the funds you set aside for this occasion. It’s nerve racking no longer having such a steady income and finding out whether your years of saving have paid off for sure.
That’s why it’s a good idea as you get to this point to make sure that you have accomplished at least a few ‘retirement goals’ to make sure that you’re prepared and have some money set aside. Choosing these goals is very important, so here we’ll look at the sorts of things that can help you as you near your golden years.

Have a Pension Scheme: The most obvious way to prepare for your pension and the most obvious of pension goals is to make sure you actually have a pension of some form. For many people this …

April 2011

What Taxes Are For

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What Taxes Are For
When we look at taxes and their various guises (council tax, road tax, income tax, value added tax etc etc) it’s very easy to get frustrated by these things. Tax at this point seems like the bad guy and we dream of a world where they didn’t exist.
However what can soften the blow of taxes is to know where they come from and what taxes are for – so we at least realise our money is going to a good cause and that the alternative wouldn’t be a whole world better.
Essentially to answer the question of what taxes are for, all you need to do is to look around you. If you’re in an urban area then you are going to see roads, pavements, monuments, phone boxes, bins and more. Of course this stuff didn’t just magically appear and left to its own devices it would rapidly deteriorate. Thus in order for all those things to stay use-able, it is necessary for the local council to have the money to buy the raw supplies and pay for the labour. These are your council taxes and things like road tax. That’s just a small part what taxes …

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