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Thursday, November 26, 2020

Secrets of keeping to the family budget


The high cost of living in today's society, wherever you may be, has made budgeting a priority among families.  Nothing is more important in today's inflationary world than knowing how to wisely spend the meager income you get.

Financial problems usually arise due to a lack of proper budgeting skills or failure to keep to the proposed budget.  No matter how much income you may have, it is still important to keep track of your assets and liabilities, your earnings and expenses.

It is ironic, but a person who earns thousands will have the same problems as the person who earns by the hundreds.  Most often, different kinds of people with diverse income levels have budgeting problems.   Others who may have been successful in making a budget usually fail to keep within such a budget.

A budget refers to a financial plan, taking the incoming and outgoing monetary resources into consideration.  A good budget should not only mean a balance or equity between income and expenditures.  It also means lesser expenses and making an allowance for savings.

If you earn a thousand dollars per month, you should map out all the necessary expenses you will incur during the month, such as payment for your house, food, and transportation.  Of course, this is presuming that your tax liabilities have already been settled.  What remains after you deduct your total expenses from your income is your savings.

What you do with your savings will make a difference later on, when the need arises.  You can choose to keep your savings in a piggy bank or place it in a bank where there is a minimum interest rate, but at least your money is safe from you and from intruders.  With bigger savings, you can get a financial adviser's services who can give you higher-yielding investment options.

Here are tips to make sure that you keep within the family budget:

1. Maintain a logbook to list your income and expense account on a weekly or monthly schedule.  

2. Buy your groceries at one time.  To do this, make a list of all the things that you would need for your target period and purchase them at one time.  Sometimes, there are discounts if you buy by the dozen so take advantage of this.

3. Avoid going to the supermarket and shops if you do not need to buy the necessary items.  This will keep you from making unnecessary purchases and keep you from straying away from your budget.

4. Think twice before you buy something.  By doing this, you will realize that it is not really a necessity but a whim.

Wednesday, November 18, 2020

Haggling With Your Creditors


Credit card debt is really a menace, and many people are facing it around the globe. Credit card debt consolidation and bank loans are well known to reduce and eliminate credit card debt. In all this confusion, credit card debt negotiation almost gets forgotten. 

Well, credit card debt negotiation starts right from your credit accounts, where you have the most hard-hitting credit card debt. This means credit card debt negotiation has to be taken up with your current credit providers. Before you misinterpret it, let me clarify that we are not talking about chucking off a portion of your debt through credit card debt negotiation. We are talking primarily about using credit card debt negotiations for getting the APR on your current credit cards reduced to some lower figure. 

So, credit card debt negotiation is about talking to your current credit card suppliers to inform them about your intention to clear off your credit card debt and using your skills (credit card debt negotiation skills) to agree to a lower APR rate with them. Basically, credit card debt negotiation is about asking your current credit card suppliers for help/assistance in clearing off your credit card debt. 

If credit card debt negotiation is successful, it will save you money (due to the reduction in APR) and the hassle associated with looking for a new credit card (to transfer balance). 

However, if the credit card debt negotiation with your current credit card supplier doesn’t yield the desired results, you will have to look for other credit suppliers who can help you consolidate your debt. Again, you will need your negotiation skills (rather than credit card debt negotiation skills) to get a good deal from them. 

If your credit card debt negotiations work out well, you might be able to get a deficient standard APR, or you might get a longer-term on 0% APR (or you might get both). These are really the most important things, and your credit card debt negotiations should concentrate more on these than anything else. 

The other thing to include in your credit card debt negotiation would be the credit limit and other benefits. Here, you are basically trying out the possibility of getting a better credit card as part of your credit card debt negotiation. 

For people with an abysmal credit rating, getting an unsecured bank loan or getting another credit card (for balance transfer) is really difficult. For them, getting an unsecured bank loan or credit card is what you would term credit card debt negotiation.

So, don’t hesitate to go for credit card debt negotiation. It is surely an option available for all.

Tuesday, November 17, 2020

Ways to Make Cents at Home


In the midst of all these skyrocketing prices, come how’s, ways and means to save money and earn extra. 

There are creative but practical ways you can engage in to help the family save and, at the same time, earn extra. The things that have been sitting in your attic for sometime and those that become all too familiar and useless might mean extra bucks. This way, it saves you space, cleaning materials, and containers. This reduces maintenance expenses.  

Garage sale at home is a save-and-earn endeavor for starters. Look at flea markets' success where people can buy almost anything at a lower price but a large amount of income for vendors.

How to maximize the potential of flea markets and bargain sales to help you save? A flea market is primarily a place where almost all who have something to sell can sell for tremendously lower costs but good quality items. If you have the right tools and enough preparation for a day’s trip to a flea market, then you are ready to go with some handy tips:

1. Ready your tools, maps, measurements, and cash:

easy-to-carry tool kit with screwdrivers, pliers, tape measure, pencil, ropes, set of swatches, paper, and plastic bags and boxes;

floorplan measurements;

maps, directions, and phone numbers;

bring enough cash and checks for high-priced items;

dress appropriately for bargain hunting.

2. Early birds usually get the best selections.

3. Keep a critical eye during shopping.

Be ready to negotiate and haggle on the prices of items.

Items sold here have greater possibilities; either you can redecorate or repaint them to make it look unique and attractive.

How to make this activity an earning endeavor? After your hands-on training in an established flea market, I hope you took note of your observations and ideas; it is time to try out on your own.

Bear in mind five things crucial to garage sale success: location, date and time, variety of goods, organization/presentation, advertisements, and prices. 

Spot a strategic location where people can access and drop by easily. Your house is the perfect venue for this. Weekends are the best to schedule your sale.

During your cleaning session, take note of candidate items for sale, label them (keep, for repair, must go), and give them a brand new look.

Organize them well according to prices, use arrangement styles, decide on the tables, baskets, and boxes for the items, and decorate your venue with fabrics and other helpful materials.

Lower your prices. The idea here is to dispose of the things but earn from them reasonably.  

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