In the field of debt collection and delinquencies, judgments and judgement risk factors are a very real concerns. Will a creditor sue and seek legal judgement against me? If he does, what type judgement might it be? What exactly is a judgement and what can I do about it? These are just some of the questions answered in this judgement article. But please note. The content of this article is for consumer knowledge of judgements and legal lawsuits only and it is assume the reader will act responsibly towards his/her debt.
RISK FACTORS
Collectors must abide by the their state's Statute of Limitations (SOL) for the amount of time to sue a debtor for payments. Therefore a consumer's first step is determine if the SOL for collecting a debt has past. If the SOL has not passed, the consumer must weigh the risk factor of a judgement against them when determining if they should pay a delinquent debt. A judgement could allow the creditor to garnish wages or hire an authority to come get your property. However, it is possible it may not be in the creditor's best interest to do so. Sometimes it is simply too much time and expense for a creditor to take action against you. But the possibility does exist. As stated at Credit Info Center: "The risks of judgments, garnishments, and property seizures must be properly balanced against the likelihood that such drastic collection measures will ever happen. The risk, and the decision to take that risk, are entirely yours if you're in such a position."
DEFINITIONS
JUDGEMENT - a decision issued by a court at the end of a lawsuit. If in the favor of the creditor it not only verifies the debt but can increase the debt by adding interest, court costs, collection fees, and attorney fees an may extend up to 20 years on a credit file. A decision in favor of the debtor makes the debt uncollectible and may include reimbursement of legal costs to the debtor.
JUDGEMENT PROOF - a debtor has little or no property that a creditor can legally take to collect in the foreseeable future.
PRE-JUDGEMENT ATTACHMENT - a legal procedure which lets an unsecured creditor tie up property before obtaining a court judgement.
DEFAULT JUDGEMENT - If a consumer is sued and does not file papers in response to the lawsuit in the prescribed time limit, the plaintiff can ask the court to enter a judgement against the debtor and is an automatic loss of the case. A default judgement can be set aside but this is unusual and circumstances must be notable to justify such a turn.
LIEN - a lien is a notice that a creditor has attached property. The consumer cannot sell the property without paying off the creditor because the lien makes the "title" cloudy.
SECURED DEBT Property that is purchased using the property itself as collateral on the loan is considered secured. Credit cards are considered unsecured but tax debt is considered secured.
What can a creditor do?
Creditors from secured debts may be able to obtain a judgement for repossessions. Mortgagors can depose and landlords can evict. Garnishment or taking of wages is an option of any creditor. The decision to sue a debtor is usually based on the amount owed (usually over $500), the cost of getting it back, and whether there is a reasonable expectation that something can be collected.
If the matter can be sorted out with the person making the claim before it goes to court, it will be cheaper. If you lose in court, you risk having to pay the other side’s costs. Even if you agree that you owe the money but don't agree on the amount, you can try to negotiate the matter before it goes to court. If you reach an agreement, you will need to submit an agreement as to judgement form in the court, which tells the court that there is no need to have the matter heard.
Some judgments can be fought by challenging their validity. For example default judgments at times can be reversed by claiming the debtor was never served or was ignorant of the facts. Before reversal, however, you must back up the claim with facts. Judgments which include selected stipulations can be reversed if the debtor can prove coercion or misrepresentation. Of course winning an appeal in a higher court can reverse a decision as well.
Payment of Judgments
Once a judgement has been issued, settlement may still be an option if the debtor and creditor can come to terms. This is often the case when dealing with a temporary judgement-proof debtor who will have assets freeing in the future. The creditor might want the debt cleared sooner and might be willing to settle.
Contrary to popular belief, a judgement can be removed from a credit file by the creditor. This requires a fair amount of work and therefore the creditor would have to be motivated to do so in some way.
Get Paid for Answering Survey Online
Getting paid for answering surveys online is an easy way to make some extra money. Surveys are a great way to earn extra money while you sit at home in front of your own computer. Many people take the money from their survey pay day and use it as a part-time income. It is possible to take surveys and make a pretty decent living.
Paid surveys have been around forever. We have all heard the statistics in the news and in newspapers. The newscaster will quote, "a study...". That study was likely conducted through a paid survey. There are a variety of ways to take paid surveys, but online is the most convenient. Other paid surveys often occur at shopping centers or malls at various times during the year.
The pay for an online survey can range drastically from $10 to $100, depending on the company you are taking the survey for. It is important to look at all the details of the questionnaire before you begin taking it. All reputable survey companies will explicitly state the terms under which you will get paid. If the terms of the survey have not been shared with you, the survey may not be legitimate or you may not get paid to take the survey.
Once you develop a system for taking online surveys, it will be easier to begin earning money. After you have completed a cash paid survey and any other requirements of the survey company, your pay is often transferred into an easily used online payment system like PayPal. Many people use these types of systems to transfer money while conducting business on the Internet.
Through an online payment system, you can access your pay easily and conveniently. It is a secure way to get paid for your survey taking. You can also elect to receive a check for the surveys you take. Checks are a little more inconvenient because you have to wait for them to come in the mail. But for people who are not comfortable using an online payment system, checks offer a way to participate in the paid survey market.
Taking surveys online and getting paid for your opinion is a great way to make extra cash. Many different market research companies use paid online surveys to help them make decisions about their product lines, marketing, and other consumer decisions.
If you can devote a couple of hours per day to online surveys, then it is possible to make a pretty decent income from them. For others who just want to do an occasional survey, you can earn some decent spare cash for just sharing your opinions.
Paid surveys have been around forever. We have all heard the statistics in the news and in newspapers. The newscaster will quote, "a study...". That study was likely conducted through a paid survey. There are a variety of ways to take paid surveys, but online is the most convenient. Other paid surveys often occur at shopping centers or malls at various times during the year.
The pay for an online survey can range drastically from $10 to $100, depending on the company you are taking the survey for. It is important to look at all the details of the questionnaire before you begin taking it. All reputable survey companies will explicitly state the terms under which you will get paid. If the terms of the survey have not been shared with you, the survey may not be legitimate or you may not get paid to take the survey.
Once you develop a system for taking online surveys, it will be easier to begin earning money. After you have completed a cash paid survey and any other requirements of the survey company, your pay is often transferred into an easily used online payment system like PayPal. Many people use these types of systems to transfer money while conducting business on the Internet.
Through an online payment system, you can access your pay easily and conveniently. It is a secure way to get paid for your survey taking. You can also elect to receive a check for the surveys you take. Checks are a little more inconvenient because you have to wait for them to come in the mail. But for people who are not comfortable using an online payment system, checks offer a way to participate in the paid survey market.
Taking surveys online and getting paid for your opinion is a great way to make extra cash. Many different market research companies use paid online surveys to help them make decisions about their product lines, marketing, and other consumer decisions.
If you can devote a couple of hours per day to online surveys, then it is possible to make a pretty decent income from them. For others who just want to do an occasional survey, you can earn some decent spare cash for just sharing your opinions.
What is a Credit Report?
For most people having good credit is a necessary part of their financial well being. Your credit history has a large impact on the ability to receive a mortgage, car loan and credit cards. Most of time your credit rating is based and formulated using information that is found on your credit report. If you are new to having credit or finally realized how important credit can be, here is some information on what a credit report is and its importance in the credit process.
A credit report is a document that is used to summarize your financial reliability. Usually credit reports compile information that includes current loans and credit cards you have, your payment history, your outstanding debt and other personal information such as your current and previous address, full name, aliases, and companies or lenders that recently requested your credit report.
Credit reports are a very useful tool for companies and lenders to determine if a person they are either loaning money to or can be providing a job or an apartment for is reliable and stable with their finances. For instance, if you would like to apply for a credit card, when filling out the application, you sign a waiver giving the credit card permission to pull your credit report and analyze it. From this point the credit card company will look at your credit report to see if you have lots of other credit cards, the debt that you owe on those credit cards and if in the past were you late paying the monthly bills for the credit cards.
Credit reports are instruments used by lenders and other entities to protect themselves against risk. While a credit report with lots of negative info can be bad for the person that is applying for a loan or apartment, credit reports are in most cases very helpful for consumers that keep up on their payments and are financially responsible. These consumers are able to acquire import loans such as mortgages and business loans that can help them reach their life goals. Because credit reports are so important to the process of acquiring loans and a big factor in renting an apartment or applying for a job, it is extremely important that consumers know as much as possible on how credit reports are used, how they are scored and strategies on how your credit report can show you as being financially responsible.
A credit report is a document that is used to summarize your financial reliability. Usually credit reports compile information that includes current loans and credit cards you have, your payment history, your outstanding debt and other personal information such as your current and previous address, full name, aliases, and companies or lenders that recently requested your credit report.
Credit reports are a very useful tool for companies and lenders to determine if a person they are either loaning money to or can be providing a job or an apartment for is reliable and stable with their finances. For instance, if you would like to apply for a credit card, when filling out the application, you sign a waiver giving the credit card permission to pull your credit report and analyze it. From this point the credit card company will look at your credit report to see if you have lots of other credit cards, the debt that you owe on those credit cards and if in the past were you late paying the monthly bills for the credit cards.
Credit reports are instruments used by lenders and other entities to protect themselves against risk. While a credit report with lots of negative info can be bad for the person that is applying for a loan or apartment, credit reports are in most cases very helpful for consumers that keep up on their payments and are financially responsible. These consumers are able to acquire import loans such as mortgages and business loans that can help them reach their life goals. Because credit reports are so important to the process of acquiring loans and a big factor in renting an apartment or applying for a job, it is extremely important that consumers know as much as possible on how credit reports are used, how they are scored and strategies on how your credit report can show you as being financially responsible.
A Mathematical Look at How Gas Companies Rip Us Off
The fact that since the first of the year crude oil has slid over 16% while the national average price of gasoline has fallen only 5% really bothers me. So, on that note, I've decided to do a little bit of research and a whole lot of math in order to try and figure out what the heck is going on.
First off, let's assume that we're working under the premise that the price of crude oil makes up about half of the price of gasoline. After doing some research, this seems to be a pretty standard and accepted idea.
On January 1, the national average gas price was $2.33 per gallon while the price of a barrel of crude oil was at $61.25. In sticking with the theory that the price of oil makes up half of the cost of gasoline, the $61.25 per barrel equaled $1.165 worth of gasoline.
As of January 16, the price of oil had fallen to $51.21 - 16.4% lower than the price on January 1. According to the above theory, the price of oil on January 16 should now equal $.974 worth of gasoline:
(1 - .164) * $1.165 = $.974
Assuming the non-oil 50% of gasoline (taxes, additives, advertising, salaries, etc.) was a fixed cost - not that unreasonable - the new price of gasoline should be $2.14 per gallon, roughly 8.2% lower than it was on January 1:
$1.165 + $.974 = $2.139
Unfortunately, the national average price of gasoline on January 16 was $2.22 - only 4.7% lower than what it was on January 1.
This leads me to one of two conclusions:
1. The "fixed" costs actually increased by 6.9% as oil prices went down, or
2. The system is rigged so there is enough lag time built in for oil and gasoline companies to take advantage of the arbitrage.
First off, let's assume that we're working under the premise that the price of crude oil makes up about half of the price of gasoline. After doing some research, this seems to be a pretty standard and accepted idea.
On January 1, the national average gas price was $2.33 per gallon while the price of a barrel of crude oil was at $61.25. In sticking with the theory that the price of oil makes up half of the cost of gasoline, the $61.25 per barrel equaled $1.165 worth of gasoline.
As of January 16, the price of oil had fallen to $51.21 - 16.4% lower than the price on January 1. According to the above theory, the price of oil on January 16 should now equal $.974 worth of gasoline:
(1 - .164) * $1.165 = $.974
Assuming the non-oil 50% of gasoline (taxes, additives, advertising, salaries, etc.) was a fixed cost - not that unreasonable - the new price of gasoline should be $2.14 per gallon, roughly 8.2% lower than it was on January 1:
$1.165 + $.974 = $2.139
Unfortunately, the national average price of gasoline on January 16 was $2.22 - only 4.7% lower than what it was on January 1.
This leads me to one of two conclusions:
1. The "fixed" costs actually increased by 6.9% as oil prices went down, or
2. The system is rigged so there is enough lag time built in for oil and gasoline companies to take advantage of the arbitrage.
How Gas Credit Cards Work
Do you drive regularly? If you do, then you probably know how difficult it is to deal with the ever increasing price of gas. The fuel industry has become quite unstable because of the conflicts that often happen among major petroleum producing countries. Even the rumors of a possible conflict in the Middle East are enough to make the price of oil rise rapidly.
Many people became aware of the fragility of our energy infrastructure because of the problems with production and distribution capacity in recent years. This problem has also been highlighted by the natural disasters and malfunctions that are personnel and equipment based. Due to the instability of the fuel industry, people across the country have been forced to lessen the impact of the rising cost of fuel. They turn to gas credit cards, car pooling, use of public transportation and other similar techniques to save money on fuel.
You can also try some of these creative solutions to reduce the effect of high gas prices on your personal budget. Many people have turned to gas credit cards because they seem to be an enticing way to save money. However, you should first understand how gas credit cards work if you want to go by this route. You need to find out if you can really save money by using these credit cards.
If you are considering the idea of getting gas credit cards, then you should know that they usually charge much higher interest rates than standard credit cards. This means that you will to pay off all of the balances of your credit cards on time. You will not save money if the added finance charges are bigger than the savings that the credit cards offer.
You should also be aware that the issuers of gas credit cards may change the terms and conditions of your account at any time. It would be wise to read every piece of correspondence that you receive from your gas credit cards issuer. You can choose between negotiating special terms with the issuer and discontinuing the use of your credit card if the terms become problematic.
You can also get the gas credit cards that are offered by some oil companies. However, these credit cards offer gas credit cards only work at gas stations that use gas products supplied by that particular company. If you consistently buy gas from the same station, then you can benefit from these credit cards. However, these credit cards may not work for you if you travel a great deal. In this case, you have to make sure that your gas credit cards will work during your travels.
Many people became aware of the fragility of our energy infrastructure because of the problems with production and distribution capacity in recent years. This problem has also been highlighted by the natural disasters and malfunctions that are personnel and equipment based. Due to the instability of the fuel industry, people across the country have been forced to lessen the impact of the rising cost of fuel. They turn to gas credit cards, car pooling, use of public transportation and other similar techniques to save money on fuel.
You can also try some of these creative solutions to reduce the effect of high gas prices on your personal budget. Many people have turned to gas credit cards because they seem to be an enticing way to save money. However, you should first understand how gas credit cards work if you want to go by this route. You need to find out if you can really save money by using these credit cards.
If you are considering the idea of getting gas credit cards, then you should know that they usually charge much higher interest rates than standard credit cards. This means that you will to pay off all of the balances of your credit cards on time. You will not save money if the added finance charges are bigger than the savings that the credit cards offer.
You should also be aware that the issuers of gas credit cards may change the terms and conditions of your account at any time. It would be wise to read every piece of correspondence that you receive from your gas credit cards issuer. You can choose between negotiating special terms with the issuer and discontinuing the use of your credit card if the terms become problematic.
You can also get the gas credit cards that are offered by some oil companies. However, these credit cards offer gas credit cards only work at gas stations that use gas products supplied by that particular company. If you consistently buy gas from the same station, then you can benefit from these credit cards. However, these credit cards may not work for you if you travel a great deal. In this case, you have to make sure that your gas credit cards will work during your travels.
The Effects Of Interest Rate Hikes On You
An increase in the interest rate by the Bank of England always scares people until they work out exactly what affect the increase will have on their lives. The people who will suffer the most will be those people who have taken out loans that have left them financially stretched before the interest rate increase occurred. The actual amount of the increase isn’t as much of a problem as the psychological effects of the increase. People who can be hardest hit are those who own homes although they can sort out some of their problems by consolidating their debts. One of the problems is that the interest rate increase will affect people in a variety of different ways, not a single way.
Many people will be able to make plans to accommodate the increased interest rate on loans and mortgages, but may be unprepared for its effect on other general costs. To be hit on multiple sides with rising costs will greatly increase the pressure on those people who have loans outstanding. The burden of the loans will increase and the more stretched a person is financially before the increase, the more they will feel the effects of the increase. While the increase may be as little as a quarter of a percent, it can result in a increase of £20 pounds per month or more in monthly payments on a loan of 10 000 pounds.
The additional money will have to be taken from another aspect of the household budget, which in turn can have affects on people’s quality of life. Most people will deduct it from the amount of money allocated to leisure activities and non-essential aspects. This can be exacerbated by the fact that other bills may also be increased through the interest rate increase. This is coupled with the fact that council tax rates can be tied to interest rates and can increase in line with increases in the interest rates. This means that the person will have to cope with increased bills at a time when they are trying to reduce costs to pay off loans or mortgages that have been also increased.
Many people will be able to make plans to accommodate the increased interest rate on loans and mortgages, but may be unprepared for its effect on other general costs. To be hit on multiple sides with rising costs will greatly increase the pressure on those people who have loans outstanding. The burden of the loans will increase and the more stretched a person is financially before the increase, the more they will feel the effects of the increase. While the increase may be as little as a quarter of a percent, it can result in a increase of £20 pounds per month or more in monthly payments on a loan of 10 000 pounds.
The additional money will have to be taken from another aspect of the household budget, which in turn can have affects on people’s quality of life. Most people will deduct it from the amount of money allocated to leisure activities and non-essential aspects. This can be exacerbated by the fact that other bills may also be increased through the interest rate increase. This is coupled with the fact that council tax rates can be tied to interest rates and can increase in line with increases in the interest rates. This means that the person will have to cope with increased bills at a time when they are trying to reduce costs to pay off loans or mortgages that have been also increased.
Compare Car Insurance Quotes Online - You can Save Money
It is not surprising that statistics show that most Britons simply do not shop around to get the best deal on their car insurance. The choice of motor insurance policies, and insurance companies, is almost bewildering.
However, if you do accept the first quote you are given, whether you are an experienced driver or not, you are simply giving away your hard earned cash to your motor insurance company far too readily.
There are a huge amount of car insurance policies advertised online, in your local press, and a myriad of deals available from the larger retail supermarkets. Yes you want to save time and money, but if you target your requests for quotes properly, you could save hundreds in less than an hour online.
Many car insurance companies claim to offer policies for all types of drivers. Simply asking just any random insurance company for a quote, isn't going to save you money. If you are a new driver, a learner, a student, or a motorist with little driving history, you need to get a specialist number quotes.
So where do you find these companies?
You could start by using a search engine, asking a friend for a recommendation or phoning a company up for a quote, but before you do anything else -
Stop!
Decide what you want to achieve before you take any action.
Do you want a fancy car insurance policy with lots of extras? Policy add-ons that could cost you more are:
- Having a replacement courtesy car - Insisting on a protected no claims bonus - Extra Legal protection - Taking fully comprehensive insurance if you don't need it
There are other services on offer from insurance companies, but if you do not really need it, why bother.
So do you want a really cheap price in the least amount of time instead?
Yes, if you simply want a really cheap price, you're in good company because that's what over eighty seven per cent of people said in a recent survey.
Follow this simple three step plan to reduce your car insurance premiums online:
1. Set aside just one hour to request your motor insurance quotes online.
2. Get four car insurance quotes (use three price comparison sites and one specialist insurer).
3. After you have received your quotations, telephone the insurance company with the cheapest quote and ask them to beat your best online quote (you don't need to tell them where you obtained the quote).
The above three steps sound almost too easy, but using price comparison sites really is the most efficient way to begin your search for low prices.
There are a number of price crunching web sites online. To provide you with a rate, they will ask you some basic information about yourself, what level of cover you need, and then request quotes from up to 300 different car insurance companies in a single search.
However, if you do accept the first quote you are given, whether you are an experienced driver or not, you are simply giving away your hard earned cash to your motor insurance company far too readily.
There are a huge amount of car insurance policies advertised online, in your local press, and a myriad of deals available from the larger retail supermarkets. Yes you want to save time and money, but if you target your requests for quotes properly, you could save hundreds in less than an hour online.
Many car insurance companies claim to offer policies for all types of drivers. Simply asking just any random insurance company for a quote, isn't going to save you money. If you are a new driver, a learner, a student, or a motorist with little driving history, you need to get a specialist number quotes.
So where do you find these companies?
You could start by using a search engine, asking a friend for a recommendation or phoning a company up for a quote, but before you do anything else -
Stop!
Decide what you want to achieve before you take any action.
Do you want a fancy car insurance policy with lots of extras? Policy add-ons that could cost you more are:
- Having a replacement courtesy car - Insisting on a protected no claims bonus - Extra Legal protection - Taking fully comprehensive insurance if you don't need it
There are other services on offer from insurance companies, but if you do not really need it, why bother.
So do you want a really cheap price in the least amount of time instead?
Yes, if you simply want a really cheap price, you're in good company because that's what over eighty seven per cent of people said in a recent survey.
Follow this simple three step plan to reduce your car insurance premiums online:
1. Set aside just one hour to request your motor insurance quotes online.
2. Get four car insurance quotes (use three price comparison sites and one specialist insurer).
3. After you have received your quotations, telephone the insurance company with the cheapest quote and ask them to beat your best online quote (you don't need to tell them where you obtained the quote).
The above three steps sound almost too easy, but using price comparison sites really is the most efficient way to begin your search for low prices.
There are a number of price crunching web sites online. To provide you with a rate, they will ask you some basic information about yourself, what level of cover you need, and then request quotes from up to 300 different car insurance companies in a single search.
Quiz: Are You A Shopaholic?
A lot of people enjoy shopping, but for some people the enjoyment of shopping goes beyond mere bargain hunting and can be part of an addiction. There are many names for this addiction.
Excessive spending is known as compulsive spending, spending addiction or being a shopaholic. What it boils down to is recognising whether your spending habits are out of control. If you get urges to spend that you are unable to control then you may be a shopaholic or spending addict.
Shopaholic Quiz:
Read the following list and count the number of statements that apply:
* Being unable to pass up a "bargain"
* Making impulsive purchases on a regular basis
* Leaving price tags on clothes so they can be returned
* Not using items you've purchased
* Lying about the cost of purchases
* Using shopping as a "pick me up"
* Buying luxuries before necessities
* Trying unsuccessfully to curb shopping impulses
* Spending more time or money shopping than you intend
* Devoting a large amount of time shopping and planning future shopping expeditions
* Spending to an extent that interferes with your life (excessive debt) or relationships
* Experiencing withdrawal symptoms from shopping
* Giving up other social or recreational activities to shop
Excessive spending is known as compulsive spending, spending addiction or being a shopaholic. What it boils down to is recognising whether your spending habits are out of control. If you get urges to spend that you are unable to control then you may be a shopaholic or spending addict.
Shopaholic Quiz:
Read the following list and count the number of statements that apply:
* Being unable to pass up a "bargain"
* Making impulsive purchases on a regular basis
* Leaving price tags on clothes so they can be returned
* Not using items you've purchased
* Lying about the cost of purchases
* Using shopping as a "pick me up"
* Buying luxuries before necessities
* Trying unsuccessfully to curb shopping impulses
* Spending more time or money shopping than you intend
* Devoting a large amount of time shopping and planning future shopping expeditions
* Spending to an extent that interferes with your life (excessive debt) or relationships
* Experiencing withdrawal symptoms from shopping
* Giving up other social or recreational activities to shop
Balancing Your Checkbook
Balancing your checkbook is little more than making certain you and the bank both agree on what's happened to your bank account each month.
The bank provides a monthly statement of all transactions during the period. It is important that you balance your checkbook by comparing your checkbook register to the bank statement in a timely manner in order to:
* correct errors by the bank;
* find your own errors and know how much money you actually have
Reconciling your account register to the bank statement is a matter of comparing deposits and withdrawals and adjusting the bank statement for outstanding items not yet reflected by the bank. This process will go more quickly and smoothly if you make sure your bank register is up to date. Be sure all of your transactions are entered -- including direct deposit, ATM transactions, and debit charges -- before you start trying to reconcile to the bank statement. Here is a step by step:
* 1. Start with the bank balance from the bank statement
* 2. Determine if you have made any deposits that do not appear yet on the bank statement. List and total these "deposits in transit."
* 3. Determine if you have any outstanding checks (checks you have written and recorded in your checkbook but have not yet come through the bank). Make a check mark by each item that has cleared the bank as you match them up. When you finish going through the checks, the ones without a check mark are your outstanding checks. List them in the blanks under "outstanding checks" on the form and total the amount.
The bank provides a monthly statement of all transactions during the period. It is important that you balance your checkbook by comparing your checkbook register to the bank statement in a timely manner in order to:
* correct errors by the bank;
* find your own errors and know how much money you actually have
Reconciling your account register to the bank statement is a matter of comparing deposits and withdrawals and adjusting the bank statement for outstanding items not yet reflected by the bank. This process will go more quickly and smoothly if you make sure your bank register is up to date. Be sure all of your transactions are entered -- including direct deposit, ATM transactions, and debit charges -- before you start trying to reconcile to the bank statement. Here is a step by step:
* 1. Start with the bank balance from the bank statement
* 2. Determine if you have made any deposits that do not appear yet on the bank statement. List and total these "deposits in transit."
* 3. Determine if you have any outstanding checks (checks you have written and recorded in your checkbook but have not yet come through the bank). Make a check mark by each item that has cleared the bank as you match them up. When you finish going through the checks, the ones without a check mark are your outstanding checks. List them in the blanks under "outstanding checks" on the form and total the amount.
14 Household Budgeting Tips
1. Stay busy after work
One "easy" way to avoid overspending and thus stay within your budget is to have something else to do after work. Get a second job that is fun, go to school, volunteer or get into great physical shape. The more you do, the less you will spend!
2. Watch those miscellaneous categories
Make sure you have enough well-defined categories to capture your true spending. Putting too much into a miscellaneous category makes it harder to track what you have spent and harder to control, especially the splurges!
3. Need
If you did not know you need it, you probably do not. Do not buy things just because they are on sale. If you had no use or want for it before you saw it on sale, then you will have no use for it later.
5. Don't Forget to Budget for Special Occasions
When forecasting your expenses, remember to include gift-giving occasions. Mother's Day, Valentine's Day, birthdays, Christmas, and anniversaries are good examples. If you plan to spend money on these occasions, remember to include this in your budget.
6. Don't use a debt to get out of another debt
Do not take out a consolidation loan to pay off your other debts. The point is to get out of it, not to squeeze them together and end up paying interest on the loan while paying off your debts. Try consulting a "free" debt counselor service first.
7. Remember To Budget Time As Well
We have all heard "time is money." Well-spent time can be an investment. Take a few minutes to plan ways to save on bills - 15 or 20 min. researching lower rates on electricity or long distance can pay off. You will know when time spent is not worth it.
8. The envelope system
Total yearly/monthly bills, divide each into 12 months. Divide monthly amount into bi-weekly payments. Use envelope for each bill; put in cash every 2 weeks. Use only the cash in envelope till it is gone. Do not touch your account/debt card! Envelopes ONLY!
9. Good teeth cheaper
You can go to a dental school to have your teeth cleaned, filled, orthodontic work done, etc. The cost is approximately half what you would usually pay. Note: Make sure you have some extra time as this takes a little longer.
10. Avoid expensive friends
Avoid friends who want to go for drinks all the time or suggest an evening at home. The money you spend on drinks and snacks, can buy something better, or go into your savings account. Also avoid friends who want to have supper at your house because you are a "good cook" what that really means is that they are saving money while you are grocery shopping.
One "easy" way to avoid overspending and thus stay within your budget is to have something else to do after work. Get a second job that is fun, go to school, volunteer or get into great physical shape. The more you do, the less you will spend!
2. Watch those miscellaneous categories
Make sure you have enough well-defined categories to capture your true spending. Putting too much into a miscellaneous category makes it harder to track what you have spent and harder to control, especially the splurges!
3. Need
If you did not know you need it, you probably do not. Do not buy things just because they are on sale. If you had no use or want for it before you saw it on sale, then you will have no use for it later.
5. Don't Forget to Budget for Special Occasions
When forecasting your expenses, remember to include gift-giving occasions. Mother's Day, Valentine's Day, birthdays, Christmas, and anniversaries are good examples. If you plan to spend money on these occasions, remember to include this in your budget.
6. Don't use a debt to get out of another debt
Do not take out a consolidation loan to pay off your other debts. The point is to get out of it, not to squeeze them together and end up paying interest on the loan while paying off your debts. Try consulting a "free" debt counselor service first.
7. Remember To Budget Time As Well
We have all heard "time is money." Well-spent time can be an investment. Take a few minutes to plan ways to save on bills - 15 or 20 min. researching lower rates on electricity or long distance can pay off. You will know when time spent is not worth it.
8. The envelope system
Total yearly/monthly bills, divide each into 12 months. Divide monthly amount into bi-weekly payments. Use envelope for each bill; put in cash every 2 weeks. Use only the cash in envelope till it is gone. Do not touch your account/debt card! Envelopes ONLY!
9. Good teeth cheaper
You can go to a dental school to have your teeth cleaned, filled, orthodontic work done, etc. The cost is approximately half what you would usually pay. Note: Make sure you have some extra time as this takes a little longer.
10. Avoid expensive friends
Avoid friends who want to go for drinks all the time or suggest an evening at home. The money you spend on drinks and snacks, can buy something better, or go into your savings account. Also avoid friends who want to have supper at your house because you are a "good cook" what that really means is that they are saving money while you are grocery shopping.
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