Sep 15, 2014

Drawing up a budget plan is the start of a good initiative at managing your income. However, the key is to be able to comply with the set plans. The tips listed below could help you to effectively manage your budget. Keep several bank accounts Having separate bank accounts whereby you will deposit portions of your income and which you would use for different types of expenses could be beneficial to you. For instance, you can have a monthly bills account and one for your personal expenses. This will prevent you from overspending on one aspect. Carry regular checks on your bank statements Regular checks on your bank statements will help you track whether transactions have been processed. You will also be able to have a look “on paper” or online about your spending habits. This might inspire you to cut back on certain expenditures. Another advantage of carrying out regular checks is that you might detect any fraudulent activity right away. Keep a log for your cash outflow If you tend to spend money in cash, you will not be able to keep track of your expenses through your bank statement. Instead you could focus on tracking your cash expenses for a few weeks to know about your habits and make changes accordingly. Perform regular budget reassessment Perform regular reassessment to determine whether your budget is adequate. Situations might change, you might have an income rise and reassessing your budget will give you the opportunity to attribute some of your income to personal expenses that you might have been neglecting...

Sep 14, 2014

Managing our personal finance can be a tricky feat, especially since we are not taught how to do so in our formal education. Often young adult have no notion in managing their finance when they start earning an income for the first time. The following tips can be useful to you if you wish to start managing your income. Exercising self control One of the most important factors in managing your income is exercising control over what you purchase. Adopt patience when it comes to buying certain extras. You can wait until you have saved up the amount so that you don’t get to pay interest. Keep track of how much you are purchasing with your credit card and make it a habit to pay off the balance at the end of the month to avoid paying extra interests. Keep track of your expenses Adopt a budget and try to know what are those extras that are making your expenses sore up. It might be a certain small expense that is done regularly that could at the end of the month come up to a relatively large figure. Go through your expenses on a daily basis to track that habit and to eliminate it. Importance of an emergency saving fund Start an emergency fund by “forcing yourself” into saving up a certain amount that could have been spent unwisely. The amount saved might be small in the short run but it can really come handy when you would actually need it and will in the long run be much more useful when the amount...

According to a 2013 report issued by the U.S. Department of Agriculture, the average cost of raising a newborn in 2013 is estimated at over $245,000. The majority of the expenses would be attributed to housing and transportation with an estimated expense of over $100, 000. The others major costs include education, food, clothing and health care. All of them are basic needs. So how do we cut down on them? Housing When it comes to housing, you would not necessarily be able to make huge changes in your expenses, unless you decide to downsize for a smaller house and move out. You might also opt for lower rents. If you are in need of space, instead of renting or buying another house, you can opt for shared rooms. Food To save on food you might consider buying generic food items rather than branded ones. You could also go shopping on Wednesdays when the shops stalls are full of discount items. When going out for dinner, opt for water as the main beverage. Above all, avoid leftovers around the house to prevent food from going bad. Clothing If order to save on clothing you might want to buy clothes off-season. For instance, stock up on summer clothes while it is still winter. You could also give thrift stores a try and find good quality second-hand items there. Generally make it a rule to buy clothing items only when they are on clearance to avoid impulsive...

Jul 30, 2014

There are several obvious tips that are usually offered when it comes to improving your credit score – and some of them are as simple as paying your bills on time or even not applying for too much credit. However, there are strange ways in which you can ruin your credit score and that you might not know about, and here are three of them: #1: Closing your credit cards While the fact that closing your credit cards affects your credit score negatively is less strange than usual, the reason for this to happen is because in closing a credit card, your credit utilization increases. Also, if the credit card you’re closing is one of the oldest you’ve had in a while, then the average age of your credit cards will fall, which is also considered to affect your credit score negatively. #2: Not Reporting a Change of Address when moving As simple as this might sound, not reporting a change of address when you move to the United States Postal Service will affect your credit score negatively as you might miss important mail such as credit card or utility bills. #3: Asking a Banker Friend to Check Your Score Since there are only a certain number of times in a year that you can check your credit score for free, you might be tempted to ask a friend of yours who works in lending and at a bank. Apart from being guilty of misusing company resources, the credit bureau might conduct an inquiry due to the fact that a ‘bank’ has looked up your credit...

May 14, 2013

In January 2012, the IRS began an offshore voluntary disclosure program (OVDP). This is on the heels of strong interest in the 2011, and 2009 programs (first and second initiatives) It is designed to offer those who have undisclosed income from offshore to get current in their tax returns. While there is a higher penalty with the 2012 OVDP, benefits are more encouraging to taxpayers to disclose foreign accounts now, or they will risk criminal prosecution if the IRS detects any wrongdoing. In 2009, Malibu resident John McCarthy pleaded guilty to failing to inform the government of a Swiss bank account as part of a scheme to move at leas $1 million from the US into Swiss bank accounts. McCarthy was sentenced to three years of supervised release with six months served in home detention and 300 hours community service. He also was ordered to pay a $25,000 fine. Talking to a tax lawyer will help you figure out what to do and which forms to fill out under this new program. Failure to report offshore income accounts with a TD F 90-22.1, Report of Foreign Bank and Financial Account, could result in significant fines, and penalties as the IRS has ramped up its ability to find tax-evaders. If you have an offshore account and fail to pay taxes on it, you could be facing criminal consequences. In return for meeting the requirements of this third initiative, the IRS has agreed not to pursue the following: Charges of criminal tax evasion which would have resulted in jail time or a felony on your record; and other fraud and filing penalties including IRC Sec. 6663 fraud penalties, and failure to file a TD F 90-22.1, Report of Foreign Bank and Financial Accounts Report, (FBAR) —————————————————————————————————————- Guest post is provided by the Law Offices of Jeffrey B. Kahn, P.C., a trusted tax lawyer in Los Angeles. View the website for more...

Sep 8, 2012

For many agencies that specialize in debt collection california offers t hem  a booming business, because its large population, high cost of living, and poor economic situation unpaid bills of various kinds are an extremely predictable occurrence in California. There are extremely large professional commercial credit agencies in California that deal not only with unpaid debt in large urban centers like Los Angeles, but throughout the state and throughout the country as a whole. To be a good value for a business that has to spend money going after bad debt, a collection agency should have reasonable rates, as well as a genuine commitment to recovery payments owed to its clients. Collecting on delinquent accounts is no easy job, particularly if the unpaid debts are owed by customers who live in far-flung parts of the country. Even better, some collection agencies offer other services as well. Some agencies can provide  accounts receivable management services which can be a substantial help in offsetting the substantial cost of servicing a high volume of customers. An accounts receivable management service can potentially save a business thousands of dollars in salary expenses. But of course the heart of any collection agency is bad debt recovery. Successful collection on bad debts requires the tools and experience necessary to manage delinquent accounts. Some collection agencies are better equipped in terms of tools and experience than others. And if they provide accounts receivable management, so much the better. Some agencies even have no collection no fee...

Apr 12, 2012

Completing a transfer of money globally can be accomplished with the help of a secure bank.  There are also professional services companies that can help you with these transfers just as easily.  Either route you take, transferring money globally does not have to be a time consuming task.   When you think about a proper wire transfer, you need to first and foremost do your research in choosing the right company to get you set up to complete the wire transfer.  You are going to want to do your research and see which companies or banks have the capabilities to actually be able to transfer money on a global scale.  Once you do that, you are going to want to look into the overall security of these different companies.  To what length do they go to ensure that all of the bank information is fully protected and that your money will reach its intended destination.  Finally, what is the overall cost of all of the different transfer options?  You are going to want to research the different price points from the different companies so you can get the best deal possible.   Companies such as Solid trust pay are great options if you want to transfer money around the globe.  Sending money from England to India does not have to be that complex.  With the help of Solidtrustpay.com you can have the money sent in to time at all.  Solidtrustpay will provide you with plenty of information of your options right on their...

Dec 29, 2010

Writing an op-ed feels a lot like driving through a tunnel. You travel in a direct line and focus on only one destination. This is because an op-ed is often 650 words or less, leaving little room for excursions beyond the main point. The downside to having this singular focus is that you sometimes miss important parts of a story – not only in what you write down but also in how you think and gather information about a topic. This happened to me last Friday, when Newsday published a piece of mine called “U.S. should hail young scientists.” The piece was motivated by a recent UNESCO report on the state of science around the world. The report found that in light of the recent economic downturn, traditional powerhouses have slowed their investments in education and R&D. Emerging economies have taken advantage of the situation. They have increased their level of R&D investment and been able create new opportunities for technological advancement. This imbalanced activity is putting US prowess in peril. UNESCO found, for example, that China is overtaking the U.S. and Europe in terms of number of working scientists and science PhDs. My article began with the statement: “Long Island is on the front lines of keeping America technologically competitive.” I talked about 3 recent winners of the national Siemens Competition in math, science and technology who were Long Island high school students and cited the history of science fair winners in some Long Island schools. In the 2010 Intel science fair (which is the largest and most competitive pre-college science competition in the world), about 20% of the semi-finalists were Long Island students. In the article I also talked about two Garden City educators whose are being recognized for their work to teach chemistry to special education students. The point of the article was meant to be a positive one. We often hear about the US losing the science and technological race to places like China and India. In our alarm, it is easy to overlook the fact that mentors, educators, parents and students themselves are putting out great effort and achieving a lot on the local level to create the young scientists of...