Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
A Fresh Start for Family Finances in 2005 > NetSparsh - Viral Content you Love & Share

A Fresh Start for Family Finances in 2005

While 40% to 50% of us make New Year's resolutions on January 1-a ritual that has existed since ancient times-approximately 60% to 80% of us have already broken them by the end of February, according to researchers.

It's still not too late, however, to reset the trajectory on your family's finances, experts note.

1. Build a Budget

If you haven't already done so, create a realistic budget.

Approximately 85% of your income should be set aside for necessities like housing, food, health care and clothing, according to the professionals at VISA USA.

This leaves 15% for entertainment-and something many consumers completely neglect: savings.

2. Distinguish "Needs" from "Wants"

Make sure you have a clear understanding of what you need in life versus what you want in life.

You need to pay for the antibiotics when the doctor diagnoses a respiratory infection. You don't need to buy the latest movie released on DVD to aid in your recovery.

You need to pay the rent or mortgage. You don't need to buy the lovely accent pillows that beckon to you from the interior design boutique.

Always separate the needs from the wants-particularly if money is tight.

3. Monitor Your Spending

To see what you really spend each month, keep a running log of all purchases-no matter how small-for a full month. This will give you a visual display of where your money goes after you deposit your paycheck.

You may find that the $3 cup of coffee that starts each day adds up to $90 a month-a pocketbook pincher that may prompt you to buy a pound of coffee beans at the local market and grind them yourself. That $90 blossoms into $1,080 in savings at the end of a year.

4. Create an Emergency Fund

Life is full of surprises-both positive and negative. If you happen to lose your job or suffer an illness that temporarily sidelines you, you will need cash reserves to support you during the rough months.

"In most cases, consumers who find themselves dealing with a financial hardship are unprepared and have not saved for unexpected situations," says Diane Giarratano, director of education for Novadebt, a U.S. financial management service agency, with multiple locations, that provides credit counseling, budgeting and financial education.

5. Educate Yourself

When you attended high school or college, you studied history, mathematics, language and science, but there was probably no course in basic money management.

If you need help in meeting a financial goal-whether it's buying a home or reducing your debt-take advantage of community resources.

"Consumers should feel free to contact a good credit-counseling agency to obtain free advice with regard to establishing a budget or to learn how to handle unexpected hardships," Giarratano says.

6. Don't Become a Victim

Identity theft has become an international epidemic, so be extremely cautious when giving out your credit card or personal identifying information. Monitor your credit card bills carefully for unauthorized charges, and immediately report suspicious activity to the issuing company.

"Identity theft is often an inside job," warns Robert L. Siciliano, a personal security expert with Boston, Massachusetts-based SafetyMinute Seminars and author of "The Safety Minute."

"Lower-level help desk workers and frontline call center employees often have access to all our personal information in their databases," he says. "What are you doing to protect yourself? If you're not paying attention, you could be a victim, too."

And when a disaster strikes, such as the recent killer tsunamis in South Asia and East Africa, be wary of scammers from fake charities before reaching for your checkbook. Unfortunately, there will always be unscrupulous individuals who seize such opportunities to profit from others' misfortune.

"Avoid using your credit card to make contributions," advises James Walsh, author of "You Can't Cheat An Honest Man: How Ponzi Schemes and Pyramid Frauds Work?and Why They're More Common Than Ever."

"Even though this can be a convenient way to proceed, many crooks are looking for credit card numbers," Walsh says. "They will press strongly for 'immediate support.' Don't rush."

Instead, initiate the call yourself, and select a reputable charity.

"Go with recognized names," Walsh says. "No organization is perfect; even the best-meaning groups occasionally misallocate money or fall victim to abusive employees. But larger charitable groups-like the Red Cross, the United Way and Catholic Charities-have the mechanisms in place to audit their people and performance."

Charitable contributions are tax-deductible, so keep good records of all donations-including small cash gifts.

---------

Fox Symes assists all Australians discover the truth about their debts and how they can rapidly reduce them. There are methods available to the Australian public and you can discover how to use these to assist you in reducing your debt with a free phone consultation from Fox Symes. Visit http://www.foxsymes.com.au or contact them directly on 1300 361 204.

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Chinese personal finance tech company X Financial prices IPO at $9.50 a share
MarketWatch
X Financial XYF, +0.00% priced its initial public offering at $9.50 per American Depositary Share on Wednesday, selling 11 million shares to raise $104.5 million, The Chinese tech-driven personal finance company is listing on the New York Stock Exchange.

and more »

Journal Times

Never Attend Work Events? Here's Why You Should
Journal Times
Getting to know your colleagues on a personal level can help you all work better together. But in a busy office environment, it can be hard to do that. Attending work events on occasion will give you an opportunity to learn more about the people you ...

and more »

Helena Independent Record

4 Reasons to Take on a Seasonal Job
Helena Independent Record
With the holiday shopping season approaching, a number of companies have already announced that they plan to hire thousands of seasonal workers. That may be a challenge with unemployment hovering around historic lows, which gives would be workers ...


Waterloo Cedar Falls Courier

Do You Make More Than Your Classmates?
Waterloo Cedar Falls Courier
Do you earn enough to support your family and provide a sound financial future? If not, maybe it's time to look at other employment options – or consider asking for a raise if you've earned one. Potential employers may check your credit score. Do you ...
Is America About to Have a Major Labor Shortage?Helena Independent Record
Table 3. Median usual weekly earnings of full-time wage and salary workers by age, race, Hispanic or Latino ...Bureau of Labor Statistics
How To Turn Low Unemployment Into A Raise | MoneyTipsMoneyTips

all 21 news articles »

Journal Times

33% of Americans Are Clueless About Their Personal Finances
Journal Times
But roughly one-third of Americans don't have an accurate handle on their finances, according to new data from Prudential Financial. And while some folks think they're better off than they actually are, others have some serious work to do on the money ...


The Mercury

PERSONAL FINANCE: 5 Common Social Security questions answered
The Mercury
There's no question that Social Security is a cornerstone of retirement income for many Americans. Yet, deciding when to take Social Security benefits is something that many people struggle with. As with most financial decisions, the right move depends ...
Is Social Security Short-Changing the Poor?Journal Times
Most Older Americans Fail on Medicare BasicsCasper Star-Tribune Online

all 33 news articles »

Journal Times

What Happens If You Exceed Your Credit Limit?
Journal Times
But contrary to popular belief, racking up a high credit score is a lot easier than you may have imagined following 5 simple, disciplined strategies. You'll find a full rundown of each inside our FREE credit score guide. It's time to put your financial ...

and more »

Chattanooga Times Free Press

Personal Finance: Middle class income growth masks underlying issues
Chattanooga Times Free Press
Last week, the U.S. Census Bureau released its annual report on income and poverty in America. The news was good: real median household income for 2017 rose by 1.8 percent over the previous year, exceeding $61,000 for the first time. In metropolitan ...

and more »

CNBC

The huge money mistake most millennials make
CNBC
The first is the lack of financial literacy. Only 17 states have a required personal finance course for high school students. This can set kids up for financial problems later in life, including lower credit scores. Parents and schools blame each other ...


Mason City Globe Gazette

Will Your School Pay This New Trump Tax?
Mason City Globe Gazette
... schools to spend more money on supporting their students directly through reduced tuition and other financial assistance. Yet the schools themselves note that money that goes toward paying a tax means less in financial resources for their current ...

and more »
Google News

10 Steps To Improve Your Financial Situation

Here are ten steps you can follow to help improve... Read More

5 Steps to Healthy Spending Habits

Next to our physical health most of us are primarily... Read More

A Fresh Start for Family Finances in 2005

While 40% to 50% of us make New Year's resolutions... Read More

Credit Card Debt ? Watch Your Credit Report and Your Bill

Most consumers are aware of the importance of their credit... Read More

Save Money on Gas

Gas prices have soared to unimaginable heights of late. Since... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a... Read More

Grocery Savings - Your Kitchen is a Goldmine!

Your food budget is the most flexible area of your... Read More

Budgeting -- The Critical Flaw That Causes Most Budgets to Fail

Budgeting. It's a word we're all familiar with. Everyone knows... Read More

Live Green; Save Green!

Have you seen the recent article on a new "green"... Read More

Car Donations and Used Car Donations

Car donations and used car donations are the way many... Read More

Save Money Off Your Home Utility Bills

Many don't realize that our basic utility bills provide the... Read More

Budgeting is Bothersome

It doesn't take much for you to get behind on... Read More

Roth IRA Contributions - IRS Rules

Confused about whether you can contribute to a Roth IRA?... Read More

Safely Save for Your Childs University Studies Using An Education IRA!

This investment retirement account (IRA) is useful to you as... Read More

If All Things Are Possible, Why Cant I Balance My Checkbook?

For me, the most terrible time of each month is... Read More

How To Place an Online Order for Checks ? It is Easy as 1-2-3

If You Have an Existing Account and 5 Minutes, You... Read More

10 Tips to Make Sure Your Financial Budget Will Succeed

You've analyzed your past expenses, put them into spreadsheets, loaded... Read More

Why We Are Never Satisfied with What We Have

I have to admit, I do it too. I complain.... Read More

Save On Food - Ten Tips

To save on food, be an opportunist. Buy what you... Read More

Budgeting the Key to being Financially Stable

Single Mother's in need of Financial GuidanceBudgeting is key to... Read More

Check Facts and Figures

Are you a check fanatic? Don't worry, you aren't alone.... Read More

Whats The Truth Behind Your Finances?

Between 15 - 20% of people in our country (UK)... Read More

10 Tips To Save Money When Dining Out

Here are some tips that can help you save money... Read More

Budgeting Before Buying

With interest rates being at an all-time low, I can... Read More

Are You Sick of the Financial Insecurity of Fluctuating Seasons and Income?

Finding a stable and secure income that will come year... Read More