Bills are due in a week and you just got a pink slip from your boss. If you don't have a financial cushion and you're cash-strapped, making up for a deficit means you have to come up with some cash quickly. Despite being unemployed, you have options for generating a quick and easy cash flow.
Sunday, October 30, 2011
Thursday, October 27, 2011
Saving Money
There's an old cliche in finance world: "You need to have good defense or offense - save more or make more."
There are many ways to save money and it could go a long way toward helping your budget. Cut down on coffee drinks. If you put into savings $4/day you would have spent on a latte at Starbucks, the money would grow in 30 years at 5% interest to $100,000. If you do want something to drink, buy a bottle of juice: It's better for you and cheaper. Pack lunch. Spending $5~$10/day going out to lunch will quickly add up.
Whenever you buy anything ask yourself 3 times "do I really need this?" Chances are your quality of life would be better without it. Power of compounding interest, basically, saving when you are young will put time on your side. When you are ready to retire in 20~30 years, your money will be earning serious interest. Spend money on people, not things. Live just beneath your means. You don't have to be live like a pauper to save money, just go one step below what you could get. Instead of a BMW, buy a Acura. Instead of a two week vacation, go for 10 day vacation. Save the rest!
There are many ways to save money and it could go a long way toward helping your budget. Cut down on coffee drinks. If you put into savings $4/day you would have spent on a latte at Starbucks, the money would grow in 30 years at 5% interest to $100,000. If you do want something to drink, buy a bottle of juice: It's better for you and cheaper. Pack lunch. Spending $5~$10/day going out to lunch will quickly add up.
Whenever you buy anything ask yourself 3 times "do I really need this?" Chances are your quality of life would be better without it. Power of compounding interest, basically, saving when you are young will put time on your side. When you are ready to retire in 20~30 years, your money will be earning serious interest. Spend money on people, not things. Live just beneath your means. You don't have to be live like a pauper to save money, just go one step below what you could get. Instead of a BMW, buy a Acura. Instead of a two week vacation, go for 10 day vacation. Save the rest!
Tuesday, October 25, 2011
How much money that give you to your children
The Internal Revenue Service allows taxpayers to give cash, personal property or real estate gifts to their children without having to pay federal income taxes on their transfers if the monetary value of their gifts is within the annual federal tax limits. Donees or recipients of gifts are not responsible for paying federal income taxes on the fair market value of their gifts. Instead, the IRS imposes federal income tax responsibilities on donors.
1. Calculate how much money you are gifting to your children. For 2011, the IRS does not impose federal income taxes on taxpayers who transfer gifts of less than $13,000 annually. The $13,000 limit applies to each donee receiving the gift. Thus, a taxpayer with three children may give three separate gifts of up to $13,000 each without incurring federal income tax liabilities.
2. Give $13,000 or less to each of your children. By giving $13,000 or less to each of your children, you will avoid paying federal income taxes and reporting your gifts on your tax returns. The year in which you make your gift determines your tax liabilities. The gift exclusion typically increases every few years. For instance, taxpayers were subject to gift taxes on their cash gifts of more than $12,000 between 2006 and 2008. However, from 2002 to 2005, they were subject to gift taxes on gifts of more than $11,000.
3. File a gift tax return if your gift exceeds the $13,000 annual limit. You must use IRS Form 709, U.S. Gift and Generation-Skipping Transfer Tax Return. Generally, you must file your federal gift tax return by the normal April 15 filing deadline in the year after you made your gift.
4. Use the federal "gift splitting" rules. The IRS allows married taxpayers to combine or aggregate their gifts to increase their taxable exclusion limits. For 2011, you and your spouse can give each of your children up to $26,000 without incurring federal income tax liabilities.
1. Calculate how much money you are gifting to your children. For 2011, the IRS does not impose federal income taxes on taxpayers who transfer gifts of less than $13,000 annually. The $13,000 limit applies to each donee receiving the gift. Thus, a taxpayer with three children may give three separate gifts of up to $13,000 each without incurring federal income tax liabilities.
2. Give $13,000 or less to each of your children. By giving $13,000 or less to each of your children, you will avoid paying federal income taxes and reporting your gifts on your tax returns. The year in which you make your gift determines your tax liabilities. The gift exclusion typically increases every few years. For instance, taxpayers were subject to gift taxes on their cash gifts of more than $12,000 between 2006 and 2008. However, from 2002 to 2005, they were subject to gift taxes on gifts of more than $11,000.
3. File a gift tax return if your gift exceeds the $13,000 annual limit. You must use IRS Form 709, U.S. Gift and Generation-Skipping Transfer Tax Return. Generally, you must file your federal gift tax return by the normal April 15 filing deadline in the year after you made your gift.
4. Use the federal "gift splitting" rules. The IRS allows married taxpayers to combine or aggregate their gifts to increase their taxable exclusion limits. For 2011, you and your spouse can give each of your children up to $26,000 without incurring federal income tax liabilities.
Monday, October 17, 2011
Reduce Wasteful Spending
During a recession, it is vital for small businesses to reduce spending. The cost of inventory and raw materials should be analyzed to determine whether more cost-effective alternatives are available. Staff duties and responsibilities need to be looked at to identify whether job cuts are an option. Day-to-day costs such as leases, utilities and office expenses should be scrutinized. If a small business is going to survive a recession, all wasteful spending must be eliminated.
Sunday, October 9, 2011
Weekly Family Budgets
You and your family can stay on top of spending habits by creating a weekly budget. Weekly budgets provide you with the information and resources you need to run errands, complete chores and still have a little money left over.
Definition - Budgeting is a financial planning activity that illustrates how much money is being allocated to a particular financial area. For families, these areas may include groceries, dry cleaning or your kids’ sports activities.
Function - Budgets help you and your family stay within the financial lines. When you work with a budget you know exactly how much money you can spend during the week so that you may plan your purchases accordingly.
Features - Creating budgets begins with itemizing all your family's expenses, according to Economy Watch. Each item on the list is followed by a dollar amount that serves as your pot of money for that item. Budgets can be created on a whiteboard, a piece of paper or a spreadsheet.
Benefits - Budgets let people keep track of household expenses and help families save money. When you stick to a budget you don’t have to worry about over-spending.
Effects - Budgets can have lasting effects on your household’s finances. Over time, the money you save from sticking to a budget will add up and your children will learn good financial management.
Definition - Budgeting is a financial planning activity that illustrates how much money is being allocated to a particular financial area. For families, these areas may include groceries, dry cleaning or your kids’ sports activities.
Function - Budgets help you and your family stay within the financial lines. When you work with a budget you know exactly how much money you can spend during the week so that you may plan your purchases accordingly.
Features - Creating budgets begins with itemizing all your family's expenses, according to Economy Watch. Each item on the list is followed by a dollar amount that serves as your pot of money for that item. Budgets can be created on a whiteboard, a piece of paper or a spreadsheet.
Benefits - Budgets let people keep track of household expenses and help families save money. When you stick to a budget you don’t have to worry about over-spending.
Effects - Budgets can have lasting effects on your household’s finances. Over time, the money you save from sticking to a budget will add up and your children will learn good financial management.
Tuesday, October 4, 2011
Home Budgeting Tips
There are some simple tips you can follow to balance your home budget, and even come out ahead. Tracking expenses carefully and using a budget worksheet can help. You may be surprised to see where your money is going. That is the first step to cutting out waste and accumulating an emergency fund.
Use a Budget Worksheet
Make sure you are including all of your expenditures by using a detailed budget worksheet. Look it over to be certain all of your expenses are listed. If not, modify the worksheet so it works for you. The budget worksheet will have categories like insurance, taxes, mortgage payments, medical, food, childcare, transportation, utilities and communication expenses like cable TV and Internet connections. Use the budget worksheet to see where most of the money goes.
Needs vs. Wants
Take the time to figure out if the items you buy are necessities or options. The key is to cover expenses for necessities first, see how much is left over and make a determination about where that money will go. That way you will avoid impulse buying. Medical bills, food and housing are expenses you must cover, but you may have to figure out if cable TV is really a necessity or if do without.
Cut Back on Waste
After tracking your expenses, see where you can cut back. Certainly, food is a necessity, but eating out several times a week and buying prepared food can add unnecessary expense. Even a cup of coffee or a soft drink every day can add dollars to your budget, which can add up at the end of the year. Look for ways to cut back on expenses, like doing things yourself instead of buying them, driving a more fuel-efficient car and buying energy-efficient appliances. Instead of buying concert tickets for entertainment, go to a free concert in the park.
Build up an Emergency Fund
One way to accumulate money for an emergency fund is to stop using credit cards and department store charge accounts. Use the money you save on interest payments and fees to build an emergency fund for unexpected expenses, like a broken water heater or medical emergency. One well-known budgeting tip to help store away money for an emergency is to pay yourself first when paying bills.
Use a Budget Worksheet
Make sure you are including all of your expenditures by using a detailed budget worksheet. Look it over to be certain all of your expenses are listed. If not, modify the worksheet so it works for you. The budget worksheet will have categories like insurance, taxes, mortgage payments, medical, food, childcare, transportation, utilities and communication expenses like cable TV and Internet connections. Use the budget worksheet to see where most of the money goes.
Needs vs. Wants
Take the time to figure out if the items you buy are necessities or options. The key is to cover expenses for necessities first, see how much is left over and make a determination about where that money will go. That way you will avoid impulse buying. Medical bills, food and housing are expenses you must cover, but you may have to figure out if cable TV is really a necessity or if do without.
Cut Back on Waste
After tracking your expenses, see where you can cut back. Certainly, food is a necessity, but eating out several times a week and buying prepared food can add unnecessary expense. Even a cup of coffee or a soft drink every day can add dollars to your budget, which can add up at the end of the year. Look for ways to cut back on expenses, like doing things yourself instead of buying them, driving a more fuel-efficient car and buying energy-efficient appliances. Instead of buying concert tickets for entertainment, go to a free concert in the park.
Build up an Emergency Fund
One way to accumulate money for an emergency fund is to stop using credit cards and department store charge accounts. Use the money you save on interest payments and fees to build an emergency fund for unexpected expenses, like a broken water heater or medical emergency. One well-known budgeting tip to help store away money for an emergency is to pay yourself first when paying bills.
Sunday, October 2, 2011
September ENTRECARD DROPPER, thank you so much...
Picture to People 30
Graphic Texts 29
Denford Magora's Zimbabwe Blog 29
Funky Town Disco Music 27
Anime Hunt 27
Daily Green Ideas 27
Digital Rebel350 26
Chat with Katrina 26
Living and Wellness 23
Fulfilled Life 23
Graphic Texts 29
Denford Magora's Zimbabwe Blog 29
Funky Town Disco Music 27
Anime Hunt 27
Daily Green Ideas 27
Digital Rebel350 26
Chat with Katrina 26
Living and Wellness 23
Fulfilled Life 23
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