Cutting Your Kids' Schooling Costs

Whenever the school season is just around the corner, there's only one thing that parents are thinking about - the impending costs. Education is a primary right and a pertinent need of every child but it can become very costly. Availing of scholarships and education grants for your children is the best way to get them through schooling. But of course, only a small percentage of children can be given these privileges.

There are simple and effective measures that parents can employ in cutting the costs of their children's schooling, especially during the back-to-school season. Most often, these measures are often taken for granted, but don't miss out!

Organize and Save

Keep an inventory of your children's school supplies and keep it organized. If you are not organized, you will be spending more money on replenishing your supplies. Small things like pencils and crayons may not cost too much, but if you replenish your supplies unnecessarily, you are losing valuable money.

You should also try involving the kids when making the inventory. This will give them a sense of ownership for their things and would know where to take and put their things.

Tax Holidays

Tax holidays are often offered by many states during the back-to-school season.  Price ceilings will be put on different school gears. You might want to do a little research and ask about the schedule and the details of the tax holidays in your area.

Bulk Buying

It's a basic economic principle - 'the more you buy, the more you save". Well, this is applicable if you are buying a specific item which you will really need in the near future. In buying pencils, for example, you might want to buy a box rather than buying one for each of your kids. Face it, you will be needing to replenish these after some time, so might as well avail of the lower price by buying in bulk.

Transportation

You might want to consider buying your child a bicycle for him to bring to school. This, of course, is not always feasible. Finding a cheap and safe way to bring your children to school daily is an important thing. Car pools and school transportation services are options that you can look at.

Snacks

Whenever you have the time and energy to prepare food for your children, do so. You will not only be saving on the pocket money that you will give to them but you are also secured that your children are eating healthy and safe meals.

Getting your children through school is a hard task and a costly one. Saving money through practical and simple means can assist you in this endeavor. The benefits will eventually add up to bring a brighter future to your children.

Check out www.adamscapgroup.com for more Information on personal finance.

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• Budget like Mom
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• Why Should I Make A Budget?

Smart Secrets to Budgeting

There's nothing more we want than to be able to efficiently manage our money. After all, the money that we want to manage is money that is oftentimes, hard earned. This is where a budget comes in. A budget executed properly, should help you see where your money is going, get more utility out of every buck, and help you save some extra for future use.

The first smart secret to a budget is to set a goal. What do you want to achieve? Do you want to correctly appropriate your income into bills payments? Do you want to put an amount aside for a big purchase or a huge investment? By having a goal, you will be able to shape your budget to best serve your interests.

Secondly, you would want to take note of where your money usually goes. This includes bills, major but regular purchases (like grocery costs, healthcare costs, and the like), and everyday miscellaneous purchases. It is only when you list down where you know your money usually goes will you be able to identify which expenses you can do without. Once you've identified these regular expenditures, take into consideration what you can cut back on. 

How much do you spend on your daily caffeine fix in the morning? How much do you spend on newspaper deliveries to your front door? The measly $2 or $5 of these small purchases cumulatively translates to more than $3600 a year! Instead of buying your expensive latte or reading the newspaper on print, put aside the amount you would usually pay for these small routine purchases in a small container. You will be surprised at how much you"re saving out of your older budget.

Being indebted is a vicious cycle on its own. You’re talking about continuous payments, not to mention huge interest rates. The best way to deal with this is to pay the minimum on all of your debts in order to avoid paying extraneous late fees. Whatever cash excesses you may have, you can opt to add on to the payments you make in your biggest debt. This way, you are concentrated on getting the biggest debts first that cost you the greatest interest rates. Doing this progressively, you’ll be amazed at how much you’ll get off your huge debts.

The last and most important step is to jot down the amount you earn the sum you spend. You can make use of computer cash management programs, or make database sheets of your own. Make a system that works for you and will help you keep track of your monthly budgeting progress.

Check out www.adamscapgroup.com for more Information on personal finance and budgeting .

Other articles you may find interesting:

·         Debt Management Program – The Easy Way Out Of Debts!

·         10 Warning Signs that Tell You If You Have too Much Debt

·         What You Need To Know Before You Enroll Into a Debt Management Plan

What Are Your Alternatives to Bankruptcy?

We’ve already mentioned that bankruptcy should be undertaken only as a last resort, when all other ways to settle your debts have failed. Consider these alternatives:

Make a budget. If you are used to spending away your money each payday on whatever catches your fancy, it’s time to stop that now. List down all your sources of income in one column, your fixed expenses (food, shelter, education, car payments, and the like) in another, and your other expenses (leisure, vacation, and the like) in another. Write even the most insignificant purchases as these have the tendency to add up. When you do, you will be able to spot where you are spending needlessly. With a budget, you are in a better position to manage your funds.

Call your creditors. Most creditors are amenable to restructuring your loans with them if you show the initiative to contact them about your delinquent accounts. Explain why you are having difficulties but that you can afford to pay a certain amount per month to settle your debts until such time that your finances get better. Make sure that you do this before your debt becomes 120 days delinquent, though, as your account will most likely be turned over to a debt collector. Dealing with collection agencies is much more complicated.

Settle your debts. Contact your creditors and offer to settle your debts. Do debt settlement on your own and don’t rely on debt negotiation companies to do this for you. Many have successfully negotiated their debts for as low as 20 to 30 cents on the dollar and have written books about it. Learn from them. 

Sell some stuff. If buying designer clothes, bags, and shoes got you in this mess and you have a closet full of stuff you don’t anymore use, have a garage sale. Turn any asset you have into cash which will help pay off some of your debts. Look around for stuff in the house you can sell on eBay. Not only will selling things you don’t anymore need generate money to get you through this financially troubling time, you will also realize how owning fewer things gives you more freedom physically, emotionally, and spiritually.

Be frugal. Living below ones means is a trait of many self-made millionaires. You may be far from that road now but spending less than what you make each month will give you extra funds that can go towards debt payments. Besides, it’s also good practice to always have something extra left. Even when you don’t have any more debts to pay and have already cultivated that habit of being frugal, the excess amount left can be used for savings or investments.

Consolidate all your debts. If you can take out a home equity loan and pay off all your credit card and other unsecured debts using the proceeds you can get from it, you will only concentrate on paying off one loan. However, this would mean that you are turning your unsecured loans into a secured one with your house on the line. If you fail to pay, foreclosure is possible. Talk with a lawyer or a financial adviser before consolidating your debts.

Go for credit counseling. If you simply want advice on how to manage your finances, a credit counselor can help. Some will even help negotiate your debts for you. However, it’s best to do the negotiations on your own with the lessons you have learned from your counseling sessions.

As you can see, there are many alternatives. Exhaust all these strategies first before ultimately filing for bankruptcy. 

Find more articles on debt management  by just clicking on this link: http://consolidatedebtguide.org/

Here are more interesting articles:

·         Get Rid of Debts Through Consolidation Loan Debt Reduction

·         Understanding Debt Settlement

·         Debt Management Tips To Bring Your Life Back On The Right Track

·         Manage your Spending with Credit Card Debt Management

Sample Letter to Your Creditors for Debt Settlement

One of the most important rules to follow when it comes to debt settlement is to always communicate with the original creditor or debt collector through letters. It should be sent through registered mail with return receipt requested so that you have a paper trail of your transactions. If you are not sure how to go about writing a debt settlement letter, here are some samples to help you get started. Remember that you have to craft the letter to fit your unique situation so don’t just copy and paste. Make sure that you review it before sending so your letter becomes more effective.  

Part I of this report gives sample letters you can write to your original creditors. These include an unsolicited settlement offer, a letter countering a creditor’s offer, a letter of acceptance to a verbal offer, and a debt settlement agreement. Don’t forget to send your letters via registered mail with return receipt requested.

Settlement Offer Letter

Date

Your Name

Your Address (Street Number, Street Name)

City, State, and Zip Code

Your Phone number

(Name of Creditor)

(Creditor Office Street Number and Address)

(City, State, and Zip Code)

RE:  Account #_________________

Dear Sir/Madam (if you know the name of the person in charge, the better),

I have been unable to make payments on my account with your company which shows an outstanding balance of $___________ because of financial hardships that I am experiencing. (You can give a short explanation of what has caused the hardship but be professional in your explanation.)  

I feel that I have a moral obligation to pay this debt but do not have enough money to pay it fully. However, I would like to offer a settlement amount of $ __________ which will consider this debt paid in full.

I sincerely hope that you will be able to accept this offer inasmuch as it is all I can afford. Should you accept this settlement offer, please send me a letter stating that you also agree to these terms: 

1.    That you are accepting my one-time lump sum payment of $____________ as full payment of the outstanding balance of $____________ which I owe to your company and that no future litigation related to this account number will be filed against me;

2.    That you are going to report to the credit bureaus (Experian, Trans Union, and Equifax) that this debt has been “Paid” and that any negative listing related to this account be removed.

3.    That you are going to send proof that the debt has been satisfied as soon as my funds have cleared.

When I receive your letter agreeing to this settlement, I will immediately send you the agreed amount so I can get this burden behind me (you can also ask them to sign a debt settlement agreement that you have already prepared and send you a copy). I appreciate your consideration of my offer. Thank you very much for your time.

Sincerely yours,

Signature over Printed Name

Find more articles on debt settlement  by just clicking on this link: http://consolidatedebtguide.org

Here are more interesting articles:

·         Get Rid of Debts Through Consolidation Loan Debt Reduction

·         What You Need to Know About Debt Negotiations?

·         Debt Management Tips To Bring Your Life Back On The Right Track

·         Manage your Spending with Credit Card Debt Management

What You Need To Know Before You Enroll Into a Debt Management Plan

Don't drown in your debts, manage them instead! Rather than paying off many separate bills each month, you can use debt strategies to combine your monthly payments into one easy-to-manage bill per month. Debt consolidation gives you the power to get out of debt with the help of a certified debt consolidation agency. In order to properly manage your debt and help you to get rid o your debt in timely basics, a debt consolidation always goes with a debt 

management plan.

Your debt counselor from debt consolidation agency will normally ask you to enroll into one of their debt management plan. If you decide to enroll in a Debt Management Plan, do your homework before signing anything. Here are some guidelines for your reference before you put your signature on to the debt management contract.

1.    Check with the Better Business Bureau

You should short listed a few debt management plans offer by different debt consolidation companies; then, check these company's rating and their past performance records from Better Business Bureau (www bbb.org). Eliminate from those companies that have an "unsatisfactory" rating at BBB.org. Serious and unresolved complaints will be noted, and you can learn what other names the company operates under so you can look them up as well. Understand how they resolve complaints and whether they will pay your creditors on time.

2.    Understand the Fees

Debt consolidation is not free. Fees may include account set up fee and monthly processing fee. Ask for all the fees involved, including the potential hidden fees before you decide to enroll to the proposed debt management plan. Avoid services that need up front fee; the rule of thumb, If you're paying more than £50 a month, you're paying too much.

3.    Choose a Debt Consolidation Company that Can Handle All Your Accounts

Before you sign a contract, let the debt consolidation company know all your accounts to be consolidated and ask to confirm that they can work with all your creditors and consolidation all your accounts, not just a few.

4.    Be Wary of Company That Enroll You in 30 Minutes of Less

A counselor should spend time with you to understand your current financial situation and will make sure that the proposed debt management plan best fit you. In general rule, if a counselor enrolls you into their debt management plan without understanding your real debt problem, they won't work for your interests in the future either. Be wary of these companies that just want you to become their customer and don't care about your real financial issues.

In Summary

Debt consolidation with a good debt management plan will is able to help you to resolve your debt issues. While there are many reputable debt consolidation companies around in the market that really provide a good service to help their customers in resolving their debt issues, many are around just to earn profit and ignoring your debt problem. If you decide to enroll in a Debt Management Plan, do your homework before signing anything.

For more on debt management Plan, visit http://www.ezmortgagesolutions.net/

Some articles you may find interesting:

·         Debt Management Program – The Easy Way Out Of Debts!

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·         All About Debt Management Services

Debt Management | Reasons not to File Bankruptcy

Although bankruptcy does give you the chance to start anew financially, there are still a lot of reasons why you should not. The most important ones are outlined below:

1.       Bankruptcy leaves a negative mark on your credit report. You might be able to discharge all your unsecured debts under Chapter 7 but you will have to live with this derogatory listing in your credit report for the next ten years (a Chapter 13 will stay for only seven years). It can lower your credit score and impact your chances of obtaining a mortgage, car loans, and other types of loans. This single act alone brands you as financially irresponsible and a high credit risk. This is not permanent, however. With sound financial management, your credit score will improve in time. But if there are things you can do to avoid going this route you should take it before considering a bankruptcy filing.

2.       It is not suited for everybody. Just because you are hearing calls from debt collectors left and right does not mean that you should immediately file. Generally, if you still have income and have less than $5,000 in unsecured debt, bankruptcy may not be a wise decision. However, those with debts less than this amount but want to save their house from foreclosure or a vehicle from repossession will consider bankruptcy a very viable alternative. Each case varies so you will have to take a long hard look at your finances to determine if it is right for you.

3.       It requires full disclosure of all your income, assets, and debts. If you are not comfortable with this idea, it might be better to consider other options, especially if you have some properties that you want to protect from your creditors.

4.       Your filing becomes part of the public record. Anyone who wants to obtain information about you and your bankruptcy filing can do so. Even prospective employers or business clients will know about it if they do a background check on you. These can negatively impact your personal and financial future.

5.       You have exhausted the only legal means of protection from financial disaster in the coming years. Generally, you cannot file again in the next six years. Even if you do your best to avert another debt crisis after your bankruptcy petition, you’ll never know if you will be involved in situations where you will be required to pay a huge sum in damages. Where will you turn to then?

6.       Your bankruptcy filing could affect other people. In a Chapter 7, co-signers in some of the loans you took out will still be liable for your debt even if you are already legally free from it. Unless you want to destroy relationships you have built over the years and contribute to their own difficulties, you should think your decision through many times over.

7.       Bankruptcy is a personal loss. Yes, you might lose all your debts when you get them discharged but it will be a loss to you. It’s an admission that you were remiss in managing your personal life and your finances. If you still have the chance to pay off your creditors without resorting to bankruptcy, you should take it. It will mean keeping your dignity and self-respect intact.

Find more articles on debt management  by just clicking on this link: http://consolidatedebtguide.org/

Here are more interesting articles:

·         Get Rid of Debts Through Consolidation Loan Debt Reduction

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·         Debt Management Tips To Bring Your Life Back On The Right Track

·         Manage your Spending with Credit Card Debt Management

Consider Your Financial Retirement Options

When it comes to planning your retirement you will find that there are many options available to the savvy investor. The problem isn't necessarily in investment opportunities but the knowledge that is needed in order to turn those opportunities into wild successes. For this reason alone, I recommend that your first stop along the path to financial retirement investment be at the door of a competent financial planner.

Most of are more than willing to go to the experts for advice when problems arise and yet for some reason have major problems seeking the services of those who are trained to assist us in our financial planning endeavors. You should consider your options carefully and decide what is in your best interest. The best way to do this is with the information that a good financial planner can provide and by listening to his or her guidance.

One thing you will probably be told is the importance of diversity in your investment portfolio. We all have been told many times never to put all of our eggs in one basket and the same holds true when it comes to investing your retirement. All investments are a gamble; some carry more risks than others. You must keep in mind that every penny you invest is subject to loss however and make your investment decisions by how much of a risk the particular investment presents and how much you are willing to lose if the investment doesn't pan out.

Perhaps the most common investment choice for retirement funds is mutual funds. These offer the ability to invest long-term with lower risk than many other investment options you will come across. These funds present a higher risk than other investments but are a good moderate risk investment for those who have little knowledge of how the market actually works. There is a fund manager that is in charge of making the actual investment decision for the collective pool of the fund and his or her job to decide where to put the money for which they have been entrusted. This leaves the critical decisions out of your hands and off your mind.

If mutual funds seem boring to you, there are other higher risk investment opportunities in the form of stocks. 

I seriously recommend studying the market carefully and completely before making the leap into stock trading but this can be quite the short-term quick profit rush that you are looking for if you are willing to risk your retirement investment for the sake of increasing your net worth. If you do choose to invest in the stock market please take the time to learn the proper procedures, the risks, and the process before diving in. If you have a financial planner (and you definitely should) then he or she may prove to be an exceptional resource when it comes to the practice of 'playing' the stock market.

Securities are a very complicated process that many of us would feel better never needing to understand. If you need a little more adrenaline pumping, heart clutching moments when it comes to you financial retirement and are willing to risk the need to work for the rest of your life in the process you may find that this is just the boost for you. Be sure however, not to rest all of your hopes and dreams for retirement on the allure of securities trading as this is a very high risk field for those who do know what they are doing. For those who have little experience it can prove to be a financially fatal flaw.

Learning the ins and outs of the investment process in addition to the options that are available to you through the course of your own financial retirement planning is like going to war with the proper weapons and armor rather than a slingshot and a rock. The problem is that while there are some financial Goliath's out there that are simply waiting to be tamed, most investment strategies present their own unique needs that should be understood and monitored.

More on personal finance  can be found at www.ezmortgagecalculator.org.

Other articles you may find interesting:

·         Budgeting Without Guilt

·         10 Warning Signs that Tell You If You Have too Much Debt

·         Understanding Debt Management Services