Monthly Archives: July 2016
If you are finding that you have more expenses than income, there are only two ways to improve your personal financial situation. One way is to spend less money; the other is to earn more. After you’ve exhausted all options for spending less money, you’ll probably need to search for ways to earn more. Surprisingly, making more money isn’t too difficult when you set your mind to do so.
First, go through your personal budget carefully to determine how much money you will need. Do you need more money on a monthly basis, or for a one-time situation? Knowing this will help you decide which suggestions to consider.
Ideas for earning more money
# Secure a part-time job. Seek additional employment, even if it is not in your field of expertise. You may wish to consider working somewhere that will provide you with discounts to merchandise or services.
# Improve your skills. Research local nonprofit organizations and government agencies that offer training opportunities. Visit your local library and read about the latest trends in your field. Remember, the more you know, the more you’re worth.
# Network. Join a professional group and attend job fairs. Sometimes, getting that perfect job means knowing the right people to help you get your foot in the door.
# Sell yourself. Attend resume-building and employment workshops; many are offered free of charge.
# Utilize available resources. Check with your local Department of Labor Employment Services for job training and opportunities.
# Enlist help. Contact a local temporary employment agency. They offer a variety of temp work and flexible schedules. Many positions have the potential to become permanent.
# Make the most of what you have. Ask your current employer about opportunities for overtime. Now might also be the time to ask for that well deserved pay increase.
Finally, consider all of your opportunities for one-time income such as holding a garage sale.
Young people learn by step by step going up against more duty. For some guardians, this includes giving their kids a restricted measure of control over budgetary choices. On the off chance that you give your high schooler a stipend, take an ideal opportunity to show them how to deal with their cash and control their spending. All things considered, most teenagers report finding out about cash administration from guardians. Set up a concurrence on what the recompense covers. Consider giving additional pay chances to help them discover that cash is something you win, not something you are qualified for. This is likewise an extraordinary approach to get them required in additional family errands.
Another effective tool is to get teens involved in a major purchase, such as the car buying process, whether the car is for them or for the whole family. Discuss with them such issues as what the car can be used for, who is responsible for gas and maintenance, and who can actually drive the car. Show them how auto insurance works, including how much the premiums increase when they start driving, as well as how much it rises if they have an accident or traffic violation.
Involve teens with your day-to-day personal finance decisions, such as grocery shopping. Have them help you with the grocery list and show them how to comparison shop, by pointing out how much money you save through comparing prices and using coupons. You can even ask your child to help cut out coupons, go through the sale papers, and develop the grocery list for the week. In addition, let them sit with you while you pay the bills, so they can see how much monthly obligations like utilities, phone bills, the mortgage, and insurance, add up.
Encourage teens to save their money for a major purchase and even offer to match their savings with an additional 50 cents per dollar saved. This is a great way to teach them the relationship between building a savings account and the positive rewards that follow.
Finally, teach teens how credit works and how to use credit cards responsibly. You might even consider showing them your bills when you pay them. Too often, young adults who get their first credit card perceive it as “free money,” and find themselves in debt very quickly. Don’t wait until your child is in college and inundated with offers for free stuff in exchange for opening a credit card. Help them understand that the $50 they charge today costs a lot more if they don’t pay it off quickly.
It’s verging on difficult to open your email or surf online without unearthing advertisements to “repair your credit” or “alter your credit.” Companies that vow moment and surprising upgrades shockingly can’t convey on their grandiose guarantees.
Nowadays, with credit at a premium, families are all of a sudden finding that they might be rejected for charge cards, advances, and contracts, and the allurement to pay for administrations to “settle” the issue on their credit report can absolutely be luring. While there are steps that buyers can assume to repair awful praise, these means oblige almost no cash, simply time. There’s generally no motivation to pay somebody to do these things for you, and nobody can or ought to guarantee to enhance your credit. The larger part of these credit repair organization offers cost noteworthy cash, and they frequently can’t convey on their fantastic guarantees.
Furthermore, these “credit repair” companies often recommend or use fraudulent and illegal methods to repairing credit. For example, some companies will send multiple credit disputes of negative (but accurate) records to the credit reporting agencies, claiming that information is incorrect, under the law that information must be verified as accurate within 30 days or should be removed from your record. This is illegal–accurate, negative information should not be disputed, and this information can be added back to your record once it’s verified as accurate.
Another fraudulent method is to recommend that you open a new social security number or employer identification number. This is also illegal and fraudulent and definitely does not work.
The FTC web site offers recommendations on how to recognize a credit repair scam. Beware companies that require money up front and recommend that you do not contact credit agencies yourself, among other things.
Keep in mind that any legal, ethical method to repairing credit can be done by you, without any fee. This includes sending a 100-word statement to the credit agencies, explaining your delinquencies, disputing any inaccurate information, and continuing to pay bills on time.