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Debt Handling - Developing A Budget Can Increase Income
from:It might seem that developing a budget should be an elementary task. But many people are simply not inclined to use spreadsheets, balance checkbooks or lay out a formal budget. Whether by nature, or as a result of a reaction to public school mathematics training, some people just aren't 'number people'.
But everyone will find it in their self-interest to make the effort to outline their expenses against income even if it requires getting someone else to help undertake the task. The budget should include monthly income and outgo, projections of expected increases and decreases and some buffer for the unexpected.
If you feel uncomfortable using spreadsheet software - which is available for free these days either through Open Office (http://www.openoffice.org/) or Google Docs & Spreadsheets (http://docs.google.com/ - at least jot down some figures on a legal-sized pad.
Divide the spreadsheet or page into two columns. In one, list income, in the other write down all monthly costs. In the costs column include all major regular bills, groceries, gasoline, etc. Then add at least 10% for unexpected expenses, if you can.
Now, for an important add-on task that too few undertake: project different scenarios. Make another budget (an imaginary one) that shows monthly costs, income and the difference between the two... except:
Exclude monthly credit card interest amounts. Exclude auto loan interest. Exclude 25% of any 'impulse buy' amounts. Then sum the total of those three.
These three represent the amount you could conceivably avoid paying every month. If the total is even as low as 10% of your monthly expenses (and for some it's higher), you are paying a substantial amount of your income to charges that could be avoided.
No one but you, being as realistic as possible, can decide whether that 10% overhead you pay is worth what you get in return - having certain items earlier than you would by saving for them. But, consider this: saving that 10% APR paid on $2,000 for one year is: $110. And many people pay only the minimum monthly payment, which amounts to much more. That's $110 you are paying solely to have something costing $2,000 a year earlier.
Only you can decide which is worth more to you, but developing a budget will help you make those decisions rationally.
Debt Consolidation And Reduction News
Debt Free League Announces Partnership With Debt Elimination Book Author to Help Consumers and Small Businesses Avoid ... (PRWeb via Yahoo! News)
Debt Free League partners with author Victor N. Chevalier to provide free debt elimination book that educates consumers and small businesses on how to avoid bankruptcy through little known, highly-effective debt reduction solutions. The joint venture also seeks to identify how the debt settlement debt management procedure excels over bankruptcy, consolidation, and credit counseling.
Read more...Not only layoffs, but consolidation within Crozer-Keystone (Delaware County Times)
In addition to eliminating 400 positions, Crozer-Keystone Health System has consolidated its home care agencies and its hospice services and are taking unneeded beds out of service while preparing to develop a wage adjustment package to remaining employees.
Read more...OMNOVA Solutions' Cost Reduction Actions Expected to Provide $19 Million in 2009 Cost Savings as Company Completes a ... (PR Newswire via Yahoo! Finance)
In an ongoing effort to reduce costs and right-size its business, OMNOVA Solutions Inc. today announced that it had taken cost reduction actions which are expected to provide $19 million of year-over-year savings in 2009.
Read more...Scam involves debt-consolidation services offering information (Salem Statesman Journal)
SALEM — The Better Business Bureau is warning consumers of bogus debt-consolidation or counseling services. Residents in Oregon and southwest Washington have reported getting phone calls from solicitors pushing such services.
Read more...Oi concludes acquisition of BrT - Brazil (Business News Americas)
Brazilian telecoms operator Oi (NYSE: TNE) has wrapped up the acquisition of fellow operator Brasil Telecom ( BrT ) (NYSE: BRP), the former said in a statement.
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