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19,178 Identity Theft Victims Per Day - Are You One Of Them?
Identity theft statistics are shocking. And we are told that it will only become worse, before it gets any better. Are you likely to be affected?
According to recent studies, up to 7,000,000 people become identity theft victims each year, in...
Can You See Clearly Now?
Can You See Clearly Now?
by Lady Camelot
Johnny Nash's song, "I Can See Clearly Now," is one of those musical tunes that are not only dear to my heart, but a "pick-me-up" mantra as well. The lyrics are as follows:
I can see clearly now, the...
Honey I cant afford the kids
Sex has a lot to answer for
babies usually
which then with time and much financial investment grow up to be beautiful mutations of their parents. Yet as the family absorbs more money as it grows, the need for financial planning and protection...
Honey, Rich Is Better
"I've been rich and I've been poor. Believe me, honey, rich is better
-Sophie Tucker
Statistics show that a majority of women to do not start to think about their personal finances and investing until their late forties after the death of a...
Life Insurance Wise Investment In Personal Finance Or Excessive Caution?
Life insurance is typically taken out to offer valuable financial protection for your family in the event of your death, upon which a payment is made to your financial beneficiaries, heirs or family members. The extent of this payment will depend on...
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Why Have A Budget Analysis
Let's start by defining a "Budget Analysis". This is simply
a breakdown of your budget (income, bills & expenses) showing
how much money you have coming in and how much you have going
out. It will show how your budget category percentages compare
with what is recoginized as the ideal percentages. The most
important aspect of the Budget Analysis is the recomendations
for improvement.
The first part of your analysis will list your income and
breakdown your bills and expenses by category. At Budget
Stretcher I use only four categories, Housing, Other Bills,
Household Expenses, and Savings. The three expense categories
allow 30% of your take home for each category with 10% going to
savings.
Next, your expenses percentages will be compared to the ideal
percentages that will show you what areas of your budget
need improvement. The percentages above are simply targets.
If you exceed the recommended percentage in one category but you
do not exceed 100% of your take home pay for all categories,
then you would not normally have a problem.
The recommendations for improvement are based on sound financial
practices. There isn't anything complicated about this, it is
pretty much 2+2=4. However, there are some tricks that can be
recommended to help make the figures add up a little easier. As
an example, if you have say 40% of your income
going to the
Other Bills category because of credit cards, it may be
recommended that you try consolidating your credit cards to
lower your payments. This can be done by either a consolidation
loan, home equity loan or by using an existing credit card to
pay off all of the others.
I would recommend a Budget Analysis for anyone that is having
problems with paying their bills or anyone that consistantly
pays their bills late. Also, if you have problems organizing
your bills or would like to reduce your debt, a budget analysis
may be helpful.
The next step is follow-up. No matter how thorough your budget
analysis, you are going to have questions along the way. It is
important that whoever is doing your budget analysis are
available to answer these questions for as long as you need the
help.
A Budget Analysis is not the answer to all of your problems. It
is going to take time, organization and discipline to get your
finances in order but it can point you in the right direction.
About the Author
Terry Rigg is the author of Living Within Your Means - The Easy
Way http://www.homemoneyhelp.com/ebookadpage.html and editor
of The FREE Budget Stretcher Newsletter and Budget Stretcher
web site http://www.homemoneyhelp.com. He has 25 years of
experience counseling individuals and families concerning their
personal finances.
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