May 19, 2012
Although you may not want to think about the state of your finances, there is no getting away from the fact that money is an essential part of everyday life. This article is full of tips that will help you get your finances under control.
Be sure to include your post tax income. For starters, include all after-tax money that you get each month from your salary, alimony, child support, rental income, or other sources. Make sure your expenses are less than your income on a monthly basis. A great way to consolidate many bills into a smaller payment is by getting personal loans and these loans are typically desired because they offer a much lower rate of interest. You can imagine how much money you will save by consolidating higher interest loans into a personal loan with a lower rate.
To make this process effective, you should compose a detailed listing of your expenditures. You need to also include quarterly and yearly payments. Some of these expenses may be home improvement and repair costs, or car maintenance and registration payments. You need to also write down other, smaller things that you pay for daily or weekly, such as child care or grocery shopping. You should make sure that your list is as comprehensive as possible to ensure you have a true picture of what you spend.
There are always things you can eliminate from any budget. One easy thing you can do is bring coffee from home instead of stopping for expensive lattes on the way to work. Seek out anything similar to this that you can get rid of without difficulty prior to putting together a lasting financial plan.
See what improvements you can make to help you lower your utility bills. Windows can be a weak link in your homes armor by letting out heat in the winter and cool air in the summer. Make sure your windows are properly insulated. An on-demand hot water tank is a good way to reduce spending. Have a plumber come out and fix any leaky pipes you have to help lower your monthly water bill. Be sure to run your dishwasher only when it is full, so you can make the best use of it.
If you can, purchase new energy efficient appliances. These energy-saving appliances help you save on your utilities. Also, when you are not using something, unplug it. You can save both money and energy by doing this.
Some home improvements pay for themselves over time with the reduction in utility expenses. For example, replacing your roof and installing new insulation prevents you from losing energy for both heating and cooling because of insufficient structural materials.
Try to save money by being careful with appliances. Even though you are spending money to repair or replace items, you will see a savings in the long run.
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January 27, 2012
Greeks are making significant changes to the way they spend their Christmas bonus, according to a MasterCard Barometer survey which revealed that this year, nearly 60 percent of consumers intend to use the extra cash to cover household expenses (40 percent of the 60 percent) or plan to put it aside in case of emergency (19 percent).
In 2010 the majority of consumers used most of the money to buy gifts for family and friends, but this year just 15 percent said they will be spending their bonus on presents – down 50 percent – and almost one in three (30 percent) said they have no cash to spare, up from 10 percent in 2009.
The percentage of people who responded that they are planning to spend their bonuses on themselves stands at just 13 percent, while clothing and footwear remain popular as gifts, though in a smaller proportion (27 percent in 2011 compared to 34 percent in 2010). The next big seller is childrens toys, at 19 percent, though the survey noted a significant rise in the number of people who will restrict their gift shopping to small, inexpensive items this year compared to last.
Women are 18 percent more inclined to spend their Christmas bonus on presents for others compared to men, while consumers aged 18-34 will focus more on spending what they can on themselves by 28.5 percent more than the next age bracket, in which middle-aged consumers feel that they have too many responsibilities to splurge on personal enjoyment.
People aged 35-44 are most likely to spend their money on gifts, at 29.2 percent of respondents.
Almost eight in 10 said that they have no intention of traveling this holiday season, a percentage that is only slightly higher than 2010, but much higher than 2009. As in 2010, mostly men and people aged 18-34 are planning to travel during the holidays, while older women are opting to stay put. Furthermore, more than half of the respondents who said that they are making travel plans have restricted these to destinations around Greece, and especially to their villages or family homes in the countryside.
Despite the crisis, a rather surprisingly low 56 percent of respondents said that they will be altering their spending habits this holiday season, suggesting that the trend last year toward trying to have a good time and splash out a bit on order to improve their mood is still a priority for Greek consumers, who said that they are affected by the holiday spirit, though the crisis has made them more careful about spending by 48 percent this year compared to 29 percent in 2010.
Consumers who said that they will not be changing their spending habits, however, said that this is not a time to spend too much (56 percent) or to stray from a fixed list of planned expenses (44 percent).
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January 26, 2012
In December 1996, while he and Jill were living together but before their marriage, Anthony purchased a house (the Property) for $155,296. Before their marriage, the parties had discussed purchasing a house and jointly decided to purchase the house after Jill found it. The purchase was financed through a Veterans Administration loan that did not require Anthony to provide a downpayment. Both the grant deed and deed of trust show Anthony took title as a single man.1 He and Jill began residing in the Property immediately after the purchase and continued to reside there throughout their marriage. The parties paid all mortgage payments and household expenses on the Property from a joint checking account.
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January 25, 2012
WASHINGTON, Jan. 9, 2012 /PRNewswire via COMTEX/ –
Americans’ attitudes on a variety of issues are marginally better than one month ago, according to results from Fannie Mae’s December National Housing Survey. Despite overall low levels of optimism among Americans, consumer sentiment trended in a positive direction in the final months of 2011. Americans who say the economy is on the right track rose by 6 percentage points since November, while the percentage who say the economy is on the wrong track dropped by 6 percentage points. When asked about housing, more Americans expect home prices to increase compared to November and, on average, Americans expect home prices to increase by 0.8 percent over the next year, up from an expected 0.2 percent increase last month. On the personal finance side, for the first time since February 2011 more respondents say their financial situation will get better over the next year than say it will stay the same. In turn, the share of consumers who say their income is significantly higher than it was a year ago rose 5 percentage points since last month.
“December attitudes have rebounded from the lows seen during the debt ceiling debate and economic deterioration of Europe this past summer. There is marked improvement in consumer sentiment regarding the direction of the economy, personal finances, and future home price expectations,” said Doug Duncan, vice president and chief economist of Fannie Mae. “This improvement is in line with the modest fourth-quarter pickup in the U.S. economy. However, while December results show that more Americans think the economy is on the right track, consumer attitudes are still at depressed levels, with more than two-thirds saying that the economy is on the wrong track.”
SURVEY HIGHLIGHTS
The Economy and Household Finances
Twenty-two percent of Americans say the economy is on the right track (up by 6 percentage points since November). The percentage who say the economy is on the wrong track dropped to 69% (a decline of 6 percentage points).
For the first time since February 2011, a larger share of respondents (40%) say their personal financial situation will get better over the next 12 months than say it will stay the same (39%).
Twenty-one percent of respondents say their income is significantly higher than it was 12 months ago (up 5 percentage points since November), while 59% say it has stayed the same (down 7 percentage points).
Eleven percent say their household expenses have decreased over the past 12 months (up 3 percentage points since November), while 39% say their expenses have increased significantly. 49% report that their expenses are about the same compared to 12 months ago (down 5 percentage points since November).
Homeownership and Renting
On average, Americans expect home prices to increase by 0.8% over the next 12 months, up from 0.2% in November.
Twenty-six percent of respondents expect home prices to increase over the next 12 months (up 4 percentage points since last month), while 18% say they expect home prices to decline (down 4 percentage points since last month). 52% say prices will stay the same.
Thirty-six percent of Americans say that mortgage rates will go up over the next 12 months, up 3 percentage points from November and even with October.
Seventy-one percent of respondents say it is a good time to buy a home (up 3 percentage points since last month), and 11% say it is a good time to sell.
On average, Americans expect home rental prices to increase by 3.5% over the next 12 months, up from 3.2% in November.
Five percent expect a decline in home rental prices over the next 12 months (tying May 2011 as the lowest point in the past 12 months), while 43% of respondents believe that home rental prices will increase.
Thirty-one percent of Americans say they would rent their next home, while 64% say they would buy, up 1 percentage point from last month.
The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.
For detailed findings from the December 2011 survey, as well as technical notes on survey methodology and the questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey site. Also available on the site are quarterly survey results, which provide a detailed assessment of combined data results from three monthly studies. The December 2011 Fannie Mae National Housing Survey was conducted between December 1, 2011 and December 20, 2011. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
Follow us on Twitter:
http://twitter.com/FannieMae .
SOURCE Fannie Mae
Copyright (C) 2012 PR Newswire. All rights reserved
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January 25, 2012
The founder and director of a Chicago art gallery that provided after-school arts education allegedly skimmed thousands of dollars in federal education grants for their personal gain, using the money for credit card bills, car payments and household expenses, according to a federal indictment this week.
Beacon Street Gallery and Performance Company founder Patricia Murphy, 66, and co-director Susan Field, 62, were charged late Tuesday with theft of federal funds and wire or mail fraud. Murphy and Field sit on the gallerys board of directors.
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January 23, 2012
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Everyone likes to save money. More and more people are using daily deal coupons and vouchers to stretch their budget. Using a Groupon, Amazon, Woot, LivingSocial, Lifebroker or Daily Candy deal can save money on dry cleaning, beauty and salon services, home repair, travel destinations, take-out and restaurant meals. When you save money on items and services you would have purchased anyway, the savings add up quickly.
Daily deals are a win win marketing strategy for both the consumer and the business owner. Consumers save from 50 to 90 per cent off of great products and services. They discover unique venues and hard-to-find services and products. Business owners gain exposure and the chance to attract repeat customers.
Consumers register at daily deal sites, review deals and select offers that will save money on household expenses and entertainment. Purchase the deal and a coupon is immediately sent to your inbox. Print the coupon and redeem it at the specified merchant or service provider. The process is simple and straightforward.
However, it can become a bit embarrassing to use a coupon in a group situation. The question arises, should the deal be applied to the whole group bill or should it apply only to you? Perhaps you feel uncomfortable presenting the coupon to your favorite waiter or in the presence of a friend or business associate. A quick review of the etiquette of couponing when dining out will help you politely present your coupon or voucher and handle the transaction with grace and panache.
The best policy is to share the coupon discount, especially if you suggested the restaurant. If it’s the first time you have tried a particular venue, share with your guest that you have a discount coupon and ask if they would like to discover a new place with you.
Always tip on the pre-coupon amount of the bill. It requires the same effort and time to serve an entree that is discounted, as it does to serve the same meal at full price. (Do not present your coupon or discount voucher until the bill is offered. Present your coupon together with your credit card or cash payment to settle the bill.)
Read the fine print of your coupon or voucher carefully. Do not embarrass yourself or the establishment by asking them to discount an item or service that is not specified in the terms of the deal. Make sure the coupon has not expired or does not have time or day of the week restrictions. Many daily deals are structured to generate business during slow periods and their use is restricted to specified dates or times.
Do not ask to combine daily deals or discount coupons, unless so specified in the terms of the deal. The majority of businesses offering daily deals restrict the use of coupons or vouchers to one per visit.
If appropriate, thank your host or business proprietor for the deal. Comment honestly on your experience and let them know if you plan to return. Sign up for the business’s mailing list to make sure you receive notice of future promotions.
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January 23, 2012
BANGALORE: Reportedly depressed over mounting debts, a 35-year-old constable with the Karnataka State Reserve Police (KSRP) allegedly committed suicide by hanging himself from an obstacle pole at KSRP ground in Madiwala on Friday night. The deceased, Veerupaksha Nayak, a native of Chitradurga, was serving as a constable in KSRPs 3rd battalion. He is survived by wife and two children. No suicide note was found. KSRP policemen found the body on Saturday.
Investigations revealed he had borrowed money for household expenses. In another incident, a 36-year-old daily wage worker from Chhattisgarh was found hanging inside a shed in Chikkajala, around 5 km from BIA. Police said Bishon Raghunath had come to Bangalore on Friday and was to join work on Saturday. Bishon and his cousin Sabu Mann, natives of Chhattisgarh, came on Friday and were residing in a shed located in Vidyanagar. Both were labourers, police said. He was reportedly depressed and had left behind his wife and two sons in his village. According to Sabu Mann, Bishon was not willing to work in Bangalore, police said.
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January 23, 2012
Readmore: Economy, Marriage, Money, Mortgage, Money Talks, April Lewis Parker, Consumer Credit Counseling Service, Couples, Moneytalks, Sunrise
Living with someone is probably the single best thing you can do to get ahead financially.
One mortgage or rent payment, one set of household expenses – the list goes on.
But merging money is a double-edged sword, because money mistakes can drive a wedge into any relationship. Ask anyone on the front lines of the budget battle.
Number one cause of divorce, its always said, is money. So if theres anything that youre not matched up or you have a great difference that might play a big role, and look out for secrecy” says April Lewis-Parker with Consumer Credit Counseling Service.
Secrecy – thats one of the major money mistakes couples make.
Spending money behind your partners back.
Solution? Combine cash to pay household bills, but each keep a separate stash and do what you want with it: no secrets.
Second mistake? No budget. Start with a joint goal, then create a plan to get there – together.
Next, no will. If you should die, you should know what should go where.
Everyone should have a will, and talking about it opens the door to all manner of other money-related things.
Mistake number 4? Not talking about how your savings should be invested. If ones a gambler and the other conservative, dont ignore it – compromise.
And the biggest mistake – the one that precedes all others?
Not talking it out. From the moment youre serious till the day you die, the more you talk honestly about money, the fewer problems youll have.
Bottom line? Money is something that can bring couples together or tear them apart.
Want to see more money mistakes and other advice for couples? Get together at Money Talks News.com.
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January 20, 2012
With hundreds of Scots expected to face insolvency every week, Nikki Williams examines their options
MORE Scots will be made bankrupt this year as rising unemployment and continued public sector job cuts take their toll on household finances.
If you think you could be among the 400 Scots we predict will be pushed into personal insolvency each week in 2012, work out now what is the best solution for you.
Personal insolvency occurs for a number of reasons, including redundancy, divorce, illness and individuals over-extending themselves financially.
It increasingly affects people on middle incomes in Scotland – the fastest growing bankruptcy arrangements are those designed for people with a job and assets.
In Scotland there are several options for those who are no longer able to cope financially. Each option applies to individuals in differing financial circumstances, so choosing the one which is the most suitable for you is vital to ensure you do not experience further difficulties in the future.
Debt arrangement scheme
In a debt arrangement scheme (DAS) the debtor commits to a debt payment plan (DPP) which allows the individual to repay their debts at a rate based on their disposable income.
A DPP lasts for any reasonable length of time but is dependent upon the amount of debt and how much the individual can pay.
Under a DAS you make one monthly payment which is distributed to creditors under the terms agreed in the DPP. If a DPP is approved, all interest, fees, penalties or other charges owed are frozen and the individual is protected from creditors taking any action against them to recover their debt.
Protected Trust Deed
The number of Scots taking out Protected Trust Deeds (PTDs) is on the rise. PTDs are often used by more affluent individuals with a job and assets: an indication that the impact of the recession is now being felt across all parts of society.
A PTD is a formal arrangement between you and your creditors to enable you to repay as much of your debt as your assets will allow, usually within a three-year period (although this can be extended). The agreement will take the form of a proposal that the trustee (who must be a licensed insolvency practitioner) will draft, based upon information you provide regarding your assets, disposable income and level of debt.
You do not have to own any assets to consider a PTD but you must be able to make a reasonable contribution to the debt from your disposable income which will allow a dividend to be paid to your creditors, generally at a minimum rate of 10p in the pound.
Your creditors decide whether they wish to agree to the proposal and they are given five weeks to consider the proposals. If enough creditors agree, your PTD will become protected and creditors are prevented from taking any legal action to recover the debt. If you comply with the terms of the PTD within the agreed period your creditors will discharge you from the remainder of the debt.
Sequestration
This is the Scottish equivalent of bankruptcy. You can be made bankrupt in two ways: through the courts as a result of a creditor, who is owed £3,000 or more, raising bankruptcy proceedings against you; or, you can pay a fee of £100 and make your own application to the Accountant in Bankruptcy, assuming you owe £1,500 or more, which avoids a court action.
To make yourself bankrupt you must have established apparent insolvency, meet the Low Income, Low Assets (Lila) criteria or have a Certificate for Sequestration. Apparent insolvency means a creditor has started debt recovery action and has served a charge for payment or a statutory demand.
Once bankruptcy has been awarded, a trustee will be appointed to look after your insolvent estate. You will be asked to make a full disclosure of your assets and liabilities and your income and expenditure. Any value in your assets will have to be realised for your creditors; and if you have any disposable income after allowing for your basic household expenses, you may be asked to pay a contribution from your income. Certain assets are exempt from your bankruptcy and there is guidance on how a trustee should deal with the realisation of assets.
Provided you co-operate fully with your trustee, you will be discharged from your bankruptcy and debts (excluding exempt debts) after one year.
Low Income, Low Assets
Introduced in April 2008, Lila (Low Income, Low Assets bankruptcy) was brought in to help individuals who require debt relief but are unable to establish apparent insolvency.
It is a solution for those with few or no assets and very low income. About 26,500 Scots have taken out a Lila over the last three-and-a-half years. While this provides short-term relief from debt, the concern is that it produces long-term debtors who never get access to mainstream credit and become revolving-door bankrupts.
Sequestration certificate
This is the latest piece of personal insolvency legislation, which was introduced to fill a gap among those wanting to take out a PTD but who were unable to or for those individuals who did not meet the Lila or apparent insolvency criteria.
A Certificate for Sequestration is provided by either a money adviser or an insolvency practitioner who, after reviewing the financial information you have provided (statements, pay slips, etc), certifies that you are unable to pay your debts as they become due.
If you are using this route into bankruptcy, the certificate must be dated within 30 days of signing the application pack.
Consequences
Sequestrations, PTDs and DASs can have a serious effect on an individual’s credit rating which usually lasts for up to six years.
People generally choose either sequestration or a PTD as a last resort to deal with an impossible debt burden. None of these options should be entered into lightly, as they have serious repercussions.
People with extreme debt problems usually choose one of these routes because of insurmountable debts that they realise they will never be able to clear.
They are generally experiencing stress as a result of their indebtedness, as some creditors will try to recover their debt with threatening correspondence or telephone calls.
If you are experiencing serious debt problems then it is essential you seek advice and find the correct route into insolvency for your specific circumstances.
o Nikki Williams is a corporate recovery director with accountants and business advisers PKF
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January 19, 2012
A single adult with two children needs to make over $45,000 a year to pay the basic expenses of raising a family in Knox County. Those basic expenses include food, rent, utilities, a land-line telephone, health care, transportation (to work only), child care, clothing, household expenses and state and federal taxes.
Thursday, January 12, 2012
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January 17, 2012
Your monthly household expenses are likely to rise. This is because the Haryana government is mulling to levy a tax plan on solid waste management. With this, residents will have to pay specified charges for the disposal of solid waste.
The Haryana government has notified the tax plan and
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