tag:blogger.com,1999:blog-54828771942563148312024-03-27T16:53:38.435-07:00All Financial TipsPersonal finance tips and advice that will help to save money, build wealth, grow your retirement and help with the peace of mind that goes with being financially sound in todayUnknownnoreply@blogger.comBlogger140125tag:blogger.com,1999:blog-5482877194256314831.post-79774080538635000362014-01-18T08:59:00.000-08:002014-01-18T08:59:25.813-08:00TAX Tips: 5 Tips for Preparing for 2014 Taxes<div dir="ltr" style="text-align: left;" trbidi="on">
Tax planning very rarely makes it on people’s new year’s resolution lists. But perhaps 2014 should be the year you vow to achieve a greater level of understanding about your taxes and to properly organize and plan for your liability.<br />
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<a name='more'></a>Not only would this pledge make your life easier come tax season, it could also end up keeping more money in your bank account.<br />
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Here are some tips to get rolling on fulfilling this resolution:<br />
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Set up your 2014 tax file. This could be an electronic file in which you scan documents and transactions throughout the year that will affect your tax return, or a folder or bin that holds the information.<br />
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The beauty of an electronic file is that at tax time you can simply e-mail it to your tax professional, who will likely also maintain the file in the event of an audit. Just make sure you have adequate back up of your data in case something goes wrong. Adding notes on the tax documents to aid your tax pro in understanding the transaction can help the filing process.<br />
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Examples of documents to store for tax purposes include: W2s, 1099s, K-1s, escrow papers for purchase, sale of refinance of properties, receipts for property tax and vehicle registration fees, receipts for other tax deductible items, and acknowledgement letters from donations made to qualified nonprofit organizations.<br />
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Schedule a mid-year tax planning appointment if your financial situation will change this year from last year. If you plan to get married or divorced, buy or sell a home, start a family, or experience any other financially-altering event in 2014, it’s a good idea to meet with a professional to do some tax planning. However, I advise against scheduling a planning session at the height of tax season--your tax pro will likely get hysterical.<br />
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Make plans to fund your retirement plan. If you have a retirement plan at work, check to see if you qualify to contribute more to the plan and to make sure you are taking advantage of an employer match.<br />
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If you have no retirement plan in place, open an IRA, ROTH IRA or other such plan. Your bank or investment house will be able to help you decide between various instruments to find one that best fits your financial situation. A tax professional can also weigh in on which type of savings vehicle would work best for a particular situation. This will not only reduce your current year tax liability, but it will help provide for your future. With so much uncertainty surrounding the viability of Social Security and Medicare (which experienced cuts this past year), it is important to look out for yourself.<br />
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Log estimated tax payments, log the dates and amounts into your calendar. The IRS penalizes those who do not prepay their income tax liabilities in a timely manner. The dates for the four installments of your 2014 estimates for individuals filing on a calendar year basis are: April 15, June 16, Sept. 15, and Jan. 15, 2015.<br />
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Follow tax legislation news. Tax law changes rapidly and what you may think is a valuable deduction or credit for your tax return may have been obliterated by a Congressional whim. I’ve encountered many disappointed clients who were counting on a credit or deduction that no longer exists.<br />
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Best wishes to you all for a happy, healthy, prosperous and tax-savvy new year!</div>
Anonymoushttp://www.blogger.com/profile/03458382217229243170noreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-11749643354168515962014-01-18T08:56:00.003-08:002014-01-18T08:56:43.554-08:00Money saving Tips: 8 Money-Saving Tips for 2014<div dir="ltr" style="text-align: left;" trbidi="on">
2013 is winding down, and it's time to start thinking about becoming financially fit in 2014. Thirty-four percent of Americans set financial resolutions goals, but only 8 percent are successful in achieving them, according to a 2012 University of Scranton study published in the Journal of Clinical Psychology.<br />
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<a name='more'></a>Don't want to be a part of that statistic? Here are eight ways to stay on track:<br /><br />1. Set realistic financial goals. You're more likely to reach your financial goals if you define them. Whether you're paying off a credit card or trying to buy a house, figure out where you can do some fine-tuning, and then create a plan of action that you can stick with throughout the year.<br /><br />2. Use credit responsibly. It's easy to get carried away with credit card spending, but you'll likely accrue debt if you're not careful. There are ways to use credit cards to your advantage. Sign up for a credit card with a strong rewards program so you accrue points toward your next trip or splurge purchase every time you use the card. Keep an eye out for cardholder discounts some credit card issuers set up with retailers. Whenever possible, pay off your balance in full and on time each month.<br /><br />3. Create an emergency fund. Regularly putting money aside in a savings account is crucial in case of an unexpected bill, car repair or loss of income. This is easier said than done, so start with a small amount and get into the habit of putting money away. Cash on hand can spare you from having to use more expensive options such as short-term loans or high-interest credit cards. Automate the process by setting up weekly transfers from your checking account so you don't have to think about it.<br /><br />4. Use it, don't lose it. If there's cash left in your 2013 health care flexible spending account, don't assume you'll lose it come the new year. Some plans allow you to spend your contributions until March 2014, so check with your plan administrator. If you don't have a flexible spending account, sign up for one when your employer next offers open enrollment. These accounts save you money by allowing you to set aside pre-tax dollars for medical expenses ranging from office visit co-pays to contact lenses and glasses.<br /><br />5. Tackle your taxes. Don't wait until April to start working on your income taxes. Start now by setting aside all year-end documents, including W-2s, 1099s and bank statements. Collect all your charitable receipts, and organize any business expenses that you plan to write off. Preparing in advance is one of the best ways to maximize your return.<br /><br />6. Lower your energy usage. This is an easy solution. Turning off the lights when you leave a room, using dimmer switches and keeping the thermostat set at a reasonable temperature are all easy ways to lighten your utility bill. Lowering the thermostat by 10 degrees for 16 hours a day while away at work and sleeping can save you 14 percent off your total heating costs. For example: A $50 bill will drop to $43, which is $7 in savings. Get in the habit of doing a nightly check of the electronic devices in your home before going to bed to ensure everything is turned off. Your wallet (and the Earth) will thank you.<br /><br />7. Share the road. If possible, try biking to work, carpooling or using public transportation. Beyond saving on fuel costs, automobile wear and tear, and parking, you also might accomplish your New Year's resolution to exercise more!<br /><br />8. Skip the latte. While a $4 morning coffee can satisfy the soul, it can also hurt the budget. Consider buying the equipment needed to make your beverage of choice at home. It's a larger out-of-pocket expense, but it will easily pay for itself over time.<br /><br />Having a financial goal in mind for the New Year doesn't mean you have to deprive yourself of life's little luxuries, especially as the holidays come to an end. If you know where to cut your budget, set money aside for savings and always have your long-term goals in mind, you'll likely see your short-term holiday wishes come true as well as your future ones!<br /><br />Hitha Prabhakar is a consumer spending and retail analyst and Mint.com spokeswoman, the leading web and mobile money management tool that helps people understand and do more with their money.<br /></div>
Anonymoushttp://www.blogger.com/profile/03458382217229243170noreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-71006250765193749702014-01-18T08:52:00.002-08:002014-01-18T08:52:48.224-08:00Finance Tips for 2014: 10 sure-fire savings tips for 2014<div dir="ltr" style="text-align: left;" trbidi="on">
Americans continue to place an increased emphasis on saving, with nearly 1 in 5 citing this as their top financial priority. What better time to give yourself a fresh start than the beginning of a new year?<br />
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<a name='more'></a>Want to boost your savings in the new year? Here are 10 savings tips to help you reach your goals in 2014.<br />1. Start, or boost, your emergency savings account.<br /><br />Fewer than 1 in 4 Americans have an adequate emergency savings cushion, and an alarming 27 percent have no emergency savings at all, so the majority of people need to heed this tip. Since the biggest barrier to saving is not being in the habit of saving, the best way to get in the habit is to pay yourself first.<br /><br />Have money directly deposited from your paycheck or even your checking account into a dedicated savings account. This can be done concurrently with other goals such as paying down debt or saving for retirement, not instead of those goals. You won't miss what you don't see, and putting your savings on autopilot is a great way to reinforce the savings habit when unplanned expenses inevitably come along and chew a hole in what you've saved.<br /><br />You're only one paycheck away from beginning to replenish your savings balance.<br /><br />2. Get an online savings account.<br /><br />There are three requirements when looking for a place to put your rainy day fund. It must be liquid, meaning you can get to the money whenever you need it. It must be free of investment risk. And, you must earn a return that preserves your buying power against the erosive effect of inflation.<br /><br />Even at, or just shy of, 1 percent, the top-yielding savings accounts and money market deposit accounts banked by insurance by the Federal Deposit Insurance Corp. meet the first two of those requirements. And while returns still trail the rate of inflation, they are first to eclipse inflation, should the pace of price increases fall or when interest rates eventually pick up.<br /><br />Best of all, these accounts can be opened with little or nothing in the way of a minimum deposit and are available to consumers anywhere in the 50 states.<br /><br />Find the highest-yielding, FDIC-insured savings accounts available nationwide.<br />3. Find a free checking account.<br /><br />Having the wrong checking account can take hundreds of hard-earned dollars out of your pocket every year. The average interest-bearing checking account charges a monthly service fee of $14.64 and requires maintaining a balance of nearly $6,000 at a near-zero rate of interest to avoid fees, according to the 2013 Bankrate Checking Account survey. Instead, look for an account that charges no monthly service fees or per-transaction fees and doesn't require a minimum balance. Bankrate.com found that while just 38 percent of large banks and thrifts in markets around the country offer a noninterest, free checking account, 72 percent of the nation's largest credit unions still do, according to Bankrate's 2013 Credit Union Checking Survey. Even if your bank has eliminated free checking accounts, that doesn't mean you're stuck paying the fee.<br /><br />The majority of banks and credit unions will waive the fee for customers with multiple account relationships or even something as simple as signing up for direct deposit. Check out Bankrate.com's tips for avoiding fees and use the search engine to find a free checking account that meets your needs.<br />4. Track your monthly spending.<br /><br />Just 60 percent of Americans track their spending against a monthly budget, according to Bankrate.com's Financial Security Index in July 2012. Whether you call it a budget or a spending plan, getting a handle on your spending accomplishes two things. It helps you determine where you can cut back and helps maximize your savings efforts.<br /><br />Begin by tracking your spending for a two-month period. Then, take this information and build a realistic monthly budget. Each month, track all of your expenses -- everything from your $1 tip to the grocery store bagboy to the monthly mortgage payment. At month's end, tally up your spending against the budget and see where you did well and where you didn't. If you spent less than planned, move the excess into your online savings account or use it to pay down debt.<br />5. Pay down high-interest credit card debt.<br /><br />For many households, the best return on your money is to pay down credit card debt. Whether carrying balances at 12 percent or 22 percent, credit card debt is typically the most costly debt that households have.<br /><br />Plowing excess cash into repayment of credit card debt is a double-digit, risk-free return because it reduces the outstanding balance and the resulting interest charges. Furthermore, this is a sound move now while credit card rates remain low. Consumers with strong credit profiles can find interest rates in the single digits as well as zero percent balance-transfer offers, with those lasting 12 to 18 months being plentiful. To shop for lower rate card offers, visit the Credit Cards channel at Bankrate.com.<br /><br />When prioritizing your debt repayment, start with the highest rate card and focus on paying off the balances in descending order. Use Bankrate.com's debt paydown calculator to develop a custom, month-by-month plan on repaying your debt.<br />6. Begin or increase contributions to a workplace retirement program.<br /><br />The burden of supporting ourselves in retirement is increasingly on our shoulders. The first introduction to retirement savings often comes through a workplace retirement plan, such as a 401(k). Contributions not only reduce your taxable income now, but your investment goes to work immediately and grows without the headwind of taxes until you begin withdrawals in retirement. The regular contributions made with each paycheck represent the best example of dollar-cost averaging, buying fewer shares when values are high, but more shares when prices fall. Any employer contribution represents free money, so be sure to contribute at least enough to maximize any employer match.<br /><br />If your employer offers a Roth 401(k), your contributions are made with after-tax dollars, but withdrawals in retirement will not be hit by taxes at all, allowing you to keep your entire nest egg. For more information, see the Retirement channel of Bankrate.com.<br /><br />7. Make an IRA contribution.<br /><br />If you or your spouse has earned income, then each of you is eligible to contribute to an individual retirement account. For 2014, those under age 50 can contribute a maximum of $5,500 -- assuming your earned income is at least that much -- and those 50 and older can contribute up to $6,500, thanks to the permissible catch-up contributions.<br /><br />You can open an IRA with a bank, credit union, brokerage firm or mutual fund company and invest the contributions however you choose. An IRA can be a great way to supplement the asset allocation of your workplace retirement plan where you may be limited to an available menu of investments.<br /><br />With an IRA, you can choose investments that aren't available in your workplace retirement plan such as commodities, individual stocks or certificates of deposit, giving you access to investment options that result in a more diversified portfolio.<br /><br />A traditional IRA offers tax-deferred savings, while a Roth IRA offers tax-free savings for retirement. With a Roth account, you won't get an immediate tax break, but you won't pay any tax on your money when you eventually take it out. While directly contributing to a Roth IRA is limited based on household income, converting a traditional IRA to a Roth IRA is not.<br />8. Sign up for a flexible spending account.<br /><br />Almost everyone incurs costs for medicine, prescriptions and copayments. Perhaps you also have dependent-care expenses while you're working or pay commuting costs to get to work. If your employer offers a flexible spending account as part of the benefits, consider signing up. A flexible spending account, or FSA, allows you to pay for medical, dependent care or transportation costs with pretax dollars set aside with every paycheck. By paying with pretax dollars rather than after-tax dollars, you're essentially getting a discount on all these expenses you regularly incur. How big a discount? It depends on your marginal tax bracket, but those in the 15 percent bracket are saving 15 percent by paying with pretax money rather than money that already has been taxed. Contact your employee benefits department to get specific information.<br />9. Consider a rewards credit card.<br /><br />Do you always pay your credit card balance in full? If so, you're the ideal candidate for a rewards credit card. With a rewards credit card, you are compensated in the form of cash back, airline miles or one of many other methods for everyday purchases you make.<br /><br />Identify what type of reward is most appealing to you and compare card offers based on what percentage of your purchases are paid out in rewards. While a 1 percent reward ratio is the most common, many cards have higher payouts, either for certain categories of spending or above a certain spending threshold.<br /><br />In fact, Bankrate.com's 2013 survey of cash-back credit cards found 1 in 7 cash-back cards has a payout of greater than 1 percent on all spending and 47 percent offered higher payouts in certain categories of spending, so it is important to shop around. Finding the card that best fits your spending pattern can put hundreds of dollars per year in your pocket for expenses you'd incur anyway. The keys to success are always paying the balance in full and resisting the urge to overspend, just for the sake of the reward. Check out Bankrate.com's search engine to find the best card for you.<br />10. Shop around for lower cost insurance policies.<br /><br />Cutting expenses is a sure-fire way to boost the amount you save, and insurance policies are low-hanging fruit in terms of saving money. Shop around for lower premiums on the various insurance policies in your household -- homeowners or renters, auto, umbrella liability and life insurance.<br /><br />Ready for a double dose of good news? Another benefit of having some emergency savings socked away is that this savings begets further savings by allowing you to increase your deductible, further reducing your insurance premiums.<br /><br />Be sure to check out the Insurance channel at Bankrate.com to start your search for the best deal.<br />
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By Greg McBride, CFA • Bankrate.com</div>
Anonymoushttp://www.blogger.com/profile/03458382217229243170noreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-89773095542312283492014-01-18T08:48:00.002-08:002014-01-18T08:48:43.265-08:00Finance Tips for 2014: 10 tips to pay for college in 2014<div dir="ltr" style="text-align: left;" trbidi="on">
College is still expensive and financial aid is still tricky to land, but help is available. <br />From crowdsourced student loans to tuition freezes, here are 10 ways to pay for college, reduce college costs, boost your savings and score more financial aid in 2014.<br />1. Look out for tuition deals<br />
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<a name='more'></a>As the White House pushes higher education institutions to control their expenses, more colleges are seeking ways to help families understand and minimize their costs, says Daniel Reed, vice president of federal issues for the California Association of Student Financial Aid Administrators and senior financial aid officer for Point Loma Nazarene University in San Diego.<br /><br />"I think the trend is going that way towards freezing tuition or at least reducing the amount of tuition that increases by year," he says.<br /><br />Several public school systems, including the University of California and Iowa State systems, have already proposed tuition freezes for the upcoming year. Antioch College in Yellow Springs, Ohio, is even going so far as to offer a full four-year scholarship to all admitted 2014 students.<br /><br />College tuition tax deductions<br /><br />College tuition tax deductions<br /><br />2. Prepare for changes in federal aid<br /><br />One financial aid change in 2014 will impact dependent children of unmarried and same-sex parents. Under 2013 law, the Free Application for Federal Student Aid -- the document that the federal government uses to assess financial need -- has based a family's financial aid package primarily on the income and assets held by the student and, if unmarried, the parent or legal guardian who claims them as a dependent. This means that in cases of unmarried parents and same-sex marriages that aren't federally recognized, financial information on only one parent has been assessed.<br /><br />Starting with the 2014-2015 school year, the FAFSA will collect information on both legal parents, regardless of marital status or gender. Though the Department of Education states that "most students will be unaffected," the change could dramatically impact federal aid packages for some students to pay for college, says Barmak Nassirian, director of federal policy analysis for the American Association of State Colleges and Universities, a research and advocacy nonprofit for approximately 420 public four-year institutions.<br /><br />"When you factor in more aid resources, resources that have historically been excluded, you actually drive down the amount of aid eligibility that the applicant is entitled to," he says.<br />3. Keep the grades up<br /><br />Federal aid may be harder to get for some students, but aid that isn't based on financial need is increasing. The National Center for Education Statistics reports that the proportion of undergraduates receiving merit-based aid more than doubled from 1996 to 2008 and the average merit award rose from $4,000 to $4,700. Some research and advocacy organizations like the Education Trust and the New America Foundation criticize the shift in merit awards as primarily benefiting wealthier students who have greater access to resources that can make them more academically competitive.<br /><br />"There used to be twice as much need-based aid as non-need-based aid at public colleges and universities, and now they're about even," says Michael Dannenberg, director of higher education and education finance policy for The Education Trust.<br /><br />For students of all income levels, increased funds for talented students to pay for college means an increase in the value of top-notch grades and academically challenging courses. To increase merit aid eligibility, students should keep their grades up, start the search for aid awards early and work with their academic advisers to build a rigorous high school curriculum.<br />4. Take income-driven assistance<br /><br />With college costs increasing, it's no shock that many borrowers can't pay their student loans. The Department of Education reports that almost 15 percent of all federal loan borrowers default on their student loans within three years of beginning repayment. That's why the government is increasing its outreach to inform qualified borrowers of their income-driven repayment options.<br /><br />"If you're going to miss payments and this program that exists is sitting there for you that could literally make the difference between you defaulting or staying current, I think that's a huge benefit for a family," says William Wozniak, director of marketing for ISM College Planning in Indiana.<br /><br />Under the income-driven repayment plans, eligible federal loan borrowers can have their monthly student loan payments capped at 10 percent or 15 percent of their discretionary income and forgiven after 20 or 25 years of consecutive payments, though they'll have to pay taxes on the amount forgiven. Borrowers who work in public service professions will have their debt dismissed after 10 years of repayment without tax consequences. Borrowers can estimate their monthly income-based payments at StudentAid.ed.gov.<br />5. Read the 529 plan fine print<br /><br />Changes also are afoot for some 529 plans. Regulated by individual states, the popular college savings vehicles all provide financial aid advantages and federal tax-free growth on funds, but each has its own fee structure and state tax incentives.<br /><br />In 2014, some plans will undergo significant changes. For example, North Carolina will end the up to $5,000 state tax deduction it historically has offered to residents who hold in-state plans. Pennsylvania is lowering fees in its 529 plans while Wisconsin is considering a move to increase its state tax incentives.<br /><br />If you're considering opening a 529 plan, read the terms carefully and do some comparison shopping, says The Education Trust's Dannenberg.<br /><br />"(A family's) own state's 529 may not be the best choice for a family because of the different fees associated with different plans," he says.<br />6. Think outside of traditional lenders<br /><br />Federal student loans almost always provide better interest rates and borrower protections, but if you need a private loan supplement, new crowdsourced funding sites could potentially provide lending alternatives or better loan terms than traditional financial institutions. While sites like PigIt.com provide a platform that allow "dreamer" college students to raise educational funds by offering incentives like work or gifts in return, Upstart.com offers crowdfunded loans in exchange for a percentage of the borrower's income over the next five to 10 years. The catch with crowdfunded finance is that not everyone gets their campaign fully funded.<br /><br />"When people put out there that they want to be a doctor or they want to do this or they want to do that and they're at a strong school and they're going to do wonderful things and they have high GPAs, I think those students probably fare better in who's going to get money," says ISM College Planning's Wozniak.<br /><br />Before starting a campaign, students should make sure to read the site's fine print and compare online financing options to loans offered through the federal government, banks and credit unions.<br />7. Choose your college carefully<br /><br />"A big part of what your price will be is the college you choose, and right now college selection choices are too often underinformed if not irrational," Dannenberg says. "People would be well advised to not simply associate price tag with quality ... That's not true when it comes to higher education."<br /><br />One of the easiest ways to score financial aid is to apply to schools that offer lots of it to students like you. The National Center for Education Statistics' College Navigator tool can help you find institutions that offer substantial aid packages to families in your income bracket while The Education Trust's College Results Online database can identify colleges that are similar to your dream school in net price and academic competitiveness.<br />8. Think ahead<br /><br />With higher tuition prices and more student debt on the line, Point Loma Nazarene's Reed says that it's even more important for families to financially plan ahead. That means not only creating a college savings strategy early and taking advantage of compound interest, but also having a serious chat about how much debt the family can handle.<br /><br />"A lot of people tend to think 'someday I'll pay this back,' but really should be thinking about 'should I take out this much money,' and seeing in my chosen career path what my starting salary is," Reed says. "I know that's a hard conversation to have with an 18-year-old traditionally coming into a college experience, but the more we can encourage students and families to think ahead, the better off they'll be on the repayment side."<br /><br />According to the National Association of Colleges and Employers, the average 2013 college graduate had a starting salary of $45,327, with humanities and social science majors ranking lowest with average salaries of $37,791 per year, while engineers bring home more than $62,000 annually. Students can find starting salary information for their majors at NACEweb.org.<br /></div>
Anonymoushttp://www.blogger.com/profile/03458382217229243170noreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-691114053851437552014-01-18T08:40:00.002-08:002014-01-18T08:44:15.104-08:00Finance Tips For 2014: Resolutions 2014: 4 simple tips to fatten your bank account<div dir="ltr" style="text-align: left;" trbidi="on">
The best time to start saving money? Ten years ago. The second-best time? Today. Use these tips to turn your finances around in 2014.<br />
This post comes from Donna Freedman at partner site Money Talks News.<br />
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<a name='more'></a>Money Talks News on MSN MoneyYou want to save. You swear you're going to save. But you said that last year, too, and your bank account doesn't look much healthier.<br />
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Saying "I need to save" means you've recognized a basic financial fact: You need to take responsibility for your financial life. You really intend to do it -- one of these days. (Read: Sometime between next week and never.)<br />
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Or maybe you're just financially overwhelmed, especially if you haven't gotten a raise lately or if you've undergone a spell of unemployment. It's easy to convince yourself that you'll save "later."<br />
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The best time to start saving money? Ten years ago. The second-best time? Today.<br />
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Want 2014 to be the year you turn things around? Four simple tactics can make all the difference.<br />
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<b>Step 1: You need a goal</b><br />
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The first thing to do is set a specific goal. "In 2014 I'm going to start an emergency fund" or "I resolve to have a healthy bank account this time next year" are both fatally vague. How much of an EF? What's a "healthy" account? Try this instead: Pick a specific sum. It could represent, for example, your emergency fund, the cost of a long-deferred vacation or a down payment on a house. Your choice.<br />
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You could divide that amount by 12 and put that result into savings each month. Or you could divide that goal by 52. Why 52? Because a small, weekly savings plan is less traumatic than a once-a-month withdrawal. You learn to live on what's left week by week, vs. losing a (relatively) big chunk all at once.<br />
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Person withdrawing cash © Image Source/Image Source/Getty ImagesLet's start with an easy example: the $500 that personal finance writer Liz Weston recommends as a starter emergency fund. Divide $500 by 52 and you get $9.61, which rounded up makes $10.<br />
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<b>Step 2: Pay yourself first</b>The old saw holds true: Pay yourself first. Otherwise that "extra" $10 will get spent on something nonessential, like a pizza.<br />
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Or even for something essential, like rent. Paying yourself first forces you to get smarter about the way you let money slip away each month.<br />
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<b>Step 3: Automate</b><br />
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Automate a weekly withdrawal of $10 (or whatever your selected amount is) from checking to savings. Why automate it? Because that way it's sure to happen every week or month. Treat your savings like any other bill -- utility, credit card -- that you pay online.<br />
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<b>Step 4: Track your expenses</b><br />
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Track your expenses with a free service like our partner PowerWallet, which shows you where your money is going. Now you can look for ways to save on everyday expenses.<br />
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Earn more or spend less? (Why not both?)<br />
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A recent survey from CareerBuilder indicates that 36 percent of U.S. residents either always or usually live paycheck to paycheck. If you're in this situation you might wonder how to find that $10 per week.<br />
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Let's turn that idea on its head: If you had an emergency, how would you find the however-many-dollars it would take to fix things? Better to sacrifice $10 a week than to have to come up with $300 all at once.<br />
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Even if you're not in that situation, you'll need to find ways to set extra money aside to meet your goal. Here are a few ideas to get you started:<br />
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Pick up extra work. If extra hours on the job aren't available, you can find other ways to earn more money. Dog walking, house cleaning, lawn mowing, delivering newspapers and the like are all tried-and-true methods. Try thinking outside the box, though. I once interviewed a woman who walked several neighborhood kids to school; since she had to walk her own daughter, she was earning money for doing something she did every day. Smart.<br />
Cut back on eating out. Way back. Cooking at home is much, much cheaper. Can't cook? Go online or to the library for easy recipes. Do this gradually if you're a total restaurant junkie. For instance, cook two times a week at first (and make the meals big ones so you'll have leftovers to carry to work).<br />
Cut other everyday expenses. Trim TV costs by ditching cable (or at least negotiating for a better deal). Use discounted gift cards to pay for goods and services. Look for cheap or free ways to entertain yourself.<br />
Look for savings elsewhere. For instance, find ways to save on car and homeowners insurance.<br />
Use coupons. Sites like CouponMom.com and Favado do the work for you by matching coupons (often downloadable) to sales at supermarkets and drugstores. (I never pay full price for toiletries.) Incidentally, there really are coupons for healthy foods, including organic products.<br />
Sell stuff. On eBay, on Craigslist, on the supermarket bulletin board. Sell books through online used-book sites.<br />
Tell yourself "no" more often. Well, scratch that: Tell yourself "not now" or "not today" when you're itching to buy any unnecessary item. Don't stop treating yourself entirely -- just pick your spots.<br />
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Try one new tactic at a time until you're confident you can pry that $10 -- or whatever amount you've picked – from your budget. Watch that savings account creep up. If through luck or diligence you find a little extra money in the budget some weeks, shoot it over to savings.<br />
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Pat yourself on the back (just a little), but don’t consider the matter closed. Instead, keep looking for ways to increase your savings. Even if it's only $11 a week instead of $10, that's an extra $52 per year. (Hint: Slow growth is better than no growth.)<br />
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Yes, it can be tough. But it gets easier, or at least becomes second nature to pay yourself first. If times are tight, don't let that undermine a better future -- and that future starts now.</div>
Anonymoushttp://www.blogger.com/profile/03458382217229243170noreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-47743909858858956672013-09-01T17:56:00.002-07:002013-09-01T17:56:43.329-07:0050 New Business Ides that can change your economic life<div dir="ltr" style="text-align: left;" trbidi="on">
Happy days are here again – or so you might assume from a recent wave of optimistic reports about the economic outlook and rising consumer confidence. But while unemployment is down, the latest labour market figures reveal a surge in part-time jobs as employers remain anxious about long-term recovery prospects, suggesting it may not be time to hang out the bunting just yet.<br />
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With more of us working fewer hours and with a resulting earnings gap to close, there's arguably never been a better time to set up a business you can run in your spare time from home. Whether it's to help make ends meet, or to follow your passion, or maybe even both, we've asked the experts to come up with 50 practical and cheap ways to make some extra cash.<br />
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Our list may not be exhaustive, nor may it put you on the path to riches and early retirement, but hopefully it will get you thinking. And if you have any better ideas, let us know by emailing .<br />
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<b><u>1 Antiques/collectibles dealing</u></b> Know your stuff when it comes to certain kinds of collectibles? If so this can be a great way to make money from a hobby. Trading sites such as eBay make it easier than ever to reach your target market, according to Trent Hamm, author of US money-saving blog thesimpledollar.com. "I had some success with this myself in the past, trading cards and video games," he says.<br />
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<b><u>2 Babysitting </u></b>If you can spare a few evenings and know any parents desperate to get out, there are few simpler ways to make a few extra pounds.<br />
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<b><u>3 Bed and breakfast</u></b> Got a spare room? Live near somewhere of interest to tourists, or close to a student area? Note you'll almost certainly need planning, mortgage lender and health and safety approvals first.<br />
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<b>4 Biscuit/sweet making</b> Homemade biscuits and confectionery can be a great seller, says Hamm. "Bake and package them well, and try reselling through a local gift shop. People in your social network may buy batches for special occasions."<br />
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<b>5 Cake making/decorating</b> If you enjoy baking and have an artistic touch, making and decorating cakes can be a really satisfying way of earning extra money. "One of my mother's old friends does this and makes quite a bit on the side," says Hamm.<br />
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<b>6 Car boot sales </b>This is a part-time occupation that increases earnings and broadens horizons as you make sales and get to travel, says Emma Jones, author of Working 5 to 9: How to Start a Successful Business in your Spare Time, and founder of the website enterprisenation.com. "Consider selling specialist items and building a reputation for being the go-to person; offering your knowledge and expertise with the product can increase the price you're paid," she suggests.<br />
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<b>7 Car cleaning/valeting </b>Have a meticulous eye for detail and love to get things spotless? This could be a perfect side business for you. "Many people are quite happy to pay well for this service," points out Hamm.<br />
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<b>8 Catering </b>Formal qualifications are not strictly required for catering, which is more about producing and delivering good food. However, the organisational aspects may be easier after some instruction, such as a City & Guilds certificate (NVQ or other) in hospitality and catering.<br />
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<b>9 Census distributor</b> Every 10 years a census is held in England and Wales. The next one is in 2011, but you can register now to be considered for a range of related roles in your area, including collection and delivery. See censusjobs.co.uk.<br />
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<b>10 Childcare </b>There's great potential to earn extra money from looking after kids, but you'll need to adore children (not just your own), have boundless energy and patience and in many cases must satisfy Ofsted criteria.<br />
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Any adult who looks after another person's child for more than two hours on any one day in a location other than the child's home (so excluding most babysitters and nannies) needs to register with Ofsted – it's not a particularly complicated process but does include medical, criminal and domestic safety checks. Nannies can look after the children of up to two sets of parents, in one of their home environments, without being Ofsted-registered.<br />
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Failing to meet the criteria can land you in court, so check here for the full list of Ofsted restrictions.<br />
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<b>11 Computer repairer/troubleshooter</b> Despite the proliferation of technology in our lives, many people still find computers complicated to maintain and terrifying if they go wrong. If you have a reassuring manner and are not fazed by the inner workings of a PC, offer your services locally and let word of mouth do the rest. "I had some success doing this in the past," says Hamm.<br />
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<b>12 Cosmetics sales</b> This is very much a social business activity so be prepared to spend lots of time meeting and talking to people. You'll be selling mainly by networking and often through parties in other people's homes, so an outgoing manner and immaculate personal presentation skills are essential.<br />
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<b>13 Data entry </b>Perhaps not the most thrilling of part-time pursuits, but data entry can nevertheless offer an extremely steady (not to mention flexible) source of extra income. You generally get paid for the number of entries you make rather than by the hour, which means you can go back and forth to it when you get a spare few minutes.<br />
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<b>14 Dinner preparation</b> "I recently met a woman who earned quite a bit of money as a very part-time chef," says Hamm. "Once a week, she would go to someone's house and prepare a homemade meal for their family, then do all the dishes and cleaning up. This gives the family plenty of together time, while earning her some cash in hand." If you love to cook, this can be a great extra earnings opportunity, but be prepared to put some effort into finding your customers.<br />
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<b>15 Become a DJ </b>It goes without saying that you need a deep love of music and an extensive collection of tunes before you can even consider DJing, but as much of the work is at evenings and weekends, it could make a perfect side business. Be ready to cater for a range of crowds and musical preferences, not just your passion. Learn the ropes by concentrating first on weddings and birthday parties or by doing roadie work for an established DJ, which will gain you useful contacts.<br />
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<b>16 Be a doula </b>Jasmine Birtles, the founder of website moneymagpie.com, says you can make between £12 and £15 an hour or £250-£500 for a birth by being a doula – a birth partner and post-birth partner. "If you've had a baby and you want to help new mothers, do a short course with Britishdoulas.co.uk and work locally," she says. "You do what a grandmother or sister might do for a new mum, such as giving moral support, helping around the house, caring for the baby and supporting the whole family."<br />
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<b>17 Flower arranging </b>Imagine doing what you love and getting paid for it, which is what this idea brings to mind. "The nature of the product means you're likely to cater to a local audience, so why not impress with a business card and delivery car adorned with flower power," suggests Jones of enterprisenation.com. "It'll turn heads and attract new business as you turn corners."<br />
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<b>18 Garage/garden </b>sales "One person I know holds a garage sale at their house almost every weekend during summer," says Hamm. "They get a lot of regular customers who stop by almost every weekend to see what's on sale. That person then goes to neighbours and friends and offers to sell their stuff for them, splitting the proceeds. People are usually happy to do this since they can get rid of unwanted items and earn a bit of money, too."<br />
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<b>19 Gardening services </b>"I've had requests from others for people willing to do this, so the demand is out there," says Hamm. "To put it simply, some people are willing to pay others to get a vegetable or flower garden started so that they can have access to ultra-fresh produce without doing all the legwork."<br />
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<b>20 Making greetings cards </b>If you're the kind of person who loves making things, why not try your hand at cards? Ask a local shopkeeper what kind sells best and follow their advice, working to a distinctive style of your own. Then try selling to family, friends and local businesses. Be mindful of material costs and time taken though, as wastage can be expensive in such a low-value product.<br />
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<b>21 Handyman services </b>Know your way round a toolbox? Let people know that they can call you for little repair jobs, relatively straightforward DIY tasks such as putting up shelves or assembling flat-pack furniture. "You'd be amazed at the simple things people are willing to pay others to help them with," says Hamm.<br />
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<b>22 Host and teach foreign students </b>"This is a great way of renting your room without getting stuck with the flatshare from hell," says Birtles. "Foreign students don't usually stay longer than a couple of months at a time, so if they're annoying at least you know they'll go soon."<br />
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Usually the deal is B&B, but sometimes you need to give them an evening meal too. Get in touch with your nearest English language schools and let them know you have a room to rent, Birtles advises. The website idiom.co.uk has a list of schools in the UK. You can make up to £200 a week depending on where you live.<br />
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<b>23 House cleaning </b>"This is an idea you can start yourself, or consider being part of a house-cleaning franchise such as Molly Maid where you have the benefit of being your own boss as well as the support of a central team," says Jones.<br />
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<b>24 Ironing/laundry services</b> "Even in these cash-strapped times, some people hate ironing so much they're willing to pay others to do it (at least in the posh parts of town)," says Birtles of moneymagpie.com, who suggests either registering with domestic agencies such as mrshunts.co.uk or setting up your own local service.<br />
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"Check out the competition, see how much they charge, and undercut. Either work for an hourly rate, a fee per item or a fee per lb," she says. You should get between £8 and £12 per hour, between 50p and £1 per item or between 50p and £1 per lb of clothes, depending on where you work."<br />
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<b>25 Jewellery selling</b> Never mind Tupperware – if you have jewellery you no longer wear or want, try organising a party to sell it, says Jones. "Websites that organise these parties, such as ounces2pounds.co.uk, are going great guns in signing up ladies who want to earn extra income in their spare time," she says.<br />
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<b>26 Knitting/alteration/sewing services</b> A big growth area, as more people come to appreciate the value in repairing and patching up clothes. If you're handy with a sewing machine, there's serious money to be made. Once you get known locally, word-of-mouth should do the rest.<br />
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<b>27 Leaflet distributing </b>Delivering leaflets to people's houses could be a profitable and healthy way to spend a few spare hours a week. Call into your local shops and restaurants to see if they need help distributing flyers, menus and so on.<br />
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<b>28 Market research </b>Get paid for your opinions by signing up with sarosresearch.com and taking part in focus groups, suggests Birtles. "You get between £50-£100 cash, plus food and drink for saying what you think about products or services for a few hours. Or be the one asking the questions. Ipsos Mori offers flexible hours to people willing to do phone interviews or knock on doors to ask people questions. You make between £8-£10 an hour on average."<br />
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<b>29 Musical performance</b> If you can play a musical (especially orchestral) instrument to a high enough standard, know a few choice solo pieces and look presentable, spread the word locally – weddings and other formal functions can be a lucrative source of performance income.<br />
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<b>30 Online surveys</b> It's possible to make pocket money by filling in internet surveys – though moneymagpie.com's Birtles advises caution, as there are hundreds of bogus companies on the net. "Toluna, Ciao!, Lightspeed Panel, and Valued Opinions are all pukka," she says. "You make between 50p and £5 per survey. Click here for more information and a list of genuine survey companies.<br />
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<b>31 Online trading </b>Sites such as eBay and Amazon make it easy for people to dabble in e-commerce. "Start with a clearout of your attic," suggests Dan Wilson, author of Make Serious Money on eBay. "If you start to sell other goods, focus on things you can get hold of easily, or are passionate about. And have an eye on the Christmas market: think about what will be selling well in a few months' time."<br />
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<b>32 Personal organiser/assistant</b> If you are good at filing and managing tasks, and know someone who isn't, why not offer to share your expertise with them for a small consideration? Being organised is a valuable skill, and whether it's for a small company or a friend there may be more of a market for this than meets the eye. Ask around friends or look on listings websites including gumtree.com.<br />
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<b>33 Personal shopping </b>"This is an idea that nicely taps into our desire for personal service," says Jones. "There's also potential to niche this business, for example focusing on time-starved ladies. Making it niche brings down marketing costs and increases customer loyalty."<br />
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<b>34 Personal tutoring </b>If you are a part-time teacher or are perhaps taking a career break to look after young children, this can be a great way to make a little money while keeping your syllabus knowledge up to date. Try advertising locally or registering with an agency like Personal Tutors.<br />
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<b>35 Pet grooming </b>"Many people loathe bathing their pets and trimming their hair – I know I do," says Hamm. "Pet groomers can do this for a small fee – a perfect job for a person who loves dogs and cats."<br />
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<b>36 Pet minding/walking </b>"Dog-walking is a fantastic earner if you love animals and enjoy the outdoors," says Birtles. "On average you can make between £10-£15 per hour, per dog." Get good and you can be walking two or more at a time. Offer pet-minding as well and you can make a whole business out of it. "You'll need public liability insurance in case something happens to the dogs or members of the public," she warns.<br />
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<b>37 Online referrals expert </b>There's money to be made from your email address book: a surprising number of companies will pay you if you can persuade your friends to become their customers. Check out the website refermehappy.com, an online matching service where you can get referral bonuses from companies like Sky, Virgin Media and First Direct.<br />
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<b>38 Rent out your stuff </b>You can rent pretty much anything now, although space is still the most profitable "item", says Birtles. "Rent your driveway on parkatmyhouse.com if you live somewhere popular, or your possessions from a baby bath to your lawnmower on sites like rentnotbuy.co.uk and Zilok ," she advises. "Currently there are more items on offer than requests to lease things, but it's worth a try."<br />
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<b>39 Slivers of Time </b>OK, this isn't strictly a business idea, but sliversoftime.com matches people with a few spare hours here and there with part-time work. Register with the site, then put your spare time on the calendar. Your hours are sent to local agencies and businesses who regularly use part-time workers.<br />
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<b>40 Selling ad space on a personal blog</b> This is not a big money-earner to start with but could be if you work at it, reckons Birtles. "Set up your own blog (do it for free with blogger.com) and fill it with great writing, photos, videos and anything else you're passionate about," she advises. "Get ads automatically through Google Adsense and make a few pence every time someone clicks on an ad."<br />
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Do book reviews and make money selling the books through Amazon's affiliate programme.<br />
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<b>41 Scrapbook making </b>Many people dream of having beautiful scrapbooks, says Hamm. "They collect all the materials they want to go in them, but never follow through on the actual creation. You can step in here – take their ideas and materials and assemble a scrapbook for them."<br />
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<b>42 Selling lost luggage </b>Auction houses round the country routinely sell off lost luggage that the airlines have failed to match with their owners. "For example, Greasby's in south London sells off BA's lost items every week," points out Birtles. "You bid blind on bags that have had the expensive stuff removed (cameras, iPods etc) and then sell the bag and contents on eBay or at a car boot sale. Bags generally go for between £5-£50. Your profit depends on what's in them!"<br />
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<b>43 Translating</b> If you are fluent in a second language, translation services are in demand as UK companies look overseas for new sales. But be warned: it's a serious business and you'll need professional qualifications from an accredited body (such as the Institute of Translation and Interpreting or the Chartered Institute of Linguists) and professional indemnity insurance before setting up.<br />
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For public service translating work you'll also need a diploma in public service interpreting law, a licence from the National Register of Public Service Interpreters and to be registered with an approved interpreting body.<br />
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"Once qualified, register with translation sites such as lingo24.com and language123.com and grow from there," suggests Jones.<br />
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<b>44 "Ugly" </b>modelling If you look, shall we say, different, you could make money in ads, photoshoots or appearances through the Ugly model agency. "People with phenomenal tattoos, piercings or just very "interesting" faces can make thousands doing commercials, videos or corporate appearances," says Birtles.<br />
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<b>45 Vegetable growing</b> If you have some suitable garden space and the requisite green fingers, focus on one vegetable and sell the excess to local greengrocers and at farmers' markets. "My father does this with tomatoes and earns some solid extra money in the summer," says Hamm.<br />
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<b>46 Virtual assistant </b>"Many ultra-busy professionals appreciate having someone who can check and answer their email, organise task lists for them, update their calendars and so on, with minimal interaction," says Hamm. "You can provide this service from home with a good internet connection."<br />
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47 Website designing An increasingly competitive field as the software needed becomes more and more mainstream. However if you have a good eye for design generally and formal training, it can be a profitable side business.<br />
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<b>48 Wedding/social </b>photographer You'll need a website or blog to showcase your work, but if you're confident that your photography is good enough, there's no reason why you can't do wedding/function work professionally. Do your homework though – you'll need to take charge of arranging people into groups and know all the classic poses expected of the occasion.<br />
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<b>49 Wedding planning </b>If you're one of those people who can't help but flip through bridal magazines and daydream about nuptial arrangements, this might be perfect for you. "A great way to get started is to develop a website on the topic, get to know people online and offer your services to the community," says Hamm.<br />
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<b>50 Writing letters to magazines </b>You can make between £10-£200 for a good letter or photograph to a weekly magazine such as Take a Break or Pick Me Up, suggests Birtles. "If you have a really juicy story you can make even more, and you don't even have to write it, she says. Women's magazines particularly are usually desperate for items for their letters' pages, and even quite tame stuff often gets in.<br />
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Working from home - Whose business is it?<br />
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If you're an employee/mum/student by day and are building a business after hours, Emma Jones highlights the people you need to keep in the loop.<br />
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• The boss So long as you're not doing anything in competition with your day job, it's wise to tell your employer. Providing it doesn't affect your work, most employers should see a side business as a good thing; you're gaining new skills, while the employer gains the benefits and doesn't have to pay for the training.<br />
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• The insurance/mortgage people When starting a business at home, upgrade the insurance policy to include business cover and tell your mortgage provider, even though this won't affect payments. You only have to inform the local council if the nature of the house is going to change from a home to business premises, which is unlikely.<br />
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• The taxman You have a duty to inform HMRC of activities within three months of trading. Registration is straightforward, with forms depending on whether you set up as a sole trader, partnership or limited company. Keep the tax bill as low as possible by claiming business and homeworking expenses.<br />
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• Friends and family Last but not least – so they can all (hopefully) start buying from you.</div>
Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-5482877194256314831.post-86359408762671502782011-06-17T01:08:00.000-07:002013-09-01T17:58:54.927-07:0011 time management tips<div dir="ltr" style="text-align: left;" trbidi="on">
Do you feel the need to be more organized and/or more productive? Do you spend your day in a frenzy of activity and then wonder why you haven't accomplished much?<br />
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Time management skills are especially important for small business people, who often find themselves performing many different jobs during the course of a single day. These time management tips will help you increase your productivity and stay cool and collected.<br />
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<b>1) Realize that time management is a myth.</b><br />
No matter how organized we are, there are always only 24 hours in a day. Time doesn't change. All we can actually manage is ourselves and what we do with the time that we have.<br />
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<b>2) Find out where you're wasting time.</b><br />
Many of us are prey to time-wasters that steal time we could be using much more productively. What are your time-bandits? Do you spend too much time 'Net surfing, reading email, or making personal calls? Tracking Daily Activities explains how to track your activities so you can form a accurate picture of what you actually do, the first step to effective time management.<br />
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<b>3) Create time management goals.</b><br />
Remember, the focus of time management is actually changing your behaviors, not changing time. A good place to start is by eliminating your personal time-wasters. For one week, for example, set a goal that you're not going to take personal phone calls while you're working. (See Set Specific Goals for help with goal setting.) For a fun look at behaviors that can interfere with successful time management, see my article Time Management Personality Types. Find out if you're a Fireman, an Aquarian or a Chatty Kathy!<br />
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<b>4) Implement a time management plan.</b><br />
Think of this as an extension of time management tip # 3. The objective is to change your behaviors over time to achieve whatever general goal you've set for yourself, such as increasing your productivity or decreasing your stress. So you need to not only set your specific goals, but track them over time to see whether or not you're accomplishing them.<br />
Continue on to the next page for more time management tips <br />
Here are more time management tips to help you get more organized and be more productive:<br />
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<b>5) Use time management tools.</b><br />
Whether it's a Day-Timer or a software program, the first step to physically managing your time is to know where it's going now and planning how you're going to spend your time in the future. A software program such as Outlook, for instance, lets you schedule events easily and can be set to remind you of events in advance, making your time management easier.<br />
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<b>6) Prioritize ruthlessly.</b><br />
You should start each day with a time management session prioritizing the tasks for that day and setting your performance benchmark. If you have 20 tasks for a given day, how many of them do you truly need to accomplish? For more on daily planning and prioritizing daily tasks, see Start The Day Right With Daily Planning.<br />
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<b>7) Learn to delegate and/or outsource.</b><br />
No matter how small your business is, there's no need for you to be a one-person show. For effective time management, you need to let other people carry some of the load. Determining Your Personal ROI explains two ways to pinpoint which tasks you'd be better off delegating or outsourcing, while Decide To Delegate provides tips for actually getting on with the job of delegating.<br />
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<b>8) Establish routines and stick to them as much as possible.</b><br />
While crises will arise, you'll be much more productive if you can follow routines most of the time.<br />
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<b>9) Get in the habit of setting time limits for tasks.</b><br />
For instance, reading and answering email can consume your whole day if you let it. Instead, set a limit of one hour a day for this task and stick to it.<br />
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<b>10) Be sure your systems are organized.</b><br />
Are you wasting a lot of time looking for files on your computer? Take the time to organize a file management system. Is your filing system slowing you down? Redo it, so it's organized to the point that you can quickly lay your hands on what you need. You'll find more information about setting up filing systems and handling data efficiently in my Data Management library.<br />
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<b>11) Don't waste time waiting.</b><br />
From client meetings to dentist appointments, it's impossible to avoid waiting for someone or something. But you don't need to just sit there and twiddle your thumbs. Always take something to do with you, such as a report you need to read, a checkbook that needs to be balanced, or just a blank pad of paper that you can use to plan your next marketing campaign. Technology makes it easy to work wherever you are; your PDA and/or cell phone will help you stay connected.<br />
You <b>can</b> be in control and accomplish what you want to accomplish - once you've come to grips with the time management myth and taken control of your time.<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-44543081579719343602011-06-04T15:34:00.000-07:002013-08-31T12:00:48.651-07:00Improve Your Financial Health and Save Money in 2011<div dir="ltr" style="text-align: left;" trbidi="on">
It's a new year and you improve your financial health with several steps that you can take right now. <br />
Mellody Hobson, president of Ariel Investments and "Good Morning America" personal finance contributor, appeared on the show this morning to tell you just how to get your financial house in order and save hundreds of dollars this year. <br />
<b><a href="http://abcnews.go.com/GMA/MellodyHobson/tips-improve-financial-health-2011/story?id=12594898&page=4" target="external"><span style="color: #336699;">Click HERE</span></a> to get Mellody's web-extra tips</b> <br />
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Where to Save</h4>
<b>Banking:</b> Check your existing <span style="color: #336699;">bank account</span> and see if it's still right for you. Because of the passage of the 2009 credit card act and the <span style="color: #336699;">Dodd-Frank financial reform bill</span>, bank fee revenues have taken a hit. The credit <br />
<a name='more'></a>card act alone will cost banks an estimated $50 billion in revenue, Hobson said. <br />
Banks have been trying to make up for those lost revenues by increasing other fees. Some are eliminating free checking, or imposing several requirements -- including a higher minimum balance, or direct deposit -- in order to keep the account fee-free, she said. <br />
Chase Bank won't charge you a monthly fee on their basic checking account if you make five debit transactions or have one direct deposit of at least $500 a month, Hobson said. If you don't meet those requirements, you'll be assessed a $6-a-month fee, she said.<br />
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Bank of America has an e-checking account and customers can avoid the monthly fee if they conduct all their transactions online, Hobson added. Their MyAccess checking account has a monthly fee of $8.95 unless you make direct deposits or maintain a balance of $1,500. <br />
Here's what you should do. First, go to your bank and ask them to tell you all the fees that are associated with your account. Second, determine what services you need and whether they're worth the fee. Go to <span style="color: #336699;">bankrate.com </span>to compare fees and switch balances if your current bank is no longer right for you, she said. <br />
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<b>Pay Down Debt: </b>With the extension of tax cut, many employees who make about $50,000 a year will see about $50 more per month in their paychecks, Hobson said. <br />
Her advice: Don't spend it. Use it to pay down your credit card <span style="color: #336699;">debt</span>. If you have $5,000 in <span style="color: #336699;">credit card debt</span> at 14 percent interest and you currently pay $250 a month, she calculated that you would pay interest charges of $727. If you put the extra $50 per month towards the debt each month, you would save $134 in interest charges, she said. <br />
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<b>Emergency Fund:</b> Once you've paid that debt down, put that extra $50 per month toward your emergency fund. This is money you shouldn't touch unless you have a true emergency, and Hobson suggested you should have an emergency fund containing three to six months' living expenses. <br />
One you've done that, Hobson recommended that you increase your contributions to your 401(k) or IRA retirement accounts. <br />
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<b>Tax Refund:</b> Many Americans see their <span style="color: #336699;">tax refunds </span>as extra money, but Hobson said you shouldn't think of it that way. According to the IRS, the average refund last year was about $3,000. Remember, though, that a tax refund is basically the money you overpaid in taxes during the year, so you're just getting back your own money. Use that money to pay down debt, build your emergency fun and increase your retirement savings, Hobson said. <br />
If your refund is too large, you may consider increasing the number of allowances on your taxes so you can get more of your money in each paycheck, she added. To change the number of allowances, visit your employer's Human Resources office and make the change on your W-4 form. <br />
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<b>Shop Wisely:</b> Most people don't know that there is a right time to buy certain products. Plan your annual purchases in January and, with patience, you could save a bundle. <br />
Hobson said the best deals occur when a retailer is starting to get new merchandise and wants to get rid of old inventory. For example, if you want to buy winter clothes, wait until February or March to get better deals, she said. You should also consider purchasing new patio furniture in October, rather than in June, she added. <br />
January is the best time to buy linens and bedding, and retailers usually have their "white sales" this month, she added. You can also find bargains on furniture in January and July, just before new shipments arrive. <br />
Do not buy jewelry around the holidays, Valentine's Day or Mother's Day, because jewelers will be less willing to make deals because of high demand, she added.<br />
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<b>Health Care: </b><span style="color: #336699;">Health care</span> costs are rising dramatically. The average employee will pay $2,200 in premiums -- up 12 percent from 2010 -- for <span style="color: #336699;">employer health insurance</span>, Hobson said. Employees will also pay an additional $2,200 in out-of-pocket expenses, she added.<br />
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The easiest way to save money on health care is not to get sick, so don't neglect your regular check-ups. Last year's Patient Protection and Affordable Care Act made most preventative services free, she said. Provided your plan is eligible and you use an in-network doctor, you won't have any out-of-pocket expenses for vital testing such as diabetes testing, some cancer screenings and regular well baby visits, Hobson added. <br />
Taking advantage of preventative free services may allow you to catch problems early and prevent expensive trips to the emergency room, she said. <br />
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Web-Extra Tips</h4>
<img src="http://a.abcnews.go.com/images/Site/img_bullet_bluedot.gif" /> <b>Hold off purchasing a new car until January.</b> The dealerships are eager to offer money-saving deals during that time as they have to make room for next year's car models. <br />
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<img src="http://a.abcnews.go.com/images/Site/img_bullet_bluedot.gif" /><b> The best way to tackle debt is by eliminating your credit card bills.</b> Start by paying down the card with the highest interest rate first then move onto the card with the next-highest interest rate. Paying off high interest rate debt first allows you to save money on interests in the long-run. <br />
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<img src="http://a.abcnews.go.com/images/Site/img_bullet_bluedot.gif" /> <b>Don't make financial decisions in a vacuum.</b> Speak openly with the entire family. By involving the entire family, everyone has a vested interest in the financial health of the family. It also teaches young people the value of money. <br />
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By: SUZAN CLARKE </div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-68324730052945987982011-06-04T15:12:00.000-07:002013-08-31T12:01:04.902-07:00Top 10 investing tips for 2011<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>With an economy still on the mend and unemployment stubbornly high, it's important to make the best investing decisions for you and your family. The best strategy blends managing risk while investing to get the most bang for your buck.</b><br />
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Take these baby steps and follow the rest of Bankrate.com's 100 tips for 2011 and you can improve your financial life in the coming year.</div>
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<b>Tips One: </b>Define or refine your life goals<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="1" name="1" pmo_="" pmo_clas="" pmo_id=""> </a></div>
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What do you want out of life?</div>
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The trend in financial planning is to work with people to help them determine what they want out of life, and then establish financial objectives that will facilitate the client's ability to achieve those life goals. Money becomes the catalyst instead of the goal.</div>
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Don't get drawn into the vague generalities of a comfortable retirement, an education for your children or travel abroad. When you know what you're working toward, you'll be more committed to investing for those goals. The Bankrate feature, "Use investments to reach your goals," can help you get started.</div>
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<b>Tips Two: </b>Get the big picture of your financial plan<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="2" name="2" pmo_="" pmo_clas="" pmo_id=""> </a><br />
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Financial planning is a lot more than just managing your investments. A comprehensive financial plan looks at the big picture. It includes a review of your insurance, employee benefits, income taxes, investments, retirement and estate planning, as well as personal financial statements, your attitudes toward risk, and your goals. </div>
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A good planner is the captain of your financial ship. The Certified Financial Planner Board of Standards Inc. has a wealth of consumer-friendly information, including the publication "How to choose a financial planner." The Bankrate feature, "Financial planners: not just for millionaires anymore," gives additional insight.</div>
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<b>Tips Three: </b>Create an investment policy statement<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="3" name="3" pmo_="" pmo_clas="" pmo_id=""> </a></div>
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Whether you do it yourself or work with a financial planner, you should have an investment policy statement that serves as a guide on how you want to invest. </div>
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This guide should include the investor's philosophy toward investing, investment objectives, the investor's attitude toward risk, a target asset allocation, guidelines for monitoring portfolio performance and an approach to portfolio rebalancing.</div>
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Other items should cover tax considerations, estate planning goals, fees and expenses, and trading costs. It should spell out an approved list of investments, and whether the investor allows trading on margin, short selling and investing in derivative securities. And it should also spell out whether the investor's account allows discretionary trading by the account manager.</div>
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<b>Tips Four: </b>Know your risk tolerance<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="4" name="4" pmo_="" pmo_clas="" pmo_id=""> </a></div>
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Know how you feel about risk in investing. The "Investment Risk Tolerance Quiz" offered by Rutgers University's New Jersey Agricultural Experiment Station, can give you a quick read on your risk tolerance. If you find yourself tossing and turning at night and it's not your mattress but rather the markets keeping you awake, then it's time to dial down the risk in your portfolio.<br />
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Knowing your risk tolerance will help you decide how to invest your money. Conservative investors may not be comfortable with investing much money in the stock market because of its volatility. Lower volatility means lower potential returns, so a conservative investor will have to save a higher percentage of his income to be on track to meet his financial goals.<br />
Investors have to manage their investments considering twin risks: the risk that their investments lose principal and the risk that their investments lose purchasing power. Conservative investors can protect principal by investing in certificates of deposit insured by the Federal Deposit Insurance Corp., but the FDIC doesn't protect the purchasing power of those deposits. Keep an eye on your purchasing power, too.<br />
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<b>Tips Five: </b>Review and rebalance your portfolio<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="5" name="5" pmo_="" pmo_clas="" pmo_id=""> </a></div>
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Calendar rebalancing is one approach to adjusting how you've invested. Others include target rebalancing and tactical rebalancing. Calendar rebalancing has you adjust your portfolio on a regular basis. Target rebalancing waits until an asset allocation is above (or below) the maximum (or minimum) target asset allocation. Tactical asset allocation has you reducing or increasing the allocation to an asset class based on your outlook for that asset class. An active management portfolio strategy that rebalances the percentage of assets held in various categories in order to take advantage of market pricing anomalies or strong market sectors.<br />
Investment allocations in financial securities are typically split between stocks, bonds and cash. The investment allocation that's right for you will depend on your risk tolerance, investment goals and market outlook. You may decide that an allocation of 50 percent stocks, 30 percent bonds and 20 percent cash is right for you. If this year's stock performance brought your stock allocation up to 60 percent, then rebalancing the portfolio will get you back to your target allocation.<br />
Tax and other considerations like estate planning can influence your desire and ability to rebalance your portfolio<br />
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<b>Tips Six: </b>Establish an emergency fund<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="6" name="6" pmo_="" pmo_clas="" pmo_id=""> </a></div>
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Establishing an emergency fund is where most consumers should start investing. Starting out, it's best for the money to be invested in liquid and safe investments like a money market account or a money market mutual fund.<br />
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advertisement Financial planners typically suggest the fund hold three to six months' worth in living expenses. The more risk you face in the workplace, the more you should have available. The Bankrate feature, "Creating an emergency fund," will help.</div>
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Counting on cash advances from your credit cards or loans from your 401(k) plan are not viable financial backstops because the credit card companies can raise the interest rates to obscene percentages and a plan loan won't help you if your financial emergency is getting laid off from your job since a 401(k) loan comes due when you leave an employer.<br />
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<b>Tips Seven: </b>Review your approved list<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="7" name="7" pmo_="" pmo_clas="" pmo_id=""> </a></div>
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Your "approved list" is the stocks and bonds you're willing to invest in and the cash you plan to hold. Even within those basic categories you can invest in individual securities, mutual funds or exchange-traded funds, or ETFs. </div>
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If your portfolio doesn't have an international component, looking beyond domestic investments can make sense, and not just for stocks.</div>
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Expanding the list to include commodities, precious metals and real estate can give your portfolio diversification. Learning how to hedge portfolio risk with options and futures contracts is best left to a discussion between you and your investment professional.</div>
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<b>Tips Eight: </b>Roth IRA conversions and more<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="8" name="8" pmo_="" pmo_clas="" pmo_id=""> </a></div>
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The Internal Revenue Service removed the income limitations for Roth IRA conversions, starting in the 2010 tax year. Unfortunately, there are still income limitations on who can contribute to a Roth IRA. That forces taxpayers with incomes above the contribution limits who want to hold retirement assets in a Roth IRA to perform the intermediate step of contributing to a traditional IRA and then making a converting contribution to a Roth IRA. </div>
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If investment returns don't pan out, taxpayers have the ability to recharacterize their Roth IRA contribution as a contribution to a traditional IRA. The taxpayer has this option up until Oct. 15 of the tax year following the conversion year. Converting in January 2011 gives you the flexibility to recharacterize over 21 months. Investors should have a better read on the recovery and tax code changes over that time span.</div>
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Work with your tax professional to determine if converting your traditional IRAs to Roth IRAs makes sense.</div>
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<b>Tips Nine: </b>Estimate your retirement nest egg needs<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="9" name="9" pmo_="" pmo_clas="" pmo_id=""> </a></div>
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You need a sense of how big your investment portfolio should be at retirement. The Employee Benefit Research Institute's 2010 Retirement Confidence Survey concluded that only 46 percent of workers or their spouses have attempted to estimate their retirement nest egg needs. </div>
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If you construct a household spending plan (or budget), you can use the total annual expenses as a guide to what you might need in retirement.</div>
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Financial planner recommendations typically range from 75 percent to 100 percent of your annual expenses while working, but exclude money budgeted for retirement savings. You'll be taking distributions from these accounts, not funding them.</div>
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Bankrate's retirement calculators can help you right-size your nest egg by estimating your income needs in retirement, considering how much you have already put aside and deciding on your pre-retirement savings goals.</div>
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<b>Tips Ten: </b>Capture the match in your retirement plan<a click="null" element="" href="http://www.blogger.com/post-edit.g?blogID=5482877194256314831&postID=6832473005294598798" id="10" name="10" pmo_="" pmo_clas="" pmo_id=""> </a></div>
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If your company's 401(k) or 403(b) plan has your employer matching contributions, then you should contribute up to the limits of the company match. A typical 401(k) matching program has the employer contributing 50 cents for every dollar you contribute up to a limit of 3 percent of salary. You contribute 6 percent, the company contributes 3 percent, and you just made a 50 percent return on your money.</div>
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<b>Related Links:</b> </div>
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<li class="mar3 marTB" element="" pmo_="" pmo_clas="" pmo_id=""><a click="null" element="" href="http://www.blogger.com/finance/investing/7-acronyms-every-investor-needs-to-know-1.aspx" pmo_="" pmo_clas="" pmo_id="">Lingo every investor should know</a></li>
<li class="mar3 marTB" element="" pmo_="" pmo_clas="" pmo_id=""><a click="null" element="" href="http://www.blogger.com/finance/investing/5-financial-lessons-from-the-banking-mess-1.aspx" pmo_="" pmo_clas="" pmo_id="">5 financial lessons from the banking mess</a></li>
<li class="mar3 marTB" element="" pmo_="" pmo_clas="" pmo_id=""><a click="null" element="" href="http://www.blogger.com/finance/video/investing-boo-boos.aspx" pmo_="" pmo_clas="" pmo_id="">Investing boo-boos </a></li>
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<li class="mar3 marTB" element="" pmo_="" pmo_clas="" pmo_id=""><a click="null" element="" href="http://www.blogger.com/finance/personal-finance/subscribe-to-bankrate-newsletters.aspx" pmo_="" pmo_clas="" pmo_id="">Subscribe to Bankrate newsletters</a></li>
<li class="mar3 marTB" element="" pmo_="" pmo_clas="" pmo_id=""><a click="null" element="" href="http://www.blogger.com/finance/investing/high-yield-cds-give-safe-returns-at-a-cost.aspx" pmo_="" pmo_clas="" pmo_id="">Check out high-yield CDs</a></li>
<li class="mar3 marTB" element="" pmo_="" pmo_clas="" pmo_id=""><a click="null" element="" href="http://www.blogger.com/finance/investing/are-exchange-traded-funds-dangerous-1.aspx" pmo_="" pmo_clas="" pmo_id="">Are ETFs dangerous?</a></li>
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<b>By: </b><a click="null" element="" href="http://www.blogger.com/finance/personal-finance/advisers/drdon.aspx" pmo_="" pmo_clas="" pmo_id="">Dr. Don</a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-17363490660690034882011-06-04T14:59:00.000-07:002013-08-31T12:01:29.776-07:00Tips for Becoming Financially Stable in 2011<div dir="ltr" style="text-align: left;" trbidi="on">
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Each new year sparks resolutions for lifestyle changes for the upcoming year, but in 2011 financial changes will likely find their place near the top of many lists of New Year's resolutions.With so many individuals and families who are working hard to establish or regain comfort financially you, too, may find that it is time for you to take control of your finances and spending habits in order to achieve stability in today's economy. Essentially, this will also mean that there will be hard work and dedication on your behalf. When you have found yourself in a hole, you must be willing to exert the time and effort that it will take you to climb back out and onto your feet again. Fortunately, debts can be reversed when you remain dedicated to your cause.<br />
In 2011, finding your way to financial freedom and stability can only begin by establishing a clear focus on your debts and bills. Take the time to sit down and determine your own budget. To begin, ask yourself these questions:<br />
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What is my monthly income?<br />
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How consistent and reliable are these sources?<br />
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Where do I owe money? How much?<br />
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What are my recurring monthly bills?<br />
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After rent, utilities and other necessities, how much do I have remaining for other expenses?<br />
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Although the initial idea can be quite scary in itself, it is important that you tackle your debts and gain a clear understanding of your bills before proceeding any further. By knowing exactly how much that you owe and to whom, you can then begin the planning process for overcoming those debts.<br />
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Another important step to financial stability is the ability to distinguish between expenses that are necessary and those which are luxury, or wants. Consider it this way: that extra four dollars that you are spending each morning for Starbucks could be $112 each month that could be better used by paying on bills and past debts. Though it may seem difficult at first, the journey to financial freedom ultimately means being able to sacrifice on luxury items that are not considered necessary. Rather than shopping impulsively, ask yourself if you really need that new gadget or if you would rather watch a movie at home than go out to the theater. Though the urge to splurge may still strike, refraining from spending that money will pay off more for you in the end. <br />
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Saving money to put towards your debts can be made interesting when you add a little creativity. Place a jar in your laundry room and charge yourself to both wash and dry your clothes, just as you would in a laundromat. Each time that you go to do a load of laundry, place your payment into the jar and collect at the end of the month. Think of it this way: if you were to charge yourself $1.50 each for use of the washer and dryer at only one load per day, at the end of the month you will have accrued $90 in which you can contribute to debts and bills. Though it may seem like little at the time, that daily change adds up and will help prevent you from spending it elsewhere.<br />
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You can also use some of that unlocked creativity to help you increase your income. Whether you choose to pick up an extra shift at work, sell on eBay or give guitar lessons to those who are eager to learn, any added income that you can achieve will be very beneficial towards helping you achieve financial freedom. If you are not having extreme difficulty getting by on the income that you already have, treat any additional income as though it does not exist by paying it directly towards bills. There is a common saying that "money unseen is money not missed" and when it comes to bills, that saying can hold significant truth. By paying your bills right away rather than allowing extra money to sit in your wallet, you are essentially removing all temptation to spend that money. <br />
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The journey to financial stability is undoubtedly an extended trip that can often prove stressful but when you are able to follow a few financial tips and maintain a clear focus on your main objective, you will soon see that your destination is not impossible.<br />
<b>By: </b><a class="content_byline" href="http://contributor.yahoo.com/user/546411/emily_ryanne.html"><span style="color: #0062a6;">Emily Ryanne</span></a></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-87726897786466857992011-06-04T14:56:00.000-07:002013-09-01T17:44:55.807-07:005 Tips to Help You Regain Your Finanl Stability in 2011<div dir="ltr" style="text-align: left;" trbidi="on">
With the New Year quickly approaching, many people have probably already resolved to make the New Year a more financially stable one than years past. With the aftershocks of the <br />
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<span style="color: #0062a6;"><span style="color: black;">still rattling the foundation of many Americans, financial stability is now more than ever a requirement more so than a want. For many Americans, the coming year is a make or break time period and they will have to make tough decisions to insure the financial viability of not only themselves but also, their families. With all that said, here are sure ways to stabilize you finance in 2011.</span></span><br />
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<span style="color: #0062a6;"><span style="color: black;"><b>Minimize </b></span><b><span style="color: #0062a6;">Credit Card Debt</span></b></span></div>
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<span style="color: #0062a6;"><span style="color: black;">This is an old American battle that has been going on for decades. So, if you're in the category of people who have a mountain of debt in this area, don't feel alone. Stop making minimum payments. As a good rule of thumb, try to make payments that are three to five times larger than your required minimum payment and throw any income in excess of what you've budgeted at this monster. Credit card debt is a major killer of individual American financial stability. <br />
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<b>Evaluate Your Utilities</b><br />
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Many Americans are getting rid of excess services in their homes to create excess cash. Some people are paying over $1,000 a year for home phone service and over another $1,000 per year for cable. Do you need a home phone if everyone has a cell phone? Don't stop there. There are many alternatives to cable TV. Satellite companies are offering packages that are as low as $25 per month. Evaluate your cell phone plans, also. Many of the pay as you go companies are now going national with all inclusive rates that are far cheaper than the major carriers. Look at cheaper options for internet service, garbage disposal and </span><span style="color: #0062a6;">home security</span><span style="color: black;"> as well. <br />
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<b>Insurance Companies</b><br />
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Do you have the cheapest home owners or car insurance companies? Insurance companies are battling for your business because the economy has hit them just like everyone else. Shop around and get quotes and call your insurance company and let them know that if they can't beat the quotes you're going to drop them. Make them earn your business.</span><br />
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<span style="color: black;"><b>Refinance Your Home or Renegotiate Your Lease</b>If you're a homeowner that hasn't taken advantage of the low rates and loan modification programs, get working on it immediately. I have seen mortgage payments dropping by as much as 25% as a result these programs. If you're a renter, talk to your landlord about renegotiating your lease. You can wait to your lease term is up or talk to them in the middle. Many large volume renters are suffering right now and don't want to lose a tenant.<br />
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<b>Create an Aggressive Financial Budget</b><br />
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Sit down and calculate your monthly income and required monthly expenses (going out for steak twice a week is not a requirement). After doing this allocate an aggressive percentage of the excess cash to a savings or investment plan that you will not touch. Be sure to include a percentage towards miscellaneous expenses and each month all the miscellaneous funds that aren't used should be added to the investment or savings portfolio. Don't cross months. When you run out of entertainment funds for the month make that the end of entertainment. You have to be disciplined and focused to regain your financial stability.<br />
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<b>By:</b><a class="content_byline" href="http://contributor.yahoo.com/user/912232/brian_c_hopkins.html"><span style="color: #0062a6;">Brian C. Hopkins</span></a><br />
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-5482877194256314831.post-62706925966513514842011-06-04T14:50:00.000-07:002013-08-31T12:04:18.147-07:00Tips for 2011 / 2012 Financial Year<div dir="ltr" style="text-align: left;" trbidi="on">
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1. Get started now</h2>
So what are you waiting for? We are now half way through 2010 and the years are flying by. Take control of your finances and investments and look at the real reasons why you are<br />
delaying. If you’ve had some bad experiences in the last financial year then work through them, learn from them and get started!<br />
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2. Get a plan of Action</h2>
Write down everything you want to achieve. When do you want to retire? How much money will you need? Put a time deadline on achieving certain goals and review these often. If you want to retire on $100,000 a year after tax and inflation you will need approx $2,000,0000 invested. Will Superannuation be your retirement vehicle, property, shares or a mixture of investments?<br />
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3. Get Professional Advice</h2>
Good information and advice can come from a variety of different sources. This could be a licensed financial planner, an accountant, lawyer or insurance specialist. Don’t wait until<br />
after the event to seek professional advice, the delay could result in you paying too much tax, to be underinsured, or to leave yourself open to legal problems.<br />
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4. Have the right structure in place</h2>
Make sure you hold assets in the most appropriate tax structure. Individuals, companies, trusts and super funds are all taxed differently on their capital gains and income. What structure will give you the best asset protection and flexibility?<br />
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5. Are all your investment eggs in the same<br />
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Investments perform very differently and when the share market is booming, the property market could be treading water. If you have a diversified investment portfolio of shares, property, managed funds and fixed interest this should reduce the volatility and even out your returns. Are you investing for cash flow, capital growth or both?, inside or outside super? These are some of the discussions you should be having with your adviser.<br />
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6. Can you use your home as a springboard to wealth?</h2>
If you own your home or have sufficient equity, you can gear against your house or set up a separate investment loan that can be used for deposits on property or leverageinto shares. The interest you pay would normally be tax deductible and by having a separate loan there will be no confusion between personal and investment expenses. 7. Get rid of Non-Deductible debt first Your main aim should be to reduce nondeductible debt as soon as possible. This could be your Home loan, non-deductible car loan and any credit card debt. You are paying these loans with your after tax dollars and apart from your home loan they are normally depreciating items! Leave deductible loans until last as the government is footing part of your interest bill with tax breaks.<br />
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8. Reduce your CGT liability</h2>
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By holding your investments for more than 12 months or postponing the sale of assets until your taxable income is lower are just two ways to reduce capital gains tax. For business<br />
Owners there are a range of concessions that you could be eligible for when selling active Assets. You also need to get professional advice in relation to the ownership structure<br />
of assets and too have these in place before you invest.<br />
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9. Keep money aside for emergencies</h2>
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You should have sufficient funds set aside to cover any unforeseen circumstances. As a general rule this should be a lump sum to cover 6 months of your normal expenses. This<br />
lump sum could be invested in an account the earns interest but allows you easy access without penalty. It could be a financial buffer you have built up on a line of credit mortgage<br />
or loan draw back facility. Income protection provides a tax deductible way to cover up to 75% of your income in case a sickness or accident prevents you from working.<br />
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10. Get Protected</h2>
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Reviewing your current level of insurance is vital to protect you and your family. If you have taken on new debts, increased your income or changed jobs, these and any other significant changes should trigger a review of your personal insurance situation<br />
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11. Make or update your will</h2>
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If you want to make sure that your loved ones are provided for in your Will, that your estate is divided in the way that you wish and any assets reach those you intend them for, it’s vital that you make a Will and keep it up to date<br />
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By<strong> Alan Maddick </strong></div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-5482877194256314831.post-41831705121892972472011-05-31T12:09:00.000-07:002011-05-31T12:09:55.458-07:00Financial Tips for Couples in 2011<div dir="ltr" style="text-align: left;" trbidi="on"><div style="background-color: transparent; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; color: black; overflow: hidden; text-align: left; text-decoration: none;"><div class="hmedia related-media m-14" jquery1306868760743="190" style="border-bottom: medium none;"><div class="photo" jquery1306868760743="189"><img alt="" src="http://a57.foxnews.com/static/managed/img/324/182/Couple-Baby-Couch-Watch-TV.jpg" /></div><div class="contributor vcard"><span class="fn"></span></div><div class="fn"></div></div><!-- /hmedia --><div jquery1306868760743="163" style="font-size: 14px;">While you don’t have to wait for January to start working on your finances, this is often a great time to try a new approach. If you’re thinking of making some changes, you may be wondering where to start. Here are some ideas for optimizing your finances.</div><div jquery1306868760743="164" style="font-size: 14px;"><strong>Clean up your bank accounts</strong></div><div jquery1306868760743="165" style="font-size: 14px;">If you have multiple bank accounts, make sure they’re all necessary and doing their job. If you have extra accounts that you no longer need, consider consolidating them. There’s no need to have checking and savings accounts at multiple banks unless you’re actually using them.</div><div jquery1306868760743="166" style="font-size: 14px;"><strong>Get free checking</strong></div><div jquery1306868760743="167" sizcache="95" sizset="6" style="font-size: 14px;">Some banks are cutting back on their free <a href="http://www.fivecentnickel.com/2008/11/24/whats-your-favorite-checking-account/?WT.qs_osrc=FXN" title="checking account"><span style="color: #183a52;">checking accounts</span></a> by nickel and diming their customers. If your bank is charging any of the following <a href="http://www.fivecentnickel.com/2009/08/21/bank-fees-increasing/?WT.qs_osrc=FXN" title="unnecessary fees"><span style="color: #183a52;">unnecessary fees</span></a> it’s time to shop around.</div><div style="background-color: transparent; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; color: black; overflow: hidden; text-align: left; text-decoration: none;"><ul jquery1306868760743="191" sizcache="95" sizset="10"><li style="list-style-image: none; list-style-type: none;">•<strong>Minimum balance fees:</strong> Many banks will charge you if you have less than a certain amount in your account. Requirements vary from one bank to another, so make sure you know it for yours.</li>
<li sizcache="95" sizset="10" style="list-style-image: none; list-style-type: none;">•<strong>Overdraft fees:</strong> While charging for overdrafting is fair, the amount that many banks charge can be insane. Did you know that you can avoid overdraft fees entirely with <a href="http://www.fivecentnickel.com/external/ing_direct.php" target="_blank"><span style="color: #183a52;">ING Direct</span></a>? Instead, they offer an overdraft line of credit and charge a small amount of interest when you use it.</li>
<li style="list-style-image: none; list-style-type: none;">•<strong>ATM fees:</strong> ATM fees have risen to $2-3 for out of network use, and you’ll often get charged by both the ATM owner and your own bank. These fees can quickly add up, so shop around for a bank with low or no fees and/or ATMs where you need them.</li>
<li style="list-style-image: none; list-style-type: none;">•<strong>Fees for online billpay:</strong> These fees are less common than they used to be, but some banks still charge a fee for using their online billpay service.</li>
</ul><div jquery1306868760743="168" style="font-size: 14px;">Double check your recent bank statements to find see if you’ve been incurring any of these fees. If you can’t get your bank to waive these fees, then switching banks might be your best option.</div><div jquery1306868760743="169" style="font-size: 14px;"><strong>Are you saving enough?</strong></div><div jquery1306868760743="170" sizcache="95" sizset="11" style="font-size: 14px;"><a href="http://www.fivecentnickel.com/2009/09/16/how-automation-has-helped-me-reduce-debt-and-save-gpt/?WT.qs_osrc=FXN" title="automated your savings"><span style="color: #183a52;">Automated your savings</span></a> is one of the keys to financial success. But have you really though about much money you’ll need for various expenses? To figure things out, you need to sit down and list your needs and goals. Here are some ideas:</div><ul jquery1306868760743="192"><li style="list-style-image: none; list-style-type: none;">•Emergency fund</li>
<li style="list-style-image: none; list-style-type: none;">•Vacation fund</li>
<li style="list-style-image: none; list-style-type: none;">•House down payment</li>
<li style="list-style-image: none; list-style-type: none;">•Medical expenses for the year</li>
<li style="list-style-image: none; list-style-type: none;">•Car replacement fund</li>
<li style="list-style-image: none; list-style-type: none;">•Baby fund</li>
<li style="list-style-image: none; list-style-type: none;">•College savings fund</li>
<li style="list-style-image: none; list-style-type: none;">•Retirement fund</li>
</ul><div jquery1306868760743="171" style="font-size: 14px;">Every family will be different, as everyone has different goals. You may not want to be homeowners, or maybe travel isn’t a priority. Whatever your list looks like, it’s important to sit down and hash things out.</div><div jquery1306868760743="172" style="font-size: 14px;"><strong>Spruce up your paycheck</strong></div><div jquery1306868760743="173" sizcache="95" sizset="12" style="font-size: 14px;">Another good thing to do at the start of each year is to take a close look at your paycheck. Is your tax withholding right? Are you being paid what you’re worth? Can you think of other ways to <a href="http://www.fivecentnickel.com/2008/12/15/33-money-making-ideas-ways-how-to-earn-extra-money/?WT.qs_osrc=FXN" title="earn extra money"><span style="color: #183a52;">earn extra money</span></a>?</div><div jquery1306868760743="174" style="font-size: 14px;"><strong>Look at your W-4</strong></div><div jquery1306868760743="175" sizcache="95" sizset="13" style="font-size: 14px;">If you receive a tax refund, you should consider adjusting your withholding for 2011. While you’ll reduce your <a href="http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/?WT.qs_osrc=FXN" title="tax refund"><span style="color: #183a52;">tax refund</span></a> for next year, you’ll get more money in your pocket each pay period.</div><div jquery1306868760743="176" sizcache="95" sizset="14" style="font-size: 14px;">At the same time, you should set up (or adjust) an <a href="http://www.fivecentnickel.com/2009/04/01/budgeting-and-automation-streamline-your-finances-gpt/?WT.qs_osrc=FXN" title="automated savings transfer"><span style="color: #183a52;">automatic savings transfer</span></a> to make sure you don’t squander this “extra” money.</div><div jquery1306868760743="177" style="font-size: 14px;"><strong>Ask for a raise</strong></div><div jquery1306868760743="178" sizcache="95" sizset="15" style="font-size: 14px;">It may seem counterintuitive to <a href="http://www.fivecentnickel.com/2009/09/03/how-to-get-a-raise-or-at-least-keep-your-job-dfa/?WT.qs_osrc=FXN" title="ask for a raise"><span style="color: #183a52;">ask for a raise</span></a> when economy is still stumbling, but you should still take a close look at your circumstances. If you’re underpaid relative to others in a similar position, you should consider asking for a raise – especially if your employer has successfully weathered the economic storm.</div><div jquery1306868760743="179" style="font-size: 14px;">Before talking to your boss, you should get your ducks in a row. Make a list of successes you’ve played a role in, and progress that you’ve made over the past year or so. You need to make a compelling case for why you’re due for a raise. You might not get as much as you want, but you’re unlikely to get anything if you don’t ask.</div><div jquery1306868760743="180" style="font-size: 14px;"><strong>Make money on the side</strong></div><div jquery1306868760743="181" style="font-size: 14px;">If you’re having trouble making ends meet, you should consider moonlighting. It doesn’t matter if you wind up freelancing some of your professional skills, tutoring, or even delivering pizzas. What matters is that you earn some extra income to fill the gap.</div><div jquery1306868760743="182" sizcache="95" sizset="16" style="font-size: 14px;">Whether you plan on <a href="http://www.fivecentnickel.com/2009/04/20/how-to-get-out-of-debt/?WT.qs_osrc=FXN" title="paying down your debt"><span style="color: #183a52;">paying down your debt</span></a> or building up your <a href="http://www.fivecentnickel.com/2008/04/03/the-best-high-yield-online-savings-bank-accounts/?WT.qs_osrc=FXN" title="savings account"><span style="color: #183a52;">savings account</span></a>, having an <a href="http://www.fivecentnickel.com/2010/03/11/how-and-why-to-diversify-your-income/?WT.qs_osrc=FXN" title="alternative income"><span style="color: #183a52;">alternative income</span></a> stream can help make your goals a reality.</div><div jquery1306868760743="183" style="font-size: 14px;"><strong>Your thoughts</strong></div><div jquery1306868760743="184" style="font-size: 14px;">Now… I’d love to hear about your goals for 2011. Have you started working on your finances for this year? What’s your biggest financial goal for 2011? What steps are you taking to reach it?</div><div jquery1306868760743="184" style="font-size: 14px;"><br />
</div><div jquery1306868760743="185" style="font-size: 14px;"><em>By Laura Martinez, FiveCentNickel Contributor</em> </div></div></div></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-47294067620164730012011-05-30T15:57:00.000-07:002011-09-01T02:41:00.854-07:00Top ten financial tips for 2011<div dir="ltr" style="text-align: left;" trbidi="on">Here are some tips from Unbiased.co.uk’s media independent financial advisers on how to prepare for the New Year and get your personal finances in order.<br />
<div style="background-color: transparent; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; color: black; overflow: hidden; text-align: left; text-decoration: none;"><br />
<span class="bodystrong">1. Spring clean early</span><br />
Put your plans on the front foot for 2011, says Danny Cox at <b><a href="http://markets.ft.com/tearsheets/performance.asp?s=uk:HL." symbol="uk:HL.">Hargreaves Lansdown</a></b>. “Between Christmas and New Year is an ideal time to dust off your old investments and pensions and review how they are doing. Are they up to date and still right for you? How they are performing? Could you consolidate your plans and make them cheaper and easier using a fund supermarket. Is it time to cash in your premium bonds? Are you <a class="bodystrong" href="http://www.ft.com/personal-finance/banking">making the most of your cash savings</a>? Have you made the most of all your tax efficient allowances? Reviewing your financial affairs does not need to be an onerous task.” <br />
<span class="bodystrong">2. Create a cash buffer</span><br />
Peter McGahan at Worldwide Financial Planning says alot of consumers are concerned about interest rates and the potential that <a class="bodystrong" href="http://www.ft.com/cms/s/2/a4648ae0-f98d-11df-9e29-00144feab49a.html#axzz16rP54mkv">inflation might drive these northwards</a>. “If this is the case the normal reaction is sometimes to pay off all debt as quickly as possible,” he says. “Your first port of call should actually be to create a buffer by having three to four months expenditure available to rely on for cash flow. A bank loan reduced by £2000 may only save you £80 per month but £2000 will give you enough space to pay that loan for 25 months. Cash flow is important. If you have any loans that are on a variable rate be careful to pay off the highest interest rate loans first.”<br />
<span class="bodystrong">3. Save regularly</span><br />
“Put aside a regular amount each month to invest for the long term,” suggests Gordon Bowden at Quainton Hills Financial Planning. “Do not spend your monthly income and then see what is left over. There will never be enough left over. Instead decide how much you want to save and work out your spending budget from what is left. One day you will be glad you did this.”<br />
<span class="bodystrong">4. Income from investments</span><br />
Income is the want of many clients yet income paying investments in a low interest rate environment are at a premium. Ian Lowes at Lowes Financial Management says whilst the likes of equity income and fixed interest funds are likely to be the default option for many, there may be a better way such as ‘income from gains’.<br />
“Whilst many people want an income from their investments, what they actually need is a regular payment and that’s not necessarily the same thing,” says Lowes. “A growth orientated portfolio can still produce the ‘income’ needed by way of automated regular or, ad-hoc withdrawals. Such a strategy means that a more diversified range of investments can be utilised, thereby providing greater opportunity, and potentially lowering the risk. What’s more, growth investments should be subject to capital gains tax rather than income or dividend tax and as everyone has an annual capital gains tax allowance, in a lot of circumstances, an investor drawing income from a growth portfolio will have little, or no, tax to pay on an annual basis. <br />
“Obviously, the less tax you have to pay the greater the returns you receive from your portfolio. Larger portfolios may give rise to some tax on final encashment but this should still be less than income tax and for the older investors some solace can be gained from the consequence that CGT also ‘dies’ on death.”<br />
<span class="bodystrong">5. Review your pension</span><br />
If you are still working one long term aim is likely to be a financially secure retirement and a pension should be a key part of that. <br />
To get the most out of your pension between now and then you need to be clever about contribution levels and review this decision each year, says Jason Witcombe, at Evolve Financial Planning. “If your income is in the 20 per cent tax band, it will cost you £8,000 to get £10,000 into your pension after basic rate tax relief. Higher rate tax currently starts at £43,875. So, if you wait until your income is £53,875, getting £10,000 into your pension only costs you £6,000 as you get 40 per cent relief. Therefore, if you are a 20 per cent taxpayer now but anticipate a promotion in the next few years, maybe you should delay pension contributions? Perhaps your focus could be paying down your mortgage or saving into ISAs in the meantime?” <br />
If your income is in the bracket £100,000 to £112,950 you actually get 60 per cent income tax relief because you lose your income tax Personal Allowance at a rate of £1 for every £2 of income over £100,000. Therefore, a £10,000 pension contribution only costs you £4,000.<br />
“Things get more complicated for very high earners,” says Witcombe, “but it is still possible to secure 50 per cent tax relief on a certain level of pension contribution. If you could receive 40 per cent, 50 per cent or even 60 per cent tax relief on money that goes into your pension and only pay basic rate tax on the income that you eventually draw from your pension, that gives you a neat tax planning opportunity.” <br />
<span class="bodystrong">6. Teach your children that money matters</span><br />
The announcement that <a class="bodystrong" href="http://www.ft.com/cms/s/0/3235bd76-e377-11df-8ad3-00144feabdc0.html">Junior ISAs would be launched, probably, in autumn 2011 </a>should go some way to educating children particularly when it comes to saving. <br />
Colin Jackson at Baronworth Investments Limited says, “Mums, dads, grandparents, aunts and uncles often give monetary presents to children at Christmas. Perhaps it would be a good idea to put these presents into a Junior ISA and for those children old enough to understand, explain the reason for doing this - to save for their future. The good news is that the children will not be able to get their hands on the money until they turn 18 so, dependent upon the child’s age, consideration should be given to a Stocks and Shares ISA that has the facility to accept further investments from time to time.” <br />
<span class="bodystrong">7. Identify gaps in cover</span><br />
“As budgets continue to be stretched by the increased costs of living, a review of existing borrowing and protection arrangements might help by showing how savings could be achieved in these areas, while also identifying gaps in the level of cover you have,” says Dan Clayden at Clayden Associates.<br />
<span class="bodystrong">8. Buy before 4 January 2011</span><br />
The VAT increase comes in on 4th January but any payments made against it before then will be liable to VAT at the old rate. So, if you’ve ordered an expensive item for delivery in January it would be worth paying in full before then, suggests Steve Laird at Carrington Wealth Management. <br />
He says that in practice this means paying before the end of December. “This is particularly useful if you’re buying a new car. If you pay for it in December you can get the old VAT rate but the car can still be registered in 2011 which means it’s likely to be worth more when you come to sell it – the best of both worlds!”<br />
<span class="bodystrong">9. Keep track of spending</span><br />
Create a detailed household income and expenditure analysis. Most people only have a vague idea of what they spend. Keith Thomson at Blackadders LLP says keeping track of all expenditure, especially incidental cash expenditure (newspapers, lunches, drink, snacks etc) will give you a clearer picture of what you spend your money on. It may well surprise you how money can be so easily spent and it should help identify where money can be saved to meet unexpected bills and still enjoy those little luxuries from time to time.”<br />
<span class="bodystrong">10. Karen Barrett, chief executive of unbiased.co.uk</span><br />
“2011 is going to bring with it a lot of uncertainty and changes to the financial landscape, including an increase in VAT and an impending rise in interest rates. Consumers should make their financial resolutions now and start planning ahead to get their money matters in order, ready for the New Year; making an appointment to see an IFA is a great way to start this off. <br />
“An independent financial adviser can help develop a plan for managing your money and investments. Only an IFA can advise you on the best products for you from across the whole of the market. To find a qualified, local adviser near you search on unbiased.co.uk’s free and confidential ‘find an IFA’ service. You can also find useful tools to help plan your monthly finances including the unbiased.co.uk financial calendar which can be downloaded from the website<br />
From: <a href="http://www.ft.com/cms/s/0/dcf3f48a-fca4-11df-bfdd-00144feab49a.html#axzz1NsY4VWY8">ft.com</a></div></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-57270304968523452452011-05-30T15:50:00.001-07:002011-09-01T02:41:00.854-07:00Financial Tips For 2011<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li><a href="http://financetipsall.blogspot.com/2011/05/top-ten-financial-tips-for-2011.html">Top ten financial tips for 2011</a></li>
<li><a href="http://financetipsall.blogspot.com/2011/05/financial-tips-for-couples-in-2011.html">Financial Tips for Couples in 2011</a></li>
<li><a href="http://www.sec.gov/investor/2011investortips.pdf">Top 11 Financial Tips for 2011</a></li>
<li><a href="http://financetipsall.blogspot.com/2011/06/tips-for-2011-2012-financial-year.html">Tips for 2011 / 2012 Financial Year</a></li>
<li><a href="http://financetipsall.blogspot.com/2011/06/5-tips-to-help-you-regain-your.html">5 Tips to Help You Regain Your Financial Stability in 2011</a></li>
<li><a href="http://financetipsall.blogspot.com/2011/06/tips-for-becoming-financially-stable-in.html">Tips for Becoming Financially Stable in 2011</a></li>
<li><a href="http://financetipsall.blogspot.com/2011/06/top-10-investing-tips-for-2011.html">Top 10 investing tips for 2011</a></li>
<li><a href="http://financetipsall.blogspot.com/2011/06/improve-your-financial-health-and-save.html">Improve Your Financial Health and Save Money in 2011</a></li>
</ul></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-972341586863398792011-05-30T15:47:00.000-07:002011-05-30T15:47:13.568-07:005 Tips to “Shorten” the Road to Financial Freedom<div dir="ltr" style="text-align: left;" trbidi="on"><div class="art-postcontent"><strong>Step 1: Establish specific goals</strong><br />
<a href="http://www.asianpress.net/wp-content/uploads/2011/02/the-Road-to-Financial-Freedom.jpg"><img alt="Asian Business Press" class="alignleft size-full wp-image-157" height="189" src="http://www.asianpress.net/wp-content/uploads/2011/02/the-Road-to-Financial-Freedom.jpg" title="the Road to Financial Freedom" width="200" /></a>Goal setting is a task that can be easily postponed – especially when you are very busy in the day. However, setting goals is the first and one of the most important steps to follow to achieve financial freedom. Set goals, both short and long term. <br />
The short-term goals can be daily, weekly and monthly. These should reveal where you want to be financially in the near future. <br />
The long-term objectives include the amount of wealth (at large) you would like to accumulate within a year or two, maybe five or ten years. Both types of goals are necessary to create wealth. Without goals, you’ll be walking blindly, without care or vision of what is coming. This pattern of life will surely leave you empty handed! <br />
<strong>Step 2: Create a Business Plan</strong> <br />
All successful companies, past and present, began with a plan. Your business plan should show where you are, where you will be in the future and how you arrive. He writes in a paper to create a rough business plan. It’s easier than you think: <br />
Your current income: ________<br />
Revenues and expenses of the company (in case you have a business): ________<br />
Budget business (or personal budget if you work for someone else): ________<br />
Initial capital needed to promote and operate the business: ________<br />
Plans to acquire the capital needed (source of capital): ________<br />
Expenditure Plan (promotions, supplies, inventory, expenses, online, etc): ________<br />
Expectations (What outcomes you expect from your initial efforts?): ________ <br />
Creating a business plan is a necessary step to create wealth through your own company. Even if you own a business, you write a similar plan to achieve your goals of personal wealth. <br />
<strong>Step 3: Avoid negative into debt</strong> <br />
Debt is a major reason why many people never accumulate wealth. But remember, there are two types of debt: Debt positive and negative debt. <br />
Debt is the opposite of wealth. The more debt you have, accumulate less wealth. You cannot save money that belongs to someone else. If you have an income of $ 3,000 a month, but you have $ 2,000 in loans (not counting the cost of daily living), you cannot have extra money to save. You earn more or sell some items to pay your debt. Avoid this “debt trap” if you think about creating wealth for the future. <br />
<strong>Step 4: Develop a Personal Plan</strong> <br />
you’ve developed the business plan. Now is the time to create your personal plan. What tasks are you going to do daily to build wealth? Get a schedule and a strict budget. Works daily compiled a list of tasks to perform and removed from the list each task you complete. In your budget, includes an amount of money you keep in savings (savings, stocks, bonds, etc). If you plan to invest, be sure to diversify your investments. Choose only one or two high-risk investments and various investments “safe” such as mutual funds or bonds. <br />
<strong>Step 5: Stay focused on the goal, not in the circumstances</strong>. <br />
No matter what circumstances you are, keep your eyes on the goal of creating wealth and achieving financial freedom. Even if sales are down in your business, do not stop. Remember, companies have ups and downs. If you stay firm to your target through the hard times, good times are meant to be much better than ever. Your income will grow and have the extra money they need to achieve your goals of wealth creation. <br />
In short: the creation of wealth does not happen overnight or by magic formula for getting rich. This is accomplished with steady work towards the goals and tasks you’ve created. You can create wealth for your future if you do not doubt these elementary truths that have worked for millions of people … believe me.<br />
Author: <a href="http://www.asianpress.net/author/rusman" title="Posts by rusman"><span style="color: #238ec7;">rusman</span></a> <br />
<!-- /article-content --></div></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-81037782025824936742011-05-30T15:24:00.000-07:002011-05-30T15:24:21.433-07:00List of College Scholarships For Asian Students<div dir="ltr" style="text-align: left;" trbidi="on">Some of the scholarships listed here are open to all students of color and some are intended specifically for African American students.<br />
<strong>ACS/Bayer Scholars Program</strong><br />
For full-time college students at accredited colleges or universities. High academic achievers in chemistry or the sciences. Must prove financial need.<br />
Contact: American Chemical Society<br />
Program Review Committee<br />
1155 16th Street, NW<br />
Washington, DC 20036<br />
<strong>Actuarial Scholarships for Minority Students</strong><br />
For students who are admitted to a college or university offering either a program in Actuarial Science or courses that will serve to prepare the student for an actuarial career.<br />
Contact: Society of Actuaries/Casualty Actuarial Society<br />
Minority Recruiting Coordinator<br />
475 North Martingale Road, Suite 800<br />
Schaumburg, IL 60173<br />
<strong>ADHA Institute for Oral Health Scholarship Program</strong><br />
A number of programs are available for undergraduate and graduate students who are currently pursuing or who are interested in pursuing a degree or career in Oral Health.<br />
Contact: Scholarship Program<br />
ADHA Institute for Oral Health<br />
444 N. Michigan Avenue, Suite 3400<br />
Chicago, IL 60611<br />
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<strong>AGI Minority Geoscience Scholarships</strong><br />
Must be enrolled in an accredited institution as an undergraduate or graduate student majoring in geoscience, or a sub-discipline of geoscience, and demonstrate financial need.<br />
Contact: American Geological Institute<br />
Attn: Marilyn Suiter<br />
4220 King Street<br />
Alexandria, VA 22302-1507<br />
<strong>Air Traffic Control Association, Inc.</strong><br />
Full-time undergraduate or graduate students in aeronautics, aviation or related field. Deadline: August 1. Amount: $1,500 - $2,500 annually.<br />
Contact: Air Traffic Control Association, Inc.<br />
2020 N 14th St.<br />
Suite 410<br />
Arlington, VA 22201<br />
<a href="http://www.rotary.org/foundation/educational/amb_scho/rotarian/endowed.html"><strong><span style="color: blue;">Ambassadorial Scholarships</span></strong></a><br />
This is the prestigious “rotary” organization scholarship for students who can speak another language and want to study abroad in the “host” country of that language. Award amounts are from $10,000 to $23,000 for a 3-month to full year of study abroad. You should have co mpleted at least 2 years of college work.<br />
<strong>American Association for the Advancement of Science (AAAS)</strong><br />
Various internships and fellowships. Contact Agency for award amount.<br />
Contact: Education and Human Resource<br />
1333 H St, NW<br />
Washington, DC 20005<br />
<strong>American Association of Advertising Agencies (AAAA)</strong><br />
Annual 10-week summer intern program for ethnic minorities, who are full-time college students and will be college seniors or graduate students next fall and major in advertising, communications, liberal arts, marketing or related area. Applicant must be a US citizen/permanent resident with a minimum GPA of 2.7/4.0, and committed to a career in advertising. Students are placed in AAAA member advertising agencies across the country to gain experience in advertising. Students apply to work in one of four departments: Account Management, Research, Media, & Creative. Award amount: Salary - approximately $300/week for 10 weeks.<br />
Contact: R Jackman, Manager/Diversity Program<br />
Am Assn of Advertising Agency<br />
405 Lexington Ave - 18th Floor<br />
New York, NY 10174<br />
(212) 986-4721<br />
<strong>American Chemical Society Scholars Program</strong><br />
Contact: American Chemical Society (ACS)<br />
Scholarship Coordinator<br />
1155 16th Street NW<br />
Washington, DC 20036<br />
<strong>American Dental Hygienists’ Association Institute </strong><br />
Annual awards for full-time, minority (African Americans, Hispanics, Asians, Native Americans, and Males) undergraduate/graduate students currently under represented in the Dental Hygiene profession. Selection based on minimum 3.0 GPA, documented financial need of at least $1,500, and completion of a minimum of 1 full-time year in dental hygiene curriculum prior to receiving the award.<br />
Contact: Scholarship Administrator<br />
ADHA Institute for Oral Health<br />
444 N. Michigan Ave., Suite 3400<br />
Chicago, IL 60611<br />
(312) 440-8900<br />
<strong>American Dietetic Association Foundation Scholarship</strong><br />
The applicant must be a minority male with a parent in the Dental Administration. Amount: $1,500. Deadline: June 1.<br />
Contact: Director of Scholarship<br />
American Dental Hygienists Association<br />
444 North Michigan Avenue #3400<br />
Chicago, IL 60611<br />
<strong>American Geophysical Union</strong><br />
Minority graduate or undergraduate student studying earth, space or marine science or related education field.<br />
Contact: American Geophysical Union<br />
2000 Florida Ave<br />
Washington, DC 20009<br />
<strong>American Institute of Architects (AIA) Foundation </strong><br />
Annual award for undergraduate minority and/or disadvantaged students who are pursuing a career in architectural studies. Student must be accepted to a NAAB accredited architecture school and be renewed for a total of 3 years. In addition to the application, the student must submit a nomination.<br />
Contact: Scholarship Coordinator<br />
American Institute of Architects<br />
1735 New York Ave - NW<br />
Washington, DC 20006<br />
(202) 785-7511<br />
<a href="http://www.e-architect.com/institute"><strong><span style="color: blue;">American Institute of Architects Minority Disadvantaged Scholarship </span></strong></a><br />
This is a scholarship for minority students enrolling in architecture programs. Awards are from $500 to $3,000. Generally 20 students are selected. Deadline: December 6.<br />
<strong>American Institute for Foreign Study (AIFS)/Minority </strong><br />
Annual award for a currently enrolled minority undergraduate student, with a minimum of 24 credits toward a degree the program starts, who wishes to study abroad at a selected university/college. Applications will be accepted from Pacific Islanders, African-, Asian-, Native-, and Hispanic-Americans. Selection is based on applicant’s fulfillment of the program requirements, financial need, academic accomplishments, demonstrated leadership ability, extracurricular activities centered on multicultural/international issues, and a statement concerning objectives for wanting to study abroad. In addition to the application, the student must submit the Minority Scholarship application, the AIFS academic year and semester application to AIFS College Division, including a 3rd letter of reference. Award includes tuition, room and board, and round trip air fare.<br />
Contact: Scholarship Coordinator<br />
American Institute-Foreign Study<br />
102 Greenwich Avenue, PO Box 2670<br />
Greenwich, CT 06830-2670<br />
(800) 727-2437<br />
<a href="http://www.aicpa.org/members/div/career/mini/smas.htm"><strong><span style="color: blue;">American Institute of Certified Public Accountants (AICPA) Scholarships </span></strong></a><br />
For undergraduates studying accounting at a U.S. college with at least 30 credits completed. Awards up to $5,000 with about 300 winners annually. Deadline is in July. Visit Web site for GPA requirements and details.<br />
<strong>American Institute of Mining, Metallurgical and Petroleum Engineers, Inc. Women’s Auxiliary</strong><br />
Students studying mining, geology, metallurgy, petroleum, mineral science, materials science, mining economics, and other related fields.<br />
Contact: American Institute of Mining, Metallurgical and Petroleum Engineers, Inc. Women’s Auxiliary<br />
Fourteenth Floor<br />
345 E. 47th St.<br />
New York, NY 10024<br />
<strong>American Library Association (ALA) Spectrum Initiative Scholarship program</strong><br />
MLA and the National Library of Medicine (NLM) jointly sponsor a<br />
scholarship through the American Library Association (ALA) Spectrum<br />
Initiative Scholarship program. The two organizations make a total annual<br />
donation of $5,000 each year to support minority students in their goals to<br />
become health sciences information professionals. African American,<br />
Hispanic, Asian, Native American, or Pacific Islander individuals attending<br />
ALA-accredited library schools are eligible. Deadline: March 1.<br />
Contact: ALA, the scholarship administrator<br />
Spectrum Inquiry Line<br />
(800) 545-2433 x4276<br />
spectrum@ala.org<br />
<strong>American Meteorological Society/Industry Minority Scholarship</strong><br />
You must plan to make atmospheric science a career.<br />
Contact: American Meteorological Society (AMS)<br />
Fellowship/Scholarship Programs<br />
45 Beacon Street<br />
Boston, MA 02108-3693<br />
<strong>American Nuclear Society</strong><br />
Nuclear Engineering Education for the Disadvantaged Program. Financial support for women and minority students studying nuclear science or nuclear engineering. Deadline: March 1. Amount: $1,500 annually.<br />
Contact: American Nuclear Society<br />
555 N. Kensington Ave<br />
La Grande Park, IL 60525<br />
<strong>American Physical Society</strong><br />
Minority undergraduate and graduate students majoring in physics. Deadline: February. Amount: $2,000.<br />
Contact: American Physical Society<br />
335 E. 45th St.<br />
New York, NY 10017-3483<br />
<strong>American Respiratory Care Foundation</strong><br />
Annual awards for a minority undergraduate student who is enrolled in an AMA accredited respiratory care training program and has completed at least one semester of the program. A 3.0 GPA, birth certificate, visa or proof of citizenship, SS card, enrollment verification, 6 copies of an original referenced paper on respiratory care, official transcripts, and specific letters of recommendation are required. The Foundation prefers that nominations be made by the school/program, but any student may initiate a request of sponsorship by the school in order that a deserving candidate is not denied the opportunity to compete. Applications accepted from April 1 to June 30. Previous winners are eligible to reapply.<br />
Contact: Scholarship Coordinator<br />
American Respiratory Care Foundation<br />
11030 Ables Lane<br />
Dallas, TX 75229-4593<br />
(214) 243-2272</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-75322269469726343732011-05-28T17:51:00.000-07:002011-05-28T17:51:38.523-07:00Best Student Bank Accounts 2011/12<div dir="ltr" style="text-align: left;" trbidi="on"><strong>Banks want you -</strong> more than any other group of the population. Students are essentially investing in themselves to (hopefully) get a good salary when they graduate.<br />
Whilst you may be borrowing now to fund your education, banks expect that in the near future you will reap the rewards.<br />
They are looking to establish <em>loyalty</em>, and have good odds at keeping you for life once you’ve opened a student bank account with them. And loyalty is also an important tool for the consumer, meaning students get the best deals and offers out there!<br />
Just remember that you <em>don’t have to be loyal</em>, and you should switch around banks to always benefit from the next best deal. It may seem like too much effort, but it can pay dividends.<br />
Don’t be taken in by <strong>freebies</strong>. A student bank account with a free MP3 player worth £20 is nowhere near as good as getting an interest free <strong>overdraft</strong>. An overdraft is a way of borrowing money, up to around £3,000 for final year students. With an interest free overdraft you pay nothing more than what you borrow, and this is pretty much exclusive to us students.<br />
So even if you are lucky enough to have the means to pay without borrowing, it can be worth getting a student overdraft. Take it out and pump up your <a href="http://www.savethestudent.org/save-money/best-student-savings-accounts.html" title="student savings"><span style="color: blue;">savings account</span></a>, earning interest on the borrowed money whilst you’re a student.<br />
<strong>Beware</strong> that the 0% interest period is not forever! It only lasts a certain number of years after you graduate before it hikes up and you need to pay up, or get screwed. Just as important, don’t go over your student overdraft limit or you could suffer heavy <strong>bank charges</strong>.<br />
Also, it’s worth noting that the advertised student overdraft limit is the <strong>maximum</strong> you can get, and usually only in your third year at university.<br />
With a student bank account it largely depends on your ‘<strong><a href="http://www.savethestudent.org/out/creditexpert" onclick="javascript:_gaq.push(['_trackEvent','outbound-article-aff','/out/creditexpert']);" target="_blank"><span style="color: blue;">credit rating</span></a></strong>‘, which you can <a href="http://www.savethestudent.org/out/creditexpert" onclick="javascript:_gaq.push(['_trackEvent','outbound-article-aff','/out/creditexpert']);" target="_blank"><span style="color: blue;">check here</span></a> for free. When you first open your student bank account you are likely to get around half of the advertised overdraft.<br />
With that in mind, here are the current top student bank accounts taking the overdraft interest free period into account.<br />
<h1>Top Student Bank Accounts 2011/2012</h1><h2>#1 <a href="http://www.natwest.com/microsites/personal/students/index.asp" onclick="javascript:_gaq.push(['_trackEvent','outbound-article','www.natwest.com']);" target="_blank"><span style="color: #091d89;">NatWest</span></a></h2>The Natwest student bank account has an overdraft up to £2,000 over the three years. The best thing about the Natwest student account is that you get a free 5 year Young Person’s Railcard. If you choose to go to university a long way away from your home town then the railcard could save you £100s over the course of your university education.<br />
<img alt="Natwest rail card" src="http://www.savethestudent.org/railcard.gif" /><br />
<h2>#2 <a href="http://www.rbs.co.uk/personal/students.ashx?DCMP=ILC-PersHPStuRyltsAcntSmlBnr" onclick="javascript:_gaq.push(['_trackEvent','outbound-article','www.rbs.co.uk']);" target="_blank"><span style="color: #091d89;">Royal Bank of Scotland</span></a></h2>The Royal Bank of Scotland has moved into second-spot this year in our student bank accounts list, offering an impressive £2,000 overdraft at 0%, which is just below Natwest’s student account, but RBS also throw in a 3-year railcard (two years less than Natwest) which will save you 1/3 on all rail travel. Like the others, the student overdraft limit is an ‘up to’, in your first year you should expect to get closer to £1,250. On top of this you also get a 4 week free bus pass (in Edinburgh, Glasgow or Aberdeen). If you go for this student bank account then let us know how you find it.<br />
<h2>#3 <a href="http://www.halifax.co.uk/bankaccounts/studentcurrentaccount.asp" onclick="javascript:_gaq.push(['_trackEvent','outbound-article','www.halifax.co.uk']);" target="_blank"><span style="color: #091d89;">Halifax / HBOS</span></a></h2>The Halifax student bank account has fallen from 1st to 3rd in our rankings this year, but it still offers the highest interest-free overdraft limit with the longest period. The student account offers an overdraft of up to £3,000. Although in your first year you are unlikely to top £1,000. When you apply you automatically get a £500 overdraft, so you need to ask for more. The actual amount you get will depends upon your credit rating (<a href="http://www.savethestudent.org/out/creditexpert" onclick="javascript:_gaq.push(['_trackEvent','outbound-article-aff','/out/creditexpert']);" target="_blank"><span style="color: blue;">check yours for free</span></a>). You have one year after graduating to repay before interest starts being added. Don’t forget!<br />
For a full list of rankings and more information check out our updated <a href="http://www.studentbankaccounts.co.uk/#c_table" onclick="javascript:_gaq.push(['_trackEvent','outbound-article','www.studentbankaccounts.co.uk']);"><span style="color: blue;">student bank comparison table</span></a> at <a href="http://www.studentbankaccounts.co.uk/" onclick="javascript:_gaq.push(['_trackEvent','outbound-article','www.studentbankaccounts.co.uk']);" target="_blank"><span style="color: blue;">studentbankaccounts.co.uk</span></a>. This table offers extra information on the <strong>8 major student bank accounts</strong> offered to students and you can see which may suit you the most.<br />
<hr /><strong>Remember</strong> the top student bank accounts change each year, so make sure you’re still getting the best deal as an existing student and check back here for the best student bank account advice for students.<br />
<br />
<strong>Other factors to consider</strong><br />
<ul><li>Does the student bank account come with a debit card or a cash card? You can withdraw from ATMs with both, but only pay in shops or online with a debit card.</li>
<li>Can you access your student account online?</li>
<li>Have a look over the bank charges.</li>
<li>Branch location. A local bank can prove be worthwhile, especially on that rare day when you want or need to make a cash or cheque deposit.</li>
</ul><em>This post will be updated annually to keep up with the current best student bank accounts.</em><br />
<hr style="border-bottom: #eee 1px solid; border-left: #eee 1px solid; border-right: #eee 1px solid; border-top: #eee 1px solid;" /><div><div id="newsletter_job" style="background-image: url(http://www.savethestudent.org/images/newsletter_end.png); background-repeat: no-repeat; height: 100px; margin-left: 8px;"><form action="http://savethestudent.us1.list-manage.com/subscribe/post?u=1d812cee806cb330dea75689e&id=1a41d97f94" class="validate" id="searchform" method="post" name="mc-embedded-subscribe-form" onsubmit="window.open('http://savethestudent.us1.list-manage.com/subscribe/post?u=1d812cee806cb330dea75689e&id=1a41d97f94', 'popupwindow', 'scrollbars=yes,width=650,height=550');return true" style="font: 12px Arial; margin-bottom: 6px;" target="popupwindow"><div style="padding-left: 62px; padding-top: 40px;"><input class="field" id="mce-EMAIL" name="EMAIL" onclick="this.value='';" style="color: #5f3662; font-weight: bold; margin-left: 0px; width: 182px;" value="Enter e-mail address" /> <select id="MERGE4" name="MERGE4" style="color: #5f3662;"><option value="">Graduation:</option><option value="Already Have">Already Have</option><option value="2011">2011</option><option value="2012">2012</option><option value="2013">2013</option><option value="2014">2014</option><option value="2015">2015</option><option value="2016">2016</option><option value="2017">2017</option><option value="2018">2018</option><option value="2019">2019</option><option value="2020">2020</option><option value="Other">Other</option></select> <input id="zoosbmt" name="submit" style="font-size: 16px; font-weight: bold; height: 30px;" type="submit" value="Subscribe Now" /> </div></form><span style="color: #b787aa; font-size: 11px; margin-left: 62px;">Free money tips. No spam, No catch, No brainer. <a href="http://www.savethestudent.org/privacy-policy" style="color: #b787aa;" target="_blank">Privacy Policy</a>.</span> </div>By <a href="http://www.savethestudent.org/author/owen" title="Posts by Owen Burek"><span style="color: #3442c0;">Owen Burek</span></a></div></div>Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-5482877194256314831.post-34216772707006794292011-05-28T17:33:00.000-07:002011-05-28T17:33:54.510-07:00Student Bank Accounts<div dir="ltr" style="text-align: left;" trbidi="on">It is essential to open a student bank account for your time at University. It is a good idea to do this before you start University, especially if you are applying for a student loan as the money will be paid directly into your bank account. <br />
Most banks offer some sort of cash incentive or vouchers to entice you to open an account with them. Look past these 'freebies' to the more long term benefits, but remember that a <a class="mw-redirect" href="http://www.blogger.com/wiki/Young_Persons_Railcard" title="Young Persons Railcard"><span style="color: #006da8;">Young Persons Railcard</span></a> is going to be more useful in the long run than, say, a cheapo MP3 player. Make sure you know what overdraft limit there is available and read the small print so you know about fines and how to avoid them! <br />
<br />
<table class="toc" id="toc" summary="Contents"><tbody class="last-child">
<tr class="last-child"><td class="last-child"><div id="toctitle"><h2>Contents</h2><span class="toctoggle"><span style="font-size: x-small;">[</span><a class="internal" href="javascript:toggleToc()" id="togglelink"><span style="color: #006da8; font-size: x-small;">hide</span></a><span style="font-size: x-small;">]</span></span></div><ul><li class="toclevel-1"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Choosing_an_account"><span style="color: #006da8;"><span class="tocnumber">1</span> <span class="toctext">Choosing an account</span></span></a> </li>
<li class="toclevel-1"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Opening_an_account"><span style="color: #006da8;"><span class="tocnumber">2</span> <span class="toctext">Opening an account</span></span></a> </li>
<li class="toclevel-1"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Points_to_consider"><span style="color: #006da8;"><span class="tocnumber">3</span> <span class="toctext">Points to consider</span></span></a> </li>
<li class="toclevel-1"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Things_to_ask"><span style="color: #006da8;"><span class="tocnumber">4</span> <span class="toctext">Things to ask</span></span></a> </li>
<li class="toclevel-1"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#The_difference_between_Debit_and_Credit_Cards"><span style="color: #006da8;"><span class="tocnumber">5</span> <span class="toctext">The difference between Debit and Credit Cards</span></span></a> <ul><li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Debit_Cards"><span style="color: #006da8;"><span class="tocnumber">5.1</span> <span class="toctext">Debit Cards</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Credit_Cards"><span style="color: #006da8;"><span class="tocnumber">5.2</span> <span class="toctext">Credit Cards</span></span></a> </li>
</ul></li>
<li class="toclevel-1"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Banks"><span style="color: #006da8;"><span class="tocnumber">6</span> <span class="toctext">Banks</span></span></a> <ul><li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Santander"><span style="color: #006da8;"><span class="tocnumber">6.1</span> <span class="toctext">Santander</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Barclays"><span style="color: #006da8;"><span class="tocnumber">6.2</span> <span class="toctext">Barclays</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Halifax__.28HBOS.29"><span style="color: #006da8;"><span class="tocnumber">6.3</span> <span class="toctext">Halifax (HBOS)</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#HSBC"><span style="color: #006da8;"><span class="tocnumber">6.4</span> <span class="toctext">HSBC</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Lloyds_TSB"><span style="color: #006da8;"><span class="tocnumber">6.5</span> <span class="toctext">Lloyds TSB</span></span></a> <ul><li class="toclevel-3"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Islamic_Student_Account"><span style="color: #006da8;"><span class="tocnumber">6.5.1</span> <span class="toctext">Islamic Student Account</span></span></a> </li>
</ul></li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Natwest"><span style="color: #006da8;"><span class="tocnumber">6.6</span> <span class="toctext">Natwest</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#RBS"><span style="color: #006da8;"><span class="tocnumber">6.7</span> <span class="toctext">RBS</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#The_Cooperative_Bank"><span style="color: #006da8;"><span class="tocnumber">6.8</span> <span class="toctext">The Cooperative Bank</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Smile"><span style="color: #006da8;"><span class="tocnumber">6.9</span> <span class="toctext">Smile</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Yorkshire_Bank"><span style="color: #006da8;"><span class="tocnumber">6.10</span> <span class="toctext">Yorkshire Bank</span></span></a> </li>
</ul></li>
<li class="toclevel-1"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#If_you_get_into_trouble"><span style="color: #006da8;"><span class="tocnumber">7</span> <span class="toctext">If you get into trouble</span></span></a> </li>
<li class="toclevel-1"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Useful_External_Links"><span style="color: #006da8;"><span class="tocnumber">8</span> <span class="toctext">Useful External Links</span></span></a> <ul><li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#Comparisons_of_Student_Accounts"><span style="color: #006da8;"><span class="tocnumber">8.1</span> <span class="toctext">Comparisons of Student Accounts</span></span></a> </li>
<li class="toclevel-2"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#General_Advice"><span style="color: #006da8;"><span class="tocnumber">8.2</span> <span class="toctext">General Advice</span></span></a> </li>
</ul></li>
<li class="toclevel-1"><a href="http://www.blogger.com/post-create.g?blogID=5482877194256314831#See_Also"><span style="color: #006da8;"><span class="tocnumber">9</span> <span class="toctext">See Also</span></span></a> </li>
</ul></td></tr>
</tbody></table><script type="text/javascript">
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</script><a href="" id="Choosing_an_account" name="Choosing_an_account"></a><br />
<h2><span class="mw-headline">Choosing an account</span></h2><a class="external text" href="http://www.moneysavingexpert.com/banking/Student-bank-account" rel="nofollow" title="http://www.moneysavingexpert.com/banking/Student-bank-account"><span style="color: #006da8;">Money Saving Expert</span></a> publishes information on some of the best student bank accounts. Here you can compare the benefits of various accounts. <br />
<a class="external text" href="http://www.support4learning.org.uk/money/choosing_banks.cfm" rel="nofollow" title="http://www.support4learning.org.uk/money/choosing_banks.cfm"><span style="color: #006da8;">The National Association of Managers of Student Services (NAMSS)</span></a> also offers some advice on choosing bank acconts. <br />
<a href="" id="Opening_an_account" name="Opening_an_account"></a><h2><span class="mw-headline">Opening an account</span></h2>To open a student account you may need to produce: <br />
<ul><li>a copy of your LEA award letter (Student Loan financial assessment form) </li>
<li>Proof of your student status (usually AS12 UCAS letter) </li>
<li>identification, eg passport, national insurance card, full driving license (overseas students should produce their passport and letter of admission or enrolment from the university) </li>
<li>Proof of term time or home address, has to be something official eg Bank Statement, Bill, etc. </li>
</ul><a href="" id="Points_to_consider" name="Points_to_consider"></a><h2><span class="mw-headline">Points to consider</span></h2><b>Branch location and facilities</b><br />
<ul><li>Is my branch near enough for me to call in to discuss my finances? </li>
<li>Is there a cash machine on campus or close to where I live? </li>
<li>Can I use my cashpoint card at other banks' machines without being charged? </li>
<li>Is there a student adviser? (You will need a familiar point of contact who is sympathetic to students and aware of their financial situation.) </li>
</ul><b>Overdraft facilities</b><br />
<ul><li>What sort of interest free overdraft is available and how do I apply? </li>
<li>Do I need to attend an interview with the student adviser before an overdraft can be arranged? </li>
<li>Can I extend my overdraft limit and how do I do this? </li>
<li>What happens if I exceed my overdraft limit? </li>
</ul><br />
<ul><li>ALWAYS consult with your bank before going overdrawn, as banks usually impose stiff penalty charges on unauthorised overdrafts. </li>
<li>Remember the bank may describe your overdraft as free but you still have to pay it back so use it carefully. Generally, you will be allowed £1000 in the first year, £1250 in the second year and £1500 in the third year. This does not mean you will be allowed £3750 in total. </li>
</ul><b>Bank charges</b><br />
<ul><li>Does the bank charge for services? (Most banks will not charge for their services whilst you remain in credit or stay within an agreed overdraft limit) </li>
<li>Will I receive interest on credit balances? </li>
</ul><b>Graduate packages</b><br />
<ul><li>Does my branch offer preferential terms to graduating students? (Most banks do this. These include cheaper overdrafts and possibly loans to consolidate overdrafts and other debts) </li>
<li>For how long after my course has completed can I expect to receive preferential student terms? </li>
</ul><a href="" id="Things_to_ask" name="Things_to_ask"></a><h2><span class="mw-headline">Things to ask</span></h2><ul><li>What can the bank do to help out if my first loan installment is late? </li>
<li>What sort of credit card facilities does it offer? </li>
<li>Does it charge commission on travel money? (several banks do not charge students) </li>
<li>What savings facilities and incentives are on offer? </li>
<li>Is there telephone banking and/or banking via the internet? </li>
</ul><a href="" id="The_difference_between_Debit_and_Credit_Cards" name="The_difference_between_Debit_and_Credit_Cards"></a><h2><span class="mw-headline">The difference between Debit and Credit Cards</span></h2><a href="" id="Debit_Cards" name="Debit_Cards"></a><h3><span class="mw-headline">Debit Cards</span></h3>Debit cards are issued by the bank, and are directly connected to your bank account. Any money that you spend will be immediately debited from your account. You can withdraw cash from cash machines, you can go and swipe your card as payment in shop, or you can use them online on most shopping sites. <br />
There are a few different types of debit cards, but they're all basically the same. However, some are accepted at more places than others. If you're using it in a shop or online, you need to make sure that the type you have is accepted there. Most student accounts come with a Maestro (formerly Switch) or Visa debit card, and these are the most widely accepted. <br />
Some debit cards can also be used as a cheque guarantee card. Obviously, for this you'll need an account that comes with a cheque book! Increasingly, banks are not issuing cheque books automatically as they're becoming an outdated method of payment; however, you may be able to request one if you think you'll need it. <br />
<a href="" id="Credit_Cards" name="Credit_Cards"></a><h3><span class="mw-headline">Credit Cards</span></h3>Credit cards can be issued by your bank, but are also available from other companies who only provide credit cards. You can apply for a credit card with any provider, although a lot of people choose to stay with their main bank. <br />
Credit cards let you buy goods and services straight away and pay later, so it is really a short term loan. Credit cards are a convenient way of paying for goods and services but if you don't pay the bank in full within a certain time you will be charged interest on the amount you borrowed. This interest free period varies, but is generally up to 56 days. You have to be very careful to keep track of your spending when using your credit card as you can run up a debt without realising it. Taking out a bank loan might be a cheaper way of borrowing money from the bank in the longer term. <br />
If you're buying anything over £100, then you get extra protection if you use a credit card. This stems from Section 75 of the Consumer Credit Act 1974, which says that if you pay for goods worth over £100 even partially on a credit card then the credit card company is equally liable with the retailer. So if the company goes out of business and you don't get your stuff, or you've had a problem with your statutory rights, you can go straight to the card issuer and get a refund! <br />
You can withdraw cash from cash machines on a credit card. However, this should be avoided. It is very expensive, since companies will start charging interest from the second you make the transaction. They'll also charge a fee just for giving you the cash. <br />
The APR refers to Annual Percentage Rate. It is intended to give people a more accurate idea of how much they are being charged when they borrow money. Generally, the lower the APR the less money you will have to pay back in interest. It is important to make sure you compare the APR of different credit cards when deciding which credit card to take out. Some card issuers may offer a low rate of interest for an initial period but this will increase at the end of this period. <br />
Remember: if you pay back the minimum you're not only not paying back the initial bulk of debt, but you're also gaining "interest" (in a BAD way) from the bank. If you use your credit card, make sure you pay it off in full every month. <br />
It may be useful to get a credit card for emergencies only. Make sure you know the PIN or it'll be of no use in such an emergency! <br />
<a href="" id="Banks" name="Banks"></a><h2><span class="mw-headline">Banks</span></h2>So you now have a small idea of the student banking system. Let’s have a look at the big players in this market: <br />
<a href="" id="Santander" name="Santander"></a><h3><span class="mw-headline">Santander</span></h3><a class="external text" href="http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210610632421&empr=Abbeycom&leng=en_GB&pagename=Abbeycom/Page/WC_ACOM_TemplateB2" rel="nofollow" title="http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210610632421&empr=Abbeycom&leng=en_GB&pagename=Abbeycom/Page/WC_ACOM_TemplateB2"><span style="color: #006da8;">Santander Student and Postgraduate Account</span></a> <br />
<ul><li>Interest-free overdraft of up to £1,000 in the first year, up to £1,250 in the second year, up to £1,500 in the third year and up to £2,000 if you study for 4 years or more (once you’ve paid at least £500 into your account) </li>
<li>Visa debit card </li>
<li>When you graduate you still get an interest free overdraft </li>
<li>2% interest on bank balances up to £500. <ul><li>The Santander Universities Student Account requires you to apply in branch, and belong to any of the institutions listed <a class="external text" href="http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210609061046&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2" rel="nofollow" title="http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210609061046&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2"><span style="color: #006da8;">here</span></a>. </li>
</ul></li>
<li>Insurance on mobile phones, gadgets and laptop computers. </li>
<li>Applications generally from June onwards each year. You can't apply for some period before June. </li>
</ul><a href="" id="Barclays" name="Barclays"></a><h3><span class="mw-headline">Barclays</span></h3><a class="external text" href="http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=12837" rel="nofollow" title="http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=12837"><span style="color: #006da8;">Barclays Student Account</span></a> <br />
<ul><li>£200 interest-free overdraft on account opening, with further interest-free limits available up to £2,000. </li>
<li>Apply to extend your overdraft over your interest-free amount up to £3,000, at 8.9% AER (variable). </li>
<li>Visa debit card </li>
<li>When you graduate you still get an interest free overdraft </li>
<li>Free text alerts about your account to your mobile </li>
</ul><a href="" id="Halifax__.28HBOS.29" name="Halifax__.28HBOS.29"></a><h3><span class="mw-headline">Halifax (HBOS)</span></h3><a class="external text" href="http://www.halifax.co.uk/bankaccounts/studentcurrentaccount.asp" rel="nofollow" title="http://www.halifax.co.uk/bankaccounts/studentcurrentaccount.asp"><span style="color: #006da8;">HBOS Student Account</span></a> <br />
<ul><li>Up to £3,000 interest-free overdraft for up to 5 years while you are a student (from experience you are VERY unlikely to receive the full £3000 limit) </li>
<li>25% off AA membership for a year </li>
<li>Visa debit card </li>
<li>When you graduate, you get an interest free overdraft for a year </li>
</ul><a href="" id="HSBC" name="HSBC"></a><h3><span class="mw-headline">HSBC</span></h3><a class="external text" href="http://www.hsbc.co.uk/1/2/personal/current-accounts/student-banking/student-bank-account;jsessionid=0000v4RUVZQeh8dxBSS4Iu9eaCH:12ntf14vj" rel="nofollow" title="http://www.hsbc.co.uk/1/2/personal/current-accounts/student-banking/student-bank-account;jsessionid=0000v4RUVZQeh8dxBSS4Iu9eaCH:12ntf14vj"><span style="color: #006da8;">HSBC Student Account</span></a> <br />
<ul><li>Up to £2000 interest-free overdraft </li>
<li>No overdraft arrangement fees </li>
<li>Visa debit card </li>
<li>Commission free travel money </li>
<li>2 years Free Worldwide Travel Insurance </li>
<li>Online budget calculator </li>
<li>Free TalkMobile SIM card with £5 preloaded credit and free calls to HSBC telephone banking so you can manage your money on the go </li>
</ul><a href="" id="Lloyds_TSB" name="Lloyds_TSB"></a><h3><span class="mw-headline">Lloyds TSB</span></h3><a class="external text" href="http://www.lloydstsb.com/current_accounts/student_account.asp" rel="nofollow" title="http://www.lloydstsb.com/current_accounts/student_account.asp"><span style="color: #006da8;">Lloyds TSB Student Account</span></a> <br />
<ul><li>Up to £1,500 interest free overdraft through years one to three, and £2,000 from years four to six. </li>
<li>free YHA membership for three years and 40 free music downloads & a LAVA mini-speaker (subject to availability) from eMusic. </li>
<li>A Lloyds TSB Student MasterCard Credit Card – to help you spread your costs, typical 19.9% APR variable and a minimum limit of £500 (subject to application and status). </li>
<li>Internet Banking and PhoneBank. </li>
<li>Commission-free foreign currency and non-sterling Travellers Cheques, plus download free Lonely Planet Mini Guides to a variety of destinations. </li>
<li>Visa debit card </li>
</ul><a href="" id="Islamic_Student_Account" name="Islamic_Student_Account"></a><h4><span class="mw-headline">Islamic Student Account</span></h4><a class="external text" href="http://www.lloydstsb.com/current_accounts/islamic_student_account.asp" rel="nofollow" title="http://www.lloydstsb.com/current_accounts/islamic_student_account.asp"><span style="color: #006da8;">Lloyds TSB Islamic Student Account</span></a> <br />
As above, but this is a Shariah approved Islamic Student account - your money is not used in any interest-based business activities - reflecting the Islamic faith. <br />
<a href="" id="Natwest" name="Natwest"></a><h3><span class="mw-headline">Natwest</span></h3><a class="external text" href="http://www.natwest.com/personal/students/g1/student-current-account/account-details.ashx" rel="nofollow" title="http://www.natwest.com/personal/students/g1/student-current-account/account-details.ashx"><span style="color: #006da8;">Natwest Student Account</span></a> <br />
<ul><li>Interest free overdraft of £1,000 in year one increasing to £2,000 by year five. (only if this account used as your main account, ie one credit transaction every 3 months, and 3 debit transactions every month during term time) </li>
<li>Visa debit card. </li>
<li>Benefits available for 3 years after graduation </li>
<li>Free 5 year student railcard (renewed annually provided you use your account) </li>
<li>Student discount card </li>
<li>£100 saving on an ASUS laptop </li>
</ul><a href="" id="RBS" name="RBS"></a><h3><span class="mw-headline">RBS</span></h3><a class="external text" href="http://www.rbs.co.uk/personal/current-accounts/g1/student.ashx" rel="nofollow" title="http://www.rbs.co.uk/personal/current-accounts/g1/student.ashx"><span style="color: #006da8;">RBS Student Account</span></a> <br />
<ul><li>Interest-free overdraft of up to £2750. </li>
<li>Various entertainment benefits with Royalties Membership Services. </li>
<li>Free travel package consisting of 3-year railcard plus one month's free bus travel in Edinburgh, Glasgow or Aberdeen (if from or studying in Scotland). </li>
<li>Benefits available after graduation </li>
<li>Free 4GB USB Memory pen. </li>
</ul><a href="" id="The_Cooperative_Bank" name="The_Cooperative_Bank"></a><h3><span class="mw-headline">The Cooperative Bank</span></h3><a class="external text" href="http://www.co-operativebank.co.uk/servlet/Satellite?c=Page&cid=1170748472011&pagename=CB%2FPage%2FtplStandard&loc=l" rel="nofollow" title="http://www.co-operativebank.co.uk/servlet/Satellite?c=Page&cid=1170748472011&pagename=CB%2FPage%2FtplStandard&loc=l"><span style="color: #006da8;">The Cooperative Bank Student Account</span></a> <br />
<ul><li>£1,400 interest-free overdraft in year 1, rising to £2,000 in year 3 </li>
<li>Bank has an <a class="external text" href="http://www.goodwithmoney.co.uk/servlet/Satellite/1200903577042,CFSweb/Page/GoodWithMoney" rel="nofollow" title="http://www.goodwithmoney.co.uk/servlet/Satellite/1200903577042,CFSweb/Page/GoodWithMoney"><span style="color: #006da8;">ethical policy</span></a> determining where it invests your money. </li>
<li>Visa debit card and £100 cheque guarantee card. </li>
</ul><a href="" id="Smile" name="Smile"></a><h3><span class="mw-headline">Smile</span></h3><a class="external text" href="http://www.smile.co.uk/servlet/Satellite?pagename=Smile/Page/smView&c=Page&cid=971088187602" rel="nofollow" title="http://www.smile.co.uk/servlet/Satellite?pagename=Smile/Page/smView&c=Page&cid=971088187602"><span style="color: #006da8;">Smile Student Account</span></a> <br />
<ul><li>Interest free overdraft of £1000 in the first year, £1400 in the second year, £1800 in the third year and £2000 in the fourth year. </li>
<li>You have to make a deposit of at least £300 before you can start using your overdraft. </li>
<li>Adheres to the co-operative bank <a class="external text" href="http://www.smile.co.uk/servlet/ContentServer?c=Page&pagename=Smile/Page/smView&cid=1021293339747" rel="nofollow" title="http://www.smile.co.uk/servlet/ContentServer?c=Page&pagename=Smile/Page/smView&cid=1021293339747"><span style="color: #006da8;">ethical policy</span></a>. </li>
<li>Visa debit card and £100 cheque guarantee card. </li>
<li>15.9% EAR in unauthorised overdrafts, no unauthorised overdraft service charge. </li>
</ul><a href="" id="Yorkshire_Bank" name="Yorkshire_Bank"></a><h3><span class="mw-headline">Yorkshire Bank</span></h3><a class="external text" href="http://www.ybonline.co.uk/personal/current-accounts/student-current-account/student-current-account-personal-current-accounts" rel="nofollow" title="http://www.ybonline.co.uk/personal/current-accounts/student-current-account/student-current-account-personal-current-accounts"><span style="color: #006da8;">Yorkshire Bank Student Account</span></a> <br />
<ul><li>Overdraft facilities of up to £1000 in first year, £3,000 in the remaining years (<b>NB.</b> Not interest free) </li>
<li>Maestro debit card. </li>
</ul><a href="" id="If_you_get_into_trouble" name="If_you_get_into_trouble"></a><h2><span class="mw-headline">If you get into trouble</span></h2>Whichever bank you choose, bear in mind that you may need their support if you encounter a financial problem in the future. They will be more willing to assist you if you can demonstrate that you have a responsible attitude to borrowing and have not abused your account in the past. If you are ever in financial difficulty it is a good idea to contact the bank and discuss it with them. They'd rather have a responsive customer than someone slipping further into debt. <br />
<ul><li>Let your bank know as soon as possible. They may be able to help. </li>
<li>If you are in severe financial difficulty you can apply for Access Funds and hardship loans. Check with your college for more details. </li>
<li>You can get free confidential professional money advice from the National Debtline on 0808 808 4000 or from the Consumer Credit Counselling Service on 0800 138 1111. </li>
</ul>From: <a href="http://www.thestudentroom.co.uk/wiki/Student_Bank_Accounts">The Student Room</a></div>Unknownnoreply@blogger.com6tag:blogger.com,1999:blog-5482877194256314831.post-30409715496400514032011-05-28T17:30:00.000-07:002011-05-28T17:30:26.938-07:00Using your Overdraft<div dir="ltr" style="text-align: left;" trbidi="on">Remember the bank may describe your overdraft as free but you still have to pay it back so use it carefully. Generally, you will be allowed £1000 in the first year, £1250 in the second year and £1500 in the third year. This does not mean you will be allowed £3750 in total. <br />
Try dividing up your loan/overdraft: <br />
<ul><li>Open a student bank account with a free overdraft </li>
<li>Open one or two savings accounts </li>
<li>Plan your budget for the year </li>
<li>You can move money from your student account into your savings accounts to earn interest </li>
<li>Set up details of when money should be moved from highest interest account to current account ie at start of each term </li>
<li>Move money between more flexible accounts as and when needed </li>
</ul>This way, you can earn a little interest on it, and you won't reach the last 3 weeks of term having spent it all, maxed out your overdraft and living on super noodles and bread <br />
Be careful to keep track of everything, and keep a reasonable error margin so that if the unexpected happens you don't have to go over the overdraft limit. <br />
<a href="" id="Employment" name="Employment"></a><h2><span class="mw-headline">Employment</span></h2>Job opportunities in term time can be few and far between but there are other ways of making money including surveys done by the universities, or university staffing roles (particularly for events). <br />
<a href="" id="Other_Hints_and_Tips" name="Other_Hints_and_Tips"></a><h2><span class="mw-headline">Other Hints and Tips</span></h2><ul><li>Take advantage of any offers you may see </li>
<li>Make sure you have insurance (either a separate policy of included on your parents home insurance) </li>
<li>Always use a <a class="mw-redirect" href="http://www.blogger.com/wiki/Young_Persons_Railcard" title="Young Persons Railcard"><span style="color: #006da8;">Young Persons Railcard</span></a> and book tickets well in advance. This means that even long distance fares are next to nothing. </li>
<li>Also, buy an <a class="mw-redirect" href="http://www.blogger.com/wiki/Oyster_card" title="Oyster card"><span style="color: #006da8;">Oyster card</span></a> if you are studying in London, and find out what discounts students can get on local buses. </li>
<li>Find websites that give stuff away for free. </li>
<li>Get swap savvy. Swap sites are the latest thing and are perfect for students. </li>
<li>Don't get your TV license until the beginning of October. Then you can claim back for the quarter of the year that you're not at university (July/August/September). When you get your TV license it automatically backdates it to the beginning of the month - so if you buy it on the 30th September it starts from the 1st September!! </li>
<li>Keep a money jar (though not somewhere obvious!) and you will find that it soon adds up. You may feel like a prize idiot when you're the person holding up the queue at the supermarket because you're paying all in 5p's, but it saves a lot of money in the end (remember that some supermarkets have Coin-Star machines to turn your precious pennies into notes) </li>
<li>Try to do most of your shopping at the same place and get a loyalty card (money off shopping, cinema tickets and stuff). </li>
<li>Search hard for shops, which will give discounts to uni students and NUS card holders. </li>
<li>Supermarkets have basics/value ranges which are very cheap </li>
<li>Learn to cook: ditch ready meals/pre-prepared salads etc. </li>
<li>Try and buy your textbooks second hand. Either off students from last year or there are some websites which focus on this. This can save you so much money over three or four years. </li>
<li>Try to visit the cinema on a Wednesday when you can take advantage of 2 for 1 tickets with Orange Wednesday <a class="external autonumber" href="http://web.orange.co.uk/p/film/cinema_tickets" rel="nofollow" title="http://web.orange.co.uk/p/film/cinema_tickets"><span style="color: #006da8;">[1]</span></a></li>
</ul><a href="" id="If_you_get_into_trouble" name="If_you_get_into_trouble"></a><h2><span class="mw-headline">If you get into trouble</span></h2><ul><li>Let your bank know as soon as possible. They may be able to help. </li>
<li>If you are in severe financial difficulty you can apply for Access Funds and hardship loans. Check with your University for more details. </li>
<li>You can get free confidential professional money advice from the National Debtline on 0808 808 4000 or from the Consumer Credit Counselling Service on 0800 138 1111. </li>
</ul>From: <a href="http://www.thestudentroom.co.uk/wiki/Student_Finance_Tips">The Student Room</a></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-23078407840114574692011-05-28T17:24:00.000-07:002011-05-28T17:24:56.885-07:00Personal Finance Tips For Students<div dir="ltr" style="text-align: left;" trbidi="on"> <br />
<div id="wrap"> <div id="content-wrap"> <div id="content"> Lisa Taylor, analyst at Moneyfacts.co.uk – the money search engine, comments:“With only a few weeks to go before the long awaited A’ Level results are published, some school leavers will be excitedly preparing to go off to university. As part of their new lifestyle, it may be the first time they have full control over their own finances, receiving lump sums, and having to pay bills. So getting it right financially can be one step towards surviving those student years.<br />
</div></div></div><div id="wrap"> <div id="content-wrap"> <div id="content">“Even before the ink has dried on your A-Level certificates, students can expect to be targeted by the big banks to sign up for one of their student accounts. No wonder, really, given the earning potential that the average graduate can have - you’re hot property!<br />
“In total 11 providers offer Student banking, all offering interest free overdrafts. But don’t be fooled into thinking that all student accounts are the same; this is definitely not the case.<br />
Here are the Moneyfacts.co.uk top 10 financial tips for students :<br />
<br />
<br />
<div id="wrap"> <div id="content-wrap"> <div id="content"> <br />
<div id="wrap"> <div id="content-wrap"> <div id="content"><span class="error"><strong>1. Don’t be fooled by account incentives</strong></span><br />
“As a rule of thumb don’t be fooled by incentives, for most students your overdraft will be your lifeline, so make sure you get the best deal to help you survive, rather than some shiny new gadget. While free cinema tickets or discounted CDs may sound great, the offer of a rail card (NatWest) could save you a fortune if you intend using the train to get to and from<br />
“Discount offers or incentives such as cinema tickets will last only five minutes or will only give you any benefit if you buy another one of the banks products. However once equipped with a NUS card, you will already have access to numerous student discounts and freebies.<br />
“The cash incentive of up to £75 from Lloyds may also sound appealing, but £50 of this is tied up by some pretty stringent conditions. To qualify for the extra £50 you cannot go overdrawn and must pay in three credits to the account by 30.6.08. A good number of students, who would love to benefit from this small windfall, simply won’t be able to afford not to use their overdraft for three months.<br />
<br />
<span class="error"><strong>2. Get the best student account for you</strong></span><br />
“So once you have steered away from the incentives, what should you be looking for in a student account?<br />
“Of course this will vary from person to person, a handful of lucky students will be interested in the credit rate of interest, but for most it will be the overdraft facility which is the overriding factor.<br />
“Halifax offers by far the highest overdraft facility, with up to £2,750 available from year one, compared with many others which tier upwards offering £1K in year one, but still not reaching £2,750 even in the fourth of fifth years of study.<br />
“What must be remembered that the higher limits are often quoted as ‘up to’, so when you come to apply, if your credit rating is not A1 or you don’t match Halifax’s ‘perfect student’ score card, you may be offered a somewhat lower limit.<br />
“The new structure of Lloyds TSBs overdraft may prove a little restrictive for the first year, with incremental rises up to a maximum of £1500 in three stages. Surely the first few months will make a major dent on your finances, with fresher’s week, books to buy and perhaps deposits to pay. You will also need to keep a close eye on your account, and remember when your limit is due to increase.<br />
“Another important consideration is how near is your bank branch to your university or new home. Specialist student advice can be invaluable, and with a branch close at hand it’s that much easier to manage your money and speak with your bank.<br />
<br />
<span class="error"><strong>3. Try to save some money this summer</strong></span><br />
“If you get to the opportunity to work this summer, try to put aside a little of your earnings for your future. Having even a small amount of savings will leave you in good stead for the start of university life. Especially as you won’t normally receive your first student loan payment until your first day at university.<br />
“If you have not already invested your ISA allowance, a mini cash ISA can be a great place to hold your savings. Rates over 6% can easily be found – and remember this is tax free. Alternatively internet ‘no strings’ accounts from IceSave or Sainsbury’s Bank also offer very competitive rates at 6.20% and 6.25% respectively.<br />
<br />
<span class="error"><strong>4. Set a budget</strong></span><br />
“It can be easy to let your spending run away with you, the odd twenty or thirty pounds here and there can soon mount up. And remember your overdraft limit is not bottomless and will also need to cover your bills too.<br />
“This is possibly the first time you will need to manage household bills, and the easiest way is to write out a budget plan. Take into account all guaranteed income, and set this against your bills. Once you know exactly what your living costs are you will know how much ‘fun’ money you have to spend.<br />
<br />
<span class="error"><strong>5. Spend your student loan wisely</strong></span><br />
“Remember your income from your student loan payments will have to last you several weeks, if not months. So spend this wisely, don’t blow it all in fresher’s week, and then only have thin air and own brand baked beans to live on for the rest of the semester.<br />
“What can be more embarrassing than embarking on your independent student life, then having to grovel at the feet of ‘bank of mum and dad’ only a few weeks after leaving the nest.<br />
<br />
<span class="error"><strong>6. Take care when opting for a credit card</strong></span><br />
“Most student banks will offer you a student credit card, with a limit typically around £500. However tempting a credit card can be – take it with caution. While the limits may be small, with no regular income even a few hundred pounds can be a struggle to repay, especially when the interest rates tend to be higher than average.<br />
“If you do choose to take a credit card, use it to get the most competitive deals online, when travelling or in case of emergency – but don’t spend on it what you don’t have.<br />
<br />
<span class="error"><strong>7. Check on your bank account regularly</strong></span><br />
“Make sure you keep a regular eye on your finances, it’s only too easy to lose track of your spending. The easiest way is to set up online banking, but do take care to ensure that when you are using a shared computer it’s a secure site and that you sign off fully when finished.<br />
<br />
<span class="error"><strong>8. Don’t bury your head in the sand</strong></span><br />
“It’s not uncommon for students to face financial difficulties, but you should never bury your head in the sand. Specialist advisors in branch or even at your university can help with hardship advances and give you advice and guidance.<br />
“If you are nearing your overdraft limit, then speak to your bank as soon as you can. Unauthorised borrowing can be expensive and may impact on their decision to help you in the future.<br />
“If you let things get out of control, you must remember financial mistakes at university are not wiped clean, and they can come back to haunt you later in life.<br />
<br />
<span class="error"><strong>9. Don’t put your finances at risk of fraud</strong></span><br />
“A Moneyfacts.co.uk survey in conjunction with the University of East Anglia, showed an alarming trend for students to be putting their finances at risk, by not following simple steps to protect their identity and money. Almost 70% insufficiently destroyed their card receipts or bank statements and almost half allowed other people to use their card and PIN.<br />
“Living in shared accommodation you need to take extra precautions to protect your finances from fraud. Following a few simple steps can elevate the risk.<br />
o Always destroy any mail, which includes your bank details. A shredder is a simple and cost effective solution.<br />
o Don’t give your pin or card to anyone! If you are subjected to fraud in the future you will have to declare (and this can be taken to the police), that you are the only person with knowledge of your pin.<br />
o Never write down your pin number, use your banks ATM to change it to a number you can remember.<br />
o Have your cards, chequebooks and other banking information sent to your home address, especially if your mail is delivered to a pigeonhole in a communal area.<br />
<br />
<span class="error"><strong>10. Make sure your are properly insured</strong></span><br />
“Specialist cover is available for students living in halls or shared accommodation, to protect your contents. Make you’re your level of cover is sufficient, and think about whether you need cover for other items such as bikes, which will be left on campus.”<br />
</div></div></div><span style="font-size: x-small;"><strong>By :Moneyfacts.co.uk</strong></span> </div></div></div><br />
<br />
<div id="wrap"><div id="content-wrap"><div id="content"> </div></div></div> </div></div></div><br />
</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-22315117794673051392011-05-27T13:03:00.000-07:002011-05-27T13:06:47.463-07:00Financial Tips For Teachers<div dir="ltr" style="text-align: left;" trbidi="on"><ul style="text-align: left;"><li>Home ownership, Do you see yourself owning your own home of other residential property?</li>
<li>college for children. If you have children, or plan to , how much of a safety net do you wish to creat against the rising cost of higher education?</li>
<li>Retirement age. When do you want to retire? If it is difficult to think that far in advance. ask yourself how much longer you want to teach.</li>
<li>Retirement income. How much money would you like to have accumulated by the time you retire/ or. more importantly, how much annual income will you want during your retirement years?</li>
<li>Retirement lifestyle. Where do you want to live during your retirement years? In addition to staying in your own home. you may wish to consider a mobile home. a condominium. a rental apartment. or an adult congregate lining facility (ACLF), such as a lifecare community. retirement community. or nursing home facility, if health problems occurs.</li>
<li>Debt reduction. If you owe a lot of money to creditors, especially credit card companies, begin to reduce or eliminate this debt. Try paying more than the stated minimum balance each month. Look for lower-rate credit cards, with interest rates at about 10 percent, instead of 18 to 22 percent, but beware of first year only *teaser* rates. Use a debit card for your purchases, which has the convenience of a credit card, but levies on interest charges. Finally, if you need help managing debt, contact consumer credit counseling service.</li>
</ul><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcOOuqoaBYG2gs5NIEqOO-T4d7-RcSOV87KzyFmYJnYQMPO7-oCw4knym1oT743EwoQBqUmET4gH0eSDs0S9qfTVkbWTNWtsylyS4W_EKM955Fi9JCD5Qo7tf_oDdQ_GIfbqyrggjXOv4m/s1600/alan+jay+weiss.bmp" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcOOuqoaBYG2gs5NIEqOO-T4d7-RcSOV87KzyFmYJnYQMPO7-oCw4knym1oT743EwoQBqUmET4gH0eSDs0S9qfTVkbWTNWtsylyS4W_EKM955Fi9JCD5Qo7tf_oDdQ_GIfbqyrggjXOv4m/s320/alan+jay+weiss.bmp" width="320" /></a></div><div style="text-align: left;"><br />
</div><div style="text-align: left;"><b>THIS BOOK IN A NUTSHELL</b></div><div style="text-align: left;">Financial planing is an ever-changing game, but is these pages we will provide a basic understanding of the rules. In part one, "Planning For The Future " .</div><div style="text-align: left;"><br />
</div><div style="text-align: left;"><b>BUDGETING A TEN MONTH CHECK FOR THE FULL TWELVE</b></div><div style="text-align: left;">The section could also be called *How to avoid living on credit cards for two months* Yes, It would be a lot easier on many teachers if their districts spread their salaries over the full 52 weeks. Some districts woll do this for you. For those of you whose districts won't, there are a couple of sane approaches to dealing with this situation.</div><div style="text-align: left;">The most logical way is to spread out the money yourself though automatic paycheck withdrawals, with the money deposited into a teacher credit-union savings account.</div><div style="text-align: left;">Teacher credit unions will usually pay a good market rate of interest on your money. In addition, because the money is automatically deducted from your paycheck, you gain convenience and lose the temptation to spend the money. Some teachers also appreciate knowing that the money they deposit.........<a href="http://books.google.com/books?id=3wvK_KNjaEYC&lpg=PP1&dq=finance%20tips%20download&pg=PR7#v=onepage&q=finance%20tips%20download&f=true">Read More</a> </div></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-88504755663126287912011-05-27T09:03:00.000-07:002011-05-27T13:10:02.996-07:00Finance Tips Book<div dir="ltr" style="text-align: left;" trbidi="on">Read Free Financial Tips Books From Google.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://financetipsall.blogspot.com/2011/05/financial-tips-for-teachers.html"><img border="0" height="223" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkDqiZYDLXIZYakCTAktC4NzBRIrktGK8yGV1hZYOuvvhATgMbixBzt0nvTYHjiuxwAwPExP7KDrpz6mgoauu83AzmLNGExsMiPWuVMxJ02xOghJsHSer_OwmonZGIwDXeDMdciwi551aF/s320/Financial+tips+for+teachers.bmp" width="320" /> Financial Tips For Teachers</a></div><div style="text-align: left;"><br />
</div></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-74160694728455036952011-05-22T14:24:00.000-07:002011-05-22T14:24:54.563-07:006 Savvy Financial Tips for Women to Succeed<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<span class="drop_cap">W</span>omen are increasingly becoming involved in family finances, and the decisions that go with them. Women have long been involved in the shopping aspects of family finances, and in frugality. However, with a greater number of women earning money, and more women — including those that stay at home — interested in using money to make money, it seems natural that women would be more interested in participating in major money decisions. However, finances are still seen as traditionally male turf. Here are some financial tips that women (and men!) can use to improve their situations<span id="more-15094"></span><br />
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<img alt="Post image for 6 Savvy Financial Tips for Women to Succeed" class="post_image aligncenter frame" height="500" src="http://www.goodfinancialcents.com/wp-content/uploads/2010/11/business-woman.jpg" width="333" /><br />
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<h3>1. Don’t Let Someone Else Direct Everything</h3>A stay at home spouse deserves a say in how the money is spent. Someone staying home is sacrificing to provide real value to the family, and, even though our society doesn’t recognize these contributions with a pay check, they are still important for the family’s overall financial well-being. No matter your situation, make it a point to be informed, and be involved in family financial decisions.<br />
<h3>2. Get Educated About Money</h3>A recent study pointed out that many <a href="http://finance.yahoo.com/expert/article/moneyhappy/264040">women are still uncomfortable with investing</a>. A big part of that is a lack of knowledge about how investing works. Take the time to learn about how money works, and about how different investments work. You can learn in bite sized bits, tackling a concept a day, until you feel comfortable with money, and with making money decisions. You might even decide to take a little more risk with some of your investments.<br />
<h3>3. Fund a Retirement Account</h3>Many women rely on their partner’s retirement account for the future. However, it is important that you have a retirement account in your name as well. If you have a job, make sure some of that money goes into a retirement account. If you do not have a job, talk to your partner about a <a href="http://www.goodfinancialcents.com/spousal-ira-contribution-rules-roth-or-traditional/">spousal IRA</a>. You can still have a retirement account, even as a stay at home spouse.<br />
<h3>4. Consider Your Own Financial Needs</h3>It is common for women, especially mothers, to sacrifice for others. However, you need to make sure that your <a href="http://www.goodfinancialcents.com/how-to-take-control-of-your-finances-the-manly-way/">finances are under control</a>. Before paying for your child’s college, consider whether or not your own retirement is in good shape. You might even want to pay to finish your own degree, so that you are prepared to work if the need arises. You can’t truly help others financially until your own finances are sold.<br />
<h3>5. Know Your Worth</h3>Learn more about what your skills and experience are worth in the job market. Know your worth, and learn how to ask for what you’re worth in a professional manner. Many women accept <a href="http://www.goodfinancialcents.com/are-women-saving-and-investing-enough/">less money</a> than their male counterparts because they are afraid of rocking the boat. (Take realities, such as the recession, into account during a salary negotiation.) Additionally, if you are a stay at home spouse, develop confidence in your worth as a member of the family.<br />
<h3>6. Look for Support When Necessary</h3>Don’t be afraid to look for financial support when you need it. This may mean working with a <a href="http://www.jeffrosefinancial.com/">financial planner</a> who can help you create a roadmap to financial freedom. It can also mean joining a legitimate investment club. If you are nervous about financial decisions, look for ways to find help and support, and look for legitimate and helpful sources of information.<br />
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</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5482877194256314831.post-22884045068059712572011-05-22T14:17:00.000-07:002011-05-22T14:17:14.313-07:00Financial Tips for Women Seriously Considering Divorce<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div style="text-align: center;"><strong><span style="color: black;">Women over forty are fun, intelligent, sexy, real.</span></strong></div><div style="text-align: center;"><span style="color: black;">The Silver & Grace Magazine shares intelligent and real advice.</span><br />
<span style="color: black;">The Silver & Grace Jewelry Collection shines a beacon on the fun and sexy woman.</span><br />
<span style="color: black;">Silver & Grace Intuitive Mentoring illuminates the pathway to a fun, intelligent, sexy and real self.</span></div><div style="text-align: center;"><span style="color: black;"></span></div>bear in mind with considering divorce. The second part will be posted on March 24.<br />
<a href="http://www.flickr.com/photos/blatantnews/4013275725/"><img alt="" class="alignleft size-full wp-image-4679" height="240" src="http://silverandgrace.com/wp-content/uploads/2011/03/4013275725_de7958120c_m.jpg" title="BlatantNews.com" width="240" /></a><br />
<strong>1. Get informed.</strong> In order to have an idea of where you stand financially after divorce you need to figure out your financial status as a married couple. Gather all of the documents pertaining to your assets and liabilities. Each current account statement, whether it’s reporting the mortgage balance, credit card balance, Individual Retirement Account value, student loan, etc. will give you a piece of the puzzle of your marital worth, the assets and liabilities you and your husband share, what you each have individually and what the balances are.<br />
<strong>2. Create a balance sheet.</strong> This gives a snapshot in time of what you own and owe-your asset and liability values. On the left-hand side of the page list your assets, generally starting with the highest priority ones, like your home and cars. A column on the right side will list your liabilities or debts. If some are directly attached to an asset (secured) like a car loan is attached to the car, put those loans across from the assets they’re related to. Unsecured debts such as credit cards aren’t attached to any particular property but you still have a general obligation to pay them. Label each asset and liability as being either joint or individual. Be sure to include retirement accounts and check for any loans taken out against them. Also, don’t forget to list valuables under assets, such as antiques and jewelry.<br />
<strong>3. Look at your joint IRS tax returns for the past 3 years.</strong> These returns will report your annual marital income, whether it came from a salary, bonuses, bond interest or stock dividends, and property or partnership income. The reports will also give a clearer picture of tax-deferred accounts such as a 401k or pension retirement account, by showing the income deduction taken for retirement contributions. If you use an accountant to prepare your returns, make an appointment to review your latest returns. Sometimes they can be hard to decipher.<br />
<strong>4. Understand the household income.</strong> What was your annual joint income for the past three years and what did you earn? Was the income steady, on a monthly basis or quarterly, or did it come in one chunk at the end the year? Once you have a clearer picture of the household’s income flow it will be easier to understand and split.<br />
<strong>5. Calculate your worth as a stay-at-home mom.</strong> Just because you don’t earn outside income, doesn’t mean you don’t bring added value to the household budget. List of every activity you do that saves the household money, e.g. grocery shop, cook, transport children, do laundry, clean the house, care for an elderly parent. On a column alongside these activities, calculate what it would cost to hire someone outside of the family to do each task, then add up the dollar total. Since this would be an after-tax number, figure out what that would equate to in annual pre-tax income. Are your savings efforts worth the equivalent of a $30,000 or $40,000 income contribution?<br />
This list seems like a lot to handle, but it’s not if you take one step at a time. Your financial health is directly tied to your mental and physical health, and is just as important. Realize you’re worth it and that your financial future is at stake.<br />
<em>Author and financial self-defense expert Hollis Colquhoun knows firsthand the struggles women go through in divorce. An Accredited Financial Counselor who worked 20 years on Wall Street, she persevered through a difficult divorce and major surgeries to raise a family and achieve financial independence. Hollis counsels women from the difficult early stages of divorce, when they need sound financial advice to navigate feelings of anger, loss and betrayal and build a new future. Her book, Women Empowering Themselves: A Financial Survival Guide, is a concise, pocket-book manual to help women take charge of their finances. Hollis, who holds black belts in Karate and Taekwondo, uses martial arts principles to teach women to protect themselves financially.</em><br />
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