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Category: Budget and Goals

Learn how to prepare a budget and establish objective and effective goals.

  • Ten Steps To Pay Off Your Debts

    Ten Steps To Pay Off Your Debts

    Review your credit card statement: Review your credit card statement each month to ensure that all charges are accurate and to check for any fraudulent activity.

    Determine the minimum payment: Each credit card statement will indicate the minimum payment that must be made to keep the account in good standing.

    Pay on time: Make sure to pay your credit card bill on time to avoid late fees and interest charges.

    Pay the full balance or more: If possible, try to pay off the full balance or more each month to avoid interest charges and reduce your overall debt.

    Use automatic payments: Set up automatic payments to ensure that your credit card bill is paid on time each month.

    Pay multiple credit cards: If you have multiple credit cards, prioritize which ones to pay off first based on interest rates and balances.

    Use budgeting tools: Use budgeting tools to track your spending and make sure you have enough money to pay your credit card bills each month.

    Use balance transfer: If you have high-interest credit card debt, consider using a balance transfer to a credit card with a lower interest rate.

    Negotiate with your credit card issuer: If you are having trouble making your payments, contact your credit card issuer and see if they can work out a payment plan or lower your interest rate.

    Seek professional help: If you are struggling to manage your credit card debt, consider seeking professional help from a financial advisor or credit counselor.

    By following these steps, you can effectively manage your credit card payments and improve your credit score over time. It is important to remember that paying your credit card bills on time and in full each month is the best way to maintain a good credit score.

  • ¿How to avoid overdrafts?

    ¿How to avoid overdrafts?

    Here are some tips to avoid overdrafts in your accounts, but first we will identify what an overdraft is and why it happens. 

    An overdraft takes place when you do not have enough money in your account and a transaction is approved and paid by the bank. In this way, you have paid the outstanding debt, but your account has been overdrawn with the entity that made the payment, and usually these entities charge a fee referred to as an overdraft fee, corresponding to the service provided.

    Many banks and credit institutions offer overdraft protection programs, in which they generally pay the transaction and then charge you a fee (this is how you must pay the money that was lent to you for the payment of your debt plus the charge for the service). Overdrafts can also be covered by transferring funds from a linked account, a credit card or a credit line.

    There are several ways to overdraw an account, it can be through the use of checks, transactions made at ATMs, purchases with debit cards in different establishments, automatic bill payments that you have scheduled to be debited from your checking account or charged to your credit card, withdrawing money in person at the bank.

    The entities that are authorized for these types of transactions have fees associated with overdraft protection, so when you are looking to open a checking account, you have the right to ask the conditions and costs for this protection and it is in your hands to link an account or get a line of credit.

    Read also How to Take Control of Your Credit Rating!

    Likewise, you can inquire how many overdrafts you can have in one day, remember that this depends on the entity in which you have your accounts and each one has different policies.

    To avoid overdrafts and to handle them in the correct way, keep in mind the following tips:

    • Maintain an organized financial life and clarity about the money you have in your accounts.

    • Make a monthly budget in which you identify your expenses and the payments you must make.

    • When you open an account take the time to read the documents you sign, there you will find overdraft policies.

    • If you have chosen not to enroll in a debit overdraft program, the bank or credit union will reject the debit card or ATM transactions when your account does not have sufficient funds to cover them, and will not charge you when this occurs; however, you must notify the bank or the credit institution of the decision you have made.

    • Some banks offer you the option of refusing overdraft checks and other types of payments. However, consumers who refuse check overdraft coverage or for ACH transfers may have to pay a fee for lack of funds (NSF) to the bank or credit union, which usually costs the same as the overdraft charge.

    • If you are enrolled in a program to cover overdrafts and are paying for that service, you can change your mind at any time and request to withdraw from the program, you should only inform your bank or credit union.

    • If you do not believe you have authorized overdraft protection, and the bank or credit union is charging you an overdraft fee, you can file a complaint.

    Remember that the Office for Consumer Financial Protection (CFPB), an agency of the United States government that ensures that banks, lenders and other financial companies treat you fairly, provides general information to consumers on these topics: www.consumerfinance.gov

     
  • Women And Retirement Planning: What To Do.

    Women And Retirement Planning: What To Do.

    To enjoy a financially secure retirement free from worry, women may need to put a little more effort into planning for it than men will. There are a number of reasons why. Not only do women in the US, on average, tend to live up to six years longer than men, but they earn less than their male counterparts, are far more likely than men to take breaks from their careers (for example, to raise a family), and are less likely than men to have retirement plans. Based on this evidence, it’s not difficult to see why women need to take steps to ensure that they’re able to maintain a satisfactory standing of living once they retire. So, as a woman, how can you do that?

    For starters, you need to take full control of your situation. Don’t leave the planning of your retirement to chance. In addition, while friends and family may offer lots of well-meaning advice, don’t rely solely on this. You need to be confident that the arrangements you make will adequately provide for you when you stop working.

    Read also Retire Abroad At 55 Years Old And $150,000 Savings

    To help you do this, think about how you want to spend your retirement years. Do you want to travel? Live closer to your children and grandchildren? Answering these sorts of questions will give you an idea of how much you will need to live on. It will also give you the motivation to start planning to be able to do so.

    Take stock of where you are now and how you will achieve your retirement goals. Look at how much you’re currently spending, how much debt you have (if any), how much you’ve saved, and if necessary, whether it’s possible for you to cut back on your current spending in order to free up a little spare cash to put aside for your retirement.

    Most companies offer employees tax deferred retirement investment plans such as 401(k), 403(b), and 457. These are good investment vehicles which you should take the opportunity not only to invest in, but to contribute as much as you can afford to.

    If you’re married, and you don’t already take an active role in the management of your joint finances, start doing so now. As well as gaining knowledge about any joint financial plans you and your spouse have, taking responsibility for financial arrangements – albeit jointly with your spouse – will equip you with valuable knowledge and experience. Sadly, many couples don’t get to enjoy as many years in retirement together as they would wish to, and it can be a confusing, not to mention daunting, task to have to take up the reins and manage the finances once you become a single householder. In addition, discuss with your husband or partner what provisions have been made should he die before you. While this isn’t a subject couples find easy to talk about, it’s essential that you know so you can plan accordingly for your future.

    If you’re looking to change jobs, make retirement plans a top priority and consider taking a cut in salary in exchange for a good employer-sponsored pension plan. Look for employers that will match part or all of an employee’s pension contributions.

    Retirement planning doesn’t end once you stop working. You also need to plan during your retirement years. As you’ll likely to be retired for 20 or 30 years, you’ll need to consider how to maximize your financial resources during this time. Developing a little financial know-how will help you manage your resources, such as rental income or long-term stock investments, during your retirement. While you don’t need to acquire an in-depth knowledge of all matters financial, reading anything you come across in the national newspaper, particularly its financial section, relating to your particular circumstances could be very useful.

    Regardless of how far away your retirement is, don’t wait until tomorrow to start planning for it. Take steps today so that when the time comes you’ll be able to continue living comfortably without the worry of how to pay the bills.

    Here, on our website you will find articles about 401(k) and financial calculators that could make your retirement planning easier.

    Source: US Women’s Bureau and the National Committee on Pay Equity, 2007

  • Why You Have To Pay Attention To Warranties When Purchasing?

    Why You Have To Pay Attention To Warranties When Purchasing?

    Today, purchasing has turned easier than some years ago. Many ads are all over media, so you can be informed about different products available in the marketplace. Additionally, due to the increase of technology you can also buy online, there is actually a wide set of stores available in the Internet, where you can buy almost anything, including cars or real state.

    “Whether you purchase at a local shop or online, it is very important that you may know every single aspect regarding the warranty protection of your items”

    Whether you purchase at a local shop or online, it is very important that you know every single aspect regarding the warranty protection of your items. At Premier Consumer, we are delighted to provide five easy recommendations about purchase warranties. Keep reading to learn the importance of paying attention to warranties before purchasing anything you want.

    1. Read the warranty in your contract.  Before you purchase goods, you should read and see to what extend a warranty covers damages on a product, how long it lasts, what parts and repairs are going to be covered, and what conditions and limitations it implies, etc.

    By reading that, you will be well informed before investing your money. If necessary, you will know how to collect on a specific warranty in the future.

    In case you are online, do a check for links that show you some warranty and print it out to keep it with your records. If you cannot find it on the company’s website, you can e-mail them and request for one, preferably before purchasing.

    Furthermore, you should file both the warranty and receipt. Receipts prove that you owned a product. Therefore, you have the right to collect on that product’s warranty. Also, be aware that both documents have the necessary data from the person responsible of selling the item.

    Five Tips To Make Purchases Like A Pro

    If you are not comfortable after reading a warranty and doubt about a company’s reputation, you can even call your state consumer protection office and request information, to see if there is any complaint against that company. This is highly advisable as well!

    2. Be aware of written warranties. Generally, warranties give us an idea that a product would meet certain features. As part of a contract, merchants are obliged to offer maintenance or repairing services from the time you buy until the warranty time expires.

    Although written warranties are not required by law, these types of warranties usually come with most products available in the marketplace. Whether buying personally at the store or through a catalog on the Internet, customers have to get access to read warranties previously to purchase.

    In any case, Federal law requires that merchants make warranties available for customers before acquiring goods. Therefore, ask for the warranty and see if it does fit your needs and interests.

    3. Do not miss instructions. Although a manual is not a warranty, following instructions correctly will prevent you from problems.

    For example, a blender is expected to blend and a washing machine to wash. Neither manufacturers nor sellers of these products are going to provide a remedy for damages caused by using an appliance contrary to the purposes and instructions indicated in its manual.

    Furthermore, exaggerated claims from the seller do not constitute a warranty. Although a salesperson ponders on the quality and functions of an item, bear in mind that law only requires a product to be in a proper condition to be sold. On the contrary, exaggerations do not warrant anything!

    So remember not to try to collect on a warranty if damages have been caused due to unsuitable use, or when you repaired any fail by your own. Do not believe on puffing when purchasing either.

    4. Keep in mind the warranty type. Even though this article does not focus on warranty types, it is important that you also know that warranties may vary depending on a contract, type of merchandise, etc. For example, warranties cover damages concerning the product itself, but do not cover additional damages caused by the product.

    Moreover, despite a manufacturer is legally obliged to provide a remedy, a warranty may not cover expenses regarding transportation of an item, additional costs for reparations, or replacing certain components.

    Also, if you buy two or more different items to a merchant, each one must count on a separated warranty. So, do not miss these aspects either.

    For these reasons, always make sure your warranty fulfills your needs as well as the conditions you are ready to accept.

    5. Beware of a final important remark. There is the possibility that you recently purchased goods but did not examined warranties carefully and now you are in trouble. Unfortunately, it tends to happen from time to time and customers do not know how to approach this situation.

    Nevertheless, it is advisable that you contact your provider and try to obtain the recoveries described in your product’s warranty.

    Finally, if you cannot resolve a dispute, or if the company involved has recently got out of business, the good news is that you can request help from your local consumer protection office. They will lead you on how to proceed.

    Get Acquainted With The Types Of Taxes There Are And What Do They Consist Of

    These five recommendations are useful to remember why it is very important to check out for warranties when purchasing. We hope you may consider them the next time you want to purchase anything.

  • Why Women Can And Should Lead Companies?

    Why Women Can And Should Lead Companies?

    Since the late sixties and the beginning of the seventies, most of the women all over the world have been dedicating part of their lives to fight for gender equality in different areas: social rights, education, politics, economics, businesses… little by little they have been building their own paths and they have shown they are completely capable of doing anything they decide to do in an outstanding way. At Premier Comsumer, we believe in women as they have infinite things to contribute with to any organization, so we made this article to prove that women can and should lead companies.

    It could be said that, in this century, after years of struggle, in some cultures women have finally destroyed stereotypes related to the kind of work or activities they are capable of doing, they have mastered professions that were mostly “men work”, and they have done it successfully.

    As a consequence, nowadays you can find in almost any king of enterprise gender mixed groups and woman CEO’s¾you can check Forbes lists and surveys¾. Do you wantmore interesting extra information? Even man stereotypes have changed:there are now ‘stay-at-home dads’ which are men that decided to leave aside their professional careers in order to be in charge of the children and the house work, so that their women companion can be the ones dedicated to professional development and raising the household’s income.

    Several researches, including the ones done by Catalyst, In Power Coaching, have demonstrated that enterprises where working woman held more than 30% of the leadership positions are more successful and profitable.

    “Enterprises where working woman held more than 30% of the leadership positions are more successful and profitable.”

    First, let’s talk about gender equality: why is it important?

    According to an investigation carried out by World Bank Group, diminishing the gender gap will have a positive impact in the development of the countries. The Report stablishes that it is important to reduce the obstacles of accessibility for women: if they have access to good health services, education and the possibility of professional progress, they will be very helpful for their communities. Gender equality will allow women to use their abilities and capabilities appropriately in order to produce better results and opportunities that can be enjoyed bynext generations; for example: mothers that are well nurtured and educated will have a direct and positive impact on their children’s growth, and those kids will be the ones in charge of the development and innovations in the future. As a consequence, it could be said that gender equality would increase economic efficiency.

    Real Also: 5 Tips To Make Purchases Like A Pro

    By the time that this Report was presented ¾2012¾, data shown that around the 40% of the world work force were women and also half of the students at the universities. It could be said, then, that this big amount of working women on the right place, doing the right job will increase productivity and, as a consequence, the economy would have a positive boost.

    Now, could you imagine the effect these women could have leading enterprises?

    Business Women

    Researches done in the lasts years have shown the positive effect women can have when they achievea meaningful performance developing leadership position in any enterprise. As the founder of InPower Women, Dana Theus, says the leadership style women have ¾which is very unique and very feminine¾ produces more profitable, sustainable and productive enterprises.

    According to an investigation held by Catalyst, companies with three or more women board directors, have better financial outcomes. A comparison was made between those enterprises with the ones that have less than three women board directors; the first ones surpasses the second oneson 16% regarding Return on Sales (ROS) and 26% regarding Return on Invested Capital (ROIC). A higher difference in the statistics was found when the comparison was made with men-led enterprises. When companies have women in senior leadership positions, the outcomes are very similar.

    Catalyst report also shown that women have greater leadership competencies than men. In the survey made, women outperformed men in 12 of the 16 items considered.

    Read Also: Women And Retirement Planning: What To Do.

    Further information determined that:

    1. Women in boards have better presence that men. Attendance is a key factor in order to govern the company appropriately.
    2. The increase of the amount of women in work groups helped to solve difficult situations more effectively.
    3. The presence of women in teams and boards has beenalso related to a decrease in disagreements and an increase in attempts.
    4. In environments in which diversity and equality are embraced, workers are more likely to stay.
    5. A kind and inclusive leadership style will increase performance in team works.

    Other studies have shown that these kind of women usually are determined, open and willing to learn, they value cooperation, they know how to balance their roles (e.g.: as mother, as wife, as director…) and they have confidence in themselves and their capabilities.

    Great examples of the positive impact women can have in businesses are:

    • Indra Nooyi (CEO at PepsiCo, according to Forbes, in 2013 she returned $5.6 billion to shareholders andthe net revenue grew 14% to $66 billion.)
    • Susan Wojcicki (Senior Vice President at Google in charge of the ad products, such as AdWords and AdSense. According to Forbes, she was responsible of 96% of the company’s incomes in 2011)
    • Mary Barra (Senior Vice President of Global Product Developmentat General Motors, according to Forbes, in 2014 she was the women with the highest ranking in the company; by that time, she was in charge of design, engineering and quality and supervised 36,000 people).

    Wider effect…

    When women fulfill themselves professionally, they feel empowered and useful; they project thosefeelingson their families, on their communities, on their societies, on their towns and villages raising better boys and girls that will become men and women of good that will clearly understand the importance of the role of women in the development of our countries and, as a consequence, of the humankind.That is what some people call the Women Effect.

    Source
    https://openknowledge.worldbank.org/bitstream/handle/10986/4391/9780821388105_a_guide_to_the_report.pdf
    http://www.catalyst.org/system/files/why_diversity_matters_catalyst_0.pdf
    http://www.catalyst.org/system/files/the_bottom_line_corporate_performance_and_women%27s_representation_on_boards_%282004-2008%29.pdfcc
    http://inpowercoaching.com/what-is-the-woman-effect/
    http://inpowercoaching.com/research-summary-gender-equality-and-development/
    http://inpowercoaching.com/research-summary-women-matter/
    http://www.ripublication.com/gjfm-spl/gjfmv6n9_20.pdf

  • Where Can You Find Affordable Housing?

    Where Can You Find Affordable Housing?

    There comes a time in your life as an individual when you want to become independent and settle in a place of your own, whether it is because you want to attain your personal life goals or because you want to cut on rent expenses – and, actually, there a few things that are more empowering than buying your own home. In the U.S. this comes very early in time when compared with other countries, as it is custom for many families to provide food and accommodation for their children until the time they go to college or become otherwise economically independent, which usually occurs in their early 20s or even earlier. However, the economic and housing crisis of recent years have made it increasingly difficult to find the house of your dreams at an affordable price.

    As you can see, affording your own home is not something that is completely impossible.

    Read More: How To Make Effective And Better Decisions.

    The good news is that you don’t have to move to the middle of nowhere or spend the majority of your paycheck in order to find an affordable housing. As a matter of fact, RealtyTrac, which analyzes U.S. property data, identified the most affordable places to live in the U.S. in their latest 2015 survey. They surveyed 582 counties across the country and compiled price and wage data. With this information, they developed a ranking of affordability by dividing the region’s average mortgage payment by average weekly wages.

    Using RealtyTrac’s findings, we can see the most affordable counties in the U.S. that are part of a metropolitan statistical area. The ten most affordable ones, going from most affordable to more expensive, are: St. Louis County, MO, St. Louis City, MO, Lake, IN, Fairfield, SC, Wayne, MI, Darlington, SC, Clayton, GA, Roane, TN, Cuyahoga, OH and Baltimore City, MD. For the most part, these counties are located in the Midwest and South, with Missouri, South Carolina, Michigan and Ohio placing multiple counties in the list.

    Read More: Tips To Achieve Your Short-Term Goals.

    As you can see, affording your own home is not something that is completely impossible. You don’t even have to go to deserted towns where houses are being sold for really ridiculous prices at the cost of having to rebuild the entire town’s life and business, but there is something of a catch in all of this: big cities and California are places where most people still live struggling with a monthly rent and where most people, even professionals with a good paycheck, will find it really hard (nearly impossible) to afford their own housing.

    However, the suburbs are a good place to make a living and grow, and they can afford you the added value of time and the assets necessary to take your life to the next level – that is, if you ultimate goal is making it to a big city. For those people looking a place where to settle in comfortably, this list is a very good tool to use to start looking for the affordable housing of your dreams.

  • What Is Social Security And How It Works

    What Is Social Security And How It Works

    All legal residents of the United States, with very few exceptions, holder a Social Security Number, which also serves as a means of personal identification but, do you know what it is and what it entitles you to?

    Established by President Franklin Roosevelt in 1935 by signing the Social Security Act, the Social Security is primarily the Old-Age, Survivors and Disability Insurance (OASDI) federal program, which also provides a supplemental security income to qualifying individuals; that is, the elderly, disabled people, those who are unemployed or those who find themselves in difficult financial situations.

    “Most people do not think about their retirement age when they are young, neither about the possibility of becoming disabled or unable to provide for themselves and their families”

    The current version of the Act, as amended, encompasses several social welfare and social insurance programs. However, not all American citizens are covered by some form of Social Security, being government employees, railroad workers, certain agricultural and domestic workers covered by other programs.

    Most people do not think about their retirement age when they are young, neither about the possibility of becoming disabled or unable to provide for themselves and their families either. The Social Security is, thus, a system that attempts to address all these issues and more.

    How It Works

    The Social Security system is funded through payroll taxes. Thus, every employer and employee in the United States are required to pay Social Security Taxes, be it the Federal Insurance Contributions Act tax (FICA) or the Self Employed Contributions Act Tax (SECA), which means that all salaried income, with a few exceptions, has a FICA or SECA tax collected on it. These amounts are collected by withholding the corresponding amount from the paycheck of every worker. The money that is raised then goes mainly to provide benefits for those who have reached retirement age (currently 62 years old) or are otherwise eligible.

    Read also: Get Acquainted With The Types of Taxes There Are And What Do They Consist Of.

    The system is designed so that today’s workers provide funds for the people who worked in the past and who, in their turn, provided for those who worked before them.  Likewise, the people of today will receive benefits from the workers of the future. This makes of the Social Security system a safety network in which the whole of society “takes care” of each other through their income.

    However, the amount of benefits you receive are based on the amount of Social Security taxes you have paid, which is based on your income up to a certain maximum amount. This means that those who earn more pay more, and this tends to get them greater Social Security benefits. But it is also true that those who pay little or may not be able to contribute to the system also get benefits that are disproportionate to their contribution. This is the way of the system to provide to those who are in need.

    Read also: It Is Never Too Late To Start Saving Money.

    Hoever, the Social Security system is not infallible, and in recent times it has been in the news a lot because of severe although valid criticism against it. One of the most pressing concerns right now is the possibility that the number of qualifying people will be greater than the number of workers who can support it.  But although the system may suffer changes in oncoming years, it is likely that it will remain as the main safety network for those members of society who need it.

  • Tips to send and use money internationally

    Tips to send and use money internationally

    The world is more connected than it ever was. Thus, more people look for different ways and options for them to have better jobs, education and life quality overall in other countries. Most times this being far away from their home countries. There’s plenty of different discussions when people consider moving away from home. New cultures, new languages but above all, a new economy and currency system. It is common to think that living in a country without any knowledge of the economy and currency may be extremely hard, but in reality, it is the exact opposite.

    There are plenty of ways to send and receive money internationally, even if it is for a friend or for yourself. Here you will find a couple of tips to help you handle and secure the sending-and-receiving of money internationally, making the best of your personal economy.

    Read More: The True Meaning Of Saving.

    Look for your options. 

    The first thing you need to do to secure the process of sending-and-receiving money internationally is to research about your available options. Most banks and financial institutions work with different money remittance systems that including the exchange rate, do not cost much. Most of the time, those banks and institutions allow bank clients to do those types of remittance without an extra fee, so that’s a plus. This, of course, depends entirely on the bank and the type of system they work with. What matters above all is, that you get the most convenient and functional plan that will work based on your needs.

    Options Vs. Your needs.

    The second thing you need to do is to evaluate the needs of the person or people receiving the money. This, to evaluate which option works better according to your need. What’s your current financial situation? Do you need a card to pay for things? Do you need help to understand and use better the money remittance? All these kinds of questions are needed to take the right decision. The most important thing is to get the most benefits when sending money. One of the options, where you can get nice benefits, is a prepaid debit card, reloadable or non-reloadable.

    The second thing you need to do is to evaluate the needs of the person or people receiving the money. This, to evaluate which option works better according to your need.

    Reloadable or Non-reloadable?

    When we talk about prepaid debit cards as a method of money remittance it is important to consider the difference. A prepaid non-reloadable debit card indicates that the amount on the card cannot be reloaded and it cannot be used after the money on it has been spent unlike the reloadable one. A great example of these kind of cards is the Premier CCC BlazePays Visa Prepaid Card. Prepaid debit cards are a great bank account alternative, providing consumers with a safe and easy way to manage their money.

    Read More: How To Save Money By Appreciating What You Have.

    This card’s benefits are pretty good because it works with online payments, it has high security measures to protect you and it is really easy to reload it as well as it has a full team of customer service agents ready to help and teach you at any moment. The most important aspect of the card is that it is a General Purpose Reloadable (GPR) card that can be reloaded and used like a checkless checking account and last but not least, it can be used anywhere Visa cards are accepted.

    It is an excellent alternative to the regular money remittance processes, it helps to budget your finances, eliminates check cashing fees, and allows you to keep up with your spending on the go, always looking for the best results for you, the client.

  • Tips to Prepare Your Finances for a post-Covid life

    Tips to Prepare Your Finances for a post-Covid life

    The pandemic that arose from COVID-19 has developed new consumer trends that are reflected in the need to adapt to the situation and to prepare society to face the reopening of the economy in the country.

    Many have seen new business alternatives in the pandemic, some, due to the current dynamics of their jobs, have not felt a major impact on their finances and their work has developed normally but there are a considerable number of people who have been strongly affected by this emerging situation and which is keeping the world economy in suspense.

    However, the federal government has managed, together with the states, several alternatives and actions to support people who are unemployed due to the pandemic. You can get more information by visiting the following link: https://www.usa.gov/unemployment

    Here are some additional tips to help prepare your finances for the life that awaits once COVID-19 crisis is over:

    Evaluate your current situation: It is possible that during the confinement your finances have changed and you have had to designate more money in groceries and payment of services, possibly you have saved on entertainment and gasoline expenses, however, now that the economy is gradually improving , it is important to identify main expenses and avoid getting into debt, not to spend money on items or services that are not strictly necessary until you have recovered your financial stability by 100%, since it is essential to create a budget for monthly expenses.

    Deferrals or deferred: Remember that bank deferrals will not last forever and it becomes necessary to create a plan that allows you to identify how much money you can allocate to your banking obligations, in this way you will not neglect your payments and it will not affect your credit life.

    Digitization of finances: Within this broad spectrum that financial institutions have implemented for their clients, there is a new trend to improve digital tools and many, in this case, have developed new applications that allow controlling finances without leaving your home. The options are multiple, ranging from the automation of services, specialized consultancy and detailed applications that help control expenses and more accurately determine your budgets. This becomes a vital stimulus to improve financial “health” and in a certain way to better structure savings.

    Increase your income: You can obtain additional income through Freelance work that you do and that adjust to your particular skills, graphic design, copywriting, translations or looking for a place that allows you to attend for hours to fulfill additional tasks, this additional money could be saved  for emergencies and continue using your usual earning toward your priority expenses.

    Read also ¿How Much Is Saved In Times of COVID-19?

    Enter the game of pricing strategies: This is not for everyone, functional or perhaps it is considered unnecessary to inquire about the prices of goods and service in the market. In many cases, simply you buy what you want. In the same way, it is evident that there are no single suppliers of goods and services, and among them they are constantly on the radar, due to competition issues, that is why they “play” with the prices of the articles or services. .

    It would be ideal to be a silent and hidden spectator in this framework of pricing strategies, so that the highest bidder can be identified at the right time. This simply requires planning of needs, constant monitoring of networks or key establishments, which constant purchasing from them generates significant savings.

    Offers: In many cases, promotions in commercial establishments seek to get out of obsolete inventory, or failing that, to sell in large quantities items that are trends from past collections.

    These opportunities should not be missed, promotions are a window to savings, it may be large quantities of products, but you can even partner with family or friends to make this type of purchases or acquisitions.

    In any case, if the above alternatives does not interest you at the moment, remember that you are not alone, the federal government has provided a number of alternatives for its citizens. There are loans or grants that have been developed to alleviate the personal financial situation, it contains defined modalities for the most relevant needs of North American citizens, such as: loans for housing, education, or some for a particular situation to aid in overcoming this financial crisis.

    You can find more information in the following link: https://www.usa.gov/grants, where you can identify all the grants provided by the government and the requirements to access to them.

  • Tips On How To Avoid Tax Trouble.

    Tips On How To Avoid Tax Trouble.

    Since no one wants the hassle of a tax audit, learning how to avoid one is essential. Of course, if you follow the rules for submitting your taxes properly, you shouldn’t have anything to worry about. However, it is easy to misunderstand some guideline or other and get yourself into trouble without meaning to do so.

    Avoiding Tax Audits

    Perhaps the best strategy to use when attempting to avoid trouble with the IRS is to maintain accurate records. Keep a list of any of your business-related expenses throughout the year rather than waiting until tax time to compile the list. Keep receipts and all other documentation regarding business expenses. Also keep documentation of any expenses that may be tax deductible.

    In addition to keeping good and accurate records, it is important to file your tax documents on time and in full. Complete filings are far less likely to draw attention than tax submissions that are missing one or more pieces of pertinent information.

    Read also Get Acquainted With The Types Of Taxes There Are And What Do They Consist Of.

    Triggers for Tax Audits

    In fact, certain types of claims are considered red flags for the IRS and might trigger a tax audit. Any of the following circumstances can lead to a red flag situation and the potential for a tax audit.

    • Claiming overly large deductions for entertainment or travel expenses related to business but not commensurate with the income level.
    • Claiming an overly large percentage of your total income in itemized deductions. Any percentage over 35% would be suspicious.
    • Claiming non-typical individuals for deductions. This would include anyone other than a parent, grandparent, or child.
    • Failing to include the correct social security number for someone who has been claimed as a dependent.
    • Claiming excessively high interest deductions without the evidence to back it up.
    • Claiming excessive bad debts without notarized evidence to back it up.
    • Claiming home office deductions without any income from a home business.
    • Evidence that you are underreporting your income. For example, claiming almost no income or low income especially compared to claims made in previous years.
    • Failure to claim tip income while employed in a job that typically receives tips.
    • Claiming large charitable donations without the evidence to back these claims.
    • Claiming business-related expenses that are not typical of the type of employment.

    Undergoing a Tax Audit

    If you are scheduled to undergo a tax audit, follow the instructions that you receive completely. Have your records accessible. As long as you have honestly and accurately reported all income and expenses, you should have nothing to worry about.