A spending plan is just exactly that, a plan for how you will spend all the dollars your earn and those given to you (including, hopefully, directing some to savings). To make a change in your spending plan such as adding in health insurance costs or taking on a new car payment, it helps to be as inclusive as possible when calculating all of your monthly expenses. In other words, don’t write in only the premium cost, but include some …
Balancing or reconciling a checkbook each month is a task many of us avoid. If you have tried balancing your checkbook but can find no agreement between the last number in your check register and the ending balance your financial institution has stated is in your account, you do have some alternatives:
- Even if you have done so before, try balancing your checkbook using the form provided by your financial institution. Simply subtracting or adding each entry in your checkbook
- Find out if you are eligible for unemployment and begin the process as soon as possible.
- Contact your creditors as soon as you know that you’ll have a problem paying bills. Take the offensive. Call your lenders before they call you.
- When you call a creditor, have the following information ready: account number, reasons why you would like to renegotiate your payment, and how much you propose to pay until you get back on your feet.
- Keep the lines of
When expenses exceed income, three alternatives are recommended: increase income, reduce expenses, or a combination of the two. To understand where your money is going and to identify ways to cut back, consider tracking your expenses for a month or two.
Three short-term options are also available: sell assets, use savings, or use credit.However, it is important to use these options only for the short term. Longer term use of these options could lead to major financial difficulties and possibly …