Whether you know it or not, you are always setting your financial priorities. Some may decide that a new stereo system is more inportant than this month’s electric bill. This may be a little off the wall but it is still setting your priorities.
Anyone wanting to better manage their money would be wise to determine what their financial priorities are and stick to them. Of course, if you see that these priorities will not put food on the table and pay your bills then you will have to rethink your priorities.
Setting your priorities is simple. You just decide what is the most important aspect of your finances and put that item on top. However, if you decide on that stereo over your electric bill, you may find yourself in the dark with no need for a stereo.
There are basic priorities that pertains to everyone. These are simply a matter of survival. Here is a list of the basics:
That was a tough one.
What does it take to ensure that our basic needs
The Senate is trying to overhaul the bankruptcy laws. Credit card companies and retailers have been pushing for reform since 1997. Hopefully, the new law will come into effect by mid-March.
What have they been battling over?
They rejected an amendment that would allow older people to get a special “homestead exemption” that would allow them to keep their homes if they file bankruptcy. Currently, this is determined by each state. Six states currently have unlimited homestead exemptions. This means that rich people can file bankruptcy and keep their big houses. Doesn’t sound fair.
They also wanted to have credit card statements show how long it would take to pay off the debt by making only the minimum payment and what the interest charges would be.
One proposal would allow people to keep at least $150,000 equity in their home. The second proposal dealt with medical bills. If the medical bills exceeded 25% of their income, then they were exempted from the new test.
This new test measure income and assets to determine if debts can be discharged. Bankruptcy judges currently have to decide if debts can be discharged.
Some people say
Unlike a fixed monthly cost such as your mortgage or car payment, the amount you spend on groceries each month is somewhat flexible. While the common advice of clipping coupons and buying generic brands to save money while shopping is sound, by far the best way to truly keep your grocery shopping expenses under control is by understanding how grocery stores entice you to spend more than you really want. By fully understanding the ways grocery stores encourage you to spend, many of which you probably never even noticed before, you can combat their strategies and spend money only on the merchandise you really need.
Although a grocery store may appear to be simply a place to purchase food and other household necessities, in reality it’s a cutting edge example of “how to sell more than consumers really need.” Since you are the consumer, it’s important that you realize these sales tactics so that you walk into a grocery store to get only what you need while avoiding everything else that the grocery store wants to sell you. Here are some ways that grocery stores manipulate you into spending more than you had planned and some simple
Nobody likes to pay banking fees, but if you aren’t active in trying to reduce them, you are probably paying more in fees than you need to be. One of the most important actions to take in order to reduce the banking fees is to figure out exactly how you use your bank. Consider what your average balance will be and how low the balance may dip. Also consider the type of transactions you make and what types of services you need. Once you have a better understanding of how you utilize the bank, you are in the position to get the most out of it while avoiding fees for services you don’t need or use.
Probably the best move you can make is to try and qualify as a member of a credit union. Credit unions are not for profit organizations meaning they don’t have to worry about making a profit. The qualifying factors to join a credit union vary from institution to institution, so you will need to check with each. The good news is that there are a large number of credit unions associated with a wide variety of organizations. Qualifying for inclusion has