In today’s economy, many people are wondering how they can gain control of the finances. They need to reduce their spending and start living on a budget. Now more than ever, we need to start living within our means and not spend more than we make. Using budget worksheets is the first step to gain control of your spending and improve your finances. The top 10 worksheets you should be using are listed below:
Worksheet #1 – Income Tracking Worksheet – It is important to know where you are financially. So, filling out a income tracking worksheet will do just that. This is a worksheet where you place all of your income. If you are married or have a partner that contributes to your monthly finances be sure to include their income as well. Only put regularly occurring income on this worksheet such as regular paychecks, child support and alimony. Do not include bonuses or other irregular income.
Worksheet #2 – Expense Worksheet – This is another worksheet that you use to find out where you are today. This worksheet is an estimate of what your monthly expenses are. This worksheet should have household expenses, auto expenses, food expenses, medical expenses, and all other area where you spend money each month. This will give you a rough estimate of your expenses each month.
Worksheet #3 – List of Creditors Worksheets – On this worksheet you will want to list all the people you owe money. This includes credit card payments, pay day loans, and friends and family. You will want to list the name of the creditor, the amount due, and how many months (if any) you are in default.
Worksheet #4 – Weekly Expenses Report- The weekly expenses worksheet is where you will list all your spending for the week. This includes things you buy using cash, check, or credit card. At the end of the week you will transfer these transactions to your Monthly Expense Record.
Worksheet #5 – Monthly Expense Record- On this worksheet you will record all your spending for the month in the appropriate categories. At the end of the month, this will give you an exact amount of money that you spend in all categories.
Worksheet #6 – Repayment of Debt Worksheet – You will need one of these worksheets for each creditor you have. Each month when you make a payment, you will record it on this worksheet and bring down the balance after each payment has been made.
Worksheet #7 – Monthly Financial Report – On your monthly financial report is where you will enter your income and all your expenses for the month. By filling out this worksheet correctly you will find out if you are operating your household budget in the black or the red.
Worksheet #8 – Monthly Budget Worksheet – Now that you have filled out your monthly financial report you can work on your monthly budget. You can see where you can cut expenses in order to run your household with money left over at the end of the month.
Worksheet #9 – Needs and Wants Worksheet – This is an important worksheet to use to help keep your financial spending in check. When you or one of your children see something they need or want, you simply write it down on the needs and wants worksheet. Then when funds become available to purchase something you have a written record of what you really want to spend your money on instead of just making an impulse buy.
Worksheet #10 – 90-Day Financial Goals Worksheet – This goals worksheet will help keep your finances moving in the right direction. It is a worksheet where you write down you financial goals. Then it has an area where you write down weekly action items in order to achieve those goals.
In conclusion, by tracking your spending, creating a budget, learning to handle your needs and wants, and setting financial goals; you can gain control of your finances. Start using these top 10 worksheets today and watch your financial future grow.
Well, it looks as if we are slowly emerging from recession, and luckily there are business loans still available with very low interest rates. There are also small business loans from the Small Business Administration available, which you might partake in. Now then, just because you can get the financing to start your own small business, or perhaps a franchised outlet, doesn’t mean you should. It is quite possible we could slip into a double dip recession, and be in a less-than-adequate position in our economy sometime between now and the next 15 months.
Therefore, if you were to start your business, and we stay in a recessionary posture in our economy, you may have trouble making a profit. If you can’t make a profit, you can’t run your business at a loss forever, and you will have to file bankruptcy, and you will be unable to pay those loans back. Are you beginning to understand the real risks here? The problem with borrowing money is that you have to pay it back, and it is far too unfortunate that a good amount of our population have over-charged their credit cards, without considering the consequences that they will be paying on those cards for a long time into the future.
Because our economy appears to be very slowly recovering, not all sectors of our economy or all industries are recovering at the same rate. For instance, the real estate market isn’t doing too hot, whereas, retail sales have slowly been on the uptick. Of course all that could change too, and therefore it matters what type of franchise you buy, what industry you will be participating in, and if you have the personal perseverance to stick it out and see it through. You’re also going to need more money than merely the amount needed to purchase the franchise.
If sales are slow and not at optimum then the franchisor’s business model will not be performing at its peak either. This means that it will take longer to get to an operational profit, or retain a reasonable return on investment. Even if you talk to franchisees of the franchise system you are considering on purchasing which have reached their return on investment, it doesn’t mean you will be able to reach it as quickly. The economic times have changed. Before you go sign your name to hundreds of thousands of dollars of loans, so you can start a business of your own, and find yourself gainfully employed again, I hope you will please consider these words of wisdom and think on it.
If I told you there are very effective free debt consolidation available to you that can help set you on the path to becoming debt free, would you be willing to listen? Read on to discover how you can fix your finances on your own with a few simple strategies that you can put into action right now!
Free Debt Consolidation For Everyone
First off, let’s put the misconceptions to rest. Free debt consolidation options are available to everyone. Not all will work or be effective for each and every case, but at least one of these methods can be employed by you right now to help you set your finances straight! Free debt consolidation is simply a general term that describes consolidation and management solutions that can be utilized by you without having to pay a third party, such as a debt consolidation company.
Low Interest and Balance Transfer Credit Card Consolidation
The most common method for do-it-yourself debt management is the balance transfer credit card method. This is also typically the most accessible method for consolidating debt. Essentially you are taking your high interest debts (credit cards, loans, etc.) and transferring those debts to a single, high-balance, low interest credit card. To do this effectively, look for promotions that offer no or very low interest for promotional periods. Often you’ll find 0% for 6-12 months or 2.99-5.99% for 12-18months or longer. Some of these offers are available for new card accounts only so you will have to apply for the account. If this is the case you will, in most cases, need at least fair to good credit. But don’t get discouraged, there are often many offers available for existing card holders. Either call your credit card company or go online to your credit card account site and look for promotions.
Free Debt Consolidation Loans
I know that loans are technically not free as you are paying interest, but that is going to be the case regardless. Here we are talking about loans from your bank, or credit union, or even home equity loans if you are a homeowner. The important key is that we are not paying a debt consolidation company to do this work for us so it is technically free debt consolidation. It’s important to seek out products that fit your budget and situation. A debt consolidation loan can be used to pay off your balances and provide you with a single balance and single monthly payment, all at a lower interest. Make sure you do your homework and only apply for a loan once you know it is right for you.
Free Debt Consolidation Rule Number One
For your free debt consolidation efforts to pay off, The most important rule to follow here is to stop using those accounts as soon as the balance transfer completes. It is easy to fall into the trap of zeroing out your balance and then charging a little here and a little there because you know there is no big balance there anymore. The problem is this adds up fast, and eventually you are much worse off than you were before. So as soon as your balance transfers complete, or your loan pays out and you have paid off your debts, put the old cards away-far, far away!
Are you becoming sick of being one of those people that just cannot get any type of financing because your credit is horrible? Do you want to find a way to get the necessary credit score that it takes to get any financing you can get regardless of what you need? There are ways to learn how building a good credit history is done. Here is what you have to know about credit.
First, when it comes to your FICO score you need to understand what is considered good and what is considered bad. The low scores are usually below 500 and these people will not be able to get any financing other than rent to own and buy here pay here types of deals. The best scores are those above 700 and these people can pretty much finance anything they want to finance.
Second, when you are trying to figure out how building a good credit profile is done you need to understand that it is all about the two different sides of your credit report. There is a positive, which is items you have paid on time and there is a negative, which are debts you have not paid on time or have not paid on in a while. The best thing to know about building a good credit score is that you need more on the positive than on the negative.
Last, if you want to make sure your credit is changed and that you can get the financing you need, then you need to start making the necessary adjustments in your life to deal with your bad debts now. This will have a lasting effect on your credit history and will allow you to begin building a FICO score you can be proud of