271208 CHANNEL R FINANCE NEWS
Credit card debt help and relief programs are the best way to get out of unsecured debt. Thanks to the stimulus money acting as catalyst; for providing you a platform to negotiate with your credit card company. You can now follow any debt relief program and eliminate most part of your debt by smart negotiation with the help of Settlement Company. If the debt management company have a good reputation and track record, they can even fetch you a deal to wipe out to the tune of more than 60 % of the total outstanding amount. To make the best of this process, here are some tips that can help you:
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If you want to set up or considering setting up a business of your own, you must bring one thing in mind. You must know that you will need money to make sure that the business functions as it ought to. For the purposes of this study, we shall think of business finance as all the money that will be required for the smooth functioning of the business. This will include money from a variety of sources such as loans from lending institutions, cooperatives and these loans may be acquired either on short term or on long term bases. One thing that should be borne in mind is that it is necessary for every person to understand the fundamentals of business finance. This study is not only meant for those coming into business for the first time. Keep in mind that at every stage in the business, there will be a need to finance to expand, transform or even give a new facelift to your business. The good side about this study us that it will enable you to know where you can seek for finance for your business, it will help you to better manage these finances so that you should avoid falling into debts by paying your loans and it will equally let you know what type of loan is appropriate or not for your business.
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Our Saturday Home Finance Tip deals with your savings account. If you are asking, “what savings account?†this article is for you. Saving is a financial musts that many people do not do. It takes a high degree of financial discipline so if you are one of those who has a savings account, take a second to congratulate yourself.
Financial advisors differ on how much money we need in our emergency funds but they seem to agree on a 6 to 10 month range. How do you calculate that? First you have to know how much you spend each month. You will always estimate low so get your bank and credit card statements out and add it all up. Take that number and multiply it by 8 months (or somewhere in that 6 to 10 range) and that’s your goal. Once you’re there, keep it in a savings account. It can’t be tied up in a CD and you can’t risk losing it in the stock market. (By the way, I strongly suggest that you add disability insurance to your monthly expenses. It’s cheap and if you became sick or hurt, the monthly bills will be out of your mind)
Now that we know how much you should save, you brain might be in overdrive thinking about how you will fund your savings account. It’s going to take discipline but here’s a fun way that will put some big money in your savings account over time. You can think of it as my Chick-fil-a method. I love Chick fil a in part because the food is good (hey chick fil a, are you reading?) but also because they give out coupons all the time. I would have gone to Chick Fil a and paid full price without the coupon but with it, I saved $4. That $4 goes in to my savings account. Because I put everything on my credit card and pay it off at the end of the month, I get rewards points. I always buy $50 gift certificates with those points. Guess where that $50 goes? Let’s take it a little further. Rather than going to Chick Fil a and getting a chicken sandwich and waffle fries and a diet coke for $9, I go to the grocery store and pick up a pack of chicken breasts and a couple of potatoes and drink water. First, I’m saving calories but I also saved $5 by not eating out. I ironed my own shirt rather than taking it to the dry cleaner, $2. So let’s see; in this article alone I saved $70 and have a sizeable amount for my savings account.
Keep a 1 week journal and see what you can do to pay yourself. It’s fun, it’s a challenge, and you will feel better about getting closer to your financial goal. We are not in an economy where we can count on having a job tomorrow. Economists predict that 1 out of every 10 working Americans will not be working before this recession is over. Don’t forget about this week’s home finance tip. If you need it, you will be grateful that you have it.
Tim is the author of the blog, elementary-finance.com. The goal of this blog is to educate those who have a desire to learn the basics of finance.
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