|
Author: Thelma Coleman Article source: http://www.godebtfree.com/. Used with author's permission.
As we matured into adulthood, the whole process of growing up and making a life of our own entailed a great deal of new responsibility. Let's face it, nobody wants to deal with the chores of daily living, among the most dreaded and overlooked being management of one's finances. We all love money, that's what we all work so hard for, to earn money and save and spend it as we see fit. Unfortunately, earning money also entails keeping track of your expenditures in order to be fully aware of how much money you have to spend, and how much you've socked away for the future or a "rainy day."
Bounced checks can have an adverse effect on your credit score, depending on the reporting policies of the financial institution involved. I think that we can all agree that spending a little time with your calculator and checkbook beats the daylights out of dealing with bounced checks, the not so insignificant fees associated with them and the deleterious effect on your credit rating. You're in our program to get your credit under control and eventually rebuild your credit Balancing your checkbook is fairly easy, especially if you take a few simple steps to streamline the process. Every time you earn money and deposit it in your checking account, write it down in your checkbook ledger. Or if it makes it easier, buy a separate ledger and use that (they're often larger than the one you get with your checkbook). Also take an envelope and set it aside for receipts you get when you use your bank debit card to withdraw funds (or make a purchase) so you can calculate your account balance as accurately as possible.
The same goes for other spending you do. Make a point of writing everything down. If you forget even a single item, it can result in undue time and effort trying to reconstruct these expenses from memory or to purchase the information from your bank. In fact, you might do well to make a habit of saving every receipt, maybe in a shoebox or something like that, so that you always know that between your ledger and your receipts you have everything you need - even if you forgot to record something. But this must become habit or you'll only end up frustrating yourself even more.
At the end of every month, add all your deposits together and record that number in writing. Then you add up all your expenses. Subtract the expenses from the deposits and add that to your beginning balance (or last month's balance). Check your statement to see what fees your bank charged and deduct that and Voila! You have an accurate account balance! Check your figures against your current statement and you might even want to take advantage of your bank's telephone based customer service to confirm your numbers.
If you find no discrepancies, everything is really pretty close if not perfect and you're done - until the following month rolls around. Then spend a few minutes to do it again; you'll be very glad you did… this is time well spent and you will reap the rewards of developing discipline in your financial management methods and philosophy. No surprises in the mail (returned checks), no bounce fees (to your bank and the merchant), and most importantly—no damage to your credit rating.
We cannot emphasize the importance of developing these kinds of good financial management habits. The Credit Counseling Foundation, Inc
provides web-based education and personalized consumer credit counseling to clients
and the general public in an effort to help consumers use credit wisely. Visit
us at www.godebtfree.com
Looking Good Doesnt Have To Cost A Fortune – Buy Estate Jewelry
Looking Good Doesn't have to cost a fortune. Buy estate jewelry! When it comes to estate jewelry there is always much discussion about what is and what is not ...
The Inner Critic Unveiled
Watch your thoughts; they become words. Watch your words; they become actions. Watch your actions; they become habits. Watch your habits; they become character....
10 Ways to Get Your Flyers Noticed
Marketing Master and Writing Coach, Catherine Franz, shares with
you ten ways you can spruce up your flyers so that they receive
more attention.
Guide to Debt Consolidation Loans
Here is a useful guide to Debt Consolidation Loans.
The Importance of Waterbed Sheets
Waterbeds provide a unique sleeping experience. They can be great for stress relief and curing insomnia. In order to keep bedding in place overnight, waterbed...
Fit or Fat?!
Just tell a fat man or woman "You look fat!" and you are a goner. No fat man or woman would like to use the word "fat". It is either "obese" or "stout" or "on t...
Top Ten Motivators
Setting goals is the easy part -- but staying motivated is all about setting up an environment that is conducive to you accomplishing your goals. Here are ten "...
A Great Marketing Model – Utilizing the Power of OPM
Staying ahead of the marketing curve seems to be a never-ending quest. Marketing doesn't have to be as complex as some people make it out to be. It's simply a m...
Mahoganys Beauty and Durability Makes it Ideal for Deck Construction
A couple of years ago I had the chance to tour several newly constructed Adirondack homes. One of the areas that particularly stood out for me while touring th...
Retirement Plan Considerations Cheat Sheet for Small Business
Your self employed, don't want to work forever. Here is a quick cheat sheet of what you should do.
Getting Started in ECommerce - Part One
Electronic commerce or ecommerce is used to describe doing business over the Internet. Selling products and services to customers over the Internet can be accom...
Lock In Big Profits By Offering Rent To Own Deals
Why should anyone accept a lease option, rent to own deal? Why should you, as a seller/investor look to find rent to own tenants? How can you use this technique...
What Are Smart Phones And Do You Need One?
You probably heard the term, smart phones, bantered about lately. But what are smart phones and do you really need one?
Reduce Your Debt - How To Use Debt Consolidation to Get Yourself Out Of Debt Permanently
Here are some tips to getting yourself out of debt forever.
You Might Ask the Question - Why Coaching?
Coaching is good communication. Coaching is good leadership. And, moreover, coaching is a call to character and commitment to people.
Expensive Errors in Holdem
There are several expensive errors that are frequently made in poker, especially Hold'em. This article will discuss the two most expensive errors that players m...
Are iPods Changing the Way We Listen to Music
They're everywhere, and not only are they everywhere, they look cool too. Since its launch in 2001, 10 million have sold and 8 million of those were in 2004. So...
Caveat Emptor: You May Owe Taxes Despite 401(K) Losses!
Imagine Losing Money And Getting A Tax Bill From Your Mutual Fund!
Spring Planting Tips
You've just returned from the garden center with trees and shrubs for your yard. Now what do you do with them? This informative article shares all the details...
How Are You Plotting?
Creative Writing Tips - Writing is a creative process and how every writer chooses to create, is individual to them. Likewise, with plotting, every writer plots...
Big O
Growing up, I remember my Dad had some really good friends. They had the most amazing, positive and magnetic energy. Arguably, they were also among the "coole...
25 Proven Strategies For Improving Your Telephone Results To Build Your MLM Dowline
1. Reap what you sow! What does that mean? It's vital you keep prospecting to keep the funnel full. The prospecting funnel is the life-blood of your network mar...
Saving Private Ryan in Iraq - Stop the Bleeding
I propose that we give soldiers an ultra thin material, which will either be an undergarment to their uniform or incorporated as a liner within that uniform. T...
Anam Cara - Making Sense of Life
In Corrogue I am coming to my senses.
|
Print this page