www.monetaryreform.org

Bill Receipts: How Long Should They Be Kept?

admin — Tue, 06 Sep 2011 00:00:00 +0000

While it is nice to get rid of paperwork and clutter, there are some receipts you should keep for awhile. When you do decide to get rid of any papers with personal information on it, make sure you shred them to protect yourself from identity theft.

If you are using your credit or debit card it is recommend to keep the receipts until your monthly statement arrives in case there is an error in the billing. Once you have checked your statements you can toss the original receipts. It is advised to keep your receipts for anything you think you may need to return for some reason. Today many stores have shortened the period of time that they will accept returns so this shortens the period of time you need to keep receipts.

If you have investment accounts, it is suggested to keep records for them until you no longer own the investments.

It is recommended to retain your income tax returns and supporting documents for seven years. This would include credit card statements and receipts for items you itemized. Also, keep you bank statements for 2-3 years. Now with computers you can get past statements from many banks and other companies, so we do not need to keep as far back as we used to.

Creating a Personal Cash Flow Spreadsheet

admin — Mon, 05 Sep 2011 00:00:00 +0000

If you are looking for a great way to set up a budget, either for a personal account or business account, or both, you should consider using a personal spread sheet in order to set one up. You can easily input several figures, and with the automatic formulas which the spreadsheet software has, you will not even have to do the calculations on your own. So, you can input, assets, liabilities, costs, deposits, expenses, payments, and any other information and figures into the spreadsheets, and you will just input the formula to do the calculations, and you will get all the figures you are looking for.

A spreadsheet is also a great way to keep things organized, and really be able to see where you are spending, and what you need to cut back on to really get teh profits you are looking for. There are several ways to set up the spreadsheet, and it all depends on what figures and numbers you want to insert into it, as to how you will set up your own personal spreadsheet. So, rather than keep doing it the old way, by hand, set up a new spreadsheet for your budgeting on your computer.

401K: Is It Wise To Invest In This Economy?

admin — Sat, 03 Sep 2011 00:00:00 +0000

No matter what the economy is like, a 401k is always a smart investment choice. This is not like going into the stock market where big risk of loss is inolved. This is a retirement account, which is held by your company, and there is virtually no risk involved, and you are saving for the future. In many cases, many companies will also even offer a match program, where they might match up to 100 if you do invest in a 401k with the company, so there really is nothing to lose. And, most 401ks are transferable, meaning if you go to a new employer, your 401k comes with you. Also, if it won’t rollover, you can cash out before leaving the company, and once you start with the new employer, just deposit it into their 401k fund.

Also, if you do your taxes right, a 401k will be tax deferred until the money is take out. So, you will not be paying taxes on it every year, like other forms of income. So, you are saving for your future, getting matches from your company, and not being taxed; a 401k is definately a smart choice, in any economic conditions.

Setting Budget Goals: What Are They?

admin — Tue, 30 Aug 2011 00:00:00 +0000

Setting Budget Goals: What are they? That is an important question for anyone planning to be successful in life. Setting budget goals allows you to prepare for long term goals, short term goals and emergencies. Long term goals are goals such as planning for college, purchasing a home or starting a business. When planning for a long term goal, consider how much money is needed and time required to achieve goal. For example, when planning for college, consider the number of children to put through college, the ages of the children and the projected cost of attending that particular college.

Types of short term goals includes the time needed to pay off a credit card, planning a vacation and paying for costly celebrations such as a wedding. It-s easier to stay on track with these goals because they are not easily affected by unexpected changes in the income.

Always write the goal down and leave room for budget changes. Consider placing a portion or all bonuses into a savings account. Not including the bonuses in the budget plan leaves extra disposable income without changing from the original budget. Budgeting for emergencies allows families to sustain themselves in tight financial situations.