Financial Planning for BeginnersWritten by Tim Gorman
Financial planning at an early age may seem complicated, however it can be easier than you might think. At age of 25 most of us are just beginning our married life, and there are homes and automobiles to buy and children to plan for. This leaves little time to plan for future. These are some simple steps that you can take to ensure that you and your family will be able to handle unexpected emergencies and expenses.
* Buy Insurance Insurance is one of easiest ways that you can be sure that your family is protected financially in event of an accident. Medical bills alone from one accident can cause a family to be in a state of financial distress for years. Although medical and automobile insurance rates are high, return is much greater. Life insurance is also a very key factor in planning for your financial stability. In event that a family member dies, you could be in debt for as much as $50,000 for funeral expenses. Insurance may seem like a useless expense when a family is deciding on a budget, however, budget will be completely diminished in event of an accident without insurance. Remember, key word in phrase "financial planning" is planning.
Do It Yourself Debt ReliefWritten by Tim Gorman
With mounting bills and unforeseen hardships, you may be considering some form of debt relief. There are many options to help you, but best may actually be you helping yourself. Here are some suggestions for starting debt relief and becoming more solvent.
First, donít stop communication. While it is a natural response to stop answering phone and let mail stack up unopened, this doesnít solve anything. Contact your creditors. Explain situation to them. In many cases, they will work with you to reduce your debt by lowering interest rate and waiving over-the-limit and late fees.
Second, stop using all your credit cards. Whether you file for bankruptcy or sign on with a credit counseling service or debt settlement, all of them will demand that you give up your credit cards. Do it yourself now.
Third, make getting out of debt a priority, and work toward debt relief as though you were with a credit counseling service. This is how credit counseling services work. You make one regular payment to them each month, and they disburse your money to creditors. When one is paid off, extra money is applied to other creditors. If you have extra money one month, put it toward one of your bills. As soon as you have paid off that bill, take money you would have spent on that one bill and apply that every month to another bill. By continually making larger payments than what is owed, credit cards will be paid off faster.