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March 25, 2009

Budgeting Activities for the Youth

. March 25, 2009
8 comments

It is very important for individuals to know how to handle finances. Being thrifty is a good trait and very few youth possess it. Parents are the very first teachers of the children and so they must set good examples. As parents, you can give your kids budgeting activities so they will learn to handle finances at an early age.

A vey simple task or activity is to allow your kids to budget their allowance. You can start by giving them weekly allowances and then after some time, give them their monthly allowance. Once they have the money, they will be in charge of all their expenses. Don’t give them extra money especially if they spent their allowances unwisely. Let it be a lesson for them so that they will learn from their mistakes.

Another thing, parents should also encourage their teens to join youth groups in your area. That way, they can participate in the various activities of the group. In fact, some activities of the youth group can teach the members on how to spend money wisely.

Youth groups usually organize special occasions and the group is often divided into several committees. One committee will be in charge of handling the finances for the occasion. This is already a way of training the youth on how to appropriately distribute the available funds so that everything will go smoothly.

Out of town activities are also conducted. This activity will also improve the budgeting skills of your kid. Of course, as a parent you will give your kid allowance for the trip. If your kid is responsible enough, he/she will spend the money only on the necessary expenses. Thrifty kids will often go home with money in their pockets, and not empty-handed.

It seems that everything you do involves spending money. You have to pay the electric bill, the water bill, telephone bill, buy some groceries, pay the rent, and many others. If an individual knows how to handle these things, everything will be settled down to the last monthly bill, and will even have money left for savings. You as parents will surely be happy to see your kids grow to be responsible individuals.

Budgeting is very important and when your kids grow up, they will need it badly. If they fail to budget their money, then they will always end up borrowing money. Things might even go very badly because the credit standing may be affected. So while your kids are still young, teach them how to effectively budget their money. Your kids will surely thank you when they grow older.

Help your kid find a youth group and show him/her your full support. Encourage them to participate in the budgeting activities to enhance their skills. Give them enough freedom to take care of their expenses while they are still young. That way, the kids will be more independent and wise. They will learn the value of money and the importance of savings.

As soon as your kid reaches the teenage years, teach him/her to be a responsible individual who knows how to handle money. And of course, let your kid join a local youth group so that he/she will belong to a peer group that can help him/her become a better person. You will soon notice that your teen is growing up too fast.

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February 18, 2009

Debt Cures: A Review

. February 18, 2009
3 comments

'Debt Cures They Don't Want You To Know About' is a book by Kevin Trudeau published May 2008 which claims to blow the lid off the finance industry. It is a follow up to his 2007 book, 'Natural Cures They Don't Want You To Know About' which exposed the pharmaceutical industry and medical practitioners for covering up the fact that there are simple natural treatments for many conditions that are just as effective as prescription drugs, but 'they' (the medical establishment) are constantly pushing us into becoming dependent on pharmaceutical company products.

'Debt Cures' follows the same kind of pattern in claiming that the banks and other finance institutions are virtually ganging together in a conspiracy to push the population deeper and deeper into debt so that they can make money from all of the interest that we owe.

This is an attractive idea for many people who are in debt because it takes the blame firmly away from our shoulders and lays it on the credit card and loan companies. It's not your fault - you were virtually forced into the spiral of debt that you find yourself in. That is Kevin Trudeau's argument, anyway.

We grow up accepting that it is normal, natural and even wise to be in debt. Perhaps in some cases it is. Take mortgages for example. Your parents and grandparents may have warned you about living within your means, but did they ever suggest you shouldn't take out a mortgage because you would be getting into debt? I doubt it.

For most people, a mortgage is a very good financial proposition. It often works out cheaper than paying rent, at least after the first few years, and at the end of the time you own the house. It's almost a no brainer, if you have the salary to afford it.

The problem is that most of us do not understand the difference between taking out a loan to buy an asset that will increase in value, like a house or perhaps a business, and getting credit for things that will never again be worth what we paid for them. That includes cars, furniture and all the little things that we put on our credit cards.

When you get into debt, banks will offer you more cards and loans until the point where it becomes almost impossible to pay. Then they pull the rug out from under your feet. No more loans, your cards suddenly don't work, and the credit score system makes sure that all of the other finance companies instantly know that you are a bad risk. That's where the conspiracy idea comes in.

In the end though, we could say that it doesn't really matter whose fault it is. If we are in debt then nobody is going to help us get out, that's for sure. Certainly not unless we pay them for their advice.

'Debt Cures' is a little repetitive in places, but it gives you some good ideas for reducing your debt and even eliminating parts of it. There are web addresses for internet sites where you can pick up free reports on how to reduce different types of debt. Some of the tactics he suggests are not workable in every situation but you should find some hints in there for dealing with all types of debt.

There are more comprehensive debt management books out there but this one is simple to read and excellent for anyone who doesn't know where to start. If you have not begun tackling your debt yet, 'Debt Cures' by Kevin Trudeau should give you some ideas that could quickly help you save much more than the purchase price.

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February 8, 2009

How to Best Achieve Debt Consolidation and Payment Reduction

. February 8, 2009
1 comments

Few online debt consolidation lenders will help debtors reduce their debts. Homeowners who are in over their heads in debt can use their homes as collateral to payoff their debts. The loans offered are given to the debtor to repay the debts; and then the debtor must payoff the loan in monthly installments. In other words, your bills are calculated and rolled into one monthly installment. If you have credit cards, then the interest rates will roll into the monthly installment, as well if you have personal or home loans or other types of loans, then the interest rates are rolled in to one balance per month.

Some debt consolidations make it easy and offer short applications, which will link you to an expert who will search for a solution to reduce your debts by assessing your information. Money Management International (MMI) is one of the many online "Consumer Credit Counseling Services" (CCCS) that is a non-profit organization that offers support to debtors. The non-profit organizations are sometimes safer to use than the organized services. Since MMI is a member of the Better Business Bureau, I will refer to this debt consolidation reduction organization to help you get an idea of what is available to you.

Once you sign up at an online debt consolidation reduction organization and are approved, then the professional financial guides will work with your creditors, asking for leniency. This means that the experts will work hard to get a reduction on your debts. For example, if you are paying $1000 per month in bills, some debt counselors will work to get your debts reduced to $500 give or take a couple hundred. This figure is half the amount you were paying in the first place. What a bargain!


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January 16, 2009

How Does Debt Consolidation Stack Up Against Other Methods of Debt Relief?

. January 16, 2009
3 comments

Debt consolidation is a better solution than bankruptcy; however, in most instances, it is not the best solution for resolving your debts. Many of the debt consolidation programs will exhaust the limited funds by incurring fees for using their service. Their solutions will also put you at risk of loosing your belongings.

Debt consolidation programs will also charge high rates of interest for their services. There may even be a monthly charge attached to the plan. The best solution for resolving debt is to contact the creditors and ask for extensions on your repayment plans. Some creditors will negotiate, offering you lower fees if you pay the debt off sooner. Some creditors will even drop the debts owed, realizing that the chances of getting their money is nil. You never know until you ask.

If your bills are lowered, it will grant you time to land some extra cash to payoff the debt owed. Some creditors may charge the amount, but lower your monthly installments according to your wages. This will allow you room to repay the debts at lower rates. Be aware that paying lower balances on debts may lead to costly IRS obligations and taxes, since if you are a "write off" or else reduction candidate, the information is posted with the IRS.

When it comes to debt, it can become frustrating, since it appears there is no way out. When you are working to restore your credit, you are working toward a brighter future. Remember, each bill you pay off subtracts the amount owed. Debt consolidation is like cutting grass, in that the lawn looks fresher once the weeds are whacked. It makes no sense to ignore your debts; rather working toward debt relief means working now to get rid of your debts.

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