Money Matters Weekend, February 28-29, 2004 Page 5C The Tribune, Jackson County, Ind. r- 1 4- Transferring debt can be costly CBS MARKETWATCH -N4 'C V- Hi, i i 'J "A ferring balances. The second comes from the significant penalties that can be applied because of a missed or late payment If you break one of the card agreements, the company can charge exorbitant interest. This may also occur after the grace period runs out and can make a debt balloon in size. To avoid these traps, look closely at the company agreement when you transfer a balance to a new card.
Keep track of exactly when the grace period ends and how high the interest rate will be when it does. NEW YORK Many consumers have taken advantage of credit cards that allow them to transfer debt and pay little or no interest on balances for a specific period. Transferring balances can become like a game of musical chairs, with the debtor shifting to a new card as the time period for a low interest rate runs out. But the strategy does have significant dangers. The first comes in the form of transfer fees: hefty one-time charges for trans- Home fi lit x-i Do you find it difficult to manage the financial aspects of your life? Are you overloaded with bills every month and find yourself living from paycheck to paycheck? Does establishing a financial plan and creating a budget seem so overwhelming and time-consuming that you just keep putting it off? It seems that in today's hectic world, you often overlook organizing your personal finances.
When you weigh it against everything else that you have to get done, you can't find the time to fit it in. Something else always takes priority an errand, a chore or a bill to pay knocking this tedious task lower and lower on your list of things to do. Yet, if you realized just how important a role budgeting plays in controlling your finances, you likely wouldn't be in such financial chaos. With the help of some financial software packages, some tedious record keeping and changes in your spending habits, you cart easily begin to manage all aspects of your financial life and be well on your way to achieving the financial success you have always dreamed about. There is no better time to start budgeting than the beginning of a new year.
Here are some tips: 1. Set goals. Think about what financial goals you want to achieve and devise a timeline for yourself. 2. Track your income 'and expenses.
Review and assess your financial situation by tracking your income and spending habits. You need to determine the amount of cash that comes into your pocket and the amount that leaves your pocket every month. You should also write down all the expenses and bills that you pay on a monthly basis. 3. Analyze your spending habits.
Eliminate unnecessary- spending by scrutinizing what you are buying and weighing the cost, risk and benefit of how you spend all money each month. 4. Create and track a budget. Create a money management system that works for you. A budget will help track your income and keep your spending habits in check over a period of time, allowing you to reach your specific goals.
5. Utilize available financial software. You don't have to be alone when it comes to organizing your finances and managing all yout money. Quicken 2004 and Microsoft Money 2004 are two new software packages available to help you make sense out of your CLOSING After you've applied for the loan, the lender will review your application. If the loan is approved, a closing date is set and you'll be able fo move in! Make sure you have enough money for closing costs.
These can include the appraisal fee, taxes, credit reporting charge, deed recording fee" and other costs. During the final walk-through, make sure that any problems you discovered have been fixed. Source: Metro Creative Services Continued from Page 4C fixed-term mortgage if jtur income is fixed or expected to decline. Because the monthly payment is predictable, it makes budgeting easier. Or, try a short- or long-term ARM if you expect your income to rise.
But remember, the sooner you repay the loan, the more you'll save in interest payments. Even if you qualify for a loan, proceed with caution. Lending Tree discourages overborrowing because it may not work with your budget. With the help of some financial software packages, some tedious record keeping and changes in your spending habits, you can easily begin to manage all aspects of your financial life. sive editions have added features that enable you to manage your investments, control your taxes, plan for retirement or a home purchase and even manage your small-business finances.
Taking control of your finances and sticking to a budget is something that is up to you. It requires a small time sacrifice on your part but, in the-end, it will be worth your while to gain the financial freedom. Soufce: Metro Creative Services finances. They can organize your financial data so you can see your complete financial picture in minutes, allowing you to take control of your money. You'll know what your cash flow looks like immediately.
Prices and features vary, depending upon which version you buy, and may range in price from $30 to The lower to mid-range Versions allow you to balance your checkbook, pay bills online, record transactions and track your spending. The more expen Are you looking for: Creative ideas for distributions or rollovers? Ways to avoid tax and distribution penalties? Ways to help reach your retirement goals? Up-to-date information on IRA options? For a FREE financial analysis on how to make your money work for you, call today. FAX YOUR NEWS to The Tribune newsroom at 522-3371 Tax Tips tip': rV- WASHINGTON (AP) Swamped in tax paperwork with nowhere to turn? Here are some tips to get started and to find help when you need it: Organize. Collect tax information sent by your employer andyour financial institutions. Keep all tax-related receipts in one place and collect documentation for deductions.
Have last year's return on hand. Pick up the appropriate forms from a post office or download them from the IRS Web site. Don't procrastinate. Overcome the urge to wait until April 14 to finally finish and mail your tax return. You're more likely to make a mistake or overlook possible tax savings if you're rushing to meet the deadline.
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