You may have a pile of debt and you have resigned yourself to the notion that you will be paying it off for years and years. As your debt grows and starts to compete with your basic living expenses, you know you need to do something, but may not be sure where to start. With the right advice and day-to-day strategies, you can emerge from debt or at least reduce it significantly. Like a weight loss program or taking on a new course of study, change won’t be easy in the beginning, but it is likely to pay off and help you achieve new confidence and an improved life.
The Two-Pronged Approach
To get rid of the debt you already have, it is helpful to take this two-pronged approach which may seem like common sense but is important to keep in mind and apply on a consistent basis. You need to correct the spending problem that caused the debt in the first place. You were either not making enough money or spending too much or both. Attack both sides of the problem at once if you want to get out of debt fast.
First of all, look at your expenses to see where the money is going. Make a list of necessary expenses and extraneous expenses. Write down the minimum of how much you need to spend per month to live and compare it to what you are bringing home in each pay check. You are likely to see a shortfall that is causing you to continually borrow money. The trick is to close the gap between those two factors. You either need to find a way to make more money or cut expenses or combination of the two. The quickest fix it to cut your expenses. You aren’t required to eliminate all the “extras”, but constantly look for ways, from clipping coupons to happy hour, to make what you spend go further.
Itemizing Your Debts
Keep track of exactly how much you owe, the interest rate and what the repayment schedule is. Some people like to attack each debt individually. You can arrange them by the lowest to the highest amount and get rid of the smallest ones first so you have a feeling of accomplishment. Others prefer to go after the debts that have the highest interest rate first to save more money. Whichever approach you take, it is important to have a positive, proactive strategy for dealing with debt.
Take Care of the Future
While working your way out of debt, you need to remember to plan for you future at the same time. One of the ways to do this is to participate in your company’s 401(k) plan. This deduction is taken straight out of your check, and if you don’t see it, chances are you won’t miss it too much. Once done, figure out how you want to invest your retirement funds. Some 401(k) plans allow you to choose which fund you want to use for your investments. If so, do your research online about the funds and keep on top of the current economic climate. Many companies, like Fisher Investments, review global and national news that could affect you future financial decision.
An Ounce of Prevention
It is essential that while you are chipping away at your debt you to not backslide into bad habits. Always have at least $500 to $1,000 in an emergency fund so you don’t have to run to the bank and ask for more money or get more cash from your credit card. Think about debt as a crutch you have decided not to use anymore and a poor way of coping with bad financial habits. Remember the first step is always the hardest but if you stick to your plan, you’ll find that facing your debt, figuring out a workable plan, and executing it can be a personal triumph.
When it comes to running a business, filing taxes can be hectic. That’s true even for homeowners or trust managers, of course. The simple fact is that taxes can be stressful for even the most prepared of individuals. It is important to give your best effort and ensure that your taxes are completed with as accurate information as possible. You will also need to supply various kinds of documents and identification. One of these identification numbers is called an employer identification number (EIN), and IRS-EIN can help you learn how to apply for a California EIN number online.
Do you need a California EIN number?
This is probably the first question you should answer when considering applying for an EIN online. There are a few quick guidelines you can use to help you determine whether or not you need an EIN number.
- Are you running a business, like a partnership or a corporation, with employees?
- Are you managing a trust or an estate that acts like an entity?
- Do you plan to file for excise or employee tax returns?
If you answered yes to any of the above, then you probably need to file for a CA EIN. Even if you answered no to all of the above, however, you still might need to apply. If you have household employees such as a nanny, a maid, a yard worker, or a healthcare aide, for example, you will need to obtain a California EIN number.
Apply for a California EIN Number
Are you ready to apply for your EIN? IRS-EIN-Tax-ID.com can help! They offer great service, an easy application process, and quick results. Take a look at what they have to offer!
You can save for it before you even enroll, but it probably won’t be long before you’re contacting student loan lenders and contemplating selling your car. The simple fact is, college is expensive. Most people have a fairly relaxed attitude about borrowing tens of thousands of dollars at a time to finance each individual semester of school, thinking that the loans will be manageable on a full-time salary once repayment time arrives. The completion of criminal justice masters programs creates various new windows of opportunity for graduates, but having a significant debt that has to be repaid immediately can be a negative when you’re trying to plot out your financial future. Try these four ways to creatively finance your online masters in criminal justice degree and see yourself graduating without any debt.
1. Freelance Your Way Through School
Suggesting that someone work full time in order to afford college is simply not being realistic. Even with a good paying job, the total cost for attending an institution of higher education far exceeds what one would be able take out of a full time income. If you are paying your own way, expenses such as rent or mortgage, food, auto maintenance and health insurance are not going to be cheap, and they really can’t be avoided to any degree. To earn money that you can use toward your online criminal justice masters degree, research freelancing. Full time secretaries can work as virtual assistants in their off time, while musicians can record jingles, lease beats, or compose full arrangements for extra money. There’s pretty much a way to freelance no matter what you’re good at.
2. Live Off the Land
Have you ever had an interest in gardening or living in an RV? If not, developing a taste for free range chicken and the manager’s special department of the bakery is suggested. Everyday expenses tend to be high because consumers rarely find out how they can get the same products by taking a bare bones approach. Bread can be baked at home, laundry detergent can be made from scratch and clothing can be stitched together by hand. If you can deal with couch surfing for a couple of years, you may be able to earn your criminal justice masters program online without you needing to open several student loan accounts.
3. Donate Plasma
If you’re squeamish or have an illness that won’t allot you to have blood drawn on a regular basis, this next option is probably not for you. Everyone else can earn at least a few thousand dollars to help pay for school. No, you can’t sell blood and get financially compensated for it, but you can cash in on a variation of this infamous money making trick. There are a lot of medical companies that dole out financial rewards to those willing to sit still long enough to have their blood drawn. Payment amounts vary, but each cash redeemable gift card, check and gift certificate can help you get out of college without any debt.
4. Don’t Throw it Away – Sell it Instead
You might not have a habit of wearing certain clothes once they have gone out of style, but there’s probably a lot of people waiting to get their hands on what you don’t want anymore. Consignment shops and thrift stores will pay consumers for their unwanted and played out threads. You can sell everything from your old toaster to a pair of heels from last season, and get cash in return.
If you calculate the total cost of attending college on a full time schedule, there’s pretty much no way most people are going to have the cash needed to pay for it all at once. Student loans are convenient, but they lock you into a repayment schedule that’s usually slated to last for several decades. Going to school and paying for it while you’re actively taking classes means that you won’t have as much time for fun activities, but it will put you in a much better financial position.
With tuition fees, course costs, materials, text books, field trips, as well as the rising cost of living, being a student is expensive. While you can save some money by applying for grants, scholarships and loans, it probably won’t be enough. You could take a part-time job, but you don’t want to work so much that you neglect your studies. These are some simple ways you can save money while you study.
Studying online, such as an online MBA degree can be a great way to save money. You don’t have to move, or quit your job. It gives you much more flexible options. If you are interested in online MBA programs get in touch with Northeastern University for some great options. Part-time study would be another option.
Go Second Hand
When it comes to text books for university, second hand is a great option. Check sites like eBay, as many graduates sell their books on when they are finished with them.
This is an easy one that so few of us do. When you leave a room, turn your lights off. Turn your appliances off, instead of on to stand-by. Only have on what you need. It’s a small thing, but over a year it can end up saving you quite a lot of money.
Save money, and keep fit by walking instead of driving or using public transport. You save on petrol and parking or tickets. For longer distances, book tickets in advance to save money.
Food is one of our biggest expenses, but there are easy ways to save money. Firstly, before you go shopping, plan your meals for the week ahead, and write a list, only buying what’s on the list. Consider buying own-brand, instead of more luxury products. Often, when you’re cooking from scratch, you won’t tell in the end product if the ingredients are cheaper. Lastly, cook in large batches, and freeze any extra. It’s much cheaper to cook like this.
Make Sure You’re Getting the Best Deals
Look at all of the options when it comes to utility and service providers, as you may get cheaper elsewhere. Alternately look at where you can cut back: do you really need all of those minutes on your cell phone contract?
Make Gifts and Cards
When it comes to birthdays and Christmas, get crafting! Homemade gifts can be wonderful and there’s nothing more thoughtful than taking the time to make something for someone. Great adult crafts can include bath products, candles, upcycled clothing and picture frames.
Have Nights In
As a student, it’s tempting to go out every night, but this can be ridiculously expensive. Have the odd night in to save money. Invite your friends round, cook a meal together. Alcohol from a shop is much cheaper than in a bar or restaurant.
Don’t let financial issues stop you studying for the job of your dreams. Just make some cut backs, and be careful. Many people find writing a budget down helps them stick to it.