MONEY MATTERS  

  And So Does How You Handle It !!

   

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Men and Finances Article

Posted by [email protected] on June 21, 2015 at 7:25 AM Comments comments (0)

Men are designed to be in the role of provider. As the provider, this involves bringing in finances to provide for your family. Even as a single man, you should be preparing for this role. Let's discuss three tips to assist you with being a provider for your family financial needs.

 

1. Know what the financial needs are of the household.

If you are married, you should be openly discussing the household finances with your wife. You should both be aware of the financial need and work together as a team to accomplish. This is important for several reasons. First, your spouse can not help you if you do not get them involved. Two people working together on any project is better than one. Second, if something were to happen to one of you, the other spouse would know how to handle the finances.

 

As a single man, be sure you are aware of all your financial obligations and keeping your financial obligations to less than 75% of your income. Your goal should be preparing to be financially stable before you get married or being financially able to give to others as you are lead.

 

2. Designate a time to plan the finances of your household. Each month may be different so you should plan in advance to discuss the financial obligations for each month. If you are married, you should have the spouse which handles finances best to manage the bank accounts and pay obligations based upon the agreed plan.

 

3. Prepare for the unexpected. You should have a savings/reserve account designated for unexpected financial obligations. Also, you can work toward paying bills up in advance so you have a financial cushion. Some companies like insurance companies offer discounts if you pay the policy premium at one time. The goal is to have funds available so unexpected financial obligations will not put your family in a financial hardship.

 

Written by Chandra Winford, CEO of Winford Financial, LLC

 

Credit Cards

Posted by [email protected] on September 22, 2012 at 1:05 PM Comments comments (0)

 

Question: I have credit cards on my credit report that have a balance due but it say accounts charged off. Do I still need to pay the credit cards off if its days charged off on my credit report?

 

Response:

These charge offs will remain on your credit for 7 years. It will have an affect on your credit score until it falls off.

 

If you plan to purchase a home, you may be required to pay them off. It depends on the lenders requirements.

 

When a creditor charges off more than $600 of your debt, you will probably receive a Form 1099-C - (Cancellation of Debt) at the end of the year to file with your taxes. This has to be reported as income to you which will increase your tax liability. Publication 4681 of the IRS provides some exclusions situations where you may not have to increase your tax liability as a result of this debt cancellation.

 

Also, your credit score is determined based upon the information on the report at the time the credit score is being requested.


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