Latest Personal Finance Articles

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Sun, 04 Oct 2009 21:38:04 -0700

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Getting Your Finances Back on Track

Wed, 23 Sep 2009 14:54:17 -0700

With so many people struggling to make ends meet in our current economic situation, it is more important than ever to take the time to inspect your finances to make sure that your money is being spent where it's needed.

The first step to getting better control of your spending is to track what you're spending now. There are a few ways that you can do this, the simplest being just writing down what you spend money on every day or keeping every receipt that you get every day for a month. This low-tech method takes a bit of time but is quite effective if you can remember to count everything.

There are also some budgeting programs that you can get that you can download your online bank statements to which definitely take some of the work out of the procedure, but work best if you aren't using cash to make purchases; these programs will also cost you money to buy, either monthly or just as an outright purchase.

The next big step is to make a household budget to direct the money where it needs to go; make sure that you allocate your money into the most important areas first, like utilities and rent or mortgage payments. Try to have a little bit of money that's left in reserve so that you have a buffer for in case of emergency.

If, once you make your budget, you see that what you are earning in a month cannot possibly cover all your expenses then you will want to contact a professional for advice on what strategies that you can use to reduce your debt.

One such strategy is debt consolidation which is where you take out one large loan to cover all your smaller debts so that you can make one single payment every month. A consolidation loan can drastically reduce the amount of money you will have to pay out in the long run because it can cut back on your interest payments and it also makes your debt easier to keep track of because it's in one lump.

Your next step if a consolidation loan won't help to solve your problem is that of credit counselling; in this strategy, you pay a lump sum every month to a debt management agency and then they make payments to your creditors. Your creditors may accept a smaller amount overall than what you owe in this type of plan, so that they get some compensation and don't lose out on the debt completely.

Your last resort if none of these options works for you is that of personal bankruptcy; bankruptcy differs from state to state, so it's best to confer with a professional about all the steps that you can take before you have to resort to filing for bankruptcy.

If you and your family are struggling with the stress of drowning in your debts, take the time to talk to a professional who can help you make a plan and get your finances back on track. Being in control of your money again will help you enjoy your day to day life more and remove a great deal of the anxiety of dealing with bill collectors.

Making Sure Your Taxes Are in Order

Mon, 14 Sep 2009 23:37:53 -0700

Taxes are an unsavoury business but they are one of the two facts of life (the other, or so we are told, is death). Unfortunately however the unpleasant nature of filling out tax returns, book keeping and filing documents means that many tax payers overlook these jobs and rely on their employers to sort them out on their behalf. If you’re self employed it will be up to you to register with HM Revenue and Customs, to fill out Tax Returns and to keep all your documents safe. However just because you’re employed doesn’t mean you can rest on your laurels either, and relying on your employer and the government to sort out your finances and taxes for you can lead to you losing money through paying too much tax and overlooking important documents, or having difficulty securing a loan or mortgage.

The first consideration are the payslips you are likely to receive at the end of every month. These help tell you precisely how much you’ve been paid which is useful for book keeping and personal records and you are legally obligated to keep them for your records for at least 22 months if you’re employed or 6 years if you’re self employed. Of even more importance however is your P60 which you should also receive from your employer. You should receive these at the end of each tax year (in April) and they should contain information regarding your wages for that year as well as tax deductions, National Insurance Contributions, Income Tax, Student Loan repayments and statutory payments e.g. SMP, SAP and SPP. You should then inspect these forms to ensure that everything has been correctly accounted for – a copy also goes to HM Revenue and Customs (as a P14) and if they notice any inconsistencies you may have to fill out more forms. Furthermore if things such as Student Loan repayments are not included you may find yourself paying back more tax than necessary and you may be able to reclaim some of your tax for that year if you do spot anything incorrect. This should surely be reason enough to keep a close eye on your payslips and not presume your employer is handling it all adequately themselves.

Furthermore in some cases you may not receive a P60 from your employer at all. This could be for a variety of reasons, but may be down to sheer absent mindedness or laziness if you work for a small business. Make sure you’re on the ball come April then and if you do not receive your P60 demand one from your employer. You must also ensure that the payslips looks professional; it should have been printed using HM Revenue and Customs approved software – not handwritten and that you keep it in a safe place. Alternatively, if you leave your job before the end of a tax year you probably won’t receive a P60 for this reason.

You may also want to check your P60s for National Insurance Contributions. This is the government’s own protection scheme and will pay for your wages should you fall victim to illness and will also pay for your pension upon retirement. This should be handled by your employer and should be about 10% of your annual salary. However should they leave it off, or should you wish to opt out of your employer’s pension scheme, then you should speak to your employer and could save yourself some money. As you can see then, there are myriad reasons for you to take an active interest in your payslips and general tax each year.

Why You Need a P60

Mon, 14 Sep 2009 09:27:57 -0700

The UK tax system involves a whole host of different slips, forms and certificates: P60s, P14s, P45s, P46s… it can all get a little confusing. If you’re just getting started as a professional it can be hard to know which ones of these are crucial and what they are for, and all too easy to dismiss uninteresting or unimportant looking forms that can lead to problems in the future. This article then will detail the exact uses of the P60, why you need it, and how it can benefit you to keep it safe.

P60, also known as ‘end of year certificate’, is a form which an employee receives at the end of each tax year in the UK (the UK tax year ends in April) detailing their precise wages for that year. This is the employee’s copy of the P14 – which contain the wage information for all employees and are filed with HM Revenue and Customs at the end of each year. As well as showing the exact wages an employee has received, they also include any Income Tax or National Insurance that has been deducted, as well as statutory payments including SMP, SAP and SPP. It may also include any Student Loan repayments or other repayments that have been deducted.

This form is important for a number of reasons, both legal and personal, and if you have no P60 information it can cause considerable problems. Firstly, the law requires you to keep a record of any taxable income for six years. Realistically this means you should at all times know where your P60s are located. It’s highly recommended that you keep all your P60s somewhere safe – ideally in a filing cabinet or a ring binder so that they can be easily accessed when necessary.

This means that if requested, you can present a copy of your P60 for inspection upon request. This can be useful if you are under going a tax inspection as it can act as proof of your wages. Similarly it can be useful if you are reclaiming excess tax, which is difficult if you can’t prove how much income you’ve received. For anyone who needs to fill out a tax return a P60 can be very helpful.

If you are applying for a loan or mortgage you may be required to present your P60 in order to demonstrate that your earnings will allow you to pay it back. If your P60s are damaged or lost then it is important that you make efforts to obtain the information and one way to do this is with a replacement P60.

Tax For the Self Employed

Thu, 10 Sep 2009 21:56:51 -0700

Being self employed or owning your own business has many advantages, it allows you to be your own boss and work around your own schedule, it means you can work in your pyjamas with your music on, and it means that you get to reap the benefits of your own initiatives and smart business. However it also means that you’ll have to spend a lot more time working out your exact profit and expenses yourself, will have to fill out regular tax returns and organise your own national insurance. Furthermore it can cause difficulty in acquiring a loan or mortgage and can be difficult if you become too ill to work. There are no convenient P60 or wage forms and so everything you earn and pay need to be accounted for yourself – and if you follow these guidelines you should be able to steer clear of trouble.

If you’re setting up a business or going self-employed you first need to find out what category you fall under. If you don’t have staff then you’re probably a ‘sole trader’, which describes most kinds of freelance work. However if all of your work is for one client and company, then it may still turn out that you’re technically an employee. Guidelines on the HM Revenue and Customs website will help you determine exactly which category you and your business fall into.

Once you’ve decided on this you then need to register with HM Revenue which can be done online on the same site. This is a fairly quick process and must be completed as soon as you begin working for yourself in order to avoid being charged for previous earnings (likewise however you should not register until you have begun work). Those quitting a previous job need to ensure they are given a P45 and payslips for their records. If these have been lost, or are damaged, then replacement payslips can be ordered through many websites.

From here you will receive confirmation that your registration has been successful and you won’t have to do anything else regarding tax until you are issued a tax return. This can happen randomly but generally it will be at the end of the tax year (the tax year starts and ends in April). Once you receive this form you need to fill it in as accurately as possible including all incomings and outgoings to ensure you aren’t over or under taxed. If you don’t pay enough you will likely have to pay it back at a later date and may also risk incurring a fine. This is where previous payslips and P60 can come in useful. Once you have filled in your tax return you need to send it back to HM Revenue and Customs by the 31st of October, or if you’re filling it out online, the 31st of January.

A Quick Guide to Various Wage Slips and Forms

Thu, 10 Sep 2009 10:13:33 -0700

P45 – A P45 slip is a form that contains all of the employee’s wages and tax issued during the duration of their employment that they receive upon termination of said employment. This is then passed to the next employer so that the earnings and tax each year and to verify their previous employment. The term P45 has subsequently picked up meaning as a slang term for being let go as it is synonymous with the termination of employment.

P46 – In cases where the tax payer has no P45, either because it is lost, damaged or invalid or if they are being employed for the first time, they will be asked to fill out a P46 form. This will notify HM revenue and customs of the new employment, and the information will be used for the formation of a new P45 once they leave that job.

P60 – P60 are forms which are issued at the end of each tax year and contain information regarding a tax payer’s total salary that year, along with any tax deductions, Income Tax and National Insurance deducted, Student Loan repayments and statutory payments such as SMP, SAP and SPP. This then provides the most comprehensive and detailed report of taxable income and non-taxable outgoings and is so crucial for calculating the amount of tax owed each year. P60s are not given to those who leave their jobs before the end of that tax year. P60s cannot be reissued, so if they are lost or damaged it may be prudent to look into obtaining a replacement. p

P14 – The P14 is handled by employers and contains information for each employee’s salary and deductions for each year and is filed with HM revenue and Customs at the end of each tax year. This means that they too have a record of tax payers’ earnings and can therefore monitor tax payers’ earnings and check for inconsistencies. It also means that they have back ups should employers, officials or employees request the information.

PAYE – PAYE stands for ‘Pay As You Earn’ and is the method by which most employees pay their tax. This method deducts tax as it comes in and will be reflected in wage slips. Alternatively the self employed can set it up online to deduct tax automatically.

Tax Return – Each year, UK citizens, mostly self-employed but also occasionally employees, are required to fill out a tax return. This is used in order to declare exact earnings as well as other outgoings. For the self-employed and those who own their own businesses only net profit is taxed and money reinvested into the business or supplies is exempt. This encourages investments and investment and protects struggling businesses. Filling out a tax return requires careful consideration of all outgoings and profits as if it is done incorrectly you may end up paying more than necessary, or alternately paying not enough can result in it being claimed back and you may be subject to a charge. This is where P60s can come in handy as a reference point for earnings. Those who have lost or damaged their P60s may want to look into a replacement.

What to do if Your Payslips are Lost or Invalid

Thu, 10 Sep 2009 00:04:38 -0700

Payslips are handed out to employees regularly, often on a monthly basis to confirm the amount that has been transferred into their account, and these should be kept for future reference. The really important wage slips however is the P60 that you receive at the end of each year and the P45 document which is updated each time you terminate your employment with a certain organisation. These are not only important for your own personal records and for book keeping (and can help you fill out tax returns), but also act as your proof of salary – both tax deductable and non deductable.

The reason this is so important is that it gives you some form of proof if you get into any kind of dispute with HM Revenue and Customs and can be used to claim back any tax if you find out you’ve been paying too much. They are also important if you wish to begin working for another company as evidence of your previous salary, and if you wish to take out a loan or mortgage to show that you can pay them back.

Unfortunately it’s not at all uncommon that people mislay their P60 as well as their P45s which can make loans or mortgages difficult to acquire and cause problem when starting a new job. As they exist as just one fairly small piece of paper each, it can be easy to lose them among other papers and files – so it’s crucial that you use some kind of appropriate filing system to store them carefully where they can be easily retrieved. Even when they are carefully stored however it’s common that they are subject to spillages or other damage that makes them invalid. Furthermore it’s possible that some organisations simply won’t give you a payslip or P45 – either because they’ve genuinely forgotten or as a wall to avoid paying taxes themselves. Alternatively it may be because you left the company before the end of the tax year. It’s easy then if you’re unaware of their importance to forget these yourself if they aren’t presented to you and it can be awkward to request them if you leave on bad terms. However, in all such cases you should demand that you receive your P60 at the end of each tax year and your P45 upon leaving. In other cases you will find that your P60s are handwritten which can make them invalid. Any company with employees, and any replacement payslips company, should use SAGE or other approved software to print them.

Any of these situations are particularly problematic as your wage slips cannot be reissued. If you miss your P60s or lose or damage them subsequently then this will leave you unable to get another from your employer. Fortunately in the case of P45s this is not terribly important as you can fill out a P46 upon starting a new job - the information from which will be carried over to a new P45 when you leave (though it can still prove very handy to have one, if only to secure that next job in the first place). If you lose your P60 you may be able to get the information from HM Revenue and Customs as they keep a copy of the information for their files in a form called the P14.

Alternatively you can get replacement payslips from many companies online which will use Sage software to give you authentic payslips that can be used for all the same purposes.

Household Budgeting: Getting it All in Order

Wed, 19 Aug 2009 09:41:56 -0700

With so many homes available right now due to the foreclosure storm that's been going on in our current economic crisis, it can be a great time to buy a first home. However, before you fork out your hard earned money to buy one of these deals, make sure that your budget will allow you to make the purchase without straining your family income.

Even if you're not looking to buy a home, having a household budget is a must-have for anyone and everyone who's looking to live more efficiently. Having no budget is the equivalent of living as the figurative ostrich with your head in the sand, avoiding facing the reality of your financial situation.

Budgeting is basically just having a written plan that encompasses an estimated projected income and expenses which you then adjust as the bills and payments come in. Consider for a moment that your household is a business; no business would ever do well without keeping track of what money came in and what the monthly expenditures were. Try considering your home a business to help your assets grow!

Budgets can be set up in a variety of media; the simplest is a ledger book of course. If you prefer to not have to set up your own budget there are options as well; you can buy budgeting software or use an online budget service. Many of the computer options let you download your bank statements right into it so that you can accurately track your spending.

No matter what method you decide to use generally you want to start by estimating your monthly income. If you aren't paid the exact same amount every month you'll need to use a best guess and adjust as your paycheques come in. Make sure that you include all of your sources of monthly income.

The next step is determining your monthly expenses. Make sure you include what you spend every month for your coffee shop stops, movies, toiletries, tolls, and parking. It's a good idea to have a note of when all these bills are due as well so you can plan which pay cheque can cover which bill until you can get ahead of your bills.

Once all your bills and payments come in every month you can look and see where you stand. If you have more income than payments you have a few options: you can get ahead on some of your bills so that you're paying them before the due date, you can put the extra money in an account from which you can draw your bill payments without having to wait for pay cheques to come in, you can put extra payments down on high interest loans or credit cards, or you can just save that extra money for a rainy day.

If at the end of the month you see that you have a shortfall of money you will need to do some reworking of your projected budget as you are overspending somewhere based on your income. Usually some of the easier places to cut back are on wardrobe, entertainment, and food. To help you get ahead with your finances try using a menu to plan your weekly meals so you spend less at the grocery store as well as brown bagging your lunches for work.

Another good way to cut back on spending is to give yourself a cash allowance for your weekly spending. If you want to spend only up to $150 on groceries for your week, put that amount of money aside in cash and don't take your debit card or credit card to the grocery store. Make sure that you're only using the money that you've set aside for a particular item on what that money is supposed to be used for.

Sometimes a budget can help show you were you're overspending, and by cutting back (even temporarily) you can often catch up and get ahead with your finances. It just might help you find the money to buy your own home as well!

A Beginner's Guide to Personal Finance

Sun, 16 Aug 2009 23:26:24 -0700

Managing personal finance is a delicate issue at the best of times that requires the careful consideration of various factors. You have your basic salary which gives you a monthly or yearly injection of cash and then you have your direct debits - bills for your rent or mortgage, internet connection, water, gas, insurance, car, mobile phone credit etc. But it's far more complicated than all that even, there's your living costs including food, transport and petrol, holidays, leisure activities, Christmas presents; and more coming in too - loans, gifts for birthdays and holidays, bonuses, investments... it all gets rather hard to keep track of, but keep track of it you must if you're going to keep yourself afloat. Fortunately it's always possible to get help from a financial advisor, or a refinancing company that can pay off your debts with a single loan. However this often results in unnecessary cost on your part and will never account for all your different costs and profits.

Fortunately there are some simple tips you can utilise to make sure you manage to keep on top of your finance. The first and most important tip is to keep a note of everything you spend and receive in a day. This shouldn't take too long if you keep up to date with a cash book. It'll take about ten to twenty minutes every evening but at the same time it'll mean you know exactly what you're spending and how much is in your account. Similarly you should keep a note of when your credit cards need paying and which other direct debits are coming in and out each day. This way you're far less likely to bounce a payment or to spend money you can't afford, which will in turn mean that your credit rating stays healthy. If you get bad credit it will become very difficult to get loans or mortgages and only through the process of credit repair will you be able to win back the trust of the banks.

Another simple tip is to use different accounts for different lumps of money. For example, it's great to have an account for your debits and mortgages which should probably be the same account your monthly payments come into. Workout how much your loan repayments and debits come to a month and make sure there's always at least twice that in the account at all times. This again will prevent debits bouncing and a need for credit repair. If your total outgoings come to more than your total income then you know you need to find a loan. On the other hand if you have a lump of money that's large enough to pay off a year's worth of one debit or loan - for example a year's worth of rent - you can put that into one simple account and set up a direct debit to their, and this way you'll never have to worry about it and won't find yourself without a roof over your head. If you have lots of spare cash you can do this with all your debits keeping your income free to spend on daily activities.

Alternatively you can 'siphon' some of your profit off, for example ten percent which is then money that's free for you to spend as you wish without worrying about it damaging your overall money. Similarly you should siphon off some savings, again a percentage of your salary and maybe any gift money, which you can then use to gather interest or use on a rainy day to pay off credit cards etc. These are just some simple steps you can take to make your finance more manageable and keep your money under check.

Why Monitoring Your Credit Report Is Important

Fri, 24 Jul 2009 03:25:04 -0700

There was a time when people were blissfully unaware of the words credit report, but that would be quite dangerous in today’s day and age.

Everyone has access to credit, the average person holds up to two to three credit cards and has usually taken a home or a car loan. So most of the population makes use of credit and there are creditors out there who cater to these demands. The usual creditors are the banks and loan agencies.

Why Purpose Do Credit Reports Serve?

In simple terms a credit report provides your credit history and your payment history. It is just a statement of all your dealings in credit. The number of credit cards you hold, your total credits in terms of personal loans, home loans, insurance and other credits are mentioned in the report.

So this report consolidates your entire credit history. When you approach a lender for credit he would check your credit report to ascertain the risk he is taking in providing you credit. If your credit reports shows that you have been duly making credit payments on time and that you don’t have many loans, the lender will find you to be a low risk customer and would be willing to lend you credit.

Your credit report can also influence the rate of interest at which the lender gives a loan. If you have had a bad credit history it would intake that you are in a high risk zone and hence the rate of interest would also be high.

There is also a trend now for the employers to check the credit report of the employee they plan to hire. If they find you defaulting on payments or if you have a low credit score they might think twice about hiring you.

Credit score is a three digit number which is derived by performing a particular calculation on your credit report. The lower your credit score, the higher the risk for the lender, making it difficult for you to get any further credit or loans.

Why Should Your Monitor Your Credit Reports Frequently?

There are a lot of frauds happening with respect to credit cards. If someone illegally uses your credit card, or if the bank makes a mistake in processing your payments there is a possibility for you to default on your credit without your knowledge.

Under these circumstances it is important to monitor your credit report at least once a month to be on the safer side. Checking it annually is not a safe option anymore. Finding an ambiguity in your credit report can quickly alert you to rectify the same. You can check your credit reports free of cost at annualcreditreport.com or from a site like bestcreditreports.com in case you have used up your 1 free credit report for the year.