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Are you on top of your household finances? Or are you the one struggling to get out of a fiscal mess? If you are the one struggling, this article is for you. We are all too familiar with the moment when adulthood gives you that bothersome nudge– a nudge that tells you that it’s time to manage household finance on your own or else your life can take an alarming turn.

 

Scary things happen when you don’t take your personal finances seriously. This can include getting maxed out on your credit card, bad credit score, or not paying your mortgage on time. The reason you want to take control of your financial life can range from “not getting bankrupt due to your Starbucks addiction” to “not letting the bank seize your home.” Check out America's Best Bookkeepers

 

As you age, managing your personal finance becomes even more crucial. Partly because you have more responsibilities, and you start asking yourself some severe and daunting questions: How much do I have to save before retiring? Can I afford a new house already? Do I have enough money to invest and open another financial stream? Before you don’t have an answer to such questions, start managing your household finances. Here are the reasons to be addicted to managing your household finances every month.

 

  1. If you don’t keep your financial health a priority, no one else will.
  2. You start being more responsible for your life.
  3. Household finances can be unpredictable. To maintain some predictability, you have to be in 100% control. You never know when the financial weather changes to rainy days.
  4. You start creating a budget. The budget helps you take back the charge of your personal finances by helping you manage cash outflows.
  5. You become conscious of your spending and know where your cash is going. This consciousness helps you figure out whenever your money is going anywhere you don’t want it to go – like a hidden fee in a legitimate charge. In short, you will spot economic theft before it’s too late.
  6. You’ll find ways to save on your household purchases.
  7. You can better manage credit card debt and pay it off faster.
  8. You’ll start seeing red flags earlier- that unpaid bill will not remain outstanding for long.
  9. You’ll learn the difference between needs, wants, and luxuries.
  10. It contributes to less relationship stress. Families who manage their household finances well are said to be happier than those who don’t.
  11. It contributes to the well-being of your family members who are financially dependent on you.
  12. You can stop living paycheck to paycheck.
  13. You can finally start saving.
  14. You can think about investing your savings.
  15. You can take a chunk out of your household finances for some well-deserved luxuries.
  16. You can plan for a trip or tour.
  17. You can get your house painted.
  18. Or do anything you want with the money you have saved.
  19. What you earn will have meaning beyond its dollar value.
  20. You’ll know the bare minimum of what you need to survive.
  21. You’ll start feeling confident about managing your life.
  22. Tax season will not rip you off, as your personal finances will make room for adjustment.
  23. Compounding savings with good interest rates is your best friend- start with it immediately.
  24. You can have a good credit score and a well-balanced financial history, which makes it easier for you to get a mortgage.
  25. Being money-savvy gives you a lot of freedom.
  26. If you fall behind your finances, catching up becomes more effortless.
  27. You have a cushion for bad times. If you are on top of your game, you can quickly get out of a situation that would be otherwise harder without money. These situations include an unexpected layoff, a divorce, an injury, an accident, or a disease.
  28. You can be genuinely happy. Money issues can contribute to depression, anxiety, and stress. Managing your household finances can make your life stress free and more organized.
  29. The primary reason people try to manage money competently is to save for their retirement. You’ll not be working forever, so it becomes even more important to set some money aside for retirement.
  30. If you are good with personal finances, you might retire sooner!

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Donald Trump has definitely polarized politics, society and the economy in the United States, and perhaps other parts of the world. And although I do not agree with the things he says on Twitter, the success in his career as a businessman, with or without help, has been better than usual. Here are six of the best quotes from Donald Trump that you can apply in your finances.

Make money doing what you love

In an article called “Why should he quit his job and do what he loves”, Forbes examines the concept of transforming his passions into a way of life. Most people have to pay debts. Many have to prevent the landlord from visiting them. Those who have found a way to live from the activities they would do for free have found the best work-life balance.

The concept is summed up in the advice of Donald Trump: “If you are interested in balancing work and pleasure, stop trying to balance them. Instead, make your work more enjoyable. “

Take an honest inventory of what you like and what you do not like, your strengths and weaknesses, and the passions that motivate you before you decide to quit your job and find a way to make your passions pay for you. Take risks, but let those risks be measured, calculated and realistic.

Have faith in your talents. Many successful people say that their success is due to an internal belief that they are capable of more than what they are currently doing. Finally, if you have the courage to change your career to pursue your passions, you must take into account that you can face failures and setbacks. Be persistent and always think long term.

It promises less and delivers more

When you are negotiating a deal, signing a contract or selling a car, it is good business to avoid promises that you cannot keep. A classic way to accomplish this is to promise less than what you are able to deliver.

Of all the phrases of Donald Trump that talk about this topic, this may be the best: “When I build something for someone, I always add $50 or $60 million to the price. My employees say that it will cost $75 million. I follow that it will cost $125 million, and I build it for $100 million. I basically did a terrible job, but they think I did a good job. “

You probably should not try to be overpaid for a horrible job, but, as Business Insider said, it’s wise to keep hidden surprises in dates of delivery, budgets and deals. Instead, have low expectations and then surpass them.

Be careful with money

 The final result is the company’s net profit (the amount of money you have after deducting all income expenses). For Donald Trump, it’s the only number that matters. “I’ve made difficult decisions, but always paying attention to the final result,” said Trump.

People who are financially irresponsible have many excuses to never take control of their finances. “I have to spend money to keep appearances,” they say, or, “I have too much time to earn that money again,” or “You only live once, I have to spend and have fun now.”

Failure to pay attention to your bottom line is a sure way to end up as one of the millions of Americans (approximately one in three) who has no retirement fund, no 401k, or pension for retirement.

Invest your money

 When you invest your money, you risk losing it. This can scare you, but with the risk you have the chance to win. For the wealthy, it is an irresistible proposal. One of Donald Trump’s best pieces of advice is: “The worst thing you can do is be afraid and let your money stay in your savings account.”

People can invest their money, even modest amounts, in several ways. Stocks, bonds, and real estate are the most common. Start by learning the basics. The federal government made the website investor.gov to help rookies before they started. Do not waste more time before withdrawing money from your savings account to invest in financial markets.

The average savings account offers a return of 0.17%. The historical average of the stock market, on the other hand, is 7%, including the Great Depression and the most recent recession. Be wise with your investments.

Avoid bad investments

 With a single bad investment, you can cancel the profits of a life full of good investments. Or, in the words of Donald Trump, “Sometimes your best investments are the ones you do not make”.

The most common mistake made by novice investors, according to Investopedia, is to buy shares while they go down in price. Buyers throw money into stocks that fall in price thinking that the stock has reached an artificial minimum and that it will soon rise and appreciate. Typically, the stock continues its way down until the investor runs out of money or decides to stop the losses.

Do not chase actions on your way down. Have an exit plan in case the investment does not turn out as expected. Do not put a lot of money in one stock at the same time. Although you should not sell so fast, be sure to stop your losses when the decline in the share price seems irreversible and never buy stocks that you “love” solely for emotional reasons. Follow Donald Trump’s advice and make your best investments the bad ones you avoid.


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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

With technology, the administration of personal finances is becoming simplified.

If technology has changed the way we communicate, learn and entertain ourselves, how can we not expect it to do so in the way we manage our money?

Using technology to manage your finances facilitates the preparation of budgets, improves the monitoring you give your money and streamlines your transactions through the features that gives you electronic banking, among many other benefits.

 

The advantages of digital finance

Through their online portals and mobile applications, banks allow you to perform a series of actions in relation to the management of your money that provide you with the following benefits:

 

  • The electronic banking portals have the strictest security parameters, so you can make transactions with more peace of mind than if you went to an ATM to withdraw money and walk with it from one place to another.
  • Alerts Linking your accounts to your cell phone or email is very useful, as this way you will be aware of the movements at all times, such as deposits and charges, avoiding surprises.
  • You can track your balances and distribute your income in an orderly manner to meet all your payment obligations and allocate fixed amounts for savings and investment. Your automated systems make the payments and charges automatically, so you always know how much you have, and the records are always available for you to verify.
  • Time saving. You no longer need to go to a bank branch. From where you are, you can make inquiries of your bank accounts and make payments and transactions.
  • All you need is a device connected to the internet, whether it’s a desktop computer or a smartphone or tablet, to order or review movements at any time of the day. Some banking operations are restricted on schedule, but you can leave them scheduled for the next business day.
  • Variety of functions. In the common of the electronic banking portals you can carry out a myriad of operations during the same access.
  • Low cost. Even when some transactions have a cost, this is minimal compared to what would represent that you moved to a bank branch or you had to go to different establishments to make payments for services.
  • Schedule payments. So that you do not miss any service payment date, you can request that the charges be made automatically each month, saving you setbacks and late payment fees.

The millennials are the ones who have quickly adopted electronic banking thanks to its mastery of new technologies; however, all generations can benefit from this digital revolution.

 

Everything you can do

Apart from financial services, among the many things you can do with the new technological tools are:

 

  • Miscellaneous payments. You can make the payment of your credit cards and personal loans from the same bank where you have your account or from other banks, as well as paying tuition and services such as electricity, water and cable TV. Even, as we said, you can schedule them so that you do not miss the due dates.
  • It is possible to pay for everything from products for sale in  e-commerce sites  to tickets for the cinema, various shows and airline and bus tickets.
  • Financial management. There are many platforms on the internet and mobile applications that help you keep track of your income and expenses and distribute your money on a budget, which gives you more control.
  • Savings and investment. As you manage the payment of your financial obligations, you can also make transfers to your savings accounts and track your investments.
  • Credit procedures. If you require a loan or request a credit card, in many cases it is no longer necessary to go to a financial institution to present your documentation. Simply fill out forms online and scan and send by e-mail or via a platform the proof of address and income requested. The answers are even faster, because all the analysis of your credit history and ability to pay is done automatically.
  • Digital finance came to make it easier for you to manage your money and save you time and effort.

 

Do not distrust. Portals with financial services, whether electronic banking or payment systems, have the highest security measures.

 

Prevent to be sure

You just have to be very careful with your access to those sites. Some recommendations are:

  • Never do it from internet connections or public computer equipment.
  • Memorize your usernames and passwords and do not share them with anyone.
  • Do not enter your bank portals from links in emails and better type directly the name of the site in the address bar.
  • Make sure the website address starts with “https”, which is an indication that it is safe.

The security of your financial transactions depends on both security parameters and common sense. Be cautious and you will never have problems.


Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Unrecognizable man giving part of his salary to pretty young wife and hiding remains behind his back, interior of living room on background
Ever been to a wedding where the couple vows to share all of their financial information with each other until the end of their lives? Probably not, but some people believe that such commitments go without saying. They believe that partners tying the sacred knot are supposed to share everything, every penny, or at least all of the information about every penny they have. It is why many take hiding money as a clear sign of a broken bond.

In many cases, a secret stash may actually be a telltale sign of trouble in paradise. And, to tell the truth, it isn’t necessarily the wrong thing to do in some cases. Couples that make the mistake of compromising their financial independence from the very beginning of a relationship often find themselves hiding money months before proceeding with a separation. Fortunately, or unfortunately, doing it without any trace is becoming harder by the day.

Why Can’t You Hide Money from Your Spouse Anymore?

Technology is to blame for a lot of trouble these days. Almost everything we do online leaves a digital footprint behind. Online transactions have made it easier for people or their legal advisors to trace every bit of a secret stash the other half is hiding. The evidence one can gather from digital tracking is much stronger than a paper trail. This is quite good news for lawyers as it has helped many of them get their clients the compensation they deserved. In one of such cases, a husband ended up paying millions of dollars because he tried to hide money without paying heed to the digital evidence he was leaving behind.

Should You Hide Your Assets From Your Spouse?

The question that arises here is whether or not it is ethical to hide money. The answer may vary from situation to situation. In some scenarios, hiding some money is actually akin to ensuring your own financial security and avoiding bankruptcy. However, it is always unethical and if you suspect your spouse is doing the same, you can take legal action to get the amount that you deserve.

How your Partner can Hide Money from You

Transfer to Another Account – If you have a joint account, your partner can gradually move your assets to an individual account. In some cases, people even resort to moving their money to a friend’s account. It is a slow and systematic process. If you are not careful and vigilant, you will end up losing money. So, keep your eyes open.

Life Insurance – Hiding money isn’t the only way your spouse can keep you in the dark about their assets. It may not be the easiest path, but with a sly advisor, anyone can use life insurance as a way out of an expensive separation.

Overpaying IRS – This may not sound like a smart strategy, but sometimes people overpay their taxes for the year to avoid paying during the divorce. They can tell the IRS to use that money for the years to come. Now, this strategy that doesn’t sound smart is actually quite effective as money hidden this way is quite difficult to trace. 

Faking Expense – For people who have their own businesses, it is easy to fake huge expenses in order to hide their assets. They can add unusually huge expenses in order to reduce the amount of profit and income earned. Sometimes those expenses can be real, but completely unnecessary. For instance, they may be expensive décor items that can later be sold for almost the same price.

Delay Payments – Sometimes people tell their employers or clients to delay their payments only to hide money from their spouse. They ask them to postpone the payments until after the divorce. A good way to avoid this situation is to keep an eye on your partner’s projects and paychecks. If you observe an unusual delay, discuss it with your attorney.

Conclusion

The only way to avoid a situation such as these is to keep your eyes open. No matter how much you loved each other, never put complete and blind trust in your partner. Hiding money from a spouse is a common practice but, if you are vigilant, you can trace every penny.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

unknown person sitting at wood desk with keyboard mouse phone reading glasses writing on checkbook registering daily banking done online mobile phone template
When using a checkbook, it is important to keep it balanced. Balancing a checkbook only requires simple addition and subtraction details. It is done by recording all transactions made to your account, similar to being your own personal bookkeeper. Transactions can be of two types: deposits and withdrawals, which affect your addition and subtraction respectively. Checkbook balancing is done to know how much money is in your bank account account so that decisions related to the account (such as writing a check or making an ATM withdrawal) are made without error.

Checkbook Register

In order to balance your checkbook, you need to write out all transactions; this is done in a register that is given within the checkbook.

Usually, a checkbook register has the following six columns:

Number: In this column, you will record the check number. This acts as a reference to the particular check involved in the recorded transaction.

Date: This column is provided to record the date of the transaction.

Description: This column is used to record details of the transaction such as who the check is written to or perhaps information on withdrawing cash using your debit card at an ATM.

Amount (Debit): You’ll need to record the amount of the payment, check, or withdrawal in this column.

Deposit: This column is for recording deposits which may include paychecks, payments from clients or money that may have been transferred from some other account.

Balance: This column denotes the amount of money left in your account after any particular transaction. This starts with the opening balance of your account and is altered by additions related to deposits and deductions related to withdrawals.

Bounced Check – A Big No-No

If the balance in your checking account is low, it is important to be accurate in recording and calculating all of your transactions. Doing so will help you avoid bouncing a check that you sign and submit for payment.

What is a Bounced Check?

If your bank declines to carry out a transaction instructed by a check you issued, the check is termed to bounce (be returned). This happens when the check asks for an amount that is more than the money you have in your account. It is true that if our check bounces, it can be an embarrassing situation. However, it can be costly as well because, whenever a check is bounced, the bank charges you a fee to compensate for a failed clearing process. You can simply avoid this embarrassing and costly situation by bookkeeping in the checkbook register.

Note: There is also another way to avoid a bounced check by opting for a bank overdraft in the case that this service is offered by your bank. Basically this service involves the bank accepting the checks that have a value higher than your account balance. It is recommended to be alert, if you have opted for overdraft, as the bank charges a high-interest rate from the day you exceeded your account balance and an overdraft fee.

Why Balance your Checkbook?

You might be wondering, why go through the hassle of maintaining a checkbook register if you can get an update on your balance at an ATM or online? Well, the reason is that these services will not tell you about your outstanding checks (checks that you’ve written but haven’t been processed by the bank) and, thus, would be giving a number higher or lower than the actual available account balance.

Forgetting to Record Transactions

This is by far the most common mistake made by people when balancing a checkbook. This is because many people make card payments and ATM withdrawals and forget to record them in their register because of time. It is true that an account statement provides such information, but one thing to keep in mind is the possibility of you having to write new checks before that statement comes in. The basic purpose of maintaining this book is to avoid having any one of those checks bounce.

As said before, keeping your checkbook register organized and updated can help you avoid bouncing checks and using overdraft protection because you will know how much money is available for spending in your account. This is especially true for people who have a low account balance at the end of the month as well as people that frequently write checks.

Tip: You can get a cover for your register that comes with a calculator in order to avoid any kind of mathematical errors.

You can compare your register with the account statement you get (when it comes in). This helps in amending your checkbook register to include the transactions that you might’ve forgotten to record.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.