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1. Set the financial goal ( short term-mid term-long term )
2. Arrange the measurable timelines
3. Make a list of all the benefits
4. Find all methods to reach your goal
5. Find some hindrances which interfere with your plan
6. Check the plan everyday, every month, every year to reach the goal
1. Goal:
    Long term: To buy a house within 10 years
    Mid term : To save 20,000 dollars in two years
    Short term: To pay off credit debt in a year
    To reduce to expenses for buying unnecessary things
2. Timelines: begin with next paycheck; complete in 12 months
3. Benefits: Added peace of mind Emergency cash cushion Interest income earned on savings Employer may match funds saved in
    retirement plan Increased net worth Sense of accomplishment
4. Methods: Increase retirement contribution at work to receive a maximum matching employer contribution
5. Obstacle: Present debt load and high payments Unexpected family expense
6. Follow-up: Monitor monthly cash-flow, spending patterns Determine net worth status every six months
1 Using the space provided below, identify your short, mid-range and long range goals.
2 FIXED
3 FLEXIBLE (May change from month to month)
4 PERIODIC (Only paid periodically - such as every six months or once per year)
Budgeting varies individuals by individuals. Create your own budgeting and spending plan with some tips and guide lines.
HOUSE:38%   AUTO:15%   FOOD:12%   INSURANCE:5%   RECREDATION:5%   CLOTHING:5%   SAVING:5%   MEDICAL:5%   OTHERS:5%   DEBT:5%
1 Record the amounts you are currently paying towards reducing your total debt. Current debt load
2 Determining a Margin
    Increasing your monthly payments to creditors will lead you to debt free faster.
    Subtract your expenses from your income to help create a spending margin in order to increase payments.
    INCOME minus (Expenses + Debt Payments) = $__________
    TOTAL available for your goals $__________
3 Money Available to Invest in Financial Goals
Savings Retirement Emergency fund
$ _______ per month $ _______ per month $ _______ per month
$ _________ per year $ _________ per year $ _________ per year
Learn to accumulate money. Begin by saving a dollar every day, along with each day¡¯s worth of pocket change which may total about $50 each month.
1. Brown bag 10 lunches per month
2. Make pizza at home instead of ordering out
3. Use coupons for groceries and buy store brands
4. Avoid long-distance calls stand while talking on the phone
5. Rent movies and make popcorn at home instead of going out
6. Cook and freeze dinner entrees for the week
7. Give handmade cards and gifts
8. Shop at consignment stores/thrift stores/discount outlets
9. Request basic phone service only
10. Eliminate cable television
11. Use free/cheap internet service provider
12. Check out books from the library instead of buying them
13. Read newspaper for free online rather than paying for home delivery

Spending less than you earn and paying off the debt quickly are the only way to meet your long - term financial goals. The larger the goal, the earlier the saving needs to be started.

Spending Less Than You Earn
The average American family spends more than $3,600 a year on food. About $1,600 of that is spent eating out. More than 40% of a consumer's annual food budget is spent in restaurants. Track everything you spend every day. Remember - it takes 21 repetitions to create the habit of wise spending

1. Devise and execute a spending plan
2. Stop use of all credit cards.
3. Close credit card accounts by returning charge cards to issuers along with a letter terminating charging privileges.
4. Do not take on new debts - including a "consolidation loan".
5. Pay yourself first. Set up a separate savings account once you get paid and immediately transfer a portion (start with 5% of your
    regular deposit amount) to the savings account.
    Attempt to forget about the account in order to prevent unnecessary withdrawals. Only access the funds upon emergency.
6. Collect and write notes on your cash purchase receipts. This will help you track spending and raise awareness of your
    spending habits.
7. Closely examine all expenses looking for ways to increase value or save money.
8. Sell items that are losing value.
9. Put all extra income towards paying off debts.
10. Maintain written account of all income and expenses, especially cash.
11. Review all insurance coverage for duplication, raise deductibles, etc.
12. Begin saving one dollar-a-day and all pocket change, everyday.
13. Review spending practices and habits, begin comparison shopping, etc.
14. Wait for sales. Comparison shopping can save you more than 50 percent.
15. Make two shopping trips. The first trip compare prices, value, etc. Avoid carrying credit cards, too much cash or a checkbook
     on the shopping trips. The second trip is when you will actually make the purchase after having determined the best value.
16. Use coupons wherever possible and send in for rebates.
17. Take advantage of consignment shops, rebuilt, and used items.
18. Start doing things yourself and do not pay for services you can perform.
19. Have weekly meetings on how to improve spending habits with family members. Make getting out of debt a family activity.
Choosing an honest reputable credit counseling agency can be one of the most important personal finance decisions of your life. Use the following as a guideline to help you choose wisely.

1. A certified counselor will do your budget, including your expenses and income.
2. They will figure out the total amount of debt you owe and arrive at a figure you can pay each month toward that debt while
    satisfying your creditors' requirements.
3. Once all parties agree on the monthly amount required to liquidate your debts, you send that amount to the counseling agency
    each month. They distribute the funds to your creditors, who have agreed to accept a lower interest rate (and perhaps a lower
    monthly payment).
4. The greatest savings you will see by using a credit counseling agency is that they can get creditors to lower or eliminate interest
    as well as other finance charges, late payments, and other penalties.
5. Ask specific questions concerning repayment plans, such as what happens if repayment is more than you can afford and how
    secure is the information they provide.
6. Since most non-profit counseling agencies have to charge a start-up and monthly maintenance fee, find out up front what the
    cost will be and make sure they put it in writing. Carefully read through any written agreement that a credit counseling
    organization offers. It should describe the services to be performed; the payment terms for these services, how long it may
    take to achieve results; any guarantees offered; and the organization's business name and address.
7.Make sure to use a non-profit organization. A non-profit status alone does not insure that the organization will do a good job, but
    coupled with fair fees and educational material, it is a good indication of a reliable organization. A good place to start is Global
    Credit Consulting Group. www.GCCGROUP.org.
8. Remember that credit counseling agencies cannot erase your credit history. If an agency claims to be able to do so, do not
    work with them. Under the Fair Credit Reporting Act, accurate information about your accounts can stay on your credit report
    for up to seven years.
9. Find out what other sources of funding they receive, who regulates and audits their operation, if they are certified by the reliable
    associations if their counselors are certified and by which association, and if there is a formal written agreement.
10. Ask if you will continue to check your status from your creditors showing what interest rates you are paying and the reduction of
     your debt each month.

There are some low-cost or no cost government-owned projects. Such as Medicaid and the State Children's Health Insurance program (CHIP).

If you have trouble paying off the debt on time, contacting your creditors and explain your difficulties to them,

Have it planned in advance and seek for advices from experienced persons. Good memories are more important.

A: Get recommendations from your parents or friends about it.
B: Figure out the maternity leave days your company offers.
C: Contact your health insurance agency.

A: Encourage teenagers to save up money for their goals or educational purposes.
B: Require them to save certain percentage of their money.
C: Provide correct concept of credit card use.

A: Protect yourself by opening accounts under your name.
B: Understand all the joint assets.
C: Make copies of your financial related documents.
D: Pay attention to your join credit accounts.

A: You are not responsible for the debt unless you co-signed the contract.
B: Before any money be distributed to any heir/heiress, all the debt must be paid off first.

1. Only spending in the minimum payment and skipping a payment leads you to big late fees.
2. Over 20% of your take-home pay is spent for paying your debt.
3. Squaring away your money for pay off another debt. This makes debt humongous.
4. If you're jeopardizing your health because of money, it's time to reevaluate your credit situation.
5. Bills are paid with money that was intended for other things.
6. All items are bought with credit cards from which you lend money.
7. Savings are used to pay current bills
1 Free Tax Tips and Tax Advice from expert credit counselors
If you are one of the millions of Americans who still owe Uncle Sam a lot of money or if you are receiving a refund and want to know how to use it wisely, we can help.
 
 
2 Tax Tips and Advice for Consumers Who Are Receiving A Refund
Open an emergency savings account. Many people live from pay-check to pay-check and have to borrow money if a crisis occurs.  Having an emergency fund allows you to use cash for unplanned expenses rather than a high interest credit card.

Pay off high-interest loans first.  If you pay off debt with your refund, pay off debts that have the highest interest rates first.  Typically, credit cards have a higher rate of interest than mortgage or car loans.
 
3 Get professional debt reduction advice.
A tax refund may not be big enough to solve a serious debt problem. If you can only make the minimum payments on your credit cards, you are likely to be still paying on the same debt 10 - 20 years from now! If you are incurring late and/or over-limit fees, your debt may be increasing by as much as $70 per month per card! If these situations sound familiar, you may need professional help or tax advice.
 
1 Decide how to pay.
Research your options. Some options include a bank loan, an IRS installment plan and an IRS approved credit card. You'll pay interest on a bank loan, a processing fee and interest on an IRS installment plan and convenience fees plus interest to American Express, Discover and MasterCard - the approved IRS credit card companies.
 
2 Determine how you will pay off the loan.
You can make a bad situation worse by falling behind on you tax loan payments. Make sure that you can live with the terms before you sign. Otherwise, you could incur penalties and late fees.
 
3 Change federal withholding.
Many people with large tax bills simply didn't withhold enough from their paychecks during the year. Still others sold stock and failed to budget for the capital gains tax. Correct both scenarios and avoid similar problems next year.
 
4 See a credit counseling professional for help.
Treat your tax shortfall as a wake up call to get your finances in order. Our credit counselors would be happy to review your finances.