America is $23 trillion in debt. What that means for your budget

Worried about your debt? Consider this: The U.S. is $23 trillion in the red. Today, the country owes over four times more than it did in 2000, when the national debt stood at around $5 trillion. “Like any budget that you have in your household, we have too little income and too many expenses,” said Ted Jenkin, certified financial planner and CEO and founder of oXYGen Financial in Atlanta. Our biggest expenses as a country include Social Security, Medicare, defense — and the interest on all that


Worried about your debt?
Consider this: The U.S. is $23 trillion in the red.
Today, the country owes over four times more than it did in 2000, when the national debt stood at around $5 trillion.
“Like any budget that you have in your household, we have too little income and too many expenses,” said Ted Jenkin, certified financial planner and CEO and founder of oXYGen Financial in Atlanta.
Our biggest expenses as a country include Social Security, Medicare, defense — and the interest on all that
America is $23 trillion in debt. What that means for your budget Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: annie nova
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America is $23 trillion in debt. What that means for your budget

Worried about your debt?

Consider this: The U.S. is $23 trillion in the red.

Today, the country owes over four times more than it did in 2000, when the national debt stood at around $5 trillion. How did we get here?

“Like any budget that you have in your household, we have too little income and too many expenses,” said Ted Jenkin, certified financial planner and CEO and founder of oXYGen Financial in Atlanta.

Our biggest expenses as a country include Social Security, Medicare, defense — and the interest on all that debt.

The rising debt poses risks. For example, it could leave the federal government with less spending power in a downturn.


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: annie nova
Keywords: news, cnbc, companies, times, budget, stood, expenses, means, financial, worried, debt, ted, country, spending, trillion, america


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How Congress made it easier to avoid the IRS

In total, IRS funding has declined by more than 20% since 2010, factoring for inflation. According to an analysis by Robert Weinberger of the Tax Policy Center, the fiscal 2020 budget Congress passed last month continues the inflation-adjusted decline in IRS funding over the past 20 years. According to ProPublica, the IRS enforcement budget is now down by more than 25%, with the number of IRS employees down by 30,000 over the past decade. In preparing the 2020 IRS budget, Treasury Secretary Stev


In total, IRS funding has declined by more than 20% since 2010, factoring for inflation.
According to an analysis by Robert Weinberger of the Tax Policy Center, the fiscal 2020 budget Congress passed last month continues the inflation-adjusted decline in IRS funding over the past 20 years.
According to ProPublica, the IRS enforcement budget is now down by more than 25%, with the number of IRS employees down by 30,000 over the past decade.
In preparing the 2020 IRS budget, Treasury Secretary Stev
How Congress made it easier to avoid the IRS Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: robert frank
Keywords: news, cnbc, companies, weinberger, taxes, revenue, taxpayer, funding, congress, budget, taxpayers, tax, irs, avoid, easier


How Congress made it easier to avoid the IRS

Overall funding to the IRS was $11.5 billion, up 1.8% from the previous year. But when inflation is factored in, the budget represents a reduction — and almost all of the added funding will go to a mandated pay increase for existing staffers. In total, IRS funding has declined by more than 20% since 2010, factoring for inflation.

According to an analysis by Robert Weinberger of the Tax Policy Center, the fiscal 2020 budget Congress passed last month continues the inflation-adjusted decline in IRS funding over the past 20 years.

Every budget cycle, members of Congress solemnly promise to better fund the Internal Revenue Service so it can do its job of collecting taxes and serving the taxpayer. And once again, Congress has done the opposite.

“This year’s IRS appropriation is just more of what we’ve seen over a decade of decline,” Weinberger said in the report.

All of which means the IRS has less money for auditors and enforcement, and therefore less ability to collect the taxes owed to the federal government. According to ProPublica, the IRS enforcement budget is now down by more than 25%, with the number of IRS employees down by 30,000 over the past decade.

And a new IRS report, as cited by The Wall Street Journal, shows that taxpayers are now half as likely to get audited as they were in 2010 — with only 0.45% of returns audited. The wealthy are even more likely to escape the scrutiny of the IRS: Audit rates for those making $10 million or more have fallen from 14.52% in 2017 to 6.66% in 2018.

In preparing the 2020 IRS budget, Treasury Secretary Steven Mnuchin promised to “deliver a customer experience comparable to the best financial institutions in the world,” emphasizing taxpayer services. But compliance offers the best return for American taxpayers. Estimates show that every dollar invested in the IRS generates at least $4 in added revenue, by chasing down uncollected taxes. The current “tax gap” — the difference between taxes theoretically owed and taxes collected — is now estimated at about $380 billion, according to the IRS itself.

What’s more, a lack of funding and poor technology means the IRS is increasingly prone to cybersecurity threats and identity fraud.

“The IRS remains a deeply challenged agency with reduced resources,” Weinberger said. “It’s playing catch up in halting tax shelters and income shifting to tax havens, at a high risk of filing season glitches affecting over 155 million individual taxpayers.”


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: robert frank
Keywords: news, cnbc, companies, weinberger, taxes, revenue, taxpayer, funding, congress, budget, taxpayers, tax, irs, avoid, easier


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US budget deficit topped $1 trillion in 2019 for the first time in seven years

The U.S. fiscal deficit topped $1 trillion in 2019, the first time it has passed that level in a calendar year since 2012, according to Treasury Department figures released Monday. The budget shortfall hit $1.02 trillion for the January-to-December period, a 17.1% increase from 2018, which itself had seen a 28.2% jump from the previous year. Rising corporate tax revenue helped lower the pace of increase in the spending gap. If that pace continues it would also lead to a fiscal deficit for 2019-2


The U.S. fiscal deficit topped $1 trillion in 2019, the first time it has passed that level in a calendar year since 2012, according to Treasury Department figures released Monday.
The budget shortfall hit $1.02 trillion for the January-to-December period, a 17.1% increase from 2018, which itself had seen a 28.2% jump from the previous year.
Rising corporate tax revenue helped lower the pace of increase in the spending gap.
If that pace continues it would also lead to a fiscal deficit for 2019-2
US budget deficit topped $1 trillion in 2019 for the first time in seven years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-13  Authors: jeff cox
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US budget deficit topped $1 trillion in 2019 for the first time in seven years

The U.S. fiscal deficit topped $1 trillion in 2019, the first time it has passed that level in a calendar year since 2012, according to Treasury Department figures released Monday.

The budget shortfall hit $1.02 trillion for the January-to-December period, a 17.1% increase from 2018, which itself had seen a 28.2% jump from the previous year.

Rising corporate tax revenue helped lower the pace of increase in the spending gap.

For the fiscal year, which began in October, the shortfall is already at $356.6 billion, an 11.7% increase from a year ago. If that pace continues it would also lead to a fiscal deficit for 2019-20 of more than $1 trillion.

Through December, receipts have totaled $806.5 billion while outlays have come to $1.16 trillion.

President Donald Trump had vowed that his stimulus policies, including massive corporate tax cut and aggressive deregulation, would help stem the red ink coming from Washington, but it has only increased. As deficits have swelled, so has the national debt, which is now at $23.2 trillion.


Company: cnbc, Activity: cnbc, Date: 2020-01-13  Authors: jeff cox
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This budget strategy helped a Michigan couple pay off their mortgage early

This budget strategy helped a Michigan couple pay off their mortgage early4 Hours AgoAndy and Nicole Hill bought their dream home just outside of Detroit at the end of 2013. Their initial goal was to pay off their mortgage in five years, but they ended up paying it off over a year faster than they planned. The couple chose mortgage terms that would let more of their payment go toward paying off their principal and used aggressive budgeting techniques to throw even more money at their loan. Watch


This budget strategy helped a Michigan couple pay off their mortgage early4 Hours AgoAndy and Nicole Hill bought their dream home just outside of Detroit at the end of 2013.
Their initial goal was to pay off their mortgage in five years, but they ended up paying it off over a year faster than they planned.
The couple chose mortgage terms that would let more of their payment go toward paying off their principal and used aggressive budgeting techniques to throw even more money at their loan.
Watch
This budget strategy helped a Michigan couple pay off their mortgage early Cached Page below :
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This budget strategy helped a Michigan couple pay off their mortgage early

This budget strategy helped a Michigan couple pay off their mortgage early

4 Hours Ago

Andy and Nicole Hill bought their dream home just outside of Detroit at the end of 2013. Their initial goal was to pay off their mortgage in five years, but they ended up paying it off over a year faster than they planned. The couple chose mortgage terms that would let more of their payment go toward paying off their principal and used aggressive budgeting techniques to throw even more money at their loan. Watch this video to learn exactly how they did it and what the couple plans to do next.


Company: cnbc, Activity: cnbc, Date: 2020-01-09
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Attention taxpayers: Your chances of getting audited have fallen significantly

But tax audits are another thing entirely. A taxpayer’s chances of getting audited by the IRS have fallen significantly over the past decade. The agency audited 0.45% of individual tax returns in fiscal 2019, which ran through Sept. 30, 2019. The dip in audits over the past decade is largely due to budget and personnel reductions over that time period. The IRS budget of $11.4 billion in 2018 was about 20% less than it was in 2010, when adjusted for inflation, according to the Congressional Budge


But tax audits are another thing entirely.
A taxpayer’s chances of getting audited by the IRS have fallen significantly over the past decade.
The agency audited 0.45% of individual tax returns in fiscal 2019, which ran through Sept. 30, 2019.
The dip in audits over the past decade is largely due to budget and personnel reductions over that time period.
The IRS budget of $11.4 billion in 2018 was about 20% less than it was in 2010, when adjusted for inflation, according to the Congressional Budge
Attention taxpayers: Your chances of getting audited have fallen significantly Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-08  Authors: greg iacurci
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Attention taxpayers: Your chances of getting audited have fallen significantly

As the adage goes, the only sure things in life are death and taxes.

But tax audits are another thing entirely.

A taxpayer’s chances of getting audited by the IRS have fallen significantly over the past decade.

The agency audited 0.45% of individual tax returns in fiscal 2019, which ran through Sept. 30, 2019. That figure is down from 0.59% in 2018, and down by more than half from what it was in 2010, when 1.11% of taxpayers were audited.

More from Personal Finance:

What you need to know about quarterly taxes

Candidate proposes 44% tax rate for wealthiest Americans

How to get a bigger tax refund in 2021

In other words, roughly 1 out of every 220 taxpayers were audited last year. A decade ago, those odds were closer to 1 in 90.

“Very few people get audited,” said Steve Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center.

The dip in audits over the past decade is largely due to budget and personnel reductions over that time period.

The IRS budget of $11.4 billion in 2018 was about 20% less than it was in 2010, when adjusted for inflation, according to the Congressional Budget Office.


Company: cnbc, Activity: cnbc, Date: 2020-01-08  Authors: greg iacurci
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The Budgetnista’s tips to build a budget without a steady income

12 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. “Now that I’m an entrepreneur, I budget with an irregular income as well,” Tiffany “The Budgetnista” Aliche said. Here’s how she suggests building your own budget if you don’t have a steady income.


12 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser.
Download the latest Flash player and try again.
“Now that I’m an entrepreneur, I budget with an irregular income as well,” Tiffany “The Budgetnista” Aliche said.
Here’s how she suggests building your own budget if you don’t have a steady income.
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The Budgetnista's tips to build a budget without a steady income

12 Hours Ago

To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again.

“Now that I’m an entrepreneur, I budget with an irregular income as well,” Tiffany “The Budgetnista” Aliche said. Here’s how she suggests building your own budget if you don’t have a steady income.


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Here are 5 steps to build a budget if you don’t have a steady income

Here are five steps Aliche recommends taking in order to build a budget if your monthly income tends to fluctuate. Calculate your ‘noodle budget’The first step to creating a budget, Aliche says, is to figure out your financial baseline, something she calls the “noodle budget.” “That is your noodle budget, and you don’t have to live there, but you should know what it is on paper,” Aliche says. But if you have an irregular income, your need to start thinking in percentages because your income is g


Here are five steps Aliche recommends taking in order to build a budget if your monthly income tends to fluctuate.
Calculate your ‘noodle budget’The first step to creating a budget, Aliche says, is to figure out your financial baseline, something she calls the “noodle budget.”
“That is your noodle budget, and you don’t have to live there, but you should know what it is on paper,” Aliche says.
But if you have an irregular income, your need to start thinking in percentages because your income is g
Here are 5 steps to build a budget if you don’t have a steady income Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-08  Authors: megan leonhardt
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Here are 5 steps to build a budget if you don't have a steady income

For most Americans, their monthly pay isn’t consistent or predictable, making it challenging to estimate how much they have to cover things like food, rent, utilities, cell phone bills and even going out with friends. The average American family routinely experienced a 36% change in income month-to-month from 2013 to 2018, according to a recent report released by JPMorgan Chase Institute. And if your income varies each month, it can make building a budget — already a challenge for many Americans — very difficult. But Tiffany Aliche, personal finance expert and founder of The Budgetnista, says it’s not impossible to create a simple and realistic budget, even if you don’t have a steady income stream. Here are five steps Aliche recommends taking in order to build a budget if your monthly income tends to fluctuate.

1. Calculate your ‘noodle budget’

The first step to creating a budget, Aliche says, is to figure out your financial baseline, something she calls the “noodle budget.” If you have to eat only Ramen noodles — and we’ve all been there — and pay for the barest basics such as rent and utilities, what is the lowest possible amount that you can spend? “That is your noodle budget, and you don’t have to live there, but you should know what it is on paper,” Aliche says. Once you calculate what that dollar amount looks like, then you know exactly how much you need to make a month to eek by.

2. Live by percentages

When you have a regular, steady income, you live and die by the number on your paycheck. If you make $2,000 a month, typically you allocate your budget based on dollars. Maybe $500 goes to rent, $200 toward transportation and $100 for utilities, for example. But if you have an irregular income, your need to start thinking in percentages because your income is going to vary. First, you’ll need to set aside at least 20% to 25% of your income for taxes, Aliche says. Remember if you’re self-employed, generally you need to file an annual return and pay estimated tax quarterly. “I like to work with the taxes first because Uncle Sam don’t play,” she adds. Next, set aside a percentage for living. Remember your noodle budget? That’s why you calculated it. Look at what you’re typically bringing in and then calculate what percentage that is of the entire typical monthly pay. You may want to play around with the math a bit, since the noodle budget is the baseline, and you’ll likely want room to eat out and perhaps pay for some extra expenses such as gym memberships. This is going to be a big part of your budget, about 30% to 40%, perhaps even up to 50%. Then you’re going to want to set aside money for savings and debt as well as something for having fun. This portion can be anywhere from 25% to 50% of your monthly income depending on how much you set aside for general living expenses and taxes, as well as how much debt you have to pay off each month.

3. Separate to see the big picture

Sometimes you need to separate your money to see what you actually have, Aliche says. She recommends that you have multiple accounts dedicated for specific purposes. First, have a deposit account where employers can directly deposit your pay. Then Aliche recommends having a separate account just for bills, as well as multiple savings accounts. “I actually believe chopping up my savings accounts into big, major goals. I might have a house savings, a car savings, and a big old birthday party savings,” she says. A number of online banks such as Ally and credit unions like Alliant allow multiple, free savings accounts. Some banks, like Capital One, even allow customers to have sub-savings accounts, rather than open up separate accounts.

4. Pay the pot

Perhaps the most important step when you have an irregular income is to pay the pot and let the pot pay you, Aliche says. What does she mean by that? Let’s just say your noodle budget is $2,500 a month. This month, you made $10,000. You are going to deposit that $10,000 into your main account, the pot. “The pot is going to pay your noodle budget or better,” Aliche says. So maybe you tell yourself: I would really like to have a budget of about $3,000 a month, so the pot is going to pay you $3,000 this month and you can transfer that money into your “living expenses account.” Then put what’s left, $7,000, away in savings. Next month, maybe you only make $2,000, but that’s OK. The pot can still pay you $3,000 because you put that extra $7,000 away the month before. So you put $2,000 into your living expenses account and withdraw $1,000 from savings to make up the difference.

5. Be like a squirrel


Company: cnbc, Activity: cnbc, Date: 2020-01-08  Authors: megan leonhardt
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Samsung just announced budget versions of its flagship phones before Apple’s expected cheap iPhone

Samsung on Friday announced two new budget-friendly phones, the Galaxy Note 10 Lite, which includes Samsung’s popular S Pen stylus, and the Galaxy S10 Lite. Samsung did not announce pricing or release dates for either phone, but they are expected to be cheaper than the flagship versions. The phones were announced ahead of CES 2020 and, importantly, ahead of Apple’s rumored iPhone SE 2 phone that’s expected sometime in the first quarter of this year, according to TF securities analyst Ming-Chi Ku


Samsung on Friday announced two new budget-friendly phones, the Galaxy Note 10 Lite, which includes Samsung’s popular S Pen stylus, and the Galaxy S10 Lite.
Samsung did not announce pricing or release dates for either phone, but they are expected to be cheaper than the flagship versions.
The phones were announced ahead of CES 2020 and, importantly, ahead of Apple’s rumored iPhone SE 2 phone that’s expected sometime in the first quarter of this year, according to TF securities analyst Ming-Chi Ku
Samsung just announced budget versions of its flagship phones before Apple’s expected cheap iPhone Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-03  Authors: todd haselton
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Samsung just announced budget versions of its flagship phones before Apple's expected cheap iPhone

Samsung on Friday announced two new budget-friendly phones, the Galaxy Note 10 Lite, which includes Samsung’s popular S Pen stylus, and the Galaxy S10 Lite.

Samsung did not announce pricing or release dates for either phone, but they are expected to be cheaper than the flagship versions. It’s unclear if they will be available in the U.S.

The phones were announced ahead of CES 2020 and, importantly, ahead of Apple’s rumored iPhone SE 2 phone that’s expected sometime in the first quarter of this year, according to TF securities analyst Ming-Chi Kuo.

The Galaxy Note 10 Lite has a larger 6.7-inch display compared to the 6.3-inch screen on the regular Note 10, and it’s smaller and not as sharp as the high-end Galaxy Note 10+, which has a 6.8-inch display. It also has three cameras, including an ultra-wide angle lens for including more people inside a single shot, a regular wide angle and a telephoto zoom lens. It also has a larger battery.


Company: cnbc, Activity: cnbc, Date: 2020-01-03  Authors: todd haselton
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Singapore posts decade-low growth as trade war bruises output

Authorities expect growth of between 0.5% to 2.5% this year, while Singapore’s biggest bank DBS is forecasting a 1.4% expansion. With the island nation expected to hold elections within months, economists are looking for “generous” fiscal support to bolster growth at the upcoming budget on Feb. 18. “We are seeing improvement on the growth front although it will likely be a weak recovery,” said DBS economist Irvin Seah. The economy grew 0.1% quarter-on-quarter on an annualized and seasonally adju


Authorities expect growth of between 0.5% to 2.5% this year, while Singapore’s biggest bank DBS is forecasting a 1.4% expansion.
With the island nation expected to hold elections within months, economists are looking for “generous” fiscal support to bolster growth at the upcoming budget on Feb. 18.
“We are seeing improvement on the growth front although it will likely be a weak recovery,” said DBS economist Irvin Seah.
The economy grew 0.1% quarter-on-quarter on an annualized and seasonally adju
Singapore posts decade-low growth as trade war bruises output Cached Page below :
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Singapore posts decade-low growth as trade war bruises output

Gantry cranes stand at the Port of Singapore in Singapore, on July 12, 2019.

Singapore’s economy expanded at its slowest pace in a decade last year as its manufacturing sector contracted, preliminary data showed on Thursday, though fourth quarter data firmed expectations for a modest recovery in 2020.

The export-oriented economy has been hit hard by the drawn-out trade war between the United States and China as well as a cyclical global downturn in the electronics sector.

Gross domestic product (GDP) grew 0.7% in 2019, the slowest annual pace since 2009 and down from 3.1% in 2018. Authorities expect growth of between 0.5% to 2.5% this year, while Singapore’s biggest bank DBS is forecasting a 1.4% expansion.

With the island nation expected to hold elections within months, economists are looking for “generous” fiscal support to bolster growth at the upcoming budget on Feb. 18.

“We are seeing improvement on the growth front although it will likely be a weak recovery,” said DBS economist Irvin Seah.

“The government is going to roll out the fiscal budget next month and this will likely be very generous,” he added, citing surpluses accumulated in recent years and upcoming elections, which must be held by early 2021 at the latest.

In the fourth quarter, GDP grew 0.8% in October-December from the same period a year ago, the trade ministry said, in line with analysts’ expectations and compared with a revised 0.7% in the previous quarter.

The economy grew 0.1% quarter-on-quarter on an annualized and seasonally adjusted basis, compared with an upwardly revised 2.4% rise the quarter before. That was weaker than the 0.4% expansion expected by analysts.

Across 2019, the manufacturing sector contracted 1.5% year-on-year, sharply down from 7% expansion in 2018. Services grew at a more modest 1.1% compared to 2.9% in 2018 while there was a turnaround in construction which expanded 2.5% compared with a 3.7% contraction in 2018.

“The global economic slowdown has already affected us. This year we avoided a recession. Our economy is still growing, but less vigorously than we would like,” Prime Minister Lee Hsien Loong said in his annual New Year message on Dec. 31.

Singapore’s central bank eased policy in October for the first time in three years.

But OCBC’s Selena Ling said there was “no rush” for further action from the central bank, which holds its next semi-annual meeting in April.

“For now, fiscal policy can do the heavy-lifting,” said Ling, referring to the upcoming budget.


Company: cnbc, Activity: cnbc, Date: 2020-01-02
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Financial hangover? Here are some quick fixes to help you recover

If you really blew your budget this holiday season, your financial hangover might be just as painful and definitely will take time and planning to fix. More from Invest in You:Make realistic financial goals your first resolution for 20207 last minute financial moves to make before year endSix strategies for investing in any market1. Some experts recommend looking at three to six months’ worth of bills to help form a budget; others say at least a year. Sell unwanted giftsYour mother may think tha


If you really blew your budget this holiday season, your financial hangover might be just as painful and definitely will take time and planning to fix.
More from Invest in You:Make realistic financial goals your first resolution for 20207 last minute financial moves to make before year endSix strategies for investing in any market1.
Some experts recommend looking at three to six months’ worth of bills to help form a budget; others say at least a year.
Sell unwanted giftsYour mother may think tha
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Financial hangover? Here are some quick fixes to help you recover

Rawpixel | Getty Images Rawpixel | Getty Images

Maybe New Year’s Eve got the better of you last night. Maybe you woke up this morning feeling nauseous or with a headache that has kept you in bed all day. You’ve got a hangover — and the only surefire way to get rid of it is time and rest (or not drinking in the first place, but it’s too late for that now!) The same can be said for your finances. If you really blew your budget this holiday season, your financial hangover might be just as painful and definitely will take time and planning to fix. Meanwhile, these tips are steps you can take today that — like a cold compress, dose of aspirin or cup of coffee — may help alleviate immediate pain and make you feel better about the new year ahead. More from Invest in You:

Make realistic financial goals your first resolution for 2020

7 last minute financial moves to make before year end

Six strategies for investing in any market

1. Create a budget

Not having a budget is probably what got you here in the first place. Keeping track of how much you bring in versus how much you spend is vital to prevent future budget busts. Some experts recommend looking at three to six months’ worth of bills to help form a budget; others say at least a year. If that sounds too dizzying, try keeping things simple. Start by listing your income and fixed expenses — things like rent, car payments, utilities, etc. While this won’t give you a total view, it’s a good place to start. Consider using apps like Mint or YouNeedABudget. These will track your expenses and can help you create a more complete budget.

2. Sell unwanted gifts

Your mother may think that the sweater she bought looks great on you, but maybe it’s not really your style. Or perhaps your uncle got you a video game you already had. Instead of letting these unwanted gifts collect dust, consider selling them on the secondhand market. Social media guru and serial entrepreneur Gary Vaynerchuk is a firm believer in selling unwanted treasures. On his popular vlog “Trash Talk,” the firebrand CEO drives around suburban New Jersey hunting for garage sales where he might discover once-prized — or never loved — items. Vaynerchuk told CNBC he is “watching people literally go from being homeless to building up $50,000 to $100,000,” in an interview earlier this year. Sites like Poshmark, Facebook’s marketplace, and eBay allow users to buy and sell goods. Spend some time taking flattering pictures of the items you want to sell and begin posting them. Any income generated from sales can be put towards paying down your debt.

3. Consider a ‘Dry January’

Consider a Dry January. When you give your liver time to recover, you’ll be giving your wallet a break, too. It is no secret that dining out with drinks and imbibing at bars and nightclubs can make it harder to save money. With a Dry January, you’ll consume no alcoholic beverages for the full 31 days of the month. With your extra savings, you’ll be able to pay your bills faster.

4. Switch to cash

Credit and debit cards make transactions seamless, especially when it comes to online shopping. Research has shown that paying with cash, on the other hand, is more painful than paying with plastic.


Company: cnbc, Activity: cnbc, Date: 2019-12-31  Authors: aj horch
Keywords: news, cnbc, companies, budget, place, recover, youll, financial, consider, quick, help, sell, unwanted, dry, paying, hangover, fixes


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