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About EDSB
Money Tips
| Identity Theft |
Identity theft or identity fraud (true name fraud) is the taking of the victim's identity to obtain credit, credit cards from banks and retailers, steal money from the victim's existing accounts, apply for loans, establish accounts with utility companies, rent an apartment, file bankruptcy or obtain a job using the victim's name.
The Impersonator steals thousands of dollars in the victim's name without the victim even knowing about it for months or even years.
Recently criminals have been using the victim's identity to commit crimes ranging form traffic infractions to felonies.
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| Piggy Banks |
Piggy bank (sometimes penny bank or money box) is the traditional name of a coin accumulation and storage container, most often used by children.
A piggy bank is known among collectors as a still bank as opposed to the mechanical banks popular in the early 20th century. Piggy banks are often shaped like pigs and made of ceramic or porcelain.
Piggy banks are used to reinforce ideas of savings and spending to children; money can be easily inserted, but the pig must be broken open for it to be retrieved (although most children easily got round this by using a knife to retrieve the coins from the slot), forcing the child to justify his or her decision. However, many modern (and most 20th century) piggy banks have a plug located on the underside of the bank to allow easy retrieval of coins.
In addition, many include electronic systems that calculate and store the amount of money deposited.
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| Why It's Important to Follow Budgeting Guideline |
Creditors use budgeting guidelines when reviewing and approving credit. If your debt exceeds the financial communities recommended guidelines, then you have a higher risk of credit applications being denied. Plus, you will pay more interest since you will be perceived as a higher risk.
Getting, and keeping, your debt in line with recommended guidelines, is an important step in debt relief and debt recovery. Use the following guidelines to review the items in your budget, and make special note of expenses that are out of line:
Housing 35% - Mortgage or rent, taxes, repairs, improvements, insurance, and utilities
Transportation 20% - Monthly payments, gas, oil, repairs, insurance, parking & public transportation
Debt Budget 15% - Credit cards, personal loans, student loans & other debt payments
All other expenses 20% - Food, insurance, prescriptions, doctor & dentist bills, clothing & personal
Investments & Savings Budget 10% - Stocks, bonds, cash reserves, art, etc.
Next to each item that is out of line, make notes as to why you think they are out of line with recommended guidelines. Be honest, be brutal, but write it down. It is the only way to ensure that you consciously accept the reasons for your debt problem so that you can fix it permanently. Remember, debt relief is a temporary solution, only you can make debt problems disappear for good.
If you find one guideline percentage to be more than you need, or less than you need for your personal situation, feel free to take from one to give to another. Keep in mind though, you want to eventually get your debt budget down to, or below, that 15% recommended guideline. That has to be your primary goal if you are using Budgeting Guidelines for debt relief.
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