Skip to main content

Financial Tip of The Week......

Pay yourself first! When you receive your payroll check make sure to pay yourself first. Start out with as little as $25 each pay period, many banks offer Auto Save, so when your check is deposited on your payday your bank will automatically transfer the funds into a savings account you have set up, if you DO NOT have a savings account SET ONE UP ASAP!!. It is always important to have an emergency fund. It is also important to keep some of your money separate from your day to day account (checking) you do not want to have ALL of your money in one account especially if you have direct debits or pay your bills from this account. If something were to happen like fraud or a freeze on your account, all of your money will be unavailable :(...... As always aspire to be better and do better...till next time...........

Comments

Post a Comment

Popular posts from this blog

twenty five dollars!!!

Today I had the opportunity to attend an event at CPS. I will not disclose the school name I will just write about my experience and what made me write this evening. So I am a banker so part of my job is to help people make decisions regarding their finances. Many times my branch will have events scheduled where we go to organizations and try to talk to people about our products and services. One of the several characteristics that separates me from others is, I have a PASSION for educating people about the importance of being bankable as well as informing others on how to manage their money. I am an advocate for Financial Literacy and talking to the parents at the school truly opened my eyes to see how much of a need this is. So I had a table with the bank name, we had some giveaways like popular character stickers for the kids, some fake tattoos and eco friendly bags. My company was the only bank there but the other businesses were Tutoring Services at least 5 - 6 different ones. W...
2 comments
Read more
Choosing the Correct Filing Status It’s important to use the right filing status when you file your tax return. The status you choose can affect the amount of tax you owe for the year. It may even determine if you must file a tax return. Keep in mind that your marital status on Dec. 31 is your status for the whole year. Sometimes more than one filing status may apply to you. If that happens, choose the one that allows you to pay the least amount of tax. 1. Single. This status  normally applies if you aren’t married. It applies if you are divorced or legally separated under state law. 2. Married Filing Jointly. If you’re married, you and your spouse can file a joint tax return. If your spouse died in 2015, you can often file a joint return for that year. 3. Married Filing Separately. A married couple can choose to file two separate tax returns. This may benefit you if it results in less tax owed than if you file a joint tax return. You may want to prepare your taxes both w...
Post a Comment
Read more

Did you know? S Corporations

Did you know? An eligible domestic corporation can avoid double taxation by electing to be treated as an S Corporation. Double Taxation to Corporations means once to the shareholders and again to the corporation. If you are a small business owner this is something that you may want to consider. There are several factors to consider before you can apply for an S Corp election. To qualify for an S corporation status, the corporation must meet the following requirements: Be a domestic corporation Have only allowable shareholders including individuals, certain trust, and estates and may not include partnerships, corporations or non-resident alien shareholders Have no more than 100 shareholders Have one class of stock Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations. If your business decides to become an S Corp you will need to fill out Form 2553 . You can learn more about the S Corp electio...
Post a Comment
Read more