Stop Bank Foreclosures Tips

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Every day the media is telling everyone we are in a recession. Some experts are even saying to hold on because the United States could face a full blown Depression, the likes of which our country has not seen since the great Depression of the 1930’s. Unemployment going up, people are losing their jobs by the thousands every month. The cost of gas has doubled in less than four years and the oil companies are getting rich off us. The Housing market is in the biggest slump in over Forty Years and Homeowners are facing foreclosures at the highest rate in over 100 years.

What does the current recession have to do with a Bulletproof, Budget Plan? Most consumers are currently buried in debt; the savings rate in the United States is at an all time low of 2 %. This means the majority of us are buried in debt because of many factors, among them: cost of mortgage, health problems, job loss, rising fuel costs or spending habits left unchecked. Many of us have not set-up a rainy day fund or kept their debt to income ratio low. Most consumers in the United States are living off their credit cards and that is train ride is heading for an almost guaranteed wreck.

So what can you do to protect yourself from this debt train wreck? Start by getting control of your debt right now. The best way to start is to set-up a budget plan to understand your current debt to cash flow ratio. This alone can start saving you money, just understanding your debt and refusing to spend money on stupid things.

So let me show you the top secret, bullet proof, fail safe, budget plan. First thing you’re going to do is set up ten files in a folder or file cabinet. These ten folders are where you keep the receipts from your expenditures. Now label these folders as follow.

1. You, pay yourself first. Did you hear me? Pay yourself first always, this is where the rainy day fund will come from. Stop letting your money work for other people, make it work for you. This is your future retirement fund.

2. Giving, this is where you put the charitable donations to your religious organization, charitable organization.

3. Taxes, enough said, nobody likes them, but you have to pay them.

4. Home, Whatever your home it may be, house, condo or apartment. This is usually your largest expense.

5. Living Expenses, This could be utilities, food, clothing, remodeling or updating your home, or other expenses involved in maintaining your current living conditions.

6. Transportation, This includes auto, fuel, parking, subway or bus fares, auto repairs or auto payments.

This is continued with part two, coming soon.

Here is a great resource to help A Foreclosure Survival Guide
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