Before there was Facebook, I was a careful, conscientious saver, so much so that I saved for ten months in the year to achieve my financial goals... In the next two months of the year, I spent the funds I would have put aside for savings..
In that way, I contributed as early as possible to my TAX Incentive Plans, my special funds which were to take care of my goals at that time...
These funds all came in handy when the goals did not materialize and life took another path....
I may not have retained the funds, however the knowledge and application of the concepts are still with me to be used for another day and time...
copyright Jennifer N Bailey ~ email: jennifernbailey24d@gmail.com
Thursday, 3 November 2016
Originally posted on Facebook -Financial Planning Tip November 3, 2015 - 001 Have a splurge fund!
For many persons with all of their planned saving strategies and uses for funds, they may not realise that setting aside funds for fun or for a splurge can become an income generator or money maker!
So, while you are employed, decide how many times of the year you can set aside a little something, be it:
So, while you are employed, decide how many times of the year you can set aside a little something, be it:
- in the month when there are four Mondays and after your National Insurance contributions, your pay check is a little bigger or
- once every quarter if at this time you cannot see yourself sacrificing funds from your goals so frequently as almost every month!
Either way, decide on an amount and place these funds in a separate account or in an envelope, pray about it for those who need courage and wisdom and decide on the splurge activity!
Will it be used for:
- A mini ice cream maker to make ice cream for parties or
- The shop down the road or
- When your child has "bring a dish" for the school's Christmas party or
- An extra half yard of fabric from a quilt "recipe" to allow for a creation in time for Christmas or Mother's day or for a raffle?
Any and all of these can become a money maker given time and practice! The question is "are you willing to create another account or to do list or to try something new"
Monday, 31 October 2016
Originally posted on Facebook - Financial Planning Tip Oct 31, 2015 - 001 Establish an Emergency Fund.
Depending on your level of risk, (to some that is the way you feel about companies or investment products, such as banks, unit trusts (money market funds)), your age, your expected retirement income, your current financial circumstances, you can decide on an amount of money which you will save either weekly or monthly or a goal towards which you are working.These funds will be placed in the absolutely safest investment that you or your advisor can think of.
Then write down in your diary or notebook the next date you will assess both the value and the placement of funds or the events which will cause you to rethink your placement of funds, such as a salary increase!
These funds are the funds which you will access for the payments for which you have not planned!
Now these payments may differ from person to person and at the start, everything may seem to fall into the emergency category, however with time, you may rethink your strategies and create other savings plans as with experience, some of the emergencies may become predictable
Then write down in your diary or notebook the next date you will assess both the value and the placement of funds or the events which will cause you to rethink your placement of funds, such as a salary increase!
These funds are the funds which you will access for the payments for which you have not planned!
Now these payments may differ from person to person and at the start, everything may seem to fall into the emergency category, however with time, you may rethink your strategies and create other savings plans as with experience, some of the emergencies may become predictable
Originally posted on Facebook - Oct 31, 2015 - Financial Planning Tip Oct 31, 2015 - 002 Adjusting the amount of funds in retirement accounts.
For some persons, using a retirement savings plan where they can commit to a small amount monthly and add an extra amount at the end of the year can work for a period of time. This is partially due to their assessment of risk at a point in time.
For some persons, they manage their initial assessment of risk by saving an amount equal to their investment in a retirement account in a safe investment. That way they are "covered".
Perhaps their subconscious is telling them that this is not all that it seems and in real terms should the rate of tax change in the future, then the retirement income may be much smaller than planned or their family life may be one where they may be planning to take care of the grand kids at some time in the future.
In this way, there may be costs that they are willing to save towards (for those days) and which they are not willing to risk!
For some persons, they manage their initial assessment of risk by saving an amount equal to their investment in a retirement account in a safe investment. That way they are "covered".
Perhaps their subconscious is telling them that this is not all that it seems and in real terms should the rate of tax change in the future, then the retirement income may be much smaller than planned or their family life may be one where they may be planning to take care of the grand kids at some time in the future.
In this way, there may be costs that they are willing to save towards (for those days) and which they are not willing to risk!
Thursday, 27 October 2016
Originally posted on Facebook: Financial Planning Tip - Oct 27, 2015 - 001 - (applies to Trinidad and Tobago)
Unless there is an extension, the deadline for filing the Income Tax return for Year of Income 2014 is October 31, 2015, that leaves 3 working days to submit the return without incurring a penalty.
See page 220 of the Act as filed on the BIR website: http://www.ird.gov.tt/…/IRD…/IncTaxandCorporationTaxActs.pdf
Please consult your tax practitioner or financial planner as to advice which is relevant to your situation.
Remember to collect your invoice and receipt at the time of collecting your tax return or your copy, so that they too can be tax compliant!
See page 220 of the Act as filed on the BIR website: http://www.ird.gov.tt/…/IRD…/IncTaxandCorporationTaxActs.pdf
Please consult your tax practitioner or financial planner as to advice which is relevant to your situation.
Remember to collect your invoice and receipt at the time of collecting your tax return or your copy, so that they too can be tax compliant!
Originally posted on Facebook Financial Planning Tip - Oct 27, 2015 -003 Ways to reduce your taxes -
Here is a link to site for the BIR - Trinidad and Tobago on ways to reduce your taxes. http://finance.gov.tt/services/income-tax/reducing-taxes/…
Please consult your tax practitioner or your financial planner! Remember to collect the invoice and the receipt on making the payment for the advice as they too have taxes to pay
Please consult your tax practitioner or your financial planner! Remember to collect the invoice and the receipt on making the payment for the advice as they too have taxes to pay
Originally posted on Facebook Financial Planning Tip - Oct 27, 2015 - 004 (applies to Trinidad and Tobago) Wear and Tear on Assets acquired for use in the production of Income.
Here is a list of the rates which can be used with respect to calculating wear and tear on assets which have been used in the generation of Income: http://www.ird.gov.tt/…/IRDLegislati…/WEAR_TEAR_SCHEDULE.pdf
The assets are listed in four classes A, B, C, D, with classes A, B and C being applicable to almost everyone who is on Facebook, after all who owns aircraft either new or second hand and is on Facebook!
The list covers assets such as coolers in Class B ( 25 % wear and tear (reducing balance)); computers in Class C 33.3% ( same concept for calculating wear and tear).
Boats are in class B, remember there may be restrictions on the amount of wear and tear which may be claimed on this asset, so consult your tax practitioner or financial planner for advice as to your situation!
Please remember to collect the invoice and the receipt on making the payment to the tax practitioner for the advice which has been provided as they too have taxes to pay
The assets are listed in four classes A, B, C, D, with classes A, B and C being applicable to almost everyone who is on Facebook, after all who owns aircraft either new or second hand and is on Facebook!
The list covers assets such as coolers in Class B ( 25 % wear and tear (reducing balance)); computers in Class C 33.3% ( same concept for calculating wear and tear).
Boats are in class B, remember there may be restrictions on the amount of wear and tear which may be claimed on this asset, so consult your tax practitioner or financial planner for advice as to your situation!
Please remember to collect the invoice and the receipt on making the payment to the tax practitioner for the advice which has been provided as they too have taxes to pay
Subscribe to:
Posts (Atom)