In addition to ensuring the economic future of your children, it is important to start planning your retirement, to meet this goal it is necessary to organize to save 10% of your monthly income.

Habits such as saving and financial planning can be great allies of single mothers who head families, as well as build a future for their children should also start working for their own future, said the director of Human Capital Skandia’s investment funds, Maria Eugenia Castillo.

In Mexico there are 4.5 million single mothers (single, widowed or divorced), of which 71.8% work, while the third lives in poverty, according to the National Population Council (CONAPO), and for this reason it is important start thinking about how to prepare for a sound financial future, he said.

“The economic risk of single mothers is that they focus all their financial efforts to provide their children with education, health, clothing, housing and entertainment, neglecting a very important aspect of life, that is their retirement,” said the expert.

While the financial priority in these cases is focused on children and supports themselves, if not start a savings plan for retirement, it is possible that in adulthood does not have the money to sustain themselves. (more…)

Here are these steps with some patterns of importance that should be considered. These are the steps you take to make a budget, also visit How to Make a Personal Budget for details of a budget and various links to drafts of budgets and Excel tables:

1. “Enter your monthly net income”
No matter where you come from: Work, spouse, child support, unemployment, charity, tips, etc. If your income varies, try to put an amount that is average. Please show only net income, which brings her home.

2. “List the amount you deposit monthly savings income to net”
Saving is very important and should be done first spending. Ideally at least 10% of their salary.

3. “List your fixed monthly expenses”
Consider what the expenses that must always be paid are. Note that the first thing you have to list your needs: shelter, food, transportation, communication, etc. (more…)

The period for repayment of the mortgage is very variable, although the average is about 30 years. There are also deals on the market with maturities that extend up to 40 or 50 years, although the latter are rare.

The applicant’s age plays a key role in determining the period for refunding the mortgage, since the limit is tied to your age at the end of the mortgage. In general, banks now determine the maximum age 75 years for repayment of the mortgage. Thus, if a person is 30 years old to apply for a mortgage could get within 40 or even 45, but not an applicant for 45 years, which would be granted a maximum 30-year mortgage.

Better a short or long term mortgage?
There are ideal repayment terms for each profile, but cannot say that there is an ideal time. This largely depends on the applicant’s income, age and conditions of the mortgage. Here are some tips that will be useful to choose the best repayment term of your mortgage: (more…)

The Department of Consumer Law in New York City has this bulletin on different ideas of how to take advantage of the refund you receive to complete your taxes. These tips also apply to any amount of money you receive might not be part of your monthly income: A panel, double salary, an inheritance, a raise, etc… Here goes:

A tax rebate puts money in your pocket that can help you pay your bills. If you are careful in handling the refund, you can also use it to achieve other financial goals.

Reduce your debt
Debt interest cost money, so if you cut it, eventually it will help save more. If you have loans or multiple credit cards, first pay the debt with the highest interest.

Start an emergency fund
Place a portion of their refund into a savings account to hold funds for emergencies or financial need. (more…)

The IRS has a very interesting newsletter frequently asked questions related to job loss and its relation to taxes, here are the most important guidelines:

The following Questions and Answers provided by the Internal Revenue Service (IRS) to clarify the financial implications related to the taxes faced by employees who have lost their jobs, have provided references for additional information.

“Severance pay is taxable?

Yes, severance pay is taxable in the year you receive it. Your employer will include the amount of these payments on Form W-2 and is going to withhold federal and state taxes, for additional information see Publication 525.

How about the hours accrued vacation or illness?

Yes, the annual pay or accrued vacation or sick are calculated by the employer as part of their salary and will be included on Form W-2. (more…)