Is it really a good situation to be in if your husband is the only working member in the household. Well, you need to face the reality and the risks.

Although life may be quite comfortable for you but it isn’t the best scenario to be in if you are financially dependent on your husband completely.
Let’s understand by assessing the risks that you could face and try to understand the strategies that you need to exercise.
Here are the primary risks that women face if they are completely dependent on their husband financially:

• Financial Dependence
• Lower share of assets
• Failure of marriage

Imbalanced division of inheritance
In case you have chosen not to earn and take care of the home, you are quite likely to have lower share of assets. This may make things a little complex but there is scope for you.
Ensure What You Got from Your Parents is in Your Name
Make sure that that all you got from your parent is invested properly and in your name. Go for high wealth generating instruments.
Be a Joint Holder with Your Spouse
Whatever assets you and your spouse are making together, mutual funds, shares, and property, insist on being the joint holder for everything.
Remember that even though you are not earning, you are looking after the house, raising children which is a full time responsibility and need total involvement. Take care of the above issues if you are not the earning member.

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People often wonder whether the extra income should go towards payday loan debt consolidation or paying off the debt, in the savings account or used for investment purpose. After the recent economic depression people are intimidated with the thought of investment and now they refer depositing the money in an emergency fund. They think that the emergency fund can help them in time of urgent financial need in case of job loss or unexpected financial crisis. Try to divide your extra income by paying your debts and investing the money. This will help you lead a debt free life and manage urgent financial crisis.

1. Make sure that you track your expenses and prepare a column of each category like rent, mortgage, transportation, health care, groceries etc. Prepare a list of the owed amount along with the interest rate on each debt then it will be easier to determine the amount required for making the payment.
2. Try to plan a budget so that you can curb your expenses and use the saved amount towards paying off your debts. Avoid leading a flamboyant lifestyle so that you can save a considerable amount of money. Prepare food at home instead of indulging on restaurant food as that will help you save some extra money. Make sure that you avoid buying branded clothes when you are working on paying off the debts.
3. If you read financial planning book or check the website then it will be beneficial for you while planning for investment. If you are a novice investor then you need to be careful while investing your hard earned. Make sure that you analyze the financial market before planning your investment. You can also hire a financial advisor who can guide you through your investment plan.
4. Deposit a large portion of your income in the savings account and ensure that you deposit money in the interest bearing savings account.
5. You can invest your money in residential estate when the market is down. You can give your house on rent that you have recently bought. Look for properties from government and bank at lower cost. Your can sell your property in the booming market as there is enough equity in the property.

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It’s important to keep track of your household finances so as to make sure you get to know about any wasteful expenditure as well as where you can cut back and save money.
Read on to know how to have a solid grasp on household finances:
Set Some Goals
To start with list on paper what your short term or long term goals are. Take charge and assign a plan for your money.
A Written Budget
Have a detailed, clear written budget for yourself for each month, including all household expenses, groceries, clothing, entertainment and savings etc; Fine tune your budget with constant rework.
Put Aside Some Savings
This will ensure that you have enough for the rainy days or for any medical emergencies. We all face financial ups and downs at one time or another.

Avoid using credit cards
Use them only when there is no other alternative and it is a necessity. Make sure your all credit card debt is cleared.
Review your household budget file every month and keep making all the necessary adjustments. Whatever method you choose to track your household finances, just make sure it works and you feel comfortable about it. Tracking our financial records will help us be on the right track!

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Learn about the common tax filing mistakes we all tend to make. Some innocent errors on your income tax return could cost you both time and money.

When you file your taxes, please make sure the whole process is correct and precise.
Here are the 7 common mistakes people generally make while filing tax:
1. Incorrect Filing Status
What decides your filing status is your marital status, whether you are single or married. If married, are you filing separately or filing jointly? Just remember to mark your status properly in the correct box accordingly. Otherwise you will not be eligible for tax credit claims such as earned income tax credit or the child or dependent care credit, etc.
2. Wrong Address
Make sure you clearly write your name, address and zip code on the return if you are submitting a paper return. You can make the corrections directly on the label. This ensures that any documents relating to your tax will reach the right address.
3. Anonymous Return
Quite often, people just forget to sign the form, which is easy but the last important step. After doing all that hard work, forgetting this could unnecessarily hold up your refund. In case if you owe money, you may even have to pay some penalty and interest on your tax bill.
4. Wrong Financial Information
For any refunds, please supply the correct financial institution account and routing transit numbers. Or else, the refund could get delayed or even sent to the wrong taxpayer. This is a costly mistake while filing tax.
5. Mathematical Errors
Make sure all the calculations are done properly while filming your tax. Go back over your return carefully with the help of a calculator to see if you have added and subtracted all those numbers correctly. It is common to see math errors on the tax forms.
6. Errors in Tax Computing
Tax filers often compute their taxable income incorrectly. They hold back estimated tax payments, earned income tax credit and standard deduction etc; Make sure you use the right column for the tax table based on your filing status.
7. Forgetting to Claim
There are new credits, rebates and deductions every year which you may not be aware of and for which you may qualify. Thousands of tax filers either enter the wrong amount or forget to include the rebate on their return. Don’t forget to go through a checklist of potential benefits.
Keeps the above common tax filing mistakes in mind when you file your return the next time. Just remember that even a small mistake can cause you unnecessary stress, loss of time and yes, your money too.

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Millions of online transactions take places everyday on the web today. But, how safe is online banking?

It is common to see costly frauds online, resulting heavy financial losses. Therefore the issue of security in online banking has become of great importance.

The prime focus of this article is to offer some tips for safe online banking.

Verify Online Bank
Confirm the history of bank, official name, address of its headquarters etc; and know if your bank follows the established rules, principles, or standards

Avoid Deceptive Websites
Stay away from some fake websites, using the same name web address, sounding and looking just like real financial institution.

Do Not Reveal Confidential Information
Do not reveal any confidential information, like passwords, customer ID, credit card number, date of birth and so on over an email.

Watch Out For Bogus Emails
Any emails with a tone of urgency like, about your account getting temporarily suspended should be ignored. Just remember that no bank will ever send such emails to its customers!

Know About The Privacy Policy
Learn about the privacy policy and look for the security Pad Lock Icon at the bottom right side of the Webpage in your Browser when you are using your Net Banking Website.

Keep The Browser History Clear
Make sure that your browser history is clear and use tricky and unique passwords and keep changing them from time to time. Use the Virtual Keyboard if your Bank provides you with one.

Protect Your PC
Fraudsters keep sending genuine looking emails containing Viruses and Trojans. Therefore keep your PC updated with the latest Anti-Virus/Anti-Spyware software.

Safe online banking is not an impossible task. One simply needs to stay well informed and make the right decisions. Use the tips mentioned above for safe online banking. Have a safe and secure banking experience online!

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