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Showing posts from November, 2024

Uncleared vs Unpaid Transactions - Major Difference | maijson GKB.

When it comes to managing personal or business finances, it's essential to grasp the distinction between unpaid and uncleared transactions. Unpaid transactions are those that have not yet been initiated or processed, such as outstanding invoices or unpaid bills.  Conversely, uncleared transactions are those that have been initiated but are still pending processing or final confirmation, commonly observed in bank statements or online payment platforms. This differentiation is critical for reconciling accounts, monitoring cash flow, and upholding financial transparency. By staying informed about the status of unpaid and uncleared transactions, individuals and businesses can effectively oversee their financial resources and minimize discrepancies. Unpaid Transactions: Unsettled transactions may arise when a customer does not meet their financial obligations for goods or services received. This can take various forms, such as bounced checks, declined credit card payments, or outst...

Best Budgeting Strategies and Apps for 2024 - 25 - A Comprehensive Guide | maijson GKB.

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                             Image Credit: Vectors/royalty free.  Budgeting is an essential aspect of personal finance that empowers individuals to manage their money effectively. By setting up a transparent budget, you can monitor your earnings and spending, focus on saving, and reach your financial objectives. In this discussion, we can explore different budgeting techniques to assist you in identifying the most suitable option for your way of life.   1. The 50/30/20 Rule The 50/30/20 rule is a simple budgeting method that divides your net income i.e. (after-tax) into three categories: 50% Needs: Essential expenses such as house rent, utilities, groceries, and fuel etc. 30% Wants: Non-compulsory expenses such as dining out, entertainment, and hobbies. 20% Savings/Debt Repayment: This portion is allocated to savings accounts, investments, or paying off debt. However, Mr. Warren Buffett addresses the ch...