By: Elena Grace Flores
Homeowners’ Association Dues are not easy to collect if there’s no disciplinary actions in place. People have different mentalities and attitudes thus needing a stronger management authority. This will not be possible if the officers of the association have no financial capabilities or know-how in imposing penalties. Here’s a sample for such notice for delinquent payers:
NOTICE OF DISCIPLINARY PROCEEDINGS FOR DELINQUENT PAYERS
Regretting to inform you that despite our treasurer’s efforts in reminding you to pay your Association monthly dues on time and the submission of previous collection letter, you remained to be a DELINQUENT payer in our village all this time. TAKE NOTICE that according to our records the sum of ______________ is overdue for payment from ___________ to ___________ at ____ Pesos only per month. Unless payment is made to the above claim within seven days, DISCPLINARY actions to recover the debts will be taken against you without further notice. The following legal procedure will follow:
- Publishing of Names for DELINQUENT PAYERS online via our web page will take effect immediately when this notice is ignored after the 7th day from date of notice
- Posting of Names for DELINQUENT PAYERS will be displayed at the village’s entrance one month after the web listing
- Issuance of Final Demand Letter for the amount owed, interest and mall Claims Fee
- Small Claims Court Proceedings will be filed in the Justice Department, Municipal Hall before the next Fiscal Year (this will affect your credit rating when ignored)
Please note that cleanliness, security and orderliness are our main objectives in requiring homeowners to pay their dues promptly – and it is necessary to take these actions as lawfully as possible to be fair to those who do!
You may submit a “Promissory Note” if financial difficulties are hindering you from fulfilling your obligations to our community.
The above proceedings are necessary to be fair to those who comply with the HOA’s policies. If the concerned delinquent payer play it hard in the end, it’s his or her reputation that is on the line. Aside from lowering down his or her credit rating, this can be a proof that he or she is an undesirable neighbor that can be a ground for general petition for eviction – at the same time, these steps are not only legally binding but also very considerate to those who have temporary financial difficulties. This is how the association can be strict for the welfare of the community but with compassion to those who need it!
By: Gynn Flores
It is not how much you earn but how much you keep that can secure your financial future. There are a lot of us who earn a lot but are still buried with debts like personal loans and payday advances making their take home pay very meager. Having many liabilities will make you incur interest expense which can make your take home pay much smaller. On the contrary, some people earn minimal amount only but are more financially stable as they are debt-free. Sometimes, rank and file employees are richer than managers in terms of liquidity.
Although it is not bad to avail of credit facilities for emergencies, they should not be used just to fund luxuries that are definitely not basic needs. We have to bear in mind that times are hard and incurring debts unnecessarily is not practical. We should prioritize securing our financial future than engaging in worldly things we can’t afford. There are several options on how to attain financial stability:
- Save at least 20% of your monthly income. Set this aside in a separate bank account that you are not supposed to touch. Treat it as if it is money already spent and therefore no longer yours to spend.
- Invest in the stock market. You can start small here contrary to what we perceive – that we should have a substantial amount before we can get started. This is meant to be a long-term investment – so do not expect to be able to pull out your money anytime. Putting your passive income for 20 years in this manner can even make you rich. In times of crisis, do not panic, in fact it is time to buy stocks from good companies while the prices are low.
- Pay off loans that have high interest rates. This automatically gives you savings from paying big interest. Credit cards when left unpaid on due date will make you incur late payment charges and penalties in addition to finance charges. Manage credits well to avoid incurring additional expenses. Most of your payments should cover the principal amount and not just the interest and penalties. If you can afford it, paying in advance can also build-up your good financial status.
- Buy a rent-to-own house- where the rentals you are paying now can be part of your monthly amortization. In some instances your rental expense is enough to pay the amortization. Instead of incurring an expense, it automatically becomes an investment.
When you have started on building up your wealth, you can’t help but experience a sense of hope and excitement. Gone are the insecurities and worries in your mind instead,you’ll feel like winning a battle in your life. It is therefore important that you take charge of your finances and don’t leave it to chance. Start now and change the entire direction of your financial future to make your dreams come true. Rather than touching your investments when the need arises, you can avail of personal loans but make sure that you prioritize on paying these on your next pay check.
Image Source: My Money Avenues
By: Gemma Lagasca
Financial guidance for parents to their kids is an effective tool to guide kids to follow the right road in terms of financial issues. Many children were not being aware and taught of the important role of money in the family. It’s a bit alarming and frustrating to deal with children who have the mentality of getting fast cash from parents without exerting efforts. According to CNN Money 101, keeping the kids aware on money will lead them to be responsible and independent with a prosperous future.
- Explain the value of money to the kids. Most young kids are amazed when they see mom and dad getting money from the ATM—it seems that it’s exciting to go there and get instant cash. If they don’t understand where that money came from, they will believe that anyone can have money instantly. The kids will easily ask you to buy all the things they wanted.
- Begin teaching the kids how money works at home as young as they are. A 4 year old child can clearly understand when you explain to them about money. They should learn that mom and dad are working to have money to buy foods, for school fees, clothing and other stuff. Once they realize how money works for the family, they will show an intuitive conservatism that will lead them to be wise in spending money as they grow. A child without proper guidance and knowledge in handling money will grow an impulsive spender—and that begins when they’re on teenage stage.
- Pay them for their allowances. Before you allow them to handle money, assign them to do a simple task at home. That way, they will learn that they need to work first before they can gain a penny. However, once you gave them an allowance it doesn’t mean that they will spend it at once in buying candies or toys. Teach them to save something from it before they begin spending it. For kids’ ages 7-10 years old, you can already entrust them their daily allowance to buy their own snacks or lunch in school.
- Piggy bank technique. It is one way of tea
ching them how to save and invest as young as they are. Every amount that they receive from you should set aside a certain amount in their piggy bank. Explain to them that long-term saving will build a bigger and better amount for bigger projects. By doing this constantly, when the child reaches 10 he will be more amenable in banking.
- For older kids like in high school or college, they should be entrusted with higher responsibility but with proper guidance. Teach them how to use credit cards or checks properly. By doing this, they can live independently by being responsible for their finances. Allow them to commit error. Let them fix their bounced checks or declining credit card balance for them to learn and live only within their limits.
If they want to work for part-time job to earn, let them be. It’s fulfilling to gain fast cash when talents are used to earn them.
Image Source: Tommielle