A person can create a time-phased budget by charting a certain period of time and then allocating resources to that specific period, states 4castplus. This type of budgeting allows individuals and organizations to better understand resource expenditures during particular periods, or phases.Know More
The basic format for a time-phased budget is to list time periods in the first row and specific resources in the first column, notes 4castplus. Typically, resources are items expended as part of the project or goal. For instance, a person may use time-phase budgeting to allocate hours spent throughout the day. Moreover, businesses may use time-phased budgeting to track costs over particular time periods.
Managers use time-phased budgeting to assess performance, according to Project Insight. Under this approach, time intervals are labeled in the first row, whereas the specific employee is labeled in the first column. The resources utilized by the employee are then entered in the intersecting row and column. A manager can track employee progress with this type of chart. However, it is important to consider the concept of a cost baseline when using a time-phased budget. This baseline represents the total cost allocated over a specific time period and should not be altered unless the scope of the specific project changes, notes Project Insight.Learn more about Financial Planning
One of the easiest ways to avoid probate is to create a revocable living trust, which allows the decedent's living family members to transfer property quickly and efficiently. A married couple is able to use a single trust for separate property and co-owned property.Full Answer >
Anyone can create a holographic will by writing down his wishes for who inherits his property and signing the paper. A hand-written, unwitnessed will is legal in about half of the United States, while some states also require that a hand-written will also be dated. To be valid, a holographic will must be completely hand-written.Full Answer >
Borrowing from a 401(k) account may be smart if the account holder has no alternative, a secure job, a valid reason and the means to repay it on time, states Bankrate. Drawbacks include loss of investment return and a possible tax penalty for late repayment, according to Nolo.Full Answer >
Traditional Individual Retirement Accounts can be cashed out at any time by contacting the IRA's account custodian, according to SF Gate. The distribution can be for the entire balance or a percentage. The method of payment differs by custodian, the most common forms are electronic transfer or written checks.Full Answer >