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Are you able to keep track of every amount that goes in and out of your account? Do you find yourself living from paycheck to paycheck and unable to save money?

The truth is, most of us are unaware of how much we need to live comfortably each month and this could lead to stress when paying bills. To manage your money effectively, creating and sticking to a budget is essential, and a zero-based budget will help you account for every single kobo you earn or spend.

In simple terms, a zero-based budget is your income minus expenses equal to zero (i.e. I – E =0). With zero-based budgeting, you will understand how your hard-earned Naira is being spent (expenses, debt, and investments).

Creating a zero-based budget might seem tasking, however, using the right digital saving and banking tools will make the process easy to start.

How to make a zero-based budget
1. List all your income sources

When making your zero-based budget, start by adding your possible sources of income. This can include your salary, income from your side hustle, cash gifts, residual income from investments, etc. You can do this with a sheet of paper, excel spreadsheet, or online savings platforms.

2. Write down your monthly expenses

Before the month begins, write down every planned or recurring expense starting with food, utilities, shelter, and transportation. Also, include a category for miscellaneous (unplanned expenses). Don’t forget to add your periodic savings to your budget too; saving money should be a priority.

3. Compare your cash inflow and outflow

Remember the goal of a zero-based budget is to have a balance of zero at the end. If your income and expenses do not equal zero that means you will need to increase your income or reduce your expenses, or both.

The desired outcome of the zero-based budget is to have every Kobo accounted for. This does not mean you will have zero Naira in your bank account, it means that you will have zero Naira left in your budget.

If you have a ¦20,000 excess in your budget, you will need to assign it to something profitable. For example, an investment platform like OVERWOOD will help you earn compound interest on idle funds.

The biggest advantage of adopting a zero-based budget is that it gives you control over what is happening with your money. A zero-based budget will direct you on how to spend your money the right way.

Having a tax lien on your property or bank account can be a scary situation. It’s quite normal for you to want to do something about it. These are some things you can do about a tax lien if you’ve been notified that the IRS has placed one on you:

1. Contact the IRS
Don’t let thetax lien notification scare you. You must take action as soon as possible if you want to resolve the issue. The first thing you need to do as soon as you know you have a lien on your property is to contact the IRS. The IRS has the right to release the lien if you pay your tax obligation in full. If you’re unable to do that, you can still request that the IRS release your lien. You will need to file paperwork with the IRS that explains that the lien puts an undue hardship on you and your family members.

It may be easier to get a break from the IRS at this time because of the pandemic situation. The pandemic itself has put a hardship on everyone’s life it has touched. Therefore, you can request that the IRS be lenient on you because of the pandemic’s effect on you and your family. A hardship may also be described as a recent job loss, a new family member’s birth, a divorce or an illness. The IRS may be willing to accept your circumstances as hardships if you can prove them.

The IRS will review the lien that it has on your wages, bank account or property. They will provide you with a decision. You are allowed to file an appeal if the IRS decides to deny your release request.

2. Contact a Company That Can Help
You may also want to try enlisting the help of a third-party company. Such a company can contact the IRS for you and help you get an IRS tax lien removal. They have a number of strategies they can use to do so. One thing they can do is complete all the forms necessary regarding the levy. This type of organization can also negotiate with the IRS about your tax lien removal.

A helpful tax lien company may be able to get the IRS to withdraw your tax lien notice. Certain situations must apply before you can receive a withdrawal. One such situation is that you must be current on all of your tax obligations for the past three years in filing your returns. You must also be current on your estimated tax payments. Professionals know which forms they need to file, and they also know how to speak the IRS’s language. It may be in your best interest to hire such professionals if you think you will have a problem talking to the IRS agents. It can be a frustrating task, and it might be more suitable for someone else to handle.

3. Enter an Installment Agreement
You may also be able to enter an installment agreement with the IRS. By the time the IRS issues a lien, a taxpayer usually has ignored several messages. However, it’s still worth trying to contact the IRS to see if they will accept a certain amount of money each month and a down payment. They may then release the lien if the installment agreement doesn’t allow the lien to continue. It would be best for you to agree to sign up for the installment agreement with a debit card that the IRS can charge faithfully every month. That will increase your chances of having the lien removed.

The IRS only wants to ensure that they are going to receive the money owed to them. Entering into an installment agreement will ease their minds about the funds. As long as you stick to your payment arrangement, you should not be in jeopardy of losing any of your assets. You have to ensure that you do not miss any payments, however.

Take Care of Your Tax Lien Now
Now you know some of the ways you can handle your tax lien. We suggest that you start taking care of this issue immediately to avoid the loss of your property. You still have time to resolve it.