Have you done or considered these money saving tips?
Before buying that new car …
Read this first
https://www.consumer.ftc.gov/articles/0055-buying-used-car
Are you confused because you have multiple credit scores? part 2
Here’s part 2 about your credit score
https://www.dailyworth.com/posts/4405-the-total-amount-of-credit-scores-you-have-part-2
Are you confused because you have multiple credit scores?
This might explain how many scores and why they are different
https://www.dailyworth.com/posts/4404-the-total-amount-of-credit-scores-you-have
Have you been denied credit?
Should you take your 401K with you when you leave a job?
Financial Independence Part 1
Yes, we all probably want this and therein lies the problem. How do we attain this?
There are some generally agreed upon principles that are good practices that we all should attain to:
- Avoid consumer debt
- Spend less than you earn/Pay yourself first (save)
- Don’t keep up with the Jones’
These are all great suggestions and work really well, but what if you need to work on some of these steps. In my opinion it all goes back to budgeting. Budgeting is the road map of your finances. You can see where your money is going and then make the necessary steps to eliminate consumer debt, reduce your spending, save by paying yourself first and break your habit of keeping up with the Jones’. It may sound simple but it isn’t. So with this issue and the next three I will tackle these issues.
Today, let’s look at avoiding consumer debt. This can be difficult to attain. But on the other hand, this is so important – too important not to strive for.
There have been times in my life that I have had more debt than I would like to admit. Yes, this happens to me too. In my opinion, there are two steps to start on the path to being debt free. First, you have to stop creating debt. Yes, you heard me. You need to do whatever it takes to avoid adding more to the debt. With that said, you can’t put every extra penny towards your debt and not have an emergency fund. Otherwise, the next time an emergency happens and you don’t have a fund to fall back on, you will create more debt.
In May and June, my husband had surgery and was home from work for a month without pay. We only had about 6 weeks’ notice to plan for this. We got through this period with the help of the emergency fund and savings to cover the shortfall. This was the key to us being able to live and pay the bills. Without the savings to fall back on, we would have had to use credit cards and create debt. So you can see how having an emergency savings plays a big part in getting rid of debt.
Back to the debt. Second, there are many ways to tackle this. Start by taking an honest look at your all your debt. Make a list including how much you owe, the minimum payment, interest rate, etc. I understand this is hard, but it’s necessary.
Now make the plan. You can payoff the smallest debt first to eliminate one debt (gives you momentum). You can payoff the debt with the highest interest rate (saves you money). You can plan to get more money (bringing in more income) with many options to add to your payment. Take some time to brainstorm what will work best for you and then put that plan into action.
You’ll need to stop creating additional debt and to create or increase your emergency fund. Next issue, I will discuss spending less than you earn/pay yourself first.
Save
Save
Save
Save
Saving For Retirement
We all want to save for retirement, but there never seems to be enough money left over to save. Does this sound familiar?
The first rule of saving for retirement is, if you are offered free money take it. If your employer sponsored retirement plan offers you matching funds, take it. Contributing to a retirement plan through your paycheck is a great way to get started on the path of regular automatic saving. The earlier you start this habit the better off you will become. On the other side if you haven’t done this, it’s never too late to start now. In this case, free money is a good thing
Next you want to manage your debt. Debt is the enemy to your budget, so you want to avoid it at all cost. I am not saying don’t borrow or use credit, what I am saying is to use it wisely. Don’t become a slave to your debt and that you live paycheck to paycheck trying to keep up with your debt payments.
Charge wisely and only amounts that you can pay off easily. If you find yourself with an emergency and you have to borrow money, evaluate your options and make the choice that is best for you and your budget. Pay back the debt as quickly as possible to avoid as much of the finance / interest charges as possible.
Lastly, gratification – are you someone who needs instant gratification? Do you buy without a payback plan? Look at the food cost (groceries, dining out, take out etc.), shopping, memberships, entertainment etc. These are the expenses, that where the instant gratification that can harm your budget. These are the first defense against the leaks in your budget. Plug those holes to have more money for your retirement.
Think about your finances then make a plan to implement these strategies one by one. Once you master one, start the next. Remember that your finances will not change overnight, be patient and remember it takes time.
Get your first report for 2016
This month use Experian
Hello, it’s Jill again, reminding you to get your New Year started off right.
How to Order Your Credit Report
The only authorized source for your report is AnnualCreditReport.com. You won’t be charged and they won’t force you to sign up for “credit monitoring”. It’s yours to review by law. Learn more.
- Select your state, then click Request Report.
- Fill out your information, then click Continue.
- When it asks you to select a service, select Experian.
Not comfortable ordering online? There are other ways to order your report:
- Mail your postal order by downloading the form at AnnualCreditReport.com
- Call in your order at
1-877-322-8228
What should you do with your report?
- Review it for accuracy!
- Follow the instructions to correct any errors.
- And, always remember to keep copies for your records.
Were you hoping for your credit score instead?
Try CreditKarma.com. It doesn’t give you a FICO score, but it comes close by providing scores from TransUnion and VantageScore. And, there’s no charge for you. CreditKarma funds their service through website advertising.
It’s so nice to start the year with a clean slate!
P.S. I’ll send you another reminder in May so you can enjoy your summer.
It’s Time to Order Your Last Report for 2015
This month use TransUnion
Hello, it’s Jill again, reminding you to get your finances in order so you can enjoy the holiday season.
How to Order Your Credit Report
The only authorized source for your report is AnnualCreditReport.com. You won’t be charged and they won’t force you to sign up for “credit monitoring”. It’s yours to review by law. Learn more.
Visit www.AnnualCreditReport.com:
- Select your state, then click Request Report.
- Fill out your information, then click Continue.
- When it asks you to select a service, select TransUnion.
Not comfortable ordering online? There are other ways to order your report:
- Mail your postal order by downloading the form at AnnualCreditReport.com
- Call in your order at
1-877-322-8228
What should you do with your report?
- Review it for accuracy!
- Follow the instructions to correct any errors.
- And, always remember to keep copies for your records.
Were you hoping for your credit score instead? Try CreditKarma.com. It doesn’t give you a FICO score, but it comes close by providing scores from TransUnion and VantageScore. And, there’s no charge for you. CreditKarma funds their service through website advertising.
May you have a fun and meaningful holiday season from Halloween through to New Year’s Eve and everything in between.
P.S. I’ll send you another reminder in January so you can start 2016 off right.
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