Here are the last 5 financial tips for the first month of January 2014.Tip no 1: Simply say no to your friends when they force you to have a meal at an expensive restaurant.
Make smart excuses when your friends force you to have meals at costly restaurants. If your financial situation is bad and you need to save money, then stop going to pricey restaurants. In case you're tired of making excuses, then state the fact to your friends. Don't feel shy as it won't help you to save money. Real friends will understand your situation and cooperate with you. Others will laugh at your back for a few days and then forget the matter completely.Tip no 2: Debt settlement is just like a business. So, take the emotion out and be practical.
Be strong and practical when you're negotiating with creditors to settle debts. Don't be ashamed to reveal your true financial situation to creditors. Don't feel guilty because you couldn't pay your bills on time. Banks are well aware of the fact that a certain number of creditors won't be able to pay debts on time. If you feel too much guilty, then creditors will just take advantage of your situation and try to grab a meaty deal. Be bold, strong, polite and resolute. Negotiate smartly so that you can get out of debt by paying only a fraction of what you owe to your creditors.Tip no 3: Give up the temptation to have movie theater foods to cut down expenses and save money.
Who doesn't like to watch to munch delicious foods while watching movies? Everyone does, but you've to pay a good amount for having snacks and drinks. The cost of the movie theater foods is almost as much as the movie tickets. Instead of spending a sizable amount upon movie theater foods, bring your own snacks discreetly and eat them while watching the movie.
If you have kids who love to eat movie theater foods, then feed them well before heading to the cinema.Tip no 4: Read money saving blogs to get fresh ideas on how to thrive on a frugal lifestyle.
The web world is flooded with blogs on frugality and different ways to save money. If your financial life is not going well due to bad spending habits, then just type "blogs on frugality" or just plain "frugal tips" in a popular search engine box. You'll get hundreds of blogs on frugal living tips and ideas. Just go through the blogs and get some tips on how to thrive on a frugal lifestyle.
If you need more inspiration, then just buy books on money-saving tips and strategies. Read the book in your free time and follow the tips in your real life.Tip no 5: A judgment can make you go through hell for several years. Be wise and pay it off quickly.
A judgment can create significant problems in your life. Creditors will start garnishing your wages once judgment is issued against you. They'll levy your bank account and debit money till the judgment is paid in full.
Apart from wage garnishment, judgment may pose problems when you're trying to obtain a credit card or a rental apartment. Judgment stays on your credit report for 7 years. Lenders check your credit report before approving your loan or credit card application. They'll be skeptical to lend you money after seeing that judgment has been updated on your credit report.
Check out the 5 financial tips for the fourth week of January 2014.Tip no 1: Repay the costliest debt and take steps to lower your interest rate to attain financial independence.
Check out the interest rates on all your debts and list them from highest to lowest. Pay the maximum amount on the debt with highest interest rate. Make sure you keep on making the minimum payment on the other debts.
If you feel that the interest rate on the debt is too high, then what you need to do is take steps to lower it. You can transfer the balances from a credit card with high interest rate to a card with low rate. You can just go to another bank and transfer the balance to a card having low rate. In most of the cases, these cards are offered at low rate for a certain time period. Shop for a card which gives you the longest time to pay the interest rate.Tip no 2: Live on brown rice and beans when your funds are tight but you don't want to compromise on nutrition.
You can get a pound of dry beans at $1. You can purchase beans in bulk from the store and save dollars. The best part of dry beans is that you only need to cook a very small amount. This is because the volume of dry beans increases at least 3 times after cooking. You can add some spices and herbs to have a delicious and nutritious meal.
Brown rice is again very cost effective and good for health. Brown rice contains some essential elements such as vitamins, anti-oxidants and minerals. Moreover, it keeps you satiated for a long period of time.Tip no 3: It's great to be an entrepreneur. Just make sure you don't go over the limit. Start small and grow gradually.
It takes time to fulfill your dreams as an entrepreneur. You'll make mistakes and fall. You may not even reap profits at the beginning. You need to be committed towards your business and be patient. Don't go over the limit or overcommit at the beginning. Take one step at a time and grow your business gradually.
You'll need money to start and develop your business. Don't borrow a very huge amount. Your business may not reap huge profits in the initial years. This may make it very difficult for you to pay off the loan.Tip no 4: Don't skip mortgage payments to pay down your credit card debts. It will open the door to foreclosure.
Mortgage is a secured debt and it should always get preference over credit card debts. If you stop sending payments to a mortgage lender just to keep a credit card company happy, then you're doing a big mistake. The lender can initiate the foreclosure process anytime. You can lose your dream abode just for the sake of a few plastic cards. On the other hand, credit card companies are likely to quickly terminate the accounts when you stop making payments to them. This is comparatively a small sacrifice since you won't be evicted from your home after going through hell for several months.Tip no 5: Treat emergency fund as a bill on which you have to make a payment every month. This will help you build a financial cushion.
Here's a good financial tip. Treat your emergency fund as a credit card or utility bill. Make a list of the bills that you have to pay every month. Add emergency fund in that list too. Since you're the owner of the emergency fund, so it is your responsibility to determine the amount you need to save every month. Set aside an amount from your paycheck and save it in your emergency fund. This fund will be extremely useful when you're in a financial trouble.
Have a look at the 5 financial tips for the third week of January 2014.Tip no 1: Debt consolidation is good and useful only when you take steps to treat the real problem. Otherwise, you'll be in the debt cycle again.
Debt consolidation can help you save your hard earned money on the basis of your financial circumstances and the steps you take to treat the real problem. If you don't take drastic steps to change the quality of your lifestyle after enrolling into the program, then you may enter into the debt cycle again. Use less credit cards so that your credit utilization ratio drops. Change your spending habits so that you can save more every month. Your sole motive should be to get out of debt. This is why you have enrolled into the program in the first place.
If you keep on using your credit cards like before, then no one will be able to offer a permanent solution to your problem.Tip no 2: Never let debt collectors to control you. Their main goal is to force you make a bad decision by playing scare tactics.
Debt collectors have only one job and that is to retrieve money from consumers. The collectors get commissions on the basis of the amount collected from consumers. Quite naturally, they try to collect as much as possible from consumers.
Don't get scared when a collector calls you. The collector may abuse you (even though it is against the FDCPA laws), threaten you, tell you to to skip mortgage payments and other things. Never ever get frightened and make decisions hastily. Believe it or not, the sole motive of debt collectors is to force you make bad financial decisions and pay more money than you're supposed to.Tip no 3: There is no magic trick to eradicate debts. Everything comes down to your determination and eagerness to sacrifice.
You can solve a complex mathematical calculation with a formula. There is no magic formula to solve your complex debt situation in any way. You have to be determined and ready for sacrifices. For instance, you may have to downsize your home. You may also have to cut down on your entertainment expenses. In addition to that, you'll have to give special thought and focus to budgeting.
Forget about getting debt free within a day. Even the much talked about bankruptcy can't help you to discharge debts within 24 hours. You've to pay down your debts one by one with the help of a proper strategy.Tip no 4: There is no harm in having little fun when you're in debt. Just stick to your budget and financial plan.
You can have fun even when debts problems are rampant in your life. All you need to do is just find out the ways to stick to your budget and financial plan. For instance, during Christmas and birthdays, you can request your close friends to give gift cards to restaurants and good movie theaters. Other than that, you can play various kinds of indoor games in your house. You can solve puzzles and riddles. You can play UNO with your kids and have a blast together.Tip no 5: Don't believe in any debt relief plan that sounds too good to be true. Tread carefully since there are lots of scammers.
Have you ever come across an advertisement that says you can get rid of debt by paying only $40? Are you tempted to contact the company giving that ad? If yes, then your fate is doomed. You're going to talk with a scammer who will utter the sweetest words of the world and make impossible promises to drain your funds. Believe it or not, there is no debt relief company that can help you get out of huge amount of debt by paying only $40. You have to pay money to your creditors – either on your own or through a debt relief company.
Here are the 5 financial tips for the second week of 2014.Tip no 1: Have a close look at the 529 plan fine print so that you don't miss out anything about the fee structure and state tax incentives.
Several changes are expected to come in the 529 plans. Most of the notable educational institutions offer financial aid benefits and tax-free growth on funds. However, each institution has different fees and state tax incentives.
In some states, 529 plans will go through remarkable changes. For instance, Pennsylvania has decided to reduce fees in its 529 plans. On the other hand, Wisconsin is contemplating to raise the state tax incentives.
If you're planning to open a 529 plan, then make sure you read the fine print section carefully. Know about the fee structure and tax incentives in details first. Do comparison shopping to save money.Tip no 2: Marketing jobs are good at leaving you with nothing. Don't rush to the store and swipe your credit cards after watching the glossy ads.
Good marketing strategies and smart advertisements can induce you to buy a certain product from the store, even when there is no need. For instance, you like a commercial on a baseball. You love the commercial so much that you're tempted to buy it from the nearest store, even though you don't play baseball. This means you're simply wasting your money.
Lots of money are spent on marketing. This doesn't mean that you should let yourself become a victim of marketing and buy a product. Rather, you should make it a point to buy a product only when you really need it.Tip no 3: Use your tax refund to repair your home or repay debts. Make sure you use the money for constructive purposes.
Are you expecting to receive a huge amount from the tax refund? If yes, then there are a few things that you must do with the money. For instance, you can fulfill your New Year's Resolution to pay down debt.
If you're not in debt, then you can use the money for other constructive purposes. You can repair your home. For example, you can give a new look to your bathroom or kitchen. You can even use the money to boost your emergency fund or savings account. This may help you to fulfill your various financial goals in 2014.Tip no 4: Consider budget as your friend, philosopher and guide to get the passport to a fantastic financial life.
Budget can help you lead a fantastic financial life through smart spending habits and rigorous discipline. It is little difficult to maintain such a discipline for the first few days. However, if you're able to follow it and modify your spending habits accordingly, then your financial life will only become bigger and better.
Don't hate budget. Don't treat it as an uninvited guest in your life. Consider it as your friend so that you can save money and lead a healthy financial life.Tip no 5: Find out the ways to save money for college for you'd never want to leave a legacy of debt for your family.
Believe it or not, there are loads of ways to save money for college. For instance, you can get a job at high school. You can study at a community college instead of a costly one. Other than that, try to get admitted to a in state college. This would help you save a lot on the boarding expenses and transportation cost. Make sure you apply for scholarships from the very beginning. This may help you and your family to save money on college expenses as well.
Try to save money and incur less debts during the college life. You can have fun throughout your life. If you focus only on having fun during the college, then you may have to lament for the rest of your life.
Did you ever think that posting as a registered member in the DebtCC forum can help you win rewards? Yes, it’s true. DebtCC is giving an opportunity to the people to register themselves with the forum and helping them to win rewards while asking questions.
You may think why the forum prefers you to post the question as a member. Well, the simple answer to this query is that DebtCC doesn’t think only about itself but it believes in walking with the people and helping them as much as possible. One of the main purposes of introducing the concept of inter-page communication is to increase the participation in the community.
Once you’re a registered member of the community, you can accumulate points and easily earn while asking questions. Another advantage of being a registered user is that it will be easier for you to follow up with the community experts’ reply, as you’ll get notification mail. You’ve another opportunity to win cash reward by participating in monthly contest. If you subscribe to the newsletter, then you can be aware of the latest news in the industry.
In order to register, you’ve to click on the “want to join now” button and submit it. Once you submit, you’ll find a pop up box. You just need to provide your email address and screen name, after completing the process you’re a registered member of DebtCC. However, if you choose to ignore the chance of winning cash rewards, you can click on “Not Now” button and it will redirect you to the “post a new thread” page.
As a matter of fact, the community’s sole intention is to help people make some extra money by joining as a member as well as guide them out of debt.