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Hello,
This week we have credit and budgetting tips and articles. Hope you find them useful.
Thanks for reading,
Susan
Tips:
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Tips
Treat your credit card like real money!
Whenever you make a purchase using the card, deduct that amount from your checkbook register just as if you had used a check. When the credit card bill arrives, pay in full, deducting -0- from the balance column. Treat your credit card like real money!
By Carolyn
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Don't Apply For Credit Too Often
Don't apply for credit if you think you will be denied. Don't try to apply for credit cards too frequently. Submitting too many credit applications in a short period of time can lower your credit score and make it more difficult to get credit when you really need it.
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Start by listing everything that you spend money on each month and how much you spend. Add up the list to get your current total budget. Once you have that information you can start creating your ideal budget. Look for ways that you can cut your spending in each category and then list the ideal amount next to current amount. At the end of the month, calculate your spending and see how close you came to meeting your ideal spending amounts.
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Debt consolidation can offer a great opportunity for people that have amassed large amounts of credit card debt at unfavorable interest rates. You can get lower, more manageable monthly payments and reduce the number of bills you have to pay each month. The problem many people have is that they then start using their newly paid off credit cards again and end up with even more debt. If you don't change your spending habits, debt consolidation merely enables you to get further in debt.
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When paying off credit cards, always round up payments as much as you can. If the minimum payment is $25, try to pay $30. Credit card companies set minimum payments to maximize the amount of interest they can earn from you over the life of the debt. Paying more, even a small amount, significantly decreases how much interest you will end up paying.
By ThriftyFun
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Discretionary Vs. Mandatory Spending
When making a budget, be sure to identify Discretionary and Mandatory expenses. Mandatory expenses are things like health insurance and rent that you cannot afford to do without. Discretionary expenses are things that aren't crucial to you or your families existence like a NetFlix subscription or eating out. When times get rough financially or when you want to save money for something, you can start by eliminating discretionary expenses from your monthly budget.
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Stop Charging and Start Using Cash
If your credit card debt is getting out of hand, the first thing you need to do is stop using your credit cards. Many people get into the mindset of "I'll pay it off later" or "I'm already in debt, what will a little debt hurt?". They keep using credit cards for everyday expenses so they don't feel broke and don't have to change their spending patterns. Retire your credit cards, set up a budget and start paying with cash.
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Look at the Dollar a Day
By Kelly Ann Butterbaugh
Face it, budgeting is hard. Sometimes what makes it so difficult is the "big picture." Paying $50 a month for something doesn't seem so bad until you realize how many things cost $50 a month. Now the $50 turned itself into $250 a month. Instead, try this simpler approach and see if it works for you. The least it can do is make you more aware of your expenditures.
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Why Have A Budget Analysis
By Terry Rigg
Let's start by defining a "Budget Analysis". This is simply a breakdown of your budget (income, bills & expenses) showing how much money you have coming in and how much you have going out. It will show how your budget category percentages compare with what is recognized as the ideal percentages. The most important aspect of the Budget Analysis is the recommendations for improvement.
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Your Spouse and Your Credit Score
Keep in mind that your credit report may be tied to your spouse's. If your spouse has bad credit habits, it could effect your credit as well. Even a divorce will not necessarily eliminate negative marks against your credit since you may be held accountable for any joint accounts and shared debt.
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The chances are that someone will ask you to co-sign for a loan at some point. With a co-signer a person with no credit or bad credit can qualify for a loan that they wouldn't ordinarily be able to get. However, co-signing for a loan is not something that should be done lightly. If the loan goes into default, you will be held responsible for the debt and it can impact your credit rating. Only co-sign on a loan that you are prepared to pay off yourself if it is necessary.
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5 Ways to Organize Your Finances
By Maria Gracia
If you haven't balanced your checkbook in awhile, or you lose your incoming bills before they're paid or you put off filing your tax returns because it's just too difficult to get everything together, than it's probably time to organize your finances. Here are 5 quick ideas:
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