Friday, October 31, 2008
I'm referring to using OPM (other peoples money) by using a credit card for all your purchases...... Not just any credit card but one that gives you a cash back reward at the end of the year. When credit card balances are paid in full each month, not only have you used other peoples money, you have avoided paying those hateful finance charges and are truly earning money for just making a purchase with your cash back rewards credit card. Receiving a cash back reward check at the end of the year for purchasing what you would have normally purchased anyway is a no brainer in my opinion.
This method of purchasing everything on a credit card won't work for the carefree, impulsive spender but it does work for the responsible individual that has the will power and self-discipline to purchase only what he/she can afford and also pay the credit card in full each month to avoid any finance charges.
Am I the only one doing this, I don't think so! Let's hear it from all those who have earned money using their credit cards wisely for the everyday purchases we all make. Your comments are greatly appreciated and could be the encouragement others need to get out of that credit card debt slump of paying finance charges and penalties if their payment is late.
Thursday, October 30, 2008
Well if you are wondering "how can I cut my household budget and get these credit cards paid off" that is exactly what you'll have to start doing. I think you will enjoy reading "My Money Game" blog. I have a true story about watching those pennies and also sharing some common sense tips about trimming the grocery budget. How to trim the food budget is only for starters........much more to come later, so stayed tuned.
Leave me your feedback or questions in the comment area.
Sunday, October 19, 2008
Create a household budget based on your income, this is your future we are talking about. You can change your spending habits if you set reasonable goals of where you want to be 1 year down the road.
If you are in debt then it's time to take control and make a plan of action to get out of debt...............! You will be a much happier person and so will your family. I would agree with all the other financial advisors, for you a credit card is disastrous so get rid of it! You need to focus on your plan of action for getting out of debt first and foremost. You are not ready for my earlier advice on using a credit card for the purpose of getting a cash back reward at the end of the year because you probably aren't paying your credit cards in full each billing cycle and your finance charges would eat up any rebate profit. This will be a fun money game for you to enjoy later, like after you have proven to yourself that all important thing called "self-discipline".
Your homework will be to list all your bills, sit back with your spouse and take a good look at where your hard earned money is going. This is best accomplished as a team effort, otherwise it won't work. Of course we all need the necessities of life...........roof over our head, food and clothing but we don't need the frivolous spending that puts us in debt. Now make a list of all your spending habits on anything that isn't a necessity. You have to understand one thing, if you want to get out of debt you will have to go without something for a period of time and this is going to be the list that will be most affected. Trust me.........you will live through this and be a better, stronger person for taking control of your financial security now!!! If you don't, who will?
Remember you and your family's future depends on this!!!!
Your Money or your Life
Saturday, October 18, 2008
I know many of you are going to argue the point about having and using credit cards but if you choose the right credit card, one that will give you a "cash back reward" for just using it, why not? Of course you still need to spend responsible and in accordance to your income but these are all things that you would have purchased anyway so why not reap the benefits of using a "cash back rewards" credit card. I think this is a no brainer and that's why I call this using "other peoples money. I know it is only for a period of time (usually 30-45 days) you can have it "free" of charge but that's the money game you play to earn a "cash back reward".
You will now be able to track online a summary of all your expenditures and this will or should encourage you to start budgeting your spending. I find that when I carry lots of cash on my person that it can disappear and may not remember where or what it was spent on. Yes, we all need a certain amount of emergency cash on hand but if you will remember to use your credit card wisely for everything you buy this will maximize your "cash back reward" at the end of the year, called a rebate check.
WORD OF CAUTION ********** This method of charging everything will work best if you pay your credit card in full each billing cycle otherwise you are paying the credit card company a monthly finance charge and we don't want to do that. :)
Wednesday, October 01, 2008
Everywhere you go everyone is saying the same thing: "I can't keep up with my bills!"
It seems as though as soon as you manage to pay one stack of bills, the month flicks over and then in comes the next lot. Rising utility costs, ongoing taxation at every level, rising fuel prices and higher food costs all combine to eat into your weekly pay packet. How can you possibly......get ahead?
Add to the above the fact that most people also have a hefty mortgage to meet, motor vehicle repayments and several credit cards and store cards that they are paying off and it is little wonder that the money runs out long before the week runs out. And on top of all this there is the usual maintenance and breakdown repair costs of the greatest money drain of all - the motor vehicle.
OK. Enough of the problem. What can you do? Here are some tips:
Recognize that unless you do SOMETHING SOON to correct your situation or habits then things are definitely not going to get better. Read that last sentence again. In fact, there is a high probability that it will get worse.
Look at whatever credit or store cards you have and pick the one out that has the highest monthly interest rate then commit yourself to paying it off - bit by bit.
If your discipline is low then take a pair of scissors and cut that credit card into little pieces. That in itself will give you a sense of control because you have removed temptation from right before your eyes. You will EMPOWER yourself.
Look for areas of waste. EVERYBODY wastes money. Don't be so impulsive with the way that you spend money. If you see something that you want, pause, walk away, think about it. That tip alone will save you heaps of money.
Keep a large banknote in your purse or wallet and - this is really important - DON'T spend it. That will allow you to feel comfortable having money. It will build discipline like nothing else!
Most importantly - EDUCATE YOURSELF. Educate yourself on financial matters. If you don't understand how to use money then the smart money people will find ways of doing it for you. Remaining ignorant is a life-long sentence to staying in debt and long-term poverty. Is that what you want?
There is no sane reason why anybody would want to remain a slave to ongoing debt. Just remember, if you enjoy being controlled by never ending bills then all you have to do is nothing at all. Simple. Stay the way you are. Debt will haunt you until the day you die. The sooner you commence getting debt under control the better. A delay of even one day is another day shackled to debt mentality.
This article comes with reprint rights providing no changes are made and the resource box below accompanies it.
About the author: Gary Simpson is the author of eight books covering a diverse range of subjects such as self esteem, affirmations, self defense, finance and much more. His articles appear all over the web. Click here to learn more information on how to control debt, save money and increase your WEALTH. Just remember, anybody can stay poor. Wealth begins with desire and knowledge. If you have the desire then clicking on this link will lead you to the knowledge.
Article Source: http://EzineArticles.com/?expert=Gary_Simpson
Tuesday, September 16, 2008
By Jeff Lakie
When you receive a credit card, you will want to carefully follow an outlined budget for your entire household. Yes, this is easier said than done however, if you fail to follow a strict budget and do not carefully plan the expenses of your credit card then you could fall into the same trap that many all over the world have fallen into, and become in serious financial debt. If you use a credit card as it was intended for use, for emergencies or traveling, then you may find it much easier to maintain financial stability. However, if you choose to use a credit card as a personal ATM or for every purchase large or small, you could find yourself in deep trouble. Here are some tips you can use to budget and protect yourself against falling in the large hole of credit card debt.
No matter if a person has a credit card or not, it is a wise suggestion to never spend more than they can afford. The best advice anyone can offer is to use your credit card as if it were cash. This is because no matter how much you charge, you will still have to pay it back with additional fees. Many people have begun to use their credit cards for shopping at the grocery store, in addition to using them to buy things they really could not afford to with cash. This is where many begin the downfall into financial debt, even with all the excellent deals and promotions that appeal to you, with the interest rates the credit card charges you will not be getting those deals and likely end up paying more.
All credit card companies issue you a credit limit; it is common that people see this as their money and the amount they can spend on a monthly basis. It is wise to think of the credit card limit as a short-term loan and that you have to repay at the end of the month. This is a great piece of advice because if you let the balance roll over you will have a good deal of interest piling up and therefore that credit limit that you maxed out will come a good deal higher when you really have to repay it..
Making wise and informed choices is the best defense you have against falling into a large hole of financial debt. Create a budget and stick to it, repay the credit card balance on an every month basis and never spend more than you can afford in cash.
Jeff Lakie is a contributing author at our website where
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Secured Loans Quote right now. Take a moment and see
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Tuesday, July 08, 2008
By Jeanette Joy Fisher
The process of clearing credit can be laborious and frustrating, but your efforts will be paid for in better financing. Your rights are protected by laws, but you need to take reasonable actions toward your goal of clearing credit discrepancies. You can get the credit reporting agencies to help you instead of hindering your excellent credit quest with these tips.....
1. Order credit reports.
2. Check for discrepancies.
3. Note problems and discrepancies in your Credit Dispute Log.
4. Contact disputed companies by telephone. (Contact original debtors, not collectors.)
Log the telephone call with a brief summary of agreements.
Remember to record the name of the contact representative.
5. Follow up with certified letter to original company.
6. Write letters to collectors, dispute bill, send documentation of payment to original company.
7. Fill out dispute form provided by credit bureau.
8. Write separate letter for each disputed item to credit bureaus.
Send letters by certified mail.
Enclose copies of supporting documentation.
9. Use the number provided by the credit bureau and call for progress; have your reference number handy.
10. Keep comprehensive records in your Credit File.
These ten steps will help you finance your dreams.
Copyright © 2005 by Jeanette J. Fisher. All rights reserved. (You may publish this article in its entirety with the following author's information with live links only.)
Forget what you've been told about credit. "Credit Help!" author Professor Jeanette Fisher was forced into becoming a credit expert. She loves helping people buy houses. Get the credit you need to buy one house or twenty. Visit Real Estate Credit Help Center for a free "Credit Tips for Mortgage Financing" ebook http://www.recredithelp.com
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Tuesday, July 01, 2008
Learn to manage your finances responsibly by setting goals for a family budget, cutting back on all spending. Always remember to pay your bills on time and by all means stop using your credit cards until you have your finances under control.
You may be interested in contacting the big three credit card reporting agencies to take a view of your credit rating or score. They are Trans Union, Experian and Equifax . You are entitled to one free credit report per year at your request, go here to request your free annual credit report or you can visit each individual agency listed above.
If you have found yourself way over your head in credit card debt and are looking for some financial help than maybe it is time for you to visit the Consumer Credit Counseling Service. This is a non-profit organization that offers free or low-cost financial counseling to families needing to solve financial problems. They can help you analyze your situation and work with you to develop solutions.
Your credit rating or score will play a very important role in your life, think of it as your reputation because it is! A lender will use this information to help determine whether you are eligible for a particular credit card, loan or service. Someday you will want to make a large purchase for a home, refinance a mortgage or purchase a vehicle and it would be nice if you could qualify for a low interest rate loan instead of being qualified as a high credit risk, therefore paying extraordinary high interest rates.
The stress created by such matters of being in debt can tear the family unit apart so the sooner you tackle the challenges of paying off your outstanding debt, the happier you and your family will be.
Sunday, June 15, 2008
Don't think you can copy a generic budget from someone else because we are all different in our needs and wants, these are the first things you should evaluate. Take a closer look at the areas where you can cut back in your everyday spending. Remember you can't exceed your monthly income so like I've mention before, don't purchase anything you don't really, really need. Each month you can start looking for new things to go without and Break the Spending Addiction. Does it mean giving up some personal fun things like getting your nails and hair done, or those weekly golf games, going out to eat and other entertainment? Yes, it might mean it's time to look at your habits and what you're over spending on. Soon you will see many of the unnecessary things in your life that you could change to achieve your financial goals, whether they are debt reduction, savings, investing or retirement objectives. Try this method for several months and keep looking for new areas you can adjust and soon you will be happy with your new household budget. You will also be very proud of yourselves for making this commitment to become debt free and living within your means.
I like using a paper and pen to write down ideas and goals, then talk them over. Like I have mentioned before on another blog post, using a financial workbook for writing all these figures in will become very personal to both of you. Make a list of your household expenses to see where your monthly income has been going, now start setting your new goals in writing. This will help you to visualize where your headed.
If you limit yourself too much in certain areas, you won't stick with the new budgeting plan. Budgeting your household expenses equates right along with going on a diet, only we're talking about cutting back on your spending, not starving yourself. Have reasonable goals otherwise the first slip of over spending you'll give up on the whole idea of a budget just like most people do when they are dieting.
Make a plan and check back each month with each other to see how you did and what you could have improved upon. What could or would you change in this new budget to fit your lifestyle better now that you have your new plan and goals in place for your future. Make some simple changes if need be and feel good about yourselves for accomplishing what most people don't want to face. This makes you a stronger couple in your marriage and a much happier family life as well as proving to be responsible human beings.
Wednesday, June 11, 2008
Think of the dollars you spend everyday raising a family and paying your household bills online, then take 1% of that and your cash back rewards check will be much larger than ours. Next time you are paying your bills online or go shopping for your everyday purchases, think about using a cash back rewards credit card and earn a cash back rewards check at the end of the year for paying your bills online and purchasing what you normally would anyway.
You will notice this check isn't made out to our name but rather to Costco Wholesale. That's perfectly okay because that's where we shop and this rebate check just lowered our next shopping trip to Costco Wholesale by that amount.
We're still looking forward to another cash back rewards check from our Discover Card, as you know they offered us an extra $20.00 Cash Back Bonus reward for using our Discover Card for our next 20 purchases.
Saturday, May 17, 2008
By Martin Lukac
When it comes to money, we all have our bad days.
For many of us, it comes when we pay bills and see how far that check doesn't go...... For others, it happens when we spend more than we should on stuff we don't need.
It is widely thought that if you cannot manage your life, you can't begin to manage your money. This is because the management of money takes self-control and discipline. It is similar in many ways to the formation of habits, patience and the control of our temper. Time management, goal setting and forward thinking are all required in life and money management.
One of the most important parts of money management is proper attitude. Managing your money isn't sucessful if you think of it as putting yourself in a money prison. In fact, proper management doesn't hold you back, it frees your money up for things that really matter -- such as your goals.
With the proper management, you have the freedom to do as you will. Your money no longer controls you, you control it. You don't have to worry about your debts. You don't have to worry about not paying a bill on time. You don't have to lose sleep over your situation.
You learn to make your money work.
And it does take time. It takes the formation of habits. It takes a little trial and error to see what truly works.
Instead of thinking of it as something that limits you in what you can do with your money or your time, think of it as a plan to get you where you want to go. Do you want to have more money in your pocket out of your paycheck? Then make a plan to pay off your debt. Do you want to retire comfortably? Then make a plan to start saving now.
And stick with it.
With a little work, you can change your attitude about how you spend, save and manage your money. It takes a little time, but it will save you years of worry and a lot of money.
Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!
Article Source: http://EzineArticles.com/?expert=Martin_Lukac
Friday, April 18, 2008
- Eating Out.......................... 3%
- Traveling............................ 2%
- Everything Else.................... 1%
If you don't have a credit card that offers you a cash back reward at the end of the year I would suggest doing a search for "Cash Back Credit Cards" and you will find plenty to choose from. I'm sure you will be able to find a card that meets your everyday needs.
Monday, February 11, 2008
With all my credit cards paid in full each billing cycle, this method works to my benefit. I'm going to buy or pay for these things (clothes, groceries, eating out, gas, auto repairs, tires, household bills) anyway, so why not benefit by paying with a credit card that offers me a cash back reward. In my opinion it only makes sense (cash back rewards) to charge it and pay it in full the next billing cycle. Not to mention that it is much more convenient than running to the bank for cash.
This is my Credit Card of Choice but I also use other credit cards if they are offering me a special deal.
Sunday, January 13, 2008
Panicking about credit card debt will not help you when it comes to getting it under control, so what resources are out there for you to tap into? There are several sites on the Internet, like About Your Money, that offer help articles and buyer’s guides to give you an idea of what is available and the pros and cons of your options as well. The guide on that site is particularly comprehensive and can offer you a lot of credit card help, especially if you are looking for balance transfers. There is even a comparison table if you decide that you do want to actually use a credit card to help get your debt down so that you can find the best deals out there!
If you would prefer to tap into a debt consolidation loan instead then there is also a useful section on personal loans that you can use to find the best deal for the product as well. About Your Money is a great place to go whether you need personal loans or credit card help as well as a guide to the best product deals so if you need a little guidance, it is all there for you!
Tuesday, May 01, 2007
A payday loan can get you the money you need in a hurry to take care of those bills before they become outstanding and avoid disconnections of utilities and costly late payments. The ideal way to use a payday loan is to use it only once and take advantage of the benefits because it can allow you to get your budget on track by planning ahead..... Once a payday has caught you up financially it is important to avoid having to take one out again. In order to do that, you must plan on paying those bills that are due in between paychecks earlier instead of looking for an alternative at the last minute.
For example, if you get paid on the 1st and 15th of every month and you know the utility bill is due on the 13th of every month, plan on paying that bill from the check that you receive on the 1st of every month. A payday loan can be used to your advantage. Once you have properly planned your budget make sure to stick to it to achieve financial freedom. You will feel better about yourself and more stable in life once your financial plan has fallen into place.