Manage Your Debts - Tips on Budgeting

7 Ways to Manage Your Debts in a Historical Way!

Written by Debbie Brown

No matter how big the economic depression might be, living frugal must be your sole aim. If you want, you can make your life debt free and breathe with a sense of relief. If we turn back the pages of history, we will remember how during the Great Depression everyone followed the motto: “Use it up, wear it out, and make it do or do without.” Though these words are old but they will show us a path to a debt free life.

Here are 7 simple yet handy tips scooped out from the pages of history that can help you to cope up with your financial stress:

The basic level is to start pulling the reigns of your finances from home. It could be like cooking easy and affordable meals instead of gorging on expensive meals outside. Learn more on home repairing, surf the web for easier yet innovative recipes and many such household works. So the lesson is “do it yourself”.

Have you thought about raising your buying power? This means getting something at a cheap rate. For instance, you can buy food items in bulk at a lower price. It will be like ‘more for less money’.

Barter exchange can also be an answer to your financial woes. Though this sounds primitive, but barter system can work wonders. For instance, you need a nice facial and your facial expert needs a babysitter. So just exchange each other’s demands and make yourself happy. In this way you will never have to compromise with your desires.

Try finding out sources when you head for purchasing daily items such as food and groceries. Like you can get staple products such as rice or grains or vegetables from a farmer or via a farmer’s market. This helps you to save more since it does involve any middle man cost.

Make use of whatever is scrap. It can be broken items or even packaging materials. You can put these into use for repairing, decorating or reuse them. For example, thrown away clothes or rags can be sewn into a quilt or a pillow or a nice bag.

Spending is a general tendency. It is very difficult to stop this habit. So why not spend to save? As a tip, you must buy things when they are coming cheap. Buy them in bulk and stock them up. For example, buy all your Christmas goodies four to five months prior to Christmas and store them. You will save a lot of dollars.

Last but not the least; the very conventional tip is to spend according to your means. Your daily necessity items cannot be included in this category but it caters to all those extra expenses that push you down into the debt pit. It could be like using your credit cards recklessly and incurring heavy credit card debts. Remember if you get into debts, you will always have to pay back more than you had spent. So the bottom-line is to regulate your money and make it work for you.

The above mentioned tips and advice is like a snap shot of what you need to do to restore your financial equilibrium. This is an unconventional take on managing your money. You can try these out because you will need to do it yourself. If you are in debts and want to come out of it, pay it off today. All you need is to be smart enough to tackle and tame your debts.

This article has been written by Debbie Brown from YesDebtFree. Click this link to read more on debt management plans for getting out of debts.

Family Debt - Tips on Budgeting

For most of my life when I was growing up I heard four main words repeated many times: “I have no money”. My mother was a single mom taking care of three rambunctious kids. As you can imagine money was always tight and any amount of debt wouldn’t help the situation. There were many things I wanted and wished I could have but my mothers problems with debt always made my wants an unlikely dream. Because I was just a child, I couldn’t understand why she didn’t give me the world or why our birthday presents were handmade or why we would sometimes ’skip’ lunch. Obviously today I understand what she went through. Sadly her situation is not an uncommon one.

Through the help from some very good friends and plenty of work from myself I have begun to educate myself on how to manage money. I have also done my best to teach my mother everything I know and she too is learning and her debt is slowly dissolving. I don’t look back at my childhood with regret because I know she did her best. At the same time, I don’t want my children to have to worry about getting three square meals a day.

Right now I am working four jobs and sticking to a budget. I have applied all of the principles that I have read on this blog and it has helped me a great deal. I dream of the life I’ll have after this “work-time” is over. The way I see it is if you dream of how you want to live, work at it until you achieve it. Goal setting is one of the most important steps you can take both in your financial and everyday life. As Edison said: “Imagination is everything, it’s the preview of life’s coming attractions.”

My first big financial decision will be to buy my first house within a year. I plan to rent out some of the rooms to cover the cost of the mortgage and basically I’ll be living rent free! In fact, people will be paying my mortgage for me! From there I will invest in other properties to increase my income. I am aware of the many headaches that could be involved with being a landlord but it is a sacrifice and a challenge that I am willing to take on. I am dreaming the dream and taking the steps necessary to make it happen.

In short self-education in managing money is priceless and can create debt free future. My mother didn’t have the resource we have today. I’m certain my childhood would have been vastly different had she known more about finances. I hope this will encourage you to keep reading and act on your dreams, regardless of your past.

I’ll leave you with one last quote from Albert Einstein, “We can’t solve problems by using the same kind of thinking we used when we created them.”

Matt

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Financial Management – Tips on Budgeting

Written By: Cayden Ryan

True financial freedom seems to be a mystery, as most people have not discovered it yet. Some think it’s not even possible. It is, and it’s possibly one of the easiest things to do, you just need the commitment. Four of the major things you need to do with your money are:

Make sure you have more then one source of income

Money is not necessarily the only way to become financially secure, but it definitely helps speed the process and also makes it easier. The more streams of income you have to work with, makes it easier. Many people have decided that the one stream slump is the only way to be secure, this thought process is not ok. You need more then one stream to get out of a paycheck to paycheck slump.

You need to save

You have heard it from everyone all over the place, but have never actually done it. Saving money will increase your self pride and make it easier to feel financially stable. Creating a detailed plan will help you achieve this. Also if you have direct deposit, having the money automatically go in to a savings account that you won’t access is a great idea. There is truly no way to achieve financial stability if you do not save. The only problem is you might not have enough to pay bills and still save, this is why having more than one source of income is so important.



You need to invest

Your money won’t grow if you don’t invest it. This requires saving a little more then you would with just savings. That’s where budgeting and having several income streams come in to play. If you put money into a plan but no interest or profit is being returned to you, your being treated unfairly and your not being given the opportunity you deserve.

Cut the costs of your living

Once you start earning money you realize how easy and fun to spend it is, you need to go back to the mentality of you having no money. This will increase the amount you save and invest by tremendous leaps and bounds. You need to write down the expenses you can’t live without, and only spend on those. You can spend on yourself a little, but always spending all your money will get you nowhere. Poor people who work are poor because they spend what they earn. Rich people who work are rich because they made themselves get there. Free handouts are rarely available, and when they are, the they are usually scams.

Guest Post Written By:
Cayden Ryan – Your Wealth Puzzle

221 Rohrerstown Road :: Lancaster :: PA :: 17603
Phone: (717)406-1889

“I have not failed. I’ve just found 10,000 ways that won’t work. “

Credit Card Secrets – Personal Finance Help

In my previous post I discussed that there are many secrets that credit card companies don’t want you to know. There are plenty of options out there for you to pick from and many ways that you can avoid user fees and pay little to no interest on purchases. You as the customer have the choice to let your credit card work for you. Here are a few more exciting credit card secrets that will offer you a great deal of personal finance help.

Two-cycle Billing:

This is one other way that credit card companies will attempt to get more money from you and many people don’t even realize that two-cycle billing exists. In short, issuers will calculate an interest charge that is two months of interest if you were unable to pay off the balance in full. It seems like a nasty trick but you are borrowing their money after all. This problem only occurs if you switch from paying on time all of the time to carrying a monthly balance. The solution to rectify this problem is to switch to a new card issuer or ALWAYS pay your balance in full.

Fees Are Negotiable:

Some cards charge service fees of $50 per month or more. The question you need to ask yourself is if paying a fee is actually worth the ‘privilege’ of using that particular card. Some companies also make you subject to pay finance charges of over 18%. The solution to this problem is easy to solve. If you are a good customer, your bank may be willing to drop the annual fee or reduce the interest rate or both. The only way you can make this work is if you go in and ask. If that doesn’t work switch to a new credit card company.

Shortened Due Dates:

The most common grace period for credit cards is 25 days. You have this amount of time to pay for your purchases or you will be subject to high interest rates. Some banks have started to offer shorter grace periods of just 20 days – but only to those customers who pay in full every month. This is fine if you like the thought of the 20 day grace period. If you are less than thrilled about that idea the easy fix is to talk with your bank and they will probably switch you back to the usual 25 days. If they are unwilling to fulfill this request it may be time for a change.

For every issue there is a remedy when dealing with your credit cards. You as a customer have the right to negotiate annual fees and interest rates. Someone will want your business and will make sacrifices to make you their customer. Hopefully this list of options offered you the personal finance help you deserve. For more information, look through my blog to receive the free E-Book, free budget spreadsheet, free calculators and links to various tools. We also have a few leaked videos to help with your finances.

Until Next time,

Brandon

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Credit Card Secrets - Personal Finance Help

There are many secrets that credit card companies don’t want you to know. There are ways that you can avoid user fees and pay little to no interest on purchases. You are a customer and each credit card company wants your business. Make them work for you. Here are a few great credit card secrets that will offer you a great deal of personal finance help.

1. Interest Backdating

Unfortunately many credit card companies charge you interest rates as high as 18% from the moment you make a purchase. Suddenly that cheeseburger you bought on the first day of the month for $4 has suddenly cost you $4.72 or 18% more. The more purchases you make with that credit card the more everything will end up costing.

Other credit card issuers only charge interest to those who have an outstanding balance with their account. This is a more favourable option for those who use their credit card a lot but if you are the type of person who carries a balance each month you may quickly find that you are sinking into debt.

There are three solutions for either situation that will provide a great amount of personal finance help.

Option 1: Find a different credit card issuer. They all want your business and will sometimes compete for it.

Option 2: ALWAYS pay the total amount of your credit card balance in full. Never miss or be late for a payment.

Option 3: Only use cash. Only use a credit card if that item is a major purchase like a washing machine. This will allow you time to budget and still help your credit rating.

2. Double Fees On Cash Advances

Some people don’t realize that cash advances are a costly way to spend money. Many card issuers impose both transaction fees and finance charges on cash advances. Transaction fees can be as high as 2.5% of the total amount taken. The other aspect that many people don’t take into consideration is that interest starts from the day of the advance. Suddenly the $200 you took out has suddenly ballooned to $240 in just one month. One other thing to consider is the ‘fine print’ that you need to read. Some cards offer ‘no finance charges’ but transaction fees may still apply. The solution to this problem is to limit the amount of cash advances you use or to not use them at all.

3. Eliminating Grace Periods

The offers some credit card companies lure you in with may sound a lot better than they actually are. The $12,000 limit and the endless rewards and benefits are often a misleading way of finding another way to get money out of you. The most common ’string’ attached with these issuers is a card that has NO grace period. That basically means you are charged interest on every purchase from day one, even if you pay the bill on time. The personal finance help I am offering is to shred these ‘too good to be true’ offers the moment they arrive in your mailbox. Chances are the card you have right now is better than anything they can offer.

In my next post I will continue to share some credit card secrets that will offer the personal help you may need. Credit cards are incredibly user friendly but unfortunately there is often a hefty price tag attached to that convenience.

I suggest that you look through my blog to receive the free E-Book, free budget spreadsheet, free calculators and links to various tools. We also have a few leaked videos to help with your finances.

Brandon

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Well the Vancouver Olympics are winding down. The United States looks like a lock to win the overall medal count. With that being said, we are holding our final Olympic Contest. If you hope to win a fantastic prize sign up by following the steps below or click: How To Manage Money Tips Contest. Remember if you have already entered you still have a chance to win!

How to Enter win 3 simple steps:

step  1 – Sign up clicking here: how to manage money tips contest.

step 2 – Confirm the email that will be sent to you.

step 3 – The winner to be announced later this week. Be sure to check howtomanagemoneytips.com every day to see if its you! If you are the lucky winner, an email will be sent so you can download your prize!

Good luck to everyone that enters!

Convenience – If you’re like most people, you want to make saving into an emergency fund as seamless and easy as possible. Coaching personal finance basics has taught me that if it’s not easy, it usually doesn’t get accomplished. You likely have a checking account. If so, you probably have a savings account attached, or could open one online or at your branch. If so, I would suggest using this venue to park your emergency funds. You may not get the best interest rates, but it’s an account you already have, or can set up in a jiffy.

High interest Savings – You shouldn’t be too concerned with the interest rate earned on your emergency fund as it’s considered a short-term investment. A personal finance basics rule of thumb is that you’ll likely draw from the fund within the next 5-7 years, it’s short-term. ING is one very popular savings vehicle, as is PC. There are various high interest savings accounts available that you can open online, just be careful of their fees, terms and conditions. Money market funds are another option, and sometimes provide higher interest than savings accounts, but are not guaranteed. I have personally used ING for savings and found it to be pretty good.

Liquidity – How quick can I get my money? Another important factor you should consider is how accessible are your emergency funds. The basic rule here is that it should be available within no more than 5 days at the very most. You should aim for a fund that could provide you with your money within 24 hours of an emergency. The personal finance basics question to ask yourself here when choosing an account is “if I really need my money, can I get it?”

I hope these personal finance basics regarding convenience, high interest savings and liquidity will help you get your emergency fund up and running. We go into further detail in our ebook. Check our resource link for free budget spreadsheets and other financial calculators to help you on your way. The most important tip is to get it started. Even if you earned a 0% rate of return, you’ll still have money set aside for those unexpected expenses that you wouldn’t have otherwise.

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Remember: if you entered the last contest you are automatically entered into this one.

How to Enter in 3 simple steps:
step 1 – Sign up clicking here: how to manage money tips contest.
step 2 – Confirm the email that will be sent to you.
step 3 – The winner will be announced on Sunday. Be sure to check back to see if its you! If you are the lucky winner, an email will be sent so you can download your prize!

Anyway….

The winner of the second Olympic Contest is Joey

Congratulations! You will be notified shortly with a link to your prize!