Archive for the ‘Credit Repair’ Category
Living Frugally
Does living frugally mean being miserable, or giving up what you want? Not at all. In my own case, it meant getting the things I really wanted. Spend less on each thing or activity, and you can have more of them, right? The key is to spend less and still get what you need and want. I’ll tell you how I managed it.
Living frugally – Housing
The first house I owned was a mobile home on a small lot. I paid less than $20,000, and had payments of $257 per month. With taxes, insurance and repairs, it still cost less than rent. With three bedrooms, an expanded living room, and a nice fenced-in yard, it was very comfortable. Eventually I sold it for $45,000. (more…)
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November 17th, 2011
Frugal Living For Tough Economic Times
Frugal living is an idea that is about to come into vogue again. With the economy being in the toilet and the future outlook not being much better, many families are feeling the effects of the economy in their wallets and at home.
Sadly, if frugality hadn’t fallen out of vogue, perhaps the economy wouldn’t be in such bad shape but it’s too late for that. So before going on, let’s define what frugality is and then let’s look at some different things we can do to put this lifestyle into effect.
If you watch the TV, you may have the wrong impression about frugal living. One so-called, financial expert suggested that a daily latte at Starbucks was being fiscally responsible if you really value having a latte everyday. Real frugality on the other hand, eschews popular trends and expensive reoccurring costs to maintain budgetary control. (more…)
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November 9th, 2011
Budget your way to success
Budgeting sounds like a boring strategy used by our parents. For a long time, budgeting was considered the way to manage money because it helped people keep track of where their finances were going. But lots of people are choosing not to budget because it seems so needlessly complicated with little or not benefit. But there is a benefit to budgeting; the real trick is finding a budgeting method that works for you. Here is an excellent strategy to help you manage the money in your personal portfolio.
The first thing you need to do is create a budget. Creating a budget does not have to be restrictive, but it should be a guideline to help you manage your income and your expenses each month. The first thing you want to do is list all your expenses on a month-to-month basis. The next thing you want to do it list all of your income on a month-to-month basis. Then compare. Many people who have trouble saving find that their expenses are very close to their income. So what can you do?
One option you have is to reduce your expenses. This might mean going out with friends a little less or giving up on some luxury that you typically enjoy. Another option you have is to increase your income. Unfortunately, for many people, this is easier said than done.
One way that you can reduce your expenses and increase your income is by using a debt consolidation loan. By consolidating many outstanding debts that are due throughout the month into a single loan with a single monthly payment you will be accomplishing several things.
First, you will be reducing your monthly payment because you will be securing a larger loan and is spread out over a longer period of time. Second, you’ll be reducing the amount of interest you pay because you will be consolidating your many debts into one debt from one provider. Reducing your interest not only helps to reduce your expenses but also increases your income!
And if you are able to find some assets that can help you get a secured loan, you’ll be able to spread out your payment over a longer period of time and you will likely qualify for a lower interest rate because you have some security to offer the lending institution to back up the loan.
Now that you are actively pursuing a budget, you will need to find a way to continue to reduce your expenses over time. A secured loan will help you do that. But don’t forget that there are many ways you can also increase your income.
Congratulations! You are assembling a budget and getting control of your finances and at the same time you are reducing your expenses and increasing your income.
Get Started, Stay Focused and Take Action 
Frug
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September 27th, 2011
In Debt? These 5 Simple Steps Will Help
The next 5 steps are not difficult. They only take commitment. You can do it. The feeling of freedom and success when the bills are not hanging over your head will make this all worthwhile.
Ready to get stated? Let’s go.
Step #1. Work out where you are now
You may not have looked at your financial position for a while. Maybe that’s why you are suffering under a load of debt presently. But you need to take stock of your financial position now. Unless you know where you are now, it’s hard to work out how to fix things.
Just get a pen and paper and all your credit card bills and look at the situation honestly. List out all your debts and their interest rates and the minimum monthly repayments.
Don’t get worried about how much you owe. It’s been said that anyone can get rid of all their debt within 5-7 years, including their mortgage. That means you too.
Step #2 Stop spending more than you earn NOW
This is the first thing that must be done to start the ball rolling for your financial success. This is most probably the reason you need to take action now. Look at your living expenses and cut out those things you can’t afford.
Also cut up all the credit cards except one for emergencies and commit yourself to only spending what you can afford from your own income.
Step #3. Find some cash to pay down those debts
Once you have come to grips with Step #2, the next step is to work out ways to put some money aside every week or month to start paying down those debts, preferably faster than the minimum monthly requirement. Pay as much as you can. It’s better to pay down these debts than to put the money in the bank. This is because the credit card interest is a lot more than you can receive from the bank for funds on deposit. The aim is pay down the highest interest debt first.
If you have 2 credit cards with the same interest rate, pay off the one with the smallest balance first. That will give you a boost and the resolve to keep on going.
Step #4. Build a Savings Fund
Once you have those credit cards under control it’s time to think about putting some funds aside to start building some savings. You’ll be surprised how fast your money grows if you religiously keep adding to the balance and don’t touch it. If you really need to purchase an expensive item like furniture or car it is better to save for it than to borrow, if at all possible.
Step #5. Pay Down That Mortgage.
Since the interest rate on your mortgage is usually a lot less than credit card and store debt you can leave this item till last. Also it is increasing in value over time – unlike your car, TV, Video, furniture and boat. You will be surprised how many years you can cut off your mortgage repayments by just adding a few extra dollars each month to the payment.
These a just a few basic rules to help you get back on your feet financially. The main principle here is to work on reducing your credit card debt. Once that is done use those freed up funds to build your nest egg and pay off the mortgage. That’s the plan that works.
Now get those documents out, do the sums and start on your road to financial freedom.
Get Started, Stay Focused and Take Action
Frug
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August 18th, 2011
Significance Of Saving: Using Frugality for a Better Future
The value of money cannot be underestimated. In a current national survey, more than 96% of Americans agreed that early monetary savings would help an individual realize a fruitful and balanced life.
Saving is a way of protecting oneself from the many symptoms of health and natural adversity. While an ordinary youth of yesterday thought more about the short-term economic goals such as buying a new pair of signature shoes, owning a new jet ski or a brand new car, statistics now show that more and more are begining to understand the significance of keeping a personal savings.
Long terms goals are described as goals that have a lasting effect should a person’s present actions be faithfully maintained.
The following statements are outlined to provide information and tips on how you can start up your frugal money-saving gimmicks and ensure a content and financially settled future and list the reasons as to why saving capital should occupy a greater place in our list of priorities in life.
Reasons to Save:
1.Saving represents your Future and present-day Needs – Saving nowadays will provide you with flexible economic income in the future. Keeping at least 20% of your monthly remuneration while using the other for your household, private and unexpected expenses will surely play a sizeable part in your pursuit for a stable future.
2.Saving for an Investment Need – Savings can also be a source of your future capital for engaging in business enterprises. It will provide you more opportunity for venturing on your unexplored talents and earn you a enormous potential to in increasing your money exponentially.
3.Saving in support of your Retirement – More than 23% of today’s elderly were exposed to have failed in one instance in their lives, to save and purposefully used their money for preparing their way to retirement. As a end result, these people had to extend their entire careers working so that it would pay them enough to cover their basic expenses.
Keys to Fulfilling your Saving Goals: No matter how good our intentions and objectives for saving are, we must also take note that goals can fall and touched the following baselines or characteristics.
1.Attainability – Goals should be something attainable and one which can be achieved without you doing something extraordinary or illegal. A little amount of patience and hard work are key.
2.Consistency – Changing your goals from time to time due to incidents that may arise in the near future are sure ways to deterring your intention to save.While we need to focus on the present incidents, we also need to take hold of our original intention and continue until you have gained enough leads to get it.
