Whether you want to get out of debt or want to avoid it, what matters is you’re inspired to be better. But how do you start? Well, I’m here to help you with that! Today I bring you 10 tips that will help you get out of debt and keep it that way. If you make life habits out of these tips, you will never have to deal with the headache and stress of debt ever again.
Check Your Statements Regularly
If you want to get out of debt, you need to start paying attention to detail. You won’t notice things such as a recurring fee on your credit card bill for that gym you don’t go to anymore if you don’t check your statement regularly. If you monitor your personal finances like a hawk, you won’t ignore View full post…
Do You Know How to Get Rid of Debt? – 10 Helpful Tips
Do you know anyone who is living a debt free life? Do you want to live without the stress of meeting loan obligations every month? Read on and see how to get rid of debt once and for all.
Debt-free individuals usually share the following ten similar characteristics that enables them to live below their means. There’s nothing here that is so highly technical that prevents anyone else from copying.
Start paying attention to details – As an example, if you don’t review your monthly credit card statement closely, there may be charges on there that shouldn’t be. Debt free individuals monitor their personal finances very carefully.
Most of us have asked ourselves that question on numerous occasions, sometimes in disbelief. We never dreamed that it would be possible, until we look at our credit card balances that have been slowly increasing. Would living on a budget prevent that?
Usually, overspending is not a conscious effort. It could start with something as simple as meeting friends on the way to work for a latte. Your cash is spent so you just charge the drink, no big deal.
A couple of times during the week, the same friends suggest that you have dinner with them. You are shocked when the credit card bill arrives and you add up those unplanned charges that total $320.00.
You didn’t realize how easy it was to overspend without being aware of it. Now how do you tell your friends that you can’t View full post…
Posted: August 11, 2017 Under: Budgeting By: Gust Lenglet
Should I Pay Off Debt With All of My Emergency Fund?
You can ask several financial planners this same question and you will get different responses. Some will advise you to get rid of all credit card debt. Some will say to setup an emergency fund first to cover such expenses as a major car repair or some large expenditure in your home.
What are you supposed to do, however, if you have an emergency fund and the balance in it is just enough to repay all of your credit card debt? Wouldn’t the credit card debt with very high interest rates be considered an emergency expenditure?
Don’t deplete the emergency fund to repay debt
The general consensus here is no, don’t use the entire balance of the emergency fund to repay your credit cards. Instead, just use some of the cash savings to repay some of the debt. Keep some of the savings available for a bona fide emergency.
With student loans at an all-time high and record delinquencies, millennials want to know how to pay off debt fast. Increasing debt is becoming a major concern and more than half of a survey group said they felt overwhelmed because of high debt.
The millennial group surveyed had twice as many complaining of high debt as the 49 to 59 age group and the obvious question is why? What do you think the reason is? Please share your comments below.
These strategies will show you how to pay off debt, and are not unique – you may have heard them before. However, if you feel like you’re drowning in debt and don’t know what to do about it, you’re not alone. The average couple in the USA is faced with $15,000.00 in credit card debt alone in a 2014 analysis and it is climbing.
Some folks say there are some easy ways to learn how to pay off debt, but we both know, it is not easy. If it were, nobody would have open credit card debt. View full post…
10 Topics of Money Management High Schools Should Teach
For some time, I’ve had a great concern that our school systems are failing to see the necessity of teaching students personal money management. In a country such as the United States, this is an absolute disgrace.
Students graduate from high school and many haven’t a clue about important money matters, as evidenced by their bad financial decisions. We can’t rely on parents to teach these concepts either, since many of them haven’t learned or practiced good basic money management. Teaching personal finance must begin in the early grades and progress through high school so that the students will be prepared when they enter college.
Reducing Personal Debt – How Do Millennials Feel About It?
Without a doubt, reducing personal debt has become one of the greatest concerns of the millennial generation. Almost half of the age group surveyed, that were between the ages 22 and 33, stated that they were feeling overwhelmed because of their debt load.
As a matter of fact, when compared to the age group of 49 to 59, twice as many millennials complained of this. However, to their credit, almost half of the younger generation was allocating close to half of their take home wages to reducing personal debt.
Disposable credit cards are also known as pre-paid cards. Pre-paid cards do not require good credit to get. In fact, these credit cards are not even linked to your credit report. There are multiple cards to choose from; grocery stores, gas stations, pharmacies, Walmart, and Target all carry them. Pick which one suits your needs, load money and use it wherever they are accepted.
Disposable credit cards are handy when traveling. I’ve had my credit card number stolen before while traveling so I now go to great lengths to protect myself and my financial information.
These are great options for children or adults that are beginning their journey into learning money management. While they will not help you build credit, they will not hurt your credit. View full post…
Posted: February 22, 2014 Under: Credit Cards By: Gust Lenglet
How to Manage Your Money and Take Control of Your Spending
There are a few simple steps for you to learn how to manage your money. To begin with, you need to understand that you’re in charge and not your bills. Take the time to find out exactly how your money is spent.
Most individuals can only guess where their money goes after they pay their fixed expenses such as the mortgage or rent, utilities, auto payment, and perhaps a student loan. If you want to take control of your spending and also get your debt under control, you must identify your spending patterns. Then learn how to manage your money by re-allocating funds that are spent on items that are unnecessary.
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