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Stop Those Bad Spending Habits

January 10, 2014 by editor

“I know how to handle my money. I’m on top of things.” A lot of us say that. “Budgets are for wimps!” Some of us say that too. But a lot of the time, our bad spending habits go unnoticed. You could be spending $25, $50 or $100 a month on “those little expenses” that don’t really count. Do they?

Bad Spending Habits

It all Adds Up

Most people have a solid understanding of their larger expenses, the rent or the mortgage, the car loan, or power bill. Few people see where their money goes every day. Let’s say you stop for a cup of coffee each morning on the way to work, that’s $2.00 easy. Buying something to eat on the way into the office once a week is another $3.00 and that afternoon trip to the company’s vending machine – $1.25 each day. That’s $19.25 a week or $77.00 per month. It’s easy to lose sight of this sort of spending, mostly because we don’t see it. It won’t be so easy to reduce your car insurance bill by $77.00, but you could have that money back by stopping a few bad spending habits.

What to do Instead

Coffee is a food group in our house, like vegetables, meat and dairy. Instead of heading for that expensive place on the corner, why not take your own? A 28 ounce can of good French Roast coffee (comparable to that coffee place) will cost you about $9.00 and it will make 120 12-ounce cups. That’s 7 ½ cents per cup (about 12 cents per cup if you’re the milk and sugar person).

Track All of Your Expenses

It’s impossible to hold expenses in check and stay on budget without knowing where your money actually goes. So much of it is invisible, just like that $77.00 missing from your pocket each month.

  • Sit down for 15 minutes with a cup of coffee, that you brewed yourself and make a list of what you spend each day.
  • Multiply those expenses out by the week, adding the things you don’t buy every day, and make a monthly total to keep costs in-line with your other bills. Those people who still smoke may wince at the rising costs of a pack of cigarettes, but seldom see that they might spend $150.00 per month or more for them!

Tracking expenses can be hard. Fortunately, technology has a fix and there are software programs and smart phone apps that can stop bad spending habits cold.

If you’re an iPhone user you can load the FREE Mint.com app. You can create and keep up with your budget, track your finances by recording expenses, and keep track of your credit cards and even your investment. Mint was named “Best Finance App” by the 1st Annual App Awards and it made the list of TIME Magazine’s 50 Best iPhone Apps of 2011. Other apps include Expenditure, Moneybook and Toshl. If you use an Android-based phone, Mint has a version for you and there’s Hello Expense and EasyEnvelopes too!

Stop Spending more than you have

It’s easy to spend more money than you have. ATM cards can be a big problem. You go to the machine, withdraw your cash, and read your receipt; you nod, you put the receipt in your pocket and think you know how much money you have. You don’t.

  • Check your bank balances regularly on-line or against your statement. Justify your check book EACH TIME you make a withdrawal or a deposit.
  • Don’t rely on ATM receipts. They don’t include outstanding checks you’ve written and on-line payments may not have posted.

Avoid Impulse Purchases

Impulse buying is one of the worst bad spending habits. You see something you want: the newest cell phone, that blouse in the window or eating out when you shouldn’t. Supermarkets are terrible places for impulse buyers. Plan your weekly food purchases. Make a list and stick to it.

Retailers make the things they sell enticing! It’s their job. Yours is saying no until you’re out of the woods.

Using credit when you have cash

Credit cards make spending easy. It doesn’t feel like you’re paying for an item, because you’re not. That comes down the road; only – you’re in debt because you’re at the end of that road. Use cash for your daily purchases. That will feel like paying, because you are.

Putting the Professionals to Work for You

Sometimes people have a very serious problem with debt. That’s when it is time to get sound advice and put our professional debt counselors to work for you. Our counselors have the experience to negotiate your debt down, often to a fraction of the original obligation. They will develop affordable payment plans. That doesn’t come from a phone app. It’s talent and experience.

We don’t have any upfront fees. You pay nothing unless we negotiate a payment plan that you approve. If we don’t, you walk away. It costs you nothing for letting us try!

Filed Under: debt relief, personal finance Tagged With: Bad Spending Habits, saving, Spending, Spending Habits

Money Tips for Married Couples

December 14, 2013 by editor

So many married couples have financial troubles. Some begin before marriage and carry into the marriage. Without tips for married couples, so many couples will become part of the divorce statics.

In order to find the best financial options to avoid troubles here are some tips for married couples.

Money Tips for Married Couples

Shared Goals

There is a good tip for married couples that suggestions that they goals you have been ones that you share. When you being the process of becoming married you should talk about those things that you want for your life. Talk about buying a home or having children. You even might want to consider how to provide those children with a college education. There is a piece of minds that comes for a couple when you have both been involved in making the decisions and is in agreement with the outcome.

Many times, you are able to diversify your assets, into a larger holding. However, in order for many of these things assets to be taken advantage of, you will need to communicate as a married couple, as well as your financial assets may need to be shared in order to make the best choices with your holdings.

Sharing costs might be something that seems like it is common sense, however it is not always so. For large to small purchases, it is important to share the communication and the ability to make some decisions. The shared costs can be anything from groceries to the right home, are all purchases that need to be made by both parties.

Communication

Another important tip for married couples is communication. Keeping open lines of communication open. Money is something that needs to be talked about even before the marriage.

It is imperative to communicate the things that are needs in your life. In many relationships, women do not feel as though they are worth helping to make investment decisions especially those regarding retirement. A tip for married couples is to plan together, many women have the ability and knowledge to help with many investment decisions.

Harmony is a unique tip for married couples when you are looking into financial situations. It is important to create a financial plan, and be in harmony regarding that plan through everything.

It is important that if you do divorce that you continue to be honest about the income and properties that you might have. It can be not only complicated but you can also get into a lot of trouble. Open lines of communication can make a split up a lot easier.

Financial Checkups

One tip for married couples is the need to continue to conduct frequent checkups. Many times each person in the couple start to head off in their own direction financially, to come together frequently, communicate, and evaluate your plan. This is an important thing to remember.

It can be very imperative for a couple to be there to support each other through the difficulties of the financial world. Even though both women and men can earn a significant income, it is important that if any situations come around in a financial situation that you are there to support each other.

The money skills that each of you bring into the marriage is something that you need to consider often. It is unlikely that both members of the marriage will have the same financial knowledge. However, to discount what the other spouse does bring in can be a large financial mistake. It might be smart for one person to take charge of the day-to-day finances, bill paying and such. While the other person in the marriage, might take charge of the retirement or other long-term investments.

Take Advantage

When you are a couple, you are meant to look for things in the long term. One of the tips of married couples is the tax benefits that you can receive when you become married. You may end up paying a bit more in income tax; however, there are some savings as well.

It can be helpful to put your resources together. This can be helpful when you are looking for better access to credit, or the ability to invest in more things. Placing your items in a joint ownership, it can help you have added protection from creditors.

Another advantage that you can gain is that social security does offer spousal benefits. It is also helpful for a person to looking into the better health care options. The fact that the individuals in the marriage will reach retirement age at different rates, providing new advantage in regards to retirement. Staggering the retirement ages is beneficial from a financial standpoint when you take advantage

There are so many tips for married couples that can help through financial time. Learning about being able communicates, share your goals, and take advantage of being a couple.

Filed Under: personal finance Tagged With: debt payments, money saving tips, Money Tips, Money Tips for Married Couples, saving

The Tips to Living in a Debt Free Life

November 11, 2013 by editor

One of the greatest things that a person can achieve is to have a debt free life. When you have been in debt for a long time, you feel like a completely new person when that debt has disappeared. It is commonly assumed that a person will run out and get him or herself in debt as soon as the debt has disappeared.

The Tips to Living in a Debt Free Life

A person in debt will learn to adopt a few characteristics through the process of achieving a debt free life. These traits can help those who desire to become debt free to get there.

Know the Details

One of the most important parts of obtains a debt free life is being able to notice the details. The individual that makes it all the way to the debt free goal is one that pays close attention to their finances. This includes their earning, expenses, and their bills, how much they are saving, and what they invest. Developing a budget, knowing exactly what their balances are, and always stick to them is what makes a person able to find the way into a debt free life.

No Addictions

To someone trying to get out of debt and then to a person who is already tasted freedom from debt financial addictions. It is important to remember that in order to continue with a debt free life that the expensive toys do not bring happiness. A person tends to live a simpler life, a more family focused life once they have gotten out of debt.

Even though shopping is not physically as addictive as a drug or alcohol addiction, it is still a destructive way of life. Shopping addictions can cause problems while still in debt and even more problems when you have freed yourself from debt. One way that many people combat their shopping addictions is through paying with only cash. Being cautious not to spend more than what you have is a discipline that allows a person to enjoy a debt free life.

The Dangers of Credit

A person who has been debt free knows the value of not having any debt. They know that even though credit can be helpful at times it is also something that can easily turn dangerous. The financially perceptive know that there are benefits to having credit there are also many dangers that can take away your debt free life.

Patience is Pragmatic

It is known to many individuals that in order to have a debt free life you need to be willing to be patient. Along with being patient, one has to have the determination to make those tough decisions. Knowing that when you don’t have the money you will wait and with patience gain all of the things that you desire in your own time.

Pragmatic is important because through the process of becoming debt free you gain the true meaning of what value is. Be sure to compare before purchasing, to be willing to cut coupons or wait for sales. The individual always looks for the items that are functional rather than flashy.

The Future is Bright

It is important to remember that taking on new debt is not always a bad. Being hesitant to take on new debt however with careful consideration, and some investigations you will be able confidently see a safe future.

Some people know that debt is still debt, even when it comes to a debt like a mortgage. Being cautious for every little bit of debt but practical about them all.

Calm, Cool, and Self-Reliant

Maintaining a debt free life is something that many take pride in accomplishing. It shows a self-reliance to know that you are not allowing your debt to be controlling you.

Saving your money for that large purchase or for a rainy day is within your limits. Having confidence that you are no longer defined by the things that you own or by the debt that you are in. Self-confidence lets other know your status far more than the monetary things that you own. Knowing that you no longer are making excuses and have taken responsibility to create a debt free life for yourself and your family can be intoxicating on its own.

It is important that no matter if you want to become debt free or have just stepped out into a debt free life that you continue to work hard in achieving your goals. Be sure to share your journey with others to help inspire them to begin the same path that you are taking can be the motivation that keeps you in a safe place. Continue to maintain the life that has gotten you to the point that you now are. Don’t be afraid if something unexpected happens, just get up, dust off your hands, and remove that stumbling block from your path.

Filed Under: debt management Tagged With: a debt free life, get rid of debt, living within your means, saving

Will Debt Counseling Get You Out Of Debt?

April 4, 2013 by editor

Will Debt Counseling Get You Out Of DebtDebt counseling, while it is effective in educating you about your debt is still quite limited in terms of what it can really do for your financial troubles. You need to understand just what this debt relief option can accomplish and what you need to add to it so you can get out of your credit obligations.

First of all, this is concentrated on counseling. That means, you get a debt counselor to look at your finances and see where the problem is. You will rely on their expertise to help you understand what you did wrong and how you can arrange your finances to be able to afford your debt payments. Clearly, that is your priority. The debt counselor can also help you learn how to budget and point out financial management skills that will help you achieve and maintain a debt free life.

As helpful as all of these sound, that is as far as the assistance will go. Of course, you have the option to extend the service further but this will already entail costs. Debt counseling is free but if you want more assistance, you can enrol in a debt management program. For a fee of no more than $50 a month, the debt counselor will help you create a debt management plan that will allow you to make smaller payments every month. This lower amount happens because your debt amount will be paid off over a longer period. The counselor will negotiate on your behalf so your creditor will agree to it. In most cases, they will even ask the creditor to lower your interest rate and if accepted, that can lower your payments even further.

But if you are wondering if that is enough to get you out of debt, the answer to that is yes, but it will depend on your own commitment. In fact, any debt relief program only takes care of a part of the problem. Most of it will be reliant on your commitment and ability to get out of debt.

First of all, you need to have a steady income to afford your debt payments. There is no debt reduction in debt counseling. Although the monthly payment will be smaller, you still end up paying for the total amount of your debts.

You should also stop acquiring debts if you really want to get out of debt through this debt relief program. If you are still incurring debt because you or a loved one is still undergoing medical treatment, then rethink your debt relief option. This may not work well for you.

As you go through this debt relief program, you also have to develop and practice the right personal finance management skills. The debt counselor can teach you what they are but the implementation will be all up to you.

These practices include budgeting and saving. Budgeting involves creating a plan that will show you the income that comes in every month and every expense that it funds. It allows you to monitor if your money is going to your priority expenses.

The other important practice that you have to develop is saving. This will help secure your future and also, keep you from defaulting on your payments. Even if something happens, you can be assured that your debts will be funded.

All of these combined will definitely help make debt counseling an effective option to get out of debt. More important than paying off the debt that you owe is making sure that you will never be in another debt situation in the future.

Filed Under: credit counseling, debt counseling, debt management Tagged With: budgeting, debt counseling, debt counselor, debt management, debt payment, debt payments, get out of debt, saving

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