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Credit Card Debt by faestina86
Tuesday, June 28 2011 at 12:32 pm
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I'm seeing some old blog posts on how to consolidate credit card debt and they're really great tips! They're from two years ago though so I'm wondering if anyone has any new advice or different approaches on how to bring down the debt.
I'll admit in my younger years I thought just paying the minimum amount each month was fine until it finally caught up to me and now I'm paying for that mistake :/
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The Latte Factor by transy
Wednesday, November 25 2009 at 12:55 pm
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Perhaps you have heard of the phrase called the "latte factor" This comes from the notion that many people will think nothing of spending $2.50 each and every work day on an afternoon latte. It is true that $2.50 is not that much money. Not when you spend it once in a while. However, if you were to add up that $2.50 each day, it becomes $12.50 per work week. Then, you multiply that by roughly 21 work days per month and now you are up to $52.50, a fairly significant amount of money for most people. Right there, that person, by simply switching to a beverage brought from home, could save about $630 per year!
All the little things do pay off, keep it up! |
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For Free Activities by transy
Friday, November 6 2009 at 7:00 pm
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Check your local library. I go to our public library quite often, I bring home books, CD's and DVD's. All for FREE. You can also read local newspapers there (saving you the cost of a subscription, or picking up the daily)
Did you know that you can find not only books but also DVD movies at your public library? If you are an internet fiend, you can do all your email and net surfing on the library system. Don’t buy that latest book but check out the library shelves. With most paperback books retailing at $5 - $25 and hardcover books selling at $20 - $35, you can realize savings quickly.
Libraries also run programs for children like storytime, crafts, etc., great for learning social skills without the expense. |
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Look for Recreation Instead of Entertainment by transy
Saturday, October 17 2009 at 7:54 pm
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Movies, shows, concerts and theme parks are not only expensive but also only last for a few hours or one day. If you shift your thinking to recreational activities such as hiking, camping, skiing, beachcombing or low cost hobbies, you’ll find many of these activities offer a no cost or low alternative to high cost entertainment.
This summer we went to the Riverview Park & Zoo (Peterborough, ON). FREE admission, and no charge for parking either. There were lots of animals to see, playgrounds for the little kids, a small train that you could ride (there was a charge for that $2.00), and of course snack bars. We took a picnic lunch and spent the day. After that we went to the Festival of Lights (also in Peterborough) where there was a FREE concert – the Lovin Spoonful. It was a totally awesome day and night. All it cost was our gas to get there and back. So a pretty cheap way to have some enjoyment. I find that there are many FREE activities one can partake in.
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odds 'n ends of budgeting by cheeryperson
Friday, July 17 2009 at 9:39 pm
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Wow! Some great stuff going on in here! I find Microsoft Excel is an excellent way to keep track of expenses. You can put things in categories or just each single item, whatever works for you. As Jaylyn mentioned, make sure there is enough money in the account for the big bills coming out... those NSF (Non-Sufficient Funds) fees can really come back to haunt you!
If you are looking to cut down on expenses or even just to figure out where all the money is going... may I suggest for one complete month to write down every little bit of money coming in or going out. Put them in categories, or just write them as they occur and make sure you note whether they are coming in or going out... At the end of the month, add up what the necessities were and what the extras were. Be careful! This can be a real eye-opener for some people!
As far as online tools go, I haven't come across any to help specifically with budgeting. I'm sure there must be something out there, though. I generally just use a binder full of special accounting-type paper (which, I just drew up myself based on what I wanted it for, and then made photocopies each month).
Every time money came in, I divided it up among my categories, which included general account, savings, investments, and gifts (I had figured out what my earnings each year would be and how many gifts I would need to buy and how much I would spend for each gift). I don't have a house, but if I did, there would need to be a section for mortgage/insurance payments; also for vehicle expenses. You get the idea.
Everyone more-or-less has to find some sort of system that works for them. I've always been a "write it down on paper" sort of girl, but my sister loves to input everything on her computer! You just have to find something that you can keep up with, because keeping up is VITAL to budgeting!!!
Anyhow, I've rambled on quite enough already. I hope something I've said will help someone who reads this post.
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Getting out of Credit card debt by Forjo
Thursday, June 4 2009 at 11:23 am
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I'm curious to know if everyone know how to get rid of credit card debt. Please leave comments on board entries instead of Blog entries so that everyone can see the blog entries under each other.
According to Suzie Orman on Oprah and most financial planners, even the one on until debt do us part...
Pay minimum payment on all cards except highest interest rate card. To do this look at your Statements; the interest rate is on there.
That card should get a higher amount paid on it until it's at 0.00$, put as much as you can on it to reduce the interest you pay.
Do not cancel this card or any other as this affects your debt to available credit ratio and therefore affects your credit rating, which in turn affects the interest rates you are offered on your loans, mortgages etc. .
Once that card is paid use that larger amount from the first card paid off + the minimum you were paying on the second highest intererest rate card and apply it to the second one while continuing the minimum payment on the rest of the cards.
Once that card is paid off you do the same with the next card and so on until all cards are paid.
For this to work you also have to stop using the cards. The point is getting out of debt...not creating more debt.
Once debt is reduced you need to start saving for hard times (lost jobs, savings for education etc.). You should try to accumulate savings for 8 months of what it costs you to live for 8 months, this is called an emergency fund.
Mine is coming in handy right now, since i've lost my accounting job.
Any comments should be left on the board.
Hint: if you have high balances on your credit cards, you can call your credit card company and ask for a reduced rate of interest; this worked for me (they dont tell you about this, I heard it from a financial planner friend of mine). You can negotiate rates by stating that other companies are offering you a lower rate.
I'd like to invite everyone to post other efficient ways of budgeting here for all to see
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