Debt Help Menu

Thursday, November 26, 2020

Secrets of keeping to the family budget


The high cost of living in today's society, wherever you may be, has made budgeting a priority among families.  Nothing is more important in today's inflationary world than knowing how to wisely spend the meager income you get.

Financial problems usually arise due to a lack of proper budgeting skills or failure to keep to the proposed budget.  No matter how much income you may have, it is still important to keep track of your assets and liabilities, your earnings and expenses.

It is ironic, but a person who earns thousands will have the same problems as the person who earns by the hundreds.  Most often, different kinds of people with diverse income levels have budgeting problems.   Others who may have been successful in making a budget usually fail to keep within such a budget.

A budget refers to a financial plan, taking the incoming and outgoing monetary resources into consideration.  A good budget should not only mean a balance or equity between income and expenditures.  It also means lesser expenses and making an allowance for savings.

If you earn a thousand dollars per month, you should map out all the necessary expenses you will incur during the month, such as payment for your house, food, and transportation.  Of course, this is presuming that your tax liabilities have already been settled.  What remains after you deduct your total expenses from your income is your savings.

What you do with your savings will make a difference later on, when the need arises.  You can choose to keep your savings in a piggy bank or place it in a bank where there is a minimum interest rate, but at least your money is safe from you and from intruders.  With bigger savings, you can get a financial adviser's services who can give you higher-yielding investment options.

Here are tips to make sure that you keep within the family budget:

1. Maintain a logbook to list your income and expense account on a weekly or monthly schedule.  

2. Buy your groceries at one time.  To do this, make a list of all the things that you would need for your target period and purchase them at one time.  Sometimes, there are discounts if you buy by the dozen so take advantage of this.

3. Avoid going to the supermarket and shops if you do not need to buy the necessary items.  This will keep you from making unnecessary purchases and keep you from straying away from your budget.

4. Think twice before you buy something.  By doing this, you will realize that it is not really a necessity but a whim.

Wednesday, November 18, 2020

Haggling With Your Creditors


Credit card debt is really a menace, and many people are facing it around the globe. Credit card debt consolidation and bank loans are well known to reduce and eliminate credit card debt. In all this confusion, credit card debt negotiation almost gets forgotten. 

Well, credit card debt negotiation starts right from your credit accounts, where you have the most hard-hitting credit card debt. This means credit card debt negotiation has to be taken up with your current credit providers. Before you misinterpret it, let me clarify that we are not talking about chucking off a portion of your debt through credit card debt negotiation. We are talking primarily about using credit card debt negotiations for getting the APR on your current credit cards reduced to some lower figure. 

So, credit card debt negotiation is about talking to your current credit card suppliers to inform them about your intention to clear off your credit card debt and using your skills (credit card debt negotiation skills) to agree to a lower APR rate with them. Basically, credit card debt negotiation is about asking your current credit card suppliers for help/assistance in clearing off your credit card debt. 

If credit card debt negotiation is successful, it will save you money (due to the reduction in APR) and the hassle associated with looking for a new credit card (to transfer balance). 

However, if the credit card debt negotiation with your current credit card supplier doesn’t yield the desired results, you will have to look for other credit suppliers who can help you consolidate your debt. Again, you will need your negotiation skills (rather than credit card debt negotiation skills) to get a good deal from them. 

If your credit card debt negotiations work out well, you might be able to get a deficient standard APR, or you might get a longer-term on 0% APR (or you might get both). These are really the most important things, and your credit card debt negotiations should concentrate more on these than anything else. 

The other thing to include in your credit card debt negotiation would be the credit limit and other benefits. Here, you are basically trying out the possibility of getting a better credit card as part of your credit card debt negotiation. 

For people with an abysmal credit rating, getting an unsecured bank loan or getting another credit card (for balance transfer) is really difficult. For them, getting an unsecured bank loan or credit card is what you would term credit card debt negotiation.

So, don’t hesitate to go for credit card debt negotiation. It is surely an option available for all.

Tuesday, November 17, 2020

Ways to Make Cents at Home


In the midst of all these skyrocketing prices, come how’s, ways and means to save money and earn extra. 

There are creative but practical ways you can engage in to help the family save and, at the same time, earn extra. The things that have been sitting in your attic for sometime and those that become all too familiar and useless might mean extra bucks. This way, it saves you space, cleaning materials, and containers. This reduces maintenance expenses.  

Garage sale at home is a save-and-earn endeavor for starters. Look at flea markets' success where people can buy almost anything at a lower price but a large amount of income for vendors.

How to maximize the potential of flea markets and bargain sales to help you save? A flea market is primarily a place where almost all who have something to sell can sell for tremendously lower costs but good quality items. If you have the right tools and enough preparation for a day’s trip to a flea market, then you are ready to go with some handy tips:

1. Ready your tools, maps, measurements, and cash:

easy-to-carry tool kit with screwdrivers, pliers, tape measure, pencil, ropes, set of swatches, paper, and plastic bags and boxes;

floorplan measurements;

maps, directions, and phone numbers;

bring enough cash and checks for high-priced items;

dress appropriately for bargain hunting.

2. Early birds usually get the best selections.

3. Keep a critical eye during shopping.

Be ready to negotiate and haggle on the prices of items.

Items sold here have greater possibilities; either you can redecorate or repaint them to make it look unique and attractive.

How to make this activity an earning endeavor? After your hands-on training in an established flea market, I hope you took note of your observations and ideas; it is time to try out on your own.

Bear in mind five things crucial to garage sale success: location, date and time, variety of goods, organization/presentation, advertisements, and prices. 

Spot a strategic location where people can access and drop by easily. Your house is the perfect venue for this. Weekends are the best to schedule your sale.

During your cleaning session, take note of candidate items for sale, label them (keep, for repair, must go), and give them a brand new look.

Organize them well according to prices, use arrangement styles, decide on the tables, baskets, and boxes for the items, and decorate your venue with fabrics and other helpful materials.

Lower your prices. The idea here is to dispose of the things but earn from them reasonably.  

Thursday, June 11, 2020

The Benefits of Debt and Bill Consolidation

Debt and bill consolidation is the same. When a person owes more than he makes, his stress levels rise, the collection agencies pester him, and he usually ends up running a world of emotional delusion to escape. It seems we can never win in a high-paced world, but the fact is debt consolidation has helped thousands around the world to reestablish their lives. 

One of the most important tasks debtors must carry out to achieve in debt consolidation is keeping away from complications. When debtors have bills that are behind merely because they didn't have the cash to repay the debts, then their stress will build. Some people may go on a binge, spending instead of paying their bills, and procrastinating instead of working to restore their credit. 

These people may believe that after three, seven, or ten years the problem will end since the credit reports remove any pending debts after seven years and any bankruptcies after ten years. The fact is, the problem doesn't go away the problems only get bigger. Yes, it is true: after three years, if you manage to pay off a debt, then the debt is removed from your credit report. In addition, yes, it is true if after seven years you failed to make payments the debt is removed in most instances from your credit report. 

Furthermore, it is true that in many cases, after ten years, bankruptcy is removed from your credit report. If you have the patience to wait this long, can tolerate the hassling phone calls and letters, and don't mind worrying about going to court for this long, then by all means procrastinate. 

Bills and debt consolidation is optional, however, bill and debt reduction is your best bet. You can do this by start paying as much every month on your bills as possible to reduce your debts.

Monday, June 8, 2020

Budgeting For Emergency Funds?

Emergency funds are considered to be a necessity as far as financial security is concerned since it can provide one with financial resources that one can resort to and depend on when an emergency arises such that when one is sick and have the burden of paying huge medical bills, or unexpected home or major car repair. 

When one has no emergency fund, one can be obliged to acquire debt on your credit card that might take several years to repay with interest that would later cost so much more.

However by putting an extra thirty to fifty dollars every month in an individual “emergency savings account” one can be secured with what emergency the future may bring. In doing this, it is recommended that one regards the emergency fund as an additional bill, to be punctually paid each month.

Yes, one can and should budget and allocate the extra money for an emergency fund, as this is very significant when one refers to his “financial future”. Here, the goal is to create savings from budgeting your income; the emergency savings should ideally be equal to at least three months your living expenditures. 

What's important is that you should steadily put a certain amount of money aside, and only use it for real emergencies. 

Not like an investment, the success of one’s long-term savings funds does not really count on the amount of return or interests but on placing a fixed amount of money away constantly and steadily so as to have immediate access to it at all times.

In spite of one’s financial status, the initial step in the process of constructing an emergency fund is by knowing where your money is presently being consumed or spent. 

When one recognizes and determines where one’s earnings are spent, then it will be easy for one to choose and make a decision where to trim down expenses. In other words, the budget.

Budgeting is putting or setting aside money for anticipated and unanticipated future use.  It is here that one sets up a goal so as to save.  So set an emergency fund as your goal.

Checking, savings, money market accounts, and “certificates of deposits”, are great places to keep one’s cash that might be needed on quick notice. 

The amount saved from budgeting can either go to your savings goal, emergency fund, or both.  One could utilize the money saved from budgeting financial expenses by saving half of it to your savings account and half of it for emergencies. This way, you achieve your goals in savings and at the same time put in funds for emergency use.  It’s your choice.

Thursday, June 4, 2020

The Debt Fight – Ways Avoid Bankruptcy

It’s not hard to do.  One day you feel like you have all the money and financial security in the world.  And then it happened, maybe not too quickly either.  You may have had a family emergency, you may have been injured, you may even have got carried away over the years, and regardless it happened.

Debt can creep up on you and you may not be able to catch it until it’s too late.  Many think to themselves, “How did this happen?”  Well, the answer to that isn’t so easy to explain.  The average household is somewhere around $9000 in accumulated debt.  Sometimes, if anything, this debt can seem to be a huge emotional burden as well.  Debt can break families apart; debt can make it seem hopeless for any sort of a future.

There is a practice that anyone can start doing to avoid debt and bankruptcy.  Many people do not realize that debt can so easily be fixed and they can enjoy good credit again.  That is probably because there is no “easy” way.  For starters, even if you aren’t in debt, it is of utmost importance that you start to build a budget or financial plan.  This plan should involve goals for erasing your previous debt.  These goals should be time related and specific.  You must always have a plan to accomplish any goals in life.  

How does financial planning save you from debt?  Well, for starters, it is a plan to keep you from going deeper into debt.  Not only that, but you should also make a plan that you can “live” with that will slowly reduce your debt over time.  You may think of things to include in this plan such as keeping only one credit card.  This will keep you from paying annual fees and only pay the interest off of one single card instead of many.  Another idea to add to this plan could be to pay your credit card bills each at maybe twenty-five dollars over the minimum payment and to always pay ten days early.  These are practices that will not only help you get out of debt and avoid bankruptcy and worry, but they will also help build your credit score at the same time.

If you are to the point that you can’t even afford to do this, there are other financial options and institutions to help you with your debt problems such as debt consolidation and consumer credit counseling services.  Debt consolidation is the process of combining or “consolidating” all your debt into one single monthly payment at a lower interest rate.  You may want to also visit a debt negotiator who will work with the credit card companies to lower your actual owed balance.  Debt consolidation and debt negotiation are two basic options to avoid bankruptcy.  

Another option to avoid bankruptcy is Consumer Credit Counseling.  Consumer credit counseling is usually a non-profit consultation service by creditors that can work to help you get out of debt in numerous ways.  They will also be able to pull up your credit report and work to see just how you got into debt in the first place.  If you have a spending problem or budgeting problem, they may be able to offer solutions to help you fight debt and rebuild your credit.

Either way, you decide to fight debt it is always important to take action none the less.  Always start with a financial plan and that will give you an idea of what you need to do to stay debt-free.

Secrets of keeping to the family budget

  The high cost of living in today's society, wherever you may be, has made budgeting a priority among families.  Nothing is more import...