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Steps for Eliminating Credit Card Debt
Author: conzilla.info, Category: Credit, Personal Finance
- First, list each of your credit cards. You’ll want to include the outstanding balance, interest rate, and minimum payment. This information can easily be found on your last monthly statement.
- Order the cards on the list so that the credit card with the highest interest rate is at the top, and the lowest is at the bottom.
- Total the minimum payments.
- The total monthly minimum is your absolute lowest monthly payment, but remember, we want to pay more than the minimum in order to repay the debt quickly. So, take a look at your budget and see how much extra you can come up with each month in addition to the minimum. Whether it’s an extra $20 a month or $100, every little bit helps.
- As your payments come due, pay the minimum on each card except for the one at the top of your list. Remember, that one has the highest interest rate and it costing you the most money by maintaining a balance. So whatever additional money you budgeted in the previous step, apply that to that card.
- Continue this process until the first card is paid off. When that card is paid off, continue with the minimum payments on the other cards, but now take the amount you were paying on the first card in addition to the minimum payment and apply it to the second card on your list.
- Repeat this process until all cards are paid off.
Steps for Creating Budget
Author: conzilla.info, Category: Personal Finance
- Gather every financial statement you can. This includes bank statements, investment accounts, recent utility bills and any information regarding a source of income or expense. The key for this process is to create a monthly average so the more information you can dig up the better.
- Record all of your sources of income. If you are self-employed or have any outside sources of income be sure to record these as well. If your income is in the form of a regular paycheck where taxes are automatically deducted then using the net income, or take home pay, amount is fine. Record this total income as a monthly amount.
- Create a list of monthly expenses. Write down a list of all the expected expenses you plan on incurring over the course of a month. This includes a mortgage payment, car payments, auto insurance, groceries, utilities, entertainment, dry cleaning, auto insurance, retirement or college savings and essentially everything you spend money on.
- Break expenses into two categories: fixed and variable. Fixed expenses are those that stay relatively the same each month and are required parts of your way of living. They included expenses such as your mortgage or rent, car payments, cable and/or internet service, trash pickup, credit card payments and so on. These expenses for the most part are essential yet not likely to change in the budget.
Variable expenses are the type that will change from month to month and include items such as groceries, gasoline, entertainment, eating out and gifts to name a few. This category will be important when making adjustments.
- Total your monthly income and monthly expenses. If your end result shows more income than expenses you are off to a good start. This means you can prioritize this excess to areas of your budget such as retirement savings or paying more on credit cards to eliminate that debt faster. If you are showing a higher expense column than income it means some changes will have to be made.
- Make adjustments to expenses. If you have accurately identified and listed all of your expenses the ultimate goal would be to have your income and expense columns to be equal. This means all of your income is accounted for and budgeted for a specific expense.
If you are in a situation where expenses are higher than income you should look at your variable expenses to find areas to cut. Since these expenses are typically essential it should be easy to shave a few dollars in a few areas to bring you closer to your income.
- Review your budget monthly. It is important to review your budget on a regular basis to make sure you are staying on track. After the first month take a minute to sit down and compare the actual expenses versus what you had created in the budget. This will show you where you did well and where you may need to improve.
The Basics of Financial Planning
Author: conzilla.info, Category: Personal Finance
Financial planning covers a wide variety of money topics including budgeting, expenses, debt, saving, retirement and insurance among others. Understanding how each of these topics work together and affect each other is important for laying the groundwork for a solid financial foundation for you and your family.
Budgeting. When you create a budget, you begin to see a clear picture of how much money you have, what you spend it on, and how much, if any is left over. When you can clearly see where your money is going, you can then budget appropriately so your money is going where it should.
Cutting Expenses. After you have successfully created a budget, you’ll have a much better understanding of where your money goes and where you can possibly trim expenses. For many people, this is as simple as cutting back on some of the little things that can add up.
Getting Out of Debt. One of the most important steps in getting out of debt is to pay more than the minimum amount due each month. Even a modest credit card balance can take over a decade to pay off if you simply pay the minimum amount due.
You Need a Budget (YNAB) - Personal Finance Software
Author: conzilla.info, Category: Personal Finance
Praised across the internet as hands-down the “best budgeting software”, You Need A Budget (YNAB) cuts to the chase with your finances. The software focuses you on the foundation of your finances: the Budget. Experience has shown that when your budget is intact, and functioning correctly, everything else takes care of itself (the bills are paid…
It was very simple and easy to install don’t even need internet for that. The only confusing part to me was creating a split bill, other than that you simply put down your income and expenses and budget them into categories that you can monitor to understand how much your spending and where your money is going. This software has a unique feature that you won’t find in other software the theme is to budget a certain…
Money Doesn’t Grow On Trees: A Parent’s Guide to Raising Financially Responsible Children
Author: conzilla.info, Category: Personal Finance
Are you worried about your children’s financial future? Then whatever their ages, now is the time to teach them the money skills they will need every day of their lives.
Neale S. Godfrey is not only an expert in family finance but also a parent who puts her advice to work in her own home. Chairman of the Children’s Financial Network, mother of two, and a frequent commentator on national television, Godfrey has designed a unique program for kids — from those as young as three to those in their teens — that teaches them how to earn, save, and spend money wisely while it lets parents clearly communicate their family’s values. Using age-appropriate exercises and concrete examples, Godfrey shows parents how to deal with a variety of tough situations such as:
- Your teenage daughter desperately wants a $75.00 pair of designer jeans and there’s only money in the budget for a moderately priced pair. Do you give her the money?
- Your five-year-old wants an allowance. Should he get it if he doesn’t do his chores?
- Your daughter’s best friend is going to Florida on vacation. How do you explain why your family can’t go?
- What and why do you kids need to know about your finances?
For parents who want to teach their kids the value of money and personal values, there’s no better guide than Money Doesn’t Grow On Trees.
Kids’ Allowances - How Much, How Often & How Come, A Guide for Parents (includes Allowance Workbook)
Author: conzilla.info, Category: Personal Finance
$3? $5? $10? How much Allowance is right for your child? Do you give them what their friends get? However much they ask for? Or, do you simply pick a number, any number? Fortunately, there is a better way. And you will find it spelled out in a simple and easy to follow manner in Kids’ Allowances - How Much, How Often & How Come, A Guide For Parents.
In this book: * Hundreds of parents share how they come up with the Allowance amount. * Thousands of parents tell how much Allowance they give. * The nation’s leading experts make their recommendations. * David McCurrach brings together the best ideas from parents, experts and his own experience as he lays out the easiest and most effective Allowance program ever. After that, The Allowance Workbook For Kids and Their Parents helps you implement the program presented in Kids’ Allowances. With the Workbook, you customize your Allowance program to reflect your child’s needs and your own personal values. With twenty-five years in the financial services industry, five kids, three grandkids, input from thousands of other parents, hundreds of hours of in-depth research and untold numbers of discussions and correspondence with parents and other authorities in the field, David McCurrach has developed a unique perspective on helping kids learn about money management and develop financial responsibility through an effective Allowance program. All these thoughts and experiences are capsulated in this book. Read the book, work the Workbook, visit Kids’ Money on the Internet at kidsmoney.org, shop Kids’ Money Store at kidsmoneystore.com. Join the tens of thousands of other parents and kids that have already benefited from this valuable experience.
The Money Book for the Young, Fabulous & Broke - by Suze Orman
Author: conzilla.info, Category: Personal Finance
If you are tired of struggling to make ends meet but don’t know a 401(k) from Special K, this book is for you. Aimed specifically at “Generation Broke”–those in their twenties and thirties who are working yet buried in credit card debt and student loans–this user-friendly guide offers a clear introduction to practical investing and money management techniques that can turn even a dismal financial situation around. Bestselling author Suze Orman has a knack for taking the fear out of money matters, and in The Money Book for the Young, Fabulous &: Broke, she shows readers how to set priorities and achieve goals, whether it is to buy a house or save for retirement or pay for a child’s education. She also offers inspiration to readers to face their financial problems and get started on a solution. After all, there is good news: young people still have the time to correct problems so that they will never be broke again. Readers who find terms such as diversification and IRA rollover scary–or worse, unimportant–will learn much from this book.
In these pages, Orman clearly and succinctly explains what a FICO score is and why it’s so important, offers the lowdown on stocks and mutual funds, provides career advice, and offers lots of tips on dealing with student loan debt, saving money even when times are tight, debt consolidation strategies, and the safest way for newlyweds to merge their finances. She also offers information on credit cards, including why canceling cards is not a good idea, when it makes sense to use them, and the best strategies for paying them off. It may not be the only money book you’ll ever need, but it’s an excellent place to start. –Shawn Carkonen
Credit Card Tips Etc
Author: conzilla.info, Category: Personal Finance
If you are denied a credit card, the company who denied you is required to tell you the name, address and phone number of the company who they received the credit report from. You can notify this company within 30 days of receiving your denial notice in order to see what is affecting your credit.
The higher your credit score the more risk you are to lenders. With a low credit score most will consider you a bad risk therefore will not generally approve you for a credit card or loan. If you have a bad credit history there are a few things you can do to right this burden. The more you use these cards and the more you pay back, your score will eventually go up. It will take time and patience, but eventually lenders will consider you a good risk for loans and credit cards alike. Secured credit cards from your bank is also another way of helping your credit. With a secured card you are going to give the card company your bank account number and they will give you a line of credit.
In general anyone that is that is over 18 and with a good income or a good credit history can get a credit card. Every credit card company has different policy’s on who they will accept for their credit cards. Some credit card company’s charge an annual fee and some do not. Also some company’s may charge this fee on certain cards they provide. When looking for a credit card you will see APR alot, this means annual percentage rate. This is measure by the cost of credit which is a yearly interest rate. Generally this will fluctuate from year to year. Most of the credit card companies provide different incentives or rewards programs for choosing a credit card. Some have gas cards, some have cash back and quite a few have frequent flyer miles. Its up to you to do your best in searching, comparing and applying for these credit cards. Find one that will best suit your spending habits and needs.