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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of your Money!!!
Posted: 12/21/2006 9:26:26 PM | Hello everyone.
I thought with Christmas coming up and a lot of people relying on credit cards to buy gifts they can't really afford and with a lot of people who already have a lot of credit card bills and are tryig to figure out ways to get rid of them, anyone with some helpful advice could post it here to help those who want to be debt free once again, and also, start saving money for their future.
So, If anyone has any advice, tips, ideals, info, etc... for getting out of debt and on saving for the future, feel free to post it here. | |
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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of your Money!!!
Posted: 12/21/2006 10:30:11 PM | Make yourself a budget and figure out what you owe on your credit cards and pay them off, make sure what is coming in is more than what is going out, as far as your finances. I don't know about your spending habits, but look around before making purchases and see if you can find items at a lower price elsewhere.
As for investing your money you want safe investments at this point, until everything is settled, so consider mutual funds, which allow you diversity,also look into ING bank they give you a fairly decent interest rate on their savings accounts.
Good luck with everything | |
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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of your Money!!!
Posted: 12/22/2006 7:35:48 AM | If you have multiple credit cards keep one for emergencies and get rid of the rest. You can also call the credit card company and see if they will forgive all or some of the interest that has built up on the cards. This in and of itself can relieve alot of cc debt.
When you make your payments always try to pay at least double the minimum payment. You can also pay on a weekly or biweekly basis instead of monthly. This is a good idea especially if you are the type of person who has to spend every last cent you have 'left over' after the bill paying.
I assume if someone is in debt and is worrying about it they are putting out more money than they make so cutting corners is a necessity. If you go out to eat or order in it's a good idea to stop. If you have cable or dish with all of the bells and whistles go for a smaller package or get rid of it all together. Or any type of service that is more than you need. If you part of the rent to own family for household appliances and furniture send them back and opt for something you can afford to buy outright-and not on a credit card. If you don't want to get rid of your nice stuff then pay the balance off on what you owe. When you do this they take like 40% off, I believe. It may seem like a big outlay but you won't be saddled with weekly/monthly payments.
Walk instead of driving whenever possible to save on gas. Another things about cars, when they break down it can be expensive to fix. Regular maintence will save you money in the long run.
Implementing these things should help get out of debt. | |
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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of you
Posted: 12/22/2006 7:48:44 AM | I have found a simply four-word solution to your quandary;
Live Below Your Means.
I have lived without credit cards for over 15 years.
I have never bought a new car, despite the "no interest" payment plans offered as incentives.
If I cannot afford to buy it with cash up front, I do without.
Most of my home entertainment system was purchased at 2nd hand stores.
Most of my furnishings were acquired the same way.
I have one debt in my life, and that's my mortgage, and even that is below my means.
I shopped for houses until I found a repo (3 bedroom, garage, huge yard), and negotiated the price down to the point where my mortgage AND all my utility bills/propertytaxes/etc cost less than renting a decent 2 bedroom apartment.
Don't try keep up with the Joneses. It'll make you crazy.
Live life as though your income were 25% lower than it really is, and you'll save yourself an ulcer. | |
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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of you
Posted: 12/22/2006 12:04:17 PM | Now come on now,how in the hell is joining a labor union going to help folks that dont have a clue of how to budget their money? The problem is usually not income,it`s knowledge of how to manage money.This is the basic reason that the majority of folks use their houses as ATM machines.They run up a bunch of credit card debt{any able bodied consumer can qualify for the pay later system,regardless of budget}and a couple years later refinance their biggest asset{spelled...HOUSE..}and take out some more equity to pay off past gizmos,and of course buy some more gizmos}.The housing market in this country is a substantial part of the trickle down effect of consumerism,and make no mistake about it,the ability to borrow ones equity from a major asset helps folks to continue this cycle.The fact that the B.K. laws were substantially changed in the U.S. in 2005 makes me believe that creditors can see see the hand-writing on the wall in terms of spending getting out of hand.No longer under the new B.K. laws will debtors be able to wipe away their debts like they did before.Combine this effect with the possible recession next year and you have a nasty lesson on economics coming in the future.So those folks who cant control their spending need to get their house in order and pay off all this frivolous consumer debt and tear up the damm credit cards.
I have scissors on special this week...... 
PS ...as far as savings and investment,get your spending under control and you will find it`s fairly simple to save money.What to invest in?....Remember the famous saying of Will Rogers...{I`m more concerned with the RETURN of my money,then I am with the return on my money}
Think of saftey..this becomes more important as we age. | |
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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of your Money!!!
Posted: 12/23/2006 1:01:49 AM | 1. Consolidate all credit cards and put it on the lowest interest.
2. Put your money in a 401k or roth ira even if its just a little bit.
Getting out of debt is a no-brainer i can give plenty of advice but its more disapline.
I remember the days when I had plenty of debt on credit cards and paying on a mobile home. I know I don't live in a fancy 200,000 dollar house but can tell ya I don't have any debt of any kind not even a house payment. I have a 401k now goin on 11 years and also a savings account and a checkings account. Its all about doing small stuff that saves you money in the long run.
Here some tips.
1. Invest in a 401k even if its a small portion. There is also tax credit on 401k investors with low income bracket. For example if you are married and the total income for the family is under 29,999 you will get 50 percent back of what you put in. So if you invest 2000 dollars and the house hold income is under 30,000 thats a 1,000 dollar tax credit added to your tax refund.
2. Eat cheap, believe it or not plenty of people just have no clue what they spend on food because a lot of people now days just eating out and not paying attention how much they will waste over time. You can save 2 dollars a day just budgeting yourself in this area.
3. Buy a reliable but newly used car for under 5,000. A very cheap car than runs about 1,000 to 1,500 will need about 2,500 to 3,000 in repairs so you better off just paying a few extra 1,000's off the bat for a car thats about 5,000.
4. Buy a used ridin lawnmower for a few hundred bucks than a newer but a push mower. A ridin lawnmower will save lots of time and get the job done 4 times as fast than a push mower. This will also elimates paying others to cut your yard.
5. If you one of those types that pays 2 bucks a week at a car wash to vacuum your car out, do yourself a favor and buy a cheap 20 dollar shop vac at walmart.
6. If you got natural gas get rid of it, I know some people pay around 400 dollars a month this time of year.
7. Finally if you are married and your spouse spends too much money just jack slap the crap out of him. | |
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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of you
Posted: 12/26/2006 11:37:28 AM |
packleader
Now come on now,how in the hell is joining a labor union going to help folks that dont have a clue of how to budget their money? The problem is usually not income,it`s knowledge of how to manage money.
Ah, but for the majority of struggling working-class Americans it isn't a matter of not knowing how to manage money; it's the declining real value of wages, rising interest rates on debt, falling interest rates on bank accounts, greater-than-reported inflation of the prices of just about everything in a family's budget, (can you name one thing whose price is rising more slowly than the official Consumer Price Index rate?) reduced/eliminated fringe benefits at work, (pensions have become 401(k) accounts and medical/dental insurance has been eliminated) more people working temp/contract jobs with their frequent layoffs, and often, accident, illness or other disaster.
No amount of money-management skill is going to compensate for simply not getting a living wage. Read Nickel and Dimed: On (Not) Getting By in America by Barbara Ehrenreich for a clue.
In addition to the obvious ability to collectively bargain for a living wage, most large labor unions also offer a variety of fringe benefits of their own – credit unions, legal assistance; accounting, tax & budgeting assistance, bereavement assistance, mortgages, scholarships and a host of others. | |
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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of your Money!!!
Posted: 12/26/2006 9:39:30 PM | DISCIPLINE, DISCIPLINE, DISCIPLINE. If you don't have this, you' re wasting your time!
Line up all your credit cards by highest interest to lowest interest. Pay minimum payments on every card except the highest interest. Pay as much as you can on this one. Once it is paid off, keep doing this until they are all paid off.
Get a part time job where all $ goes directly to your credit cards. It may be only 100$ a week but with the interest you save, you are doubling your money/ eliminating your debt.
If you are paying into rrsp's, the average return is 10-12 % (yes i know some are better) if you credit card interest is higher then that, put the money on your credit cards instead. But top up your rrsp's once you have finished paying your debt.
Eliminate "sins" spending such as Cigarettes, pot, booze and eating out.
Carpool.
Take lunches to work instead of buying lunch.
Find activites to do that are free such as "walking", hiking, biking, hell even screwing! | |
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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of you
Posted: 1/4/2007 12:39:24 PM | For Canadians...look at using RSP contribution room to generate a tax refund which in turn can be used to pay down or pay off high interest debt.
If someone has a cc which has 3 or 4 thousand owing costing a couple hundred a month to service...Look at taking out an RSP loan. 10K borrowed and invested in a RSP would generate a $4,000 refund for someone in a 40% tax bracket. The $4,000 could then be used to eliminate the CC debt, while the $10,000 grows tax deferred inside the RSP.
Some people are averse to borrowing for investment purposes however. An interesting way to look upon it though is to compare an investment loan with a car loan. Both are actually investment loans.....the only thing is that with a car loan, the "investment", (the vehicle) is almost 100% gaurenteed to drop substantially in value. | |
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yna6
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Joined: 5/2/2004
Msg: 16 | |
| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of you
Posted: 1/4/2007 2:08:45 PM | just don't pay taxes. Use that money for yourself in a 6 month investment plan, then pay it off.
If you pay workmens Comp, tell the employer (or union) you want wage insurance for when you become injured at work. Seems comp won't pay you all the time...and long term is almost impossible to get.
Definitely live below your means.
Put away 5 cents from every dollar you make. Use a piggy bank for your change! Make sure it is not a clear one....use one that you can't see into...save those loonies!
Stop being so fashion concious. There is an artificial market if there ever was one. no need to be in "high style", when you can have your own style! Do you really want to be a sheeple, and dress like everyone else? You know best what looks good on you...don't let some fashion plate tell you different.
Get the extra insurance on appliances and cars. Or even some repairs...like a muffler that "lasts the life of your car!", and use those policies.
Don't be afraid to shop around for insurance, even if your current agent is your best buddy.
You were making it without that raise....so if you do get one, bank it for a year. then start living with it. | |
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| Leave advice on getting out of Debt, paying off Credit Card bills, Saving and Investing more of your Money!!!
Posted: 1/6/2007 4:39:46 PM | Sit down with your bills and figure out exactly where you are financially.
Get organized.....
Look at your credit cards and figure out how much interest you are paying on each card.
Maybe you could put most of the debt onto cards with lower interest rates.
Call the credit card companies and ask them for help. They are almost always willing to work with you. Sometimes they will lower the amount you owe. Sometimes they will lower your interest rate.
Try to find someone you trust to go over your budget with you.
Just talking it over, you may see ways to live cheaper.
See how much is coming in each month, then see how much is going out each month.
Are you spending more than you are earning?
If you can't find someone you can trust to help you, you may want to consult a financial planner. This can be very helpful. They can help you with your problems right now. They can also help you plan for your future.
I promise, once you start to figure out where you are financially, you will be able to find a way to live that will be exciting for you. You will get a new lease on life. | |
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