Category Archives for "Spend"

5 Ways To Successfully Fail At Personal Finance

Guest post by Jonny Pean

Financial failureSo you are an acclaimed spendthrift and saving is just not in your genes. A shopkeeper’s favorite customer, your savings account is always in a dry spell and sales exhaust your paycheck. If you feel that you possess any of the described symptoms, then I must congratulate you; after all, you have the potential of becoming the next financial disaster. Here in this article we have discussed five ways which will surely turn you bankrupt:

  1. Throw a party after every paycheck: Who doesn’t love parties? If you are a hardcore party animal who can’t resist to party on the first of every month then it’s a frank warning that you are heading towards your financial doomsday. We all have temptations and window shopping is certainly de-stressing but an unhappy fact of life is that the mall is not the only place to spend your salary. Those who take this advice have enough savings for rainy days while others face a bleak future.
  2. Make deals with family and friends: It is very true that blood is thicker than water but even truer is the fact that money rules the roost. Doing deals with friends and relatives not only puts your relations in danger but is also very draining for your finances.
  3. Fall in love with EMI: If EMI, or equated monthly installments, tops your budget planning and taking loans is your second nature then probably you are the worst financial planner alive. Taking a loan might be necessary but is not to be cultivated into a habit.  Instead of using your credit card or debit card, start using real money. Start saving your funds and use them instead of borrowing money. This will not only be a wise decision but will also guarantee you a safe future.
  4. Be a guarantor for your friends: Friends are special but cosigning a loan for every second friend is not that special. Being a guarantor means added responsibility, however trustworthy your friend might be.
  5. Do not plan for your retirement: You are just thirty and retirement is ages away. Planning a retirement fund is certainly not on your priority list but a day will come when you will have to face this day. Not having sufficient funds in your old days might present you with all new problems which you cannot imagine now.

Since you now know the debacles of a financial failure, be wise enough to avoid them. Check out the articles on Jonny Pean's personal finance blog at financewand.com.

Planning for a Wedding and a Happily Ever After

With wedding season around the corner, many couples will soon take a financial “plunge” together. But before signing a lease, mortgage or marriage license, stop to think about how well you know your significant other, financially. For example, is he/she in debt? How about long-term financial goals?

FICO, the leading credit score provider, shares these tips to help couples get ready for the big day: 

1)     Be honest, discuss finances with your partner – People tend to steer clear from discussing finances – but your partner’s financial burdens will affect your credit if you help out with their debts and obligations. After you marry, you may keep some assets to yourself; however, everything you acquire together will be merged.

2)     Good debt vs. Bad debt – For certain things, going into debt is worth it. Discuss what you’re willing to sacrifice with your partner early and set financial goals to fund each of these decisions. For example: Are you willing to put your kids through private school, even if you have to take out a loan to do it? How important is getting a new car, when finances are tight? Set a budget and identify common goals that work for you both before you accrue any debt.

3)     Bills, bills, bills – Before the wedding, map out a plan and decide who will pay for what or if you plan to share these responsibilities. People with a long history of paying their bills on time are expected by lenders to continue their good payment pattern, and will be more willing to obtain credit in the future. Late payments are one of the most common ways in which your score will be affected negatively.

4)     Don’t run up debt when planning the big day – Buying lavish seat covers and trucks full of flowers is easy, but paying them off years later is no honeymoon. Spend within your means; if you have a lot of debt, adding more debt or maxing out your credit cards will hurt your FICO score, making it harder to get a loan on big ticket items later (a home or a car, for example).

5)     Apartment, condo or house? Discuss home buying before marriage; timeline, size, price point, and financing should be agreed upon BEFORE visiting any open house. This talk may also spark conversation of each of your financial standings and credit scores.

If you would like to learn more about how FICO can help keep you in top credit shape, please visit myFICO.com or contact me via the below information.

Health Care Reform Law FACTS: Debunking the Myths

The recent health care reform law has had many myths, lies, and misleading characterizations floated. I've seen emails, websites, and newspaper articles filled with inaccuracies. Here's a piece that dispels many of the myths about health care reform.

Health care costs are a large component of each of our yearly expenditures. It's important to know how this new law might affect you.

We’ve seldom seen a piece of legislation so widely misrepresented, and misunderstood, as the new health care law. We stopped counting the number of articles and items we turned out on the subject after the total reached 100.

Read the entire post for a great detailed breakdown that dispels many myths about the health care reform bill signed into law by President Obama.

More Malarkey About Health Care | FactCheck.org

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Moving Beyond the Holiday Hangover

Guest Post by Christian Gordun

The holiday hangover is not over yet – most of us still have a stack of holiday shopping bills piled up on our coffee tables or desks to deal with. In a recent post, we addressed one way people can rebound from the holidays and start anew this year, but just like any hangover, the ultimate cure involves more than just one simple trick.

Let’s take a look at some reasons why shoppers often end up with a massive debt headache and arm you with some simple but effective money-saving tips that will help you stick to your budget and avoid the infamous holiday shopping hangover.

The Cause

During the holiday season, shoppers are often rushed to check off all the items on their list and will forgo some of the easiest ways to save money such as checking out competitive prices or using coupons. As they get caught up in the holiday buying frenzy, many are forced to make impulsive purchases while last-minute shopping at stores, instead of researching different options online. The holiday rush causes consumers to forget how much they are spending and rack up massive credit card debt, which has shoppers making New Year’s spending resolutions they know they’ll never keep.

 

The Cure

Instead of making all those impossible resolutions, we’re going to let you all in on a little secret that will leave you debt-free after every holiday shopping season: you never have to pay full price for anything again! As a result of the recession, more retailers than ever are giving you the chance to save money via online coupon codes and deals. It’s simple, just follow these rules:

  1. Go Online: Stop printing and start clicking! If you come across an invalid coupon, it’s easier to find a replacement when you’re shopping online rather than when you’re at a store.
  2. Think Outside the Grocery Cart: Step away from the idea that coupons should only be used to buy groceries. There are coupon codes for almost every item that you can buy online – from magazine subscriptions to electronics and flowers.
  3. Time it Right: The best online deals are offered three times a month: the very beginning, the very middle and the very end. Online stores post fresh coupons the 1st-3rd of the month, the 14-16th, and the 28th through the end of the month.
  4. Avoid Shared Coupons: Avoid using sites that let users post coupons because the likelihood they will be faulty or expired is much higher. Instead use sites which ONLY post coupons that are approved by the retailer.

Coupon Craze is an online coupon code and deal site that will help you follow these coupon commandments. Like we said last time, if you’re hungover, you take aspirin, have a greasy breakfast, get hydrated and sometimes swear that you’ll never do that again! Treat a financial hangover the same way. Create a budget and then stick to it by using online coupons.

Are you ready to make online coupons a part of your shopping routine? Let us know!

 

About the Author

Christian Gordun is the founder and CEO of Coupon Craze, a free consumer resource with online coupon codes and deals from over 10,000 retailers. He founded the company in 2000 as a hobby, and prior to taking it on fulltime, spent five years as a senior programmer and technical project manager. He received his master’s degree from London Business School in 2008.

Repost: ID Theft

ID TheftI stumbled across this ID Theft article today and thought I'd pass it along. I've written about ID theft before, but this serves as a good reminder.

It's interesting to note that most ID theft does not occur online; rather, it's in the physical world. Things like discarded mail, stealing your credit card info, and stealing your wallet. Sad but true.

If you're really concerned about online ID theft, get a really good security program like Trend Micro Internet Security Pro and a password manager like LastPass or RoboForm. Anonymizer is a good program for covering your online tracks.

For the most comprehensive ID theft prevention available, check out LifeLock.

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