Archive for December, 2006

Hints to turn your expenses into investments

Its a bit of a twist on the old game but if you pay 10% more than you regular bill balance per month than in approx 7 months you will be one month ahead and in a Credit balance situation. If effect your creditors (utilities, cel providers, cable etc) will owe you money you over paid… Cool eh? You are now a customer that they would love to keep and will do as much with their corporate power to do so. Only about 10% of consumer maintain credit balances. 30% or so are current and the rest are behind at least one month. With establishing an expense plan and adjusting some expenses like lunchs, fast food, coffees, alcohol or tobacco to over pay others (the ones with late fees and reconnection charges) than away you go.

 

Example: A $100.00 bill on a regular basis could be paid at $110.00 (only 10%) for 7 months the actual balance owed each month declines to next to nothing keep going til you get a month ahead.

 

For a run down of the math please contact us.

 

 

 

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Christmas and the Grinch that stole my paycheck in January

Ho Ho Ho and happy debt we owe!..  We can get around debt but not too far around.. We buy it we got to pay for it… Some how some way but nonetheless its our Grinch to play with…  The biggest month for Bankruptcy and Insolvency problems is February… The emotional drain on the system to “give the kids what they want”, Beat the Jones’ Have the best Christmas ever! is only in our heads and supported by our egos. We have only so much money and so much credit to go around.. Look at whom, what and why before you buy?  (In the writers opinion) Put a limit on spending and a way to do this is to use the simple term  ” Yes, with conditions”  Yes you may have this gift… the condition is a “B” average midterm… Ya I know… Christmas is for giving… ok…. Give initiative, incentive, caring and consideration… Again only the writers opinion.

 

 

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Save your credit with automatic payments

A great way to make sure you don’t miss any payments is to set up your bills to be paid automatically through your bank. Most utilities, cable companies, and phone companies offer this payment option, and it’s a great way to make sure you don’t miss any payments.

Making all of your payments on time is very important, because late payments can have a negative effect on your credit score.

If you don’t want an automatic payment, it is also possible to pay your bills on-line, on the date due. For example, if your hydro bill is due on the 20th of this month, set up your on-line banking to pay the bill on the 20th of this month. Your payment is made on time, but the money stays in your account until the exact due date, so you may earn some extra interest.

Be careful with this, however, because if you’re not monitoring your account regularly, you could find yourself becoming overdrawn and hit with multiple overdraft fees from your bank.

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Credit Counselors Offer Advice to Avoid Debt This Christmas

The editors of credit-counselling.org have completed a survey of credit counselors, and we have compiled their top tips for avoiding debt this Christmas:

  • Before you go to the mall, make a list of who you are buying for, and what you will spend and stick to it. Impulse buying is the number one cause of excessive spending at Christmas.
  • Put some effort into your gifts. By thinking ahead, you may find that homemade gifts, pictures, or crafts are the best gifts, and often the least expensive.
  • Leave your credit cards at home. People who use credit cards spend more than people who pay by cash or debit card, because credit cards don’t feel like real money.
  • Don’t forget to include in your budget the extras, like gift wrap, shipping, and cards. As a bonus tip, stock up on all of these items after the holidays to save money next year.
  • Shop early. Waiting until the last minute makes it very hard to plan ahead.
  • Shop on the internet. Many web sites allow you to comparison shop, and they are a great source of ideas.
  • Consider a gift pool with your relatives. Instead of buying for everyone, put everyone’s name into a hat, and just buy one gift for the person you get.

The holidays are supposed to be fun, so plan early, and make the holiday season enjoyable for all.

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