Here's a second tip: Be proactive about managing your credit. Call up your lender and ask it to lower your interest rate. Usually, lenders will lower callers' rates by 2% to 3%, says Scott Gamm, founder of HelpSaveMyDollars.com. Also check your credit report. You can check your credit for free at annualcreditreport.com, for example. If you see mistakes, contact the credit agencies and get those mistakes corrected. If errors are dragging down your score, eliminating them can boost it to where it belongs and make you eligible for better rates.
2. Think automation
Free online banking tools can make it easier to manage your finances with less work. To help grow your savings, for example, you can schedule regular transfers from your checking account. Manisha Thakor, author of Get Financially Naked: How to Talk Money With Your Honey, suggests setting up the transfer of a set amount of money into your savings account every pay day.
Also automate recurring bill payments so you never miss a due date or pay a late fee, which sends money down the drain. Even without late fees, timely payments are key: 35% of your credit score is based on your ability to make payments on time. If you sign up for automatic payments, however, make sure to check your monthly bills for errors. One other caveat: "Make sure you have enough cushion in your checking account to avoid any overdrafts" before setting up auto-payments, money coach Lora Sasiela says.
Best Mobile Personal Finance Tool?
Earlier this year we took a look at best money management web sites, but often, tracking money on-the-go is just as important. What's your favorite tool for managing your money on the go?
Photo by Erik Hersman.
Whether you're using a mobile-optimized web site or an application specific to the iOS, Android, BlackBerry, and so on, we want to hear from you. What mobile money management tool makes it easy to manage your money when you're away from your computer?
Hive Five nominations take place in the comments, where you post your favorite tool for the job. We get hundreds of comments, so to make your nomination clear, please include it at the top of your comment like so: VOTE: Mobile Personal Finance Tool. Please don't include your vote in a reply to another commenter. Instead, make your vote and reply separate comments. If you don't follow this format, we may not count your vote. To prevent tampering with the results, votes from first-time commenters may not be counted. After you've made your nomination, let us know what makes it stand out from the competition.
About the Hive Five: The Hive Five feature series asks readers to answer the most frequently asked question we get: "Which tool is the best?" Once a week we'll put out a call for contenders looking for the best solution to a certain problem, then YOU tell us your favorite tools to get the job done. Every weekend, we'll report back with the top five recommendations and give you a chance to vote on which is best. For an example, check out last week's Five Best Resources for Free Games.
Send an email to Jason Fitzpatrick, the author of this post, at jason@lifehacker.com.
robert shumake
John Roberts switches to FOX <b>News</b> | Inside TV | EW.com
John Roberts, the veteran newsman who co-hosted CNN's American Morning for three years, is joining the competition. “We are excited to welcome Jo...
Small Business <b>News</b>: Starting Your New Business In A New Year
Whether your starting a new business or rethinking an existing one, 2011 offers fresh possibilities and a new start. If you're launching a new business, there.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake detroit
John Roberts switches to FOX <b>News</b> | Inside TV | EW.com
John Roberts, the veteran newsman who co-hosted CNN's American Morning for three years, is joining the competition. “We are excited to welcome Jo...
Small Business <b>News</b>: Starting Your New Business In A New Year
Whether your starting a new business or rethinking an existing one, 2011 offers fresh possibilities and a new start. If you're launching a new business, there.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake
The theory is simple: "If you don't have the money, don't charge it. Try to leave your credit card at home and only use it to pay bills," advises April Lewis, director of education for Consolidated Credit Counseling Services. Then immediately pay off your credit-card balance. As for old credit-card debt, sit down and commit to paper a plan for paying them off. Go for a quick hit, like paying off the smallest balance first, or decide to take on the highest rate card first. Get the job done.
Here's a second tip: Be proactive about managing your credit. Call up your lender and ask it to lower your interest rate. Usually, lenders will lower callers' rates by 2% to 3%, says Scott Gamm, founder of HelpSaveMyDollars.com. Also check your credit report. You can check your credit for free at annualcreditreport.com, for example. If you see mistakes, contact the credit agencies and get those mistakes corrected. If errors are dragging down your score, eliminating them can boost it to where it belongs and make you eligible for better rates.
2. Think automation
Free online banking tools can make it easier to manage your finances with less work. To help grow your savings, for example, you can schedule regular transfers from your checking account. Manisha Thakor, author of Get Financially Naked: How to Talk Money With Your Honey, suggests setting up the transfer of a set amount of money into your savings account every pay day.
Also automate recurring bill payments so you never miss a due date or pay a late fee, which sends money down the drain. Even without late fees, timely payments are key: 35% of your credit score is based on your ability to make payments on time. If you sign up for automatic payments, however, make sure to check your monthly bills for errors. One other caveat: "Make sure you have enough cushion in your checking account to avoid any overdrafts" before setting up auto-payments, money coach Lora Sasiela says.
Best Mobile Personal Finance Tool?
Earlier this year we took a look at best money management web sites, but often, tracking money on-the-go is just as important. What's your favorite tool for managing your money on the go?
Photo by Erik Hersman.
Whether you're using a mobile-optimized web site or an application specific to the iOS, Android, BlackBerry, and so on, we want to hear from you. What mobile money management tool makes it easy to manage your money when you're away from your computer?
Hive Five nominations take place in the comments, where you post your favorite tool for the job. We get hundreds of comments, so to make your nomination clear, please include it at the top of your comment like so: VOTE: Mobile Personal Finance Tool. Please don't include your vote in a reply to another commenter. Instead, make your vote and reply separate comments. If you don't follow this format, we may not count your vote. To prevent tampering with the results, votes from first-time commenters may not be counted. After you've made your nomination, let us know what makes it stand out from the competition.
About the Hive Five: The Hive Five feature series asks readers to answer the most frequently asked question we get: "Which tool is the best?" Once a week we'll put out a call for contenders looking for the best solution to a certain problem, then YOU tell us your favorite tools to get the job done. Every weekend, we'll report back with the top five recommendations and give you a chance to vote on which is best. For an example, check out last week's Five Best Resources for Free Games.
Send an email to Jason Fitzpatrick, the author of this post, at jason@lifehacker.com.
robert shumake
robert shumake
John Roberts switches to FOX <b>News</b> | Inside TV | EW.com
John Roberts, the veteran newsman who co-hosted CNN's American Morning for three years, is joining the competition. “We are excited to welcome Jo...
Small Business <b>News</b>: Starting Your New Business In A New Year
Whether your starting a new business or rethinking an existing one, 2011 offers fresh possibilities and a new start. If you're launching a new business, there.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake
John Roberts switches to FOX <b>News</b> | Inside TV | EW.com
John Roberts, the veteran newsman who co-hosted CNN's American Morning for three years, is joining the competition. “We are excited to welcome Jo...
Small Business <b>News</b>: Starting Your New Business In A New Year
Whether your starting a new business or rethinking an existing one, 2011 offers fresh possibilities and a new start. If you're launching a new business, there.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake detroit
Debt solutions are a top priority for many Americans. The recession has forced many people to reassess their priorities and take control of personal finance. The only way to overcome mountains of debt is to develop a get out of debt plan and commit to sticking to it.
A variety of debt solutions exist. The type of strategy used depends on the types of debts involved. Debt relief can be obtained through household budgeting, credit counseling, debt consolidation, debt settlement, or personal bankruptcy.
Each option presents advantages and disadvantages. Not all options are available to everyone. For example, debt consolidation is usually reserved for property owners with accrued home equity. Some programs, such as credit counseling and debt settlement require debtors to pay fees for services rendered.
Debtors carrying minimal amounts of debt may find relief through household budgeting. This can be an effective way to get personal finances back on track, as long as debtors adhere to the plan. The only requirements of budgeting involve making a list of income vs. expenses. If expenses are more than income, debtors must find a way to increase income or reduce expenses.
People oftentimes do not realize how much money they waste. Nickel-and-dime expenses can quickly destroy a household budget and leave debtors wondering where their money has gone. An easy way to reveal spending habits is to track every penny spent for an entire month.
Consumers who use credit cards to cover the cost of living expenses and only pay minimum payments will be enslaved to credit card debt for eternity. Creating a workable budget can free up funds being spent elsewhere and allow debtors to pay off credit cards more quickly.
Debt consolidation is a strategy that allows property owners to use their real estate as collateral to secure a home equity loan. Some homeowners take out a second mortgage to pay off high interest loans, while others use a home equity line of credit (HELOC).
Transferring high-interest debts to a home equity loan can save borrowers a considerable amount in interest fees. Real estate loans are assessed between 5- and 18-percent less than credit cards or unsecured loans. However, using real estate as collateral can place the property at risk for foreclosure if borrowers default on loan terms.
Debt settlement is typically reserved for borrowers carrying $10,000 or more in debts. Debt settlers negotiate with creditors to reduce outstanding balances or interest rates. Consumers may first want to attempt creditor negotiations on their own. Creditors will sometimes accept less than the amount owed when debtors can provide lump sum cash payment and a reasonable payment plan.
Debtors who enlist the help of debt settlement companies are required to pay a start-up fee and monthly maintenance fee until debts are fully paid. There is no guarantee that debt settlers will be successful in creditor negotiations.
It is important to conduct due diligence before signing a debt settlement contract. Consumers should request a list of referrals and contact each of them. It is also important to understand fee structures and calculate the true cost of services. Debt settlement can be a costly debt solution if caution is not exercised.
Credit counseling can be a good option for debtors struggling to make ends meet. Credit counselors can review finances and offer advice regarding the most suitable debt solution. Individuals can locate credit counselors via phone directories, online search, or through the Trustee Program offered through the U.S. Department of Justice.
Regaining control of debt may seem impossible, but can be accomplished with the right resources and tools. Take time to research available debt relief options to determine which is best suited for your needs. Then make a plan to eradicate debt once and for all.
Sources:
Trustee Program Credit Counselors
robert shumake
John Roberts switches to FOX <b>News</b> | Inside TV | EW.com
John Roberts, the veteran newsman who co-hosted CNN's American Morning for three years, is joining the competition. “We are excited to welcome Jo...
Small Business <b>News</b>: Starting Your New Business In A New Year
Whether your starting a new business or rethinking an existing one, 2011 offers fresh possibilities and a new start. If you're launching a new business, there.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake detroit
robert shumake
The theory is simple: "If you don't have the money, don't charge it. Try to leave your credit card at home and only use it to pay bills," advises April Lewis, director of education for Consolidated Credit Counseling Services. Then immediately pay off your credit-card balance. As for old credit-card debt, sit down and commit to paper a plan for paying them off. Go for a quick hit, like paying off the smallest balance first, or decide to take on the highest rate card first. Get the job done.
Here's a second tip: Be proactive about managing your credit. Call up your lender and ask it to lower your interest rate. Usually, lenders will lower callers' rates by 2% to 3%, says Scott Gamm, founder of HelpSaveMyDollars.com. Also check your credit report. You can check your credit for free at annualcreditreport.com, for example. If you see mistakes, contact the credit agencies and get those mistakes corrected. If errors are dragging down your score, eliminating them can boost it to where it belongs and make you eligible for better rates.
2. Think automation
Free online banking tools can make it easier to manage your finances with less work. To help grow your savings, for example, you can schedule regular transfers from your checking account. Manisha Thakor, author of Get Financially Naked: How to Talk Money With Your Honey, suggests setting up the transfer of a set amount of money into your savings account every pay day.
Also automate recurring bill payments so you never miss a due date or pay a late fee, which sends money down the drain. Even without late fees, timely payments are key: 35% of your credit score is based on your ability to make payments on time. If you sign up for automatic payments, however, make sure to check your monthly bills for errors. One other caveat: "Make sure you have enough cushion in your checking account to avoid any overdrafts" before setting up auto-payments, money coach Lora Sasiela says.
Best Mobile Personal Finance Tool?
Earlier this year we took a look at best money management web sites, but often, tracking money on-the-go is just as important. What's your favorite tool for managing your money on the go?
Photo by Erik Hersman.
Whether you're using a mobile-optimized web site or an application specific to the iOS, Android, BlackBerry, and so on, we want to hear from you. What mobile money management tool makes it easy to manage your money when you're away from your computer?
Hive Five nominations take place in the comments, where you post your favorite tool for the job. We get hundreds of comments, so to make your nomination clear, please include it at the top of your comment like so: VOTE: Mobile Personal Finance Tool. Please don't include your vote in a reply to another commenter. Instead, make your vote and reply separate comments. If you don't follow this format, we may not count your vote. To prevent tampering with the results, votes from first-time commenters may not be counted. After you've made your nomination, let us know what makes it stand out from the competition.
About the Hive Five: The Hive Five feature series asks readers to answer the most frequently asked question we get: "Which tool is the best?" Once a week we'll put out a call for contenders looking for the best solution to a certain problem, then YOU tell us your favorite tools to get the job done. Every weekend, we'll report back with the top five recommendations and give you a chance to vote on which is best. For an example, check out last week's Five Best Resources for Free Games.
Send an email to Jason Fitzpatrick, the author of this post, at jason@lifehacker.com.
robert shumake detroit
John Roberts switches to FOX <b>News</b> | Inside TV | EW.com
John Roberts, the veteran newsman who co-hosted CNN's American Morning for three years, is joining the competition. “We are excited to welcome Jo...
Small Business <b>News</b>: Starting Your New Business In A New Year
Whether your starting a new business or rethinking an existing one, 2011 offers fresh possibilities and a new start. If you're launching a new business, there.
Mike Max's <b>News</b> And Notes « CBS Minnesota – <b>News</b>, Sports, Weather <b>...</b>
In this week's News and Notes, a celebrity spotting at a Timberwolves game and what's ahead for the Vikes during their off season.
robert shumake detroit
robert shumake
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