Personal Finance: Tightening Your Belt

With the recession drawing itself out and no sign of a full recovery insight, individuals everywhere are finding themselves in a position where they need to cut personal spending. Perhaps you were laid off from your job, and are currently unemployed. Maybe your investments in the stock market have been losing money. Or it’s possible that you have a job and healthy investments, but that neither is returning as much as they used to.

In this sense, for whatever reason, it is important for many of us to cut spending. While it usually isn’t too difficult to forgo the purchase of an expensive car for a cheaper one, or to trade the planned vacation to Guam in exchange for a road trip, it’s more challenging to cut expenses that we already have and are used to. Here are a few ideas of things to cut:

Your Cell Phone Bill
Do you really need to own the hottest new phone with an unlimited data plan? For most of us, the answer is a pretty definitive “no.” Instead of being weighed down by expensive contracts, then you may be better served buying a Prepaid Cell Phone. Less flashy,certainly, but it definitely provide excellent service and a savings as well.

Your Transportation Costs
If you’re like most Americans, you spend over $100 per month filling up your tank with gas. When factoring in the cost of other repairs and maintenance, then a car becomes even more expensive. Unless we live in a big city it’s hard for many of us to completely trash the car, but we can still cut down on its use by walking and taking public transportation whenever possible. And, when it’s nice outside, your body and your budget will probably thank you in the long run for investing in a bike.

Your Food Costs
Many people eat out at restaurants and fast food establishments largely outof convenience. We don’t know what to make for dinner or we didn’t pack anything for lunch, so we find ourselves heading over to the near estestablishment and paying $10 for something we could have made for $3 at home. The solution to this issue: adequate planning. Before making a shopping trip, plan out all your meals for the next couple weeks, and then buy food accordingly. It’s a bit of a hassle upfront, but you’ll find that the added discipline iswell worth it in the long run.

These are just few ideas of how to get started cutting your budget. It’simportant to realize that cuts can come in nearly every facet of your life. All it takes is a realization of a potential cut – and a willingness to carry it out – in order to start making those financially beneficial lifestyle changes.

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This is a guest post.

Medicare Consumer Guide

We’re all getting a little older each day, something that I don’t even want to think about especially now that I have a child and it hurts just to think that someday she may want to live far from me and probably by then I will just have to be content with a phone call or an e-mail.

 There are some things that happen at the age of 65, some people can start getting their full social security, and others can apply for Medicare.  Medicare is the government run healthcare plan for seniors aged 65 and older. 

One of the problems with Medicare as I researched it is that it does not cover all your expenses, especially the entire cost of prescriptions.  That’s where something you may not have heard of, Medicare Part D, comes into play.  Medicare Part D is an extra insurance coverage you can obtain from third party private companies to lower your prescription costs.  Medicare approves the companies who offer Medicare Part D plans.  If you can’t afford Medicare Part D costs, there are programs available to assist with those expenses, but the programs are based on your income.  So, if you’re turning 65 soon, or are already there, you may want to educate yourself about Medicare and how it will affect your healthcare choices as you move into your golden years.

Please be informed that this post is brought to you by Medicareconsumerguide.com . All opinions are mine.

How to Overcome Bankruptcy

Having a good credit score can be very helpful in many ways. Credit scores are provided by the top three credit scoring agencies, which are Equifax, Experian, and TransUnion. They all rate your credit history and give you a FICO score. The score is produced with software developed by the Fair Isaac and Company, hence the acronym FICO. FICO scores can range from a low of 300 to a high of 850 and is computed using a mathematical model that takes in account many variables associated with your use of credit.

Most people fall somewhere in the 725-799 range. Things like bankruptcy can severely impact your FICO score for a period of time after the discharge of unpaid debt. Bankruptcy will stay on your credit report for 10 years. After going through bankruptcy, your FICO score will be drastically lowered initially, but then slowly improve as your credit history reflects you’re paying debts on time and you have once again established credit and have been responsible with credit cards and loans.

If you live in California, you’ll need to file in that area because California bankruptcy laws may be different from laws in other states. If you live near San Francisco, then you may be looking for a Northern California bankruptcy attorney. You can find information at www.lincolnlaw.com that will educate you on the requirements for declaring bankruptcy and help you decide if bankruptcy is the route you want to take to restore your credit score.

Please seek professional legal advice from an attorney if you have any questions. I’m only providing an opinion on the subject of bankruptcy based on my own research.

I am participating in a blogger campaign by Bucks2Blog and was compensated. However, the views and opinions are my own.

Why you Need a Good Bankruptcy Attorney

Bankruptcy is something which most of us hope we never have to go through. People and companies can declare bankruptcy. I remember when Mount Pinatubo erupted and I was in the Philippines, it was a sad time, a lot of the stores closed and a lot of people lost their homes. Now, we also hear in the news that the credit rating for the US has gone down , a lot of homes are being foreclosed and people are losing their jobs. I was just shopping downtown two weeks ago and it sad to see some of the stores I used to go closed and a lot of them are still vacant. 

Sometimes people or companies get bankrupt not because of their financial decisions but also because of unforeseen events.  If you live in North Carolina, for instance near Cary, you may be looking for a Cary bankruptcy lawyer. Bankruptcy attorneys can be located in various ways, but the website Billsbills.com is a source of bankruptcy information, not only for a Cary bankruptcy, but for anywhere in northern North Carolina. 

A bankruptcy attorney will be more knowledgeable on the laws as it pertains to bankruptcy because the laws vary by state. Bankruptcy should be a last resort for someone who is in severe financial distress, but bankruptcy is one way to alleviate the stress and hardship associated with being unable to meet your debt obligations. Bankruptcy will affect your ability to obtain future loans, but the damage to your credit rating isn’t permanent and can be overcome with good credit choices and practices after going through bankruptcy. I know two people who filed bankruptcy and they are doing good now, buying cars and houses!

I’m not a lawyer, and am not providing legal advice, only an opinion on the subject of bankruptcy. If you need legal help, please consult with an attorney.

I am participating in a blogger campaign by Bucks2Blog and was compensated. However, the views and opinions are my own.

Recover From Bankruptcy

How do I recover from bankruptcy? The answer to that question is not easily answered in a few words, but bankruptcy will definitely have a big impact on your financial future. Immediately after bankruptcy, the debt collectors will still try to collect, but just tell them you’ve gone through bankruptcy and to leave you alone. You can forget about credit cards for a few years, and you’re not going to be able to buy a car or house for a period of time after declaring bankruptcy.

Soon after bankruptcy, you’ll start getting credit card application junk mail, but it will be for credit cards which you have to deposit money into an account before you can use them. You’re just borrowing money from yourself, but if you pay those secured credit cards on time, it will start to improve your damaged credit rating. After a year or so, you’ll start getting normal credit card offers, but when you apply, you’ll quickly find out that they probably will turn you down, or they’ll give you a really low credit limit.

Probably the worst drawback from a bankruptcy is the ability to buy a house with a mortgage loan. You can pretty much forget about it until four years after declaring bankruptcy. But, when more than four years have passed, you’ll find some mortgage companies willing to at least consider you for a loan. These problems with purchasing things on credit will follow you for at least seven years, and maybe as many as ten years. Just hang in there, establish good credit again as quickly as you can, and learn from your experience.

These words are from a person I know that filed bankruptcy seven years ago (edited by me). All are based on his experience and may vary from one person to another.

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If you need help with a Northern California Bankruptcy, you can check out some law firms like Lincolnlaw.com.  By seeking professional help you can make sure you're doing the bankruptcy correctly and ensuring your rights under the law are fully protected.  A lawyer can guide you through the complicated process of being declared bankrupt and can explain your many options.

I am participating in a blogger campaign in behalf of California bankruptcy attorneys via Bucks2Blog and was compensated.

On Life and Insurance

As we age, or as our family grows, the need for life insurance can become readily apparent. Do you have life insurance? I would admit that we currently don’t have any but we are planning to get one. Especially for us parents, we always want to secure the future of our children. Also, as our income grows while we work more years in our career field of choice, there is the need to replace that income if something unforeseen happens to the income source.

Life insurance isn’t some we like to talk about, but it has to be part of a financial plan. It should be a priority just like deciding how to invest your retirement funds or how to afford your child’s college tuition. Again, this is something I always hear from the experts like Suze Orman. There are various types of permanent life insurance; some are whole life and term. Whole life insurance earns a return, but normally the payout is lower. When requesting quotes for life insurance, remember that term life insurance pays no interest, but the payout is usually higher.

What are you thoughts about this especially for those who have this type of insurance?

Till Debt Do Us Part (I hope not)

To enhance my mommy brain, I’m trying to learn to pay the bills. It is usually my husband who takes care of everything about finances and I think I was lucky that way, one less thing that I needed to worry about. I just have to tell him, everytime I charge something for credit card or if I am running low on cash because a lot of food vendors at work don’t accept credit cards. Other women would not agree on this and some couples even have separate finances even if they’re married.

I am conscious about the amount of money that I spend and I save but not really well at paying bills. I would like to learn more about finances, credit repair, bank loans etc. It’s good that I don’t have to look for the best credit repair service because my husband is doing a pretty good job at paying on time to maintain our credit rating and to avoid high interests. Have you ever seen the TV program “Till Debt Do Us Part”? It says that one of the main reasons couple split up is because of finances. It’s good to know that there are resources for credit repair.


What are your thoughts about credit scores? Do you think we have to be concerned about it? I guess it depends if you are the type of person who wants to invest and look for the best option in the economic market.

I participated in a campain about credit repair. All opinions are mine. For more information, please go to http://www.creditrepairinfo.com/

Suze Orman fan

Do you watch Suze Orman? I watched her earlier. Maybe some of you are not a fan of her but I am. Actually I used to watch Clark Howard and Dave Ramsey before too. Speaking of Dave, I don’t know what happened to him, it seems he just disappeared from having a show on TV. Now, I only watch Suze. Other than that, I feel like I keep watching cartoons all the time. My daughter insists on having the TV on even if she is playing something else at our living room.


Anyway, one of the advices Suze Orman talks about is to have insurances. Be proactive and plan for your future and don’t let unexpected expenses affect your retirement goals. We should protect our love ones in case something happened. There are so many type of insurances. As we get older, we are introduced to AARP, Medicare supplement and even BurialInsurance.org. These are organizations for older Americans. AARP offers many types of insurance and give discounts to members, but you must be over 50 years old to join. I’m glad though that I’m still not at that age. I remember turning 30, and thinking, am I really this old? Well, I’m not yet 50 so I’m young!

I'm writing about insurance again. Boring? Actually, I just became an official SAHM and I'm still debating on what to do with the retirement plan I have from work. I might just take them all out since I don't know when I am going back to a regular full time job again.

 

Nest Egg

One of the things most people plan about is their retirement. Most of us expect to receive Social Security, but that will only provide part of the income we’ll need to maintain our lifestyles after we stop working. There are several methods of investment available for people to build a big nest egg prior to our golden years. Many people have a 401K retirement account through their employer. Sometimes the employers provide a matching amount to what the employee invests. Other good retirement investments are IRA accounts. They’re similar to a 401K, but the investment limits are different, and the tax ramifications can be varied depending on the type of IRA account you have. If you’re married, you and your spouse can both have IRA accounts.

Since I titled this post Nest Egg, I would put some Easter egg pictures here.

Others take a more hands-on approach to investing and retirement planning by participating in online trading. They are the type of person who likes to make their own choice of individual companies to invest in. They can do their own stock trading when buying and selling stocks by using an online broker.  This is certainly more risky, but some people have a higher aversion to risk than others, and people should only do online trading if they’ve done thorough research of the companies they wish to invest in.

Planning for retirement should be high on everyone’s to-do list, and don’t put it off until you’re almost ready to stop working. By starting your investing early, your nest egg will grow much bigger than if you start late. But, it’s never too late to start, and anyone can do it by using an online brokerage firm like Firstrade.com.

Why are credit cards important?

We went to the grocery store today and we used a credit card as usual. Here are some pictures, my husband did not want to take pictures inside the grocery so it's mostly RC.

I agree that we have to live within our means but here are some reasons why we use credit cards, all opinions are 100% mine.  Most people would say that they need a credit card for emergency purposes, which is a valid reason.  If there is an unforeseen emergency that required us to pay out a significant amount of money for a home repair, car repair, etc., then a credit card can come to our rescue. 

At the end of the month we pay off the balance on the card.  That’s an ideal situation for the use of credit cards so you don't have to pay interest.  Another reason people use credit cards is to maintain or improve their credit score.  There are three reporting agencies, and each rate our score a little differently, but they all factor in the use of credit cards.   If you use the cards responsibly, it will help increase your credit score.  If you don’t use them responsibly, your credit score will suffer.  Credit scores are being used to qualify for a loan like a loan for a car.

Another use for credit cards is for rewards which increase as the amount you charge on the card increases.  One problem with rewards cards is that some of them charge annual fees.  The best rewards cards don’t charge an annual fee, so do some research before you get one.  You can look for credit card reviews or read financial forum to become more educated.  I have also found credit card calculator to be helpful when making comparisons.  For me, the best credit cards give the user cash back on some or all of their transactions.  I prefer the rewards card I have with our credit union.  It gives us one percent cash back on anything we use the card for, and there’s no annual fee.  We also have an airlines rewards card, but it has an annual fee.  The rewards for it are airline miles.

This post is brought to you by financeglobe.com.