Some Thanksgiving Facts

It pays to do research...
Thanksgiving comes but once a year (or occasionally twice as stated in the illustration below). Now is a time for us all to reflect inward, and give thanks for our shortened work week. We hope these random Thanksgiving facts and anecdotes will shock and entertain you.

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Posted in: Thanksgiving

What's the Right Order to Payoff your Debt?

Debt Elimination Plan 

So you have acquired some debt and you want to create a plan to pay it off.  There are a number of ways you can choose to go about paying off your debt. I think the most financially prudent way to attack multiple debts with different interest rates is to attack the highest interest rate debt first.  It's even more helpful if you can rearrange your budget to free up some cash to throw at your plan.  As each debt is eliminated, you take it's former payment and add it to the next highest interest balance.  You just keep doing this until all your debt is gone.

Another method, which is endorsed by radio talk show host Dave Ramsey is the "Debt Snowball method", this is where you payoff the smallest balances first. Using this method you see your debt eliminated faster, which could help keep you motivated.  In this method the interest rate is not a concern, Dave advises that if you have two debts with the same balance, then payoff the higher balance first.  The idea of the snowball is simple: pay minimum payments on all of your debts except for the smallest one. Then, attack that one with gazelle intensity! Every extra dollar you can get your hands on should be thrown at that smallest debt until it is gone. Then, you attack the second one. Every time you pay a debt off, you add its old minimum payment to your next debt payments. So, as the snowball rolls over, it picks up more snow. Get it?
  
Emergency Fund is Key

One of the biggest key to keep from adding more debt in the future (in addition to making smarter choices as it relates to incurring more), is to have cash in the bank.  This way, when the unexpected happens you'll have cash to pay for it rather than needing to revert to credit.  Most financial professionals recommend having an emergency fund of 3-6 months' worth of your monthly expenses, but when you have a lot of debt, a smaller goal of $1000 can be a great place to start.

Whatever method you choose to eliminate your debt, the key is to remain consistent, stay focused  and stick to your financial goals. In a very short time you will create unbelievable and unstoppable momentum.

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Posted in: credit card debt , debt management , debt snowball

How to Create a Personal Budget with Mint.com

If you’ve previously tried (and failed) to follow a budget, the problem may have been that you were using a formula designed for someone else, with different life circumstances. The best basis for a successful budget is your own past spending patterns. From there, you can create realistic guidelines for yourself that will help you meet your goals. 

According to pcmag.com,"mint.com is hands-down the best personal finance service. Mint.com gives you the best control over your finances, even though it does most of the work for you." I have personally used mint.com for years and love how easy it is to setup and start using.  Best of all, it's free.
You don't have to take my word for it, check out these reviews of mint.com:

Mint.com Review - Should I Use Mint? - Investor Junkie
Mint.com Review & Rating- PCMag.com 
Best Personal Finance Website-Consumersearch.com

Also check Mint.com's 90-second Overview- The Best Free Way to Manage Your Money

If you want a true picture of the state of you personal finance. You should definitely try Mint.com.
The infographic below shows you how it's done.  Signup for mint.com here.

Disclaimer: I am not reimbursed in anyway by Mint.com.  I just love their product.

by Mint.com.
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Posted in: budget , Mint.com , personal finance

Facts That Should Scare Women About Personal Finances (Infographic)

Women make less, save less and tend to live longer than men...Here's how to help support and encourage the women in your life to be proactive about personal finances.

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Posted in: Personal Finances

All about your Credit Score

For the next few weeks I'll be posting blogs focussed on helping you better understand your credit report, credit score and providing you with tips and tools to help you improve your credit health.

I figure you need to understand the makeup of a thing before you can even begin to work on it.  To that end, this post is all about the basics of your score.

What are the minimum requirements for a credit score?

You must have the following in order for the credit bureau to figure your credit score:

At least one account that has been open for six months or more
At least one undisputed account that has been reported to the credit bureau within the past six months
No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).

Your score only looks at information in your credit report

Payment history (35%)

• Pay your bills on time.
• Get current with missed payments.
• Understand that paying off or closing a delinquent won't remove it from your report.
• Contact your creditors or a credit counselor if you're having trouble.

Amounts owed (30%) 

• Keep balances low.
• Pay off debt rather then moving it around.
• Don't close unused credit cards.
• Don't open unneeded credit accounts.

Length of credit history (15%)

Depending on how the rest of your credit report looks, having a longer credit history will increase your credit score.

• how long your credit accounts have been established, including the age of your oldest account, the age of your newest account and an average age of all your accounts
• how long specific credit accounts have been established
• how long it has been since you used certain accounts

Types of credit in use (10%)

• Apply for and open only need accounts.
• Manage your debt responsibly.
• Remember that closing an account doesn't make it go away.

New credit (10%)

• Shop for a loan within a focused period of time.
• Re-establish your credit history if you've had problems.
• Check your credit report.
• Don't open new accounts too quickly if you're new to credit

Use the below infographic to help you get started on giving your credit score a tune-up, whether your credit is already pretty good, or needs a serious makeover.

Credit Score Makeover: How to Get a High Score from the Credit Bureaus by Credit-Land.com

Leave a comment. Let me know if this was helpful.

sources:
myfico.com
credit-land.com

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Posted in: Credit score

How much do Americans Save?

How much money does the average American have in their savings account, and how does that compare against other nations? How much do we put away each month, and is that better or worse than a decade ago? If questions like these keeps you up at night, then you’re in luck as this infographics examine the American savings attitude. 

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25 Ways to Save Money

Here is an info graphic I found that could be instrumental in your commitment to save.  Of course not all these tips may apply to you, just go through and pick the ones you can implement in your life.  You gotta start somewhere:)
Happy Saving!!
Leave a comment below if you thinks these are helpful.

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Posted in: Save , Tip

Is it Ok to Have Nice Stuff?

Once you are out of debt, living on a budget and have money put away for emergencies, you will have extra money available and can start doing some fun things and buying nice stuff. It really comes down to, can you afford it? According to National radio show host and personal finace expert +Dave Ramsey, "If you live like no one else, later you can live like no one else." If you live on a budget, get out of debt, save and invest, you will eventually get to the point that you'll have the extra money to do things others can't afford to do. I love how +Rachel Cruze puts it in her youtube video.

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Posted in: budget , Investing , personal finance , Save

Have an Emergency Fund

Emergency expenses happen, and if you're charging them on a credit card, you can easily find yourself bound by debt and stress, especially if the emergency involves unexpected unemployment.

by Column Five Media.
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Posted in: Emergency Fund , Save

How Finances Impact Emotional Well-Being

Stress, embarrassment, fear — the state of our finances can affect us adversely in a variety of ways, especially in this tough economy. A recent survey by Quicken reveals how a lack of financial control can negatively impact one's emotional state of mind. Do you resonate with the majority?

by Column Five Media.
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How to Check your Credit Report and Credit Score for free

Getting where you want in life is a financial process: you make, you spend, you borrow. The truly successful make sure how they borrow is part of achieving their goals.

Your credit history is your financial DNA. The importance of good credit cannot be underestimated, more employers are reviewing credit reports of perspective employees. Insurance companies review your credit report when you apply to insure you home and/or car. And without good credit it is very difficult to obtain a credit card. Many businesses today prefer to use credit cards and many employment fields, such as financial services, gaming, military and law enforcement, continually monitor their employees’ credit reports. If you are thinking about buying a house, a car or simply applying for a new credit card, your credit report represents the first step in the lenders decision making process. The fact of the matter is, you need to have a good credit history in order to get credit.  
What is a credit report?

Your credit report is a simple snapshot of your financial choices, your habits, and yes, your future credentials.
When you make a payment on a credit card or loan, the company that gave you the loan or credit keeps a record of how much and often you pay. Those companies and other sources also report your credit, loan and payment history to one or more credit reporting companies. The credit reporting companies combine the information from your different credit, loan and payment reports into a single credit file.  Three nationwide companies prepare credit files for people in the U.S.: Equifax, Experian, and TransUnion.
 
What is good credit?
Simply put a person with good credit has a well established history of having paid their accounts on time.

What information is actually included in your credit report?
A typical credit report includes four types of information; identifying information, public record, credit information and inquiries. You should review your credit report at least once a year. You are entitled to one free report from each of the bureaus every 12 months from www.annualcreditreport.com or by phone at 877-322-8228.

Manage your credit well — get good rates and know when you’ve reached a smart limit.The first step? Know your credit information and what it says about you — and your borrowing and financing power.

How do you get a copy of your credit report for free?

To get a 100% free copy of your credit report go to www.annualcreditreport.com enter your name, address, date of birth, and Social Security Number to get a copy from each of the three monitoring bureaus.

Monitoring your credit is like having regular check-ups at the doctor. You don't want to find out that something's wrong when it's already too late, right?

How to get your credit score for free?

A credit score is the result of a mathematical formula that uses the information in your credit file, such as how well you have paid your bills in the past, to calculate how likely you are to pay your bills in the future. Your credit score is your financial report card.

Sign up for a free account at www.credit.com.  Credit.com can help you see where you stand for free and make credit decisions you feel good about!  You can get your free credit score every 30 days. The site also provides advice to your advantage.  This site can be useful, helping you Know your best options BEFORE you apply for a loan , credit card, etc.  You'll get two measures of your credit score, plus a report card that tells you how you're doing in the five key areas that make up your report.

A great credit score can save you HUNDREDS, if not THOUSANDS of dollars over the course of a year. Lenders use your score to make decisions about loans, credit, and ultimately, interest rates. Your credit score is the key: know it, manage it, and put it to work for you.

A picture is worth a thousand words.  Here are some basic steps anyone can take to build their credit score.

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Posted in: Credit Report , Credit score

The How, Why, and When for building your Savings (Infographic)

You may be asking yourself why is there so much pressure to save money. If you have enough to pay for everything you need, why should you worry about putting any aside each month? There are a variety of reasons to begin saving money now.  Check out this infographic on why you should be saving.

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Posted in: Save

Money Secrets- Financial Literacy

Money Secrets - 360 Degrees of Financial Literacy

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Posted in: Financial Literacy , Money secrets