Money money money…There’s no denying the importance of money and the stress it causes. In fact, one of the main reasons people feel worthless and have low self esteem is due to money-related issues. In these touch economical times, it’s more important than ever to gain control of your financial situation in order to gain control of your self-improvement.
1. Keep a financial spreadsheet- a financial spreadsheet is easy to make and is a perfect way to keep track of what’s going out and what’s coming in. Make sure you include everything from credit card purchases, memberships, insurance, groceries, cab rides and shopping trips. If you are spending more than you make, then you have a problem and need to re-adjust your spending habits.
2. Sweat the small stuff- the small stuff adds up. Those daily coffees, those weekly magazines and those monthly gym memberships all need to be accounted for when you look at your finances. Every penny counts.
3. Get help if you need it- there’s nothing wrong with asking for financial advice. In fact, this is one of the best ways to gain financial freedom and work towards financial and self-improvement. Find a financial advisor who can help you set goals and meet them.
4. Remain grounded- debt can be overwhelming. Really overwhelming. Furthermore, too much financial success can cause arrogance and rash financial planning. It’s important that whether you are in the red or profiting in the green, that you keep your head about it. Make smart financial decisions regardless of where you are. Don’t let the wealth goes to your head and don’t let the debt get you down. Debt is part of life- you just need to take it one payment at a time.
5. ‘Sale’ does not mean ‘buy’- just because something is on sale does not mean you need to buy it. Resisting the bright lights of ‘half off’, ‘buy one get one free’ and ‘discounted item!’ is a big step to self-improvement.
6. Always Pay the Credit Card- try, with all your might, to get that credit card payment down. Credit card interest rate is one of the highest out there and it’s really easy to rack up a huge bill and forget about it. However, you will end up paying hundreds, if not thousands in interest, which can lead to more stress, more debt and more insecurity about your financial success. Try to limit your credit card spending for emergency only uses.
7. Discuss mortgage rates with your bank- your mortgage and interest rate is not set in stone. It’s a good idea to negotiate a better deal every once and a while. See what’s out there; talk to your bank manager; and make the most out of your options. Doing a little research can go a long way in the end.
8. Ditch the impulsive (and compulsive) buying- buy only what you need, not what you want. Impulse and compulsive buying can lead to buyer’s remorse (especially when the credit card bill arrives) which can negatively impact your self-esteem and self worth. We all love a good shopping trip; but during these tough economical times, it’s important to rise above the urge to shop and prove that you can do it.
9. Do the research- better deals on insurance, electricity rates and phone plans do exist! You just need to do the research and see if you can bag a better bargain. Because of the intense competition in our economy, many companies are constantly lowering the prices on their services that you need. Take advantage of this by shopping around, comparing rates and using a quote wizard online.
10. Use Savings Accounts wisely- they don’t call them ‘savings’ accounts for nothing! Set up a savings and a spending account. What you do with your savings account is up to you- perhaps you are saving for a holiday; perhaps you are putting money towards the kid’s education. Watching your savings account grow month after month, regardless of if you are contributing $10 or $1000 is an important step in gaining financial freedom and improving your money issues.
11. Consolidate; if you have to- consolidating your debts is a really smart move, especially when debt is starting to consume your life and impact negatively on your self-confidence. Debt consolidation can stop those annoying phone calls and overdue bills. Instead you pay one payment each month for all your different debts combined. It is much easier to manage and you can rest easy knowing that you are getting out of the red.
12. Concentrate on what you have and want, not what others have- this can be a really hard thing to do, especially when your neighbor is flaunting his brand new swimming pool and your co-worker just received a $3000 bonus but you didn’t. Take a deep breath and push past those jealous and frustrated feelings. Concentrate on your own goals for the financial future and prove that you are better than those petty feelings of resentment.
13. Swap High Interest for No Interest- one of the great things about the competition of credit cards is that it is possible to get no interest on bank transfers. This means you can swap your credit card debt to another financial institution and receive their low introductory rate. You can stand to save thousands of dollars in interest and pay off that looming credit card debt faster. This crafty financial move can leave you feeling proud and smart.
14. Think to the future- We all want to live for right now but it’s important to secure your financial future by investing in your retirement. Contributing to a 401 (k) plan or the equivalent can help you grow up, gain responsibility and improve your general financial understanding.
15. Work hard and work smart- although everyone wants to benefit from the get rich quick scheme, in most instances, the fastest way to the top of your financial success if through hard work. Hard work also helps to build character and demonstrates your ability to focus on a job and commit to something. All of these attributes are essential to improving your overall quality of life. Work is part of life- a big part, so why not be the best you can at it?
16. Understand your own financial journey- when it comes to our finances, not everyone is treated equal. While some may have to work full time from the moment they leave school, and still are scrapping by, others are handed a wad of cash, a house and a car from their parents or grandparents. Wealth is not distributed equally but it’s important to make the most of what you’ve been given. Everyone’s financial journey is different. You need to find your own path and follow it as best as you can.
17. Commit to your financial goals- if you want something, go for it!
This can be easier said than done, but there is nothing more rewarding than saving up for something special and then buying it outright. Learning to budget, save and spend wisely are all critical steps for self-improvement.
Filed under Credit Counseling, Debt Management, budget, budgeting by Johnson James
These days, no one is actually immune to debt problems. National Postsecondary Student Aid study claims college students, who have just crossed the finish line of college, owe a staggering average of $23,000. However, it seems the situation for young female graduates is even worse. A study conducted by Mahnaz Madhavi, the economics professor of Smith College revealed an astonishing fact. Young females on average have more credit cards if compared with males, which means women owe more credit card debt than men. Though non profit debt consolidation plans are there to provide debt help to students irrespective of their gender, but the situation for women students seems to be constantly deteriorating. College Scholarships.org, states more females leave college with undergraduate degrees than men, but are lagging behind in the world of higher education. However, on brighter note, now a number of private women’s colleges and female interest groups have come forward to provide financial aid to female college students in the form of female-exclusive college grants. Read ahead, to know more about these grants.
Science and Engineering Scholars Program
When it comes to black American women and their educational advancement, mention must be made of Spelman College in Atlanta. It has granted $1 million worth of money for the African-American women, who take admission in Spelman College as a Science and Engineering major. This scholarship program is arranged to raise the number of black female engineers in the workforce. In order to qualify for this grant the students need to meet certain eligibility criteria. She must have been a female high school senior, has a grade point average (GPA) of at least 3.5 on a 4.0 scale, and have scored either a 1650 on her SAT or a 25 on her ACT.
Davis Degree Program
Wellesley College also took some initiative to encourage female higher education. Wellesley College in Wellesley, Massachusetts has established a scholarship program named the Davis Degree Program. It is designed to offer financial aid to adult women who have exceeded the minimum age for formal college education. In order to take advantage of this grant the female must be over the age of 30, and must have completed over 32 units of coursework at Wellesley College.
Goizueta Foundation Scholarship
Initiated by Agnes Scott College in Atlanta, Goizueta Foundation Scholarship is a wonderful grant program which intended to offer Hispanic female students a fully funded education. It is specially deigned to help those female students who are desperately need financial support for further education.
The list continues to grow with grants offered by Bernard College in New York or Undergraduate Award offered by The Association for Women in Science. All these aforementioned grants can help pave the way to a better future for women in America.
Filed under Debt Consolidation, Debt Management by Johnson James
If you’re one of those people who had started the year with a resolution of managing their personal finance and get their debt under control, but have emerged to be a failure, then read on this article. Have you taken a current resolution to chop off your credit card debts by seeking help of an online debt consolidation program? If answered yes, you require being a bit careful about the most common mistakes that debtors commit while consolidating their debts. As there is a rise in the popularity of debt consolidation companies with the increase in the debt amount, there is also a simultaneous rise in the number of scammers. Read on to know about the mistakes so that you can easily avoid committing them.
More on 4 Costly Mistakes to Avoid While Consolidating Your Debts Online
Filed under Debt Consolidation, Debt Management by JamesJ
Here are few tips that should help:
1 Bear in mind that you can solve your problems by simply contacting the people you owe money and get their advice.
2 Do not ever ignore the problem. This won’t solve your debts.
3 Do not panic, there is a solution for everything is this life.
4 Create a priority list by taking into consideration the higher interest rates.
5 Always have a REALISTIC budget.
6 Keep all your bills and letters and everything related to your debts. Do not throw them away. You need them.
7 As mentioned before, think before you buy!
8 When you take a credit or loan, know the TOTAL COST and NOT the monthly payment only. Do not be fooled with the low monthly payment, know the total cost and the exact interest rate.
9 Use the advices and calculations of this e-book, when you know how to compare the standard repayment schedule and the debt reduction plan, you are on the road to success.
10 Don’t be fooled by those companies pretending to help you get rid of your debts for a small amount of money; this amount logically speaking is added to your total debts. You can do the management yourself very easily.
Filed under Credit Tips, Debt Management, Finance, Personal Finance, budgeting by James
Do you realize that if you owe $5,600 on a credit card with a 18% interest rate, and you only make $100 payment each month that you will owe on this account for 124 months and pay a total of $6,708.54 in principle and and paying % 54.5031 of interest for the payment? Real examples are usually the best tool to demonstrate a theory. Let’s take few examples: You have 3 debts:
More on Summarize Your Debts Because Most People Do Not
Filed under Debt Management, Finance, Personal Finance, budget, budgeting by James
Are you true to yourself? Taking a good hard look at your financial situation,
particularly if it isn’t good, can be very difficult. Yet, to get out debt you have to
fully understand what the situation is.
Filed under Debt Management, Personal Finance, budget, budgeting by James
