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Surviving the Holidays Without Credit Cards

09.26.2011 by Guest Author //

The holiday season is right around the corner, and with it will come long shopping lines, and for many, large credit card bills. However, bringing out the credit cards simply to afford the holiday season is a big and costly mistake. Paying high interest rates on a maxed out card until next spring simply to get your 8-year-old a great prepaid cell phone stocking stuffer is ridiculous. Instead, consider the following tips to make your holiday season enjoyable without needed to constantly whip out the plastic:

1. Learn discipline

You won’t make it through the holiday season debt free unless you learn to keep yourself under control. While it is fun to shop and cook for loved ones, it is also costly. Don’t let yourself get carried away with buying the best gifts for every one you’ve ever come into contact with – this goes for your kids too. Make a reasonable shopping list, and stick to it. If you don’t shop with discipline, you will overspend and make last minute, unnecessary purchases that will only cause you to go overbudget and most likely rack up those credit cards.

2. Create an accurate budget

When most people begin planning for their holiday shopping, they only think of gifts and then give themselves one solid amount for those gifts. This is a sure fire way to set yourself up for overspending as budgeting just for gifts leaves out other holiday needs such as travel and food – both of which are integral parts of the holidays. When creating your budget for the holidays, be as accurate as possible. Include all major food purchases, gifts, and any travel expenses that will be needed to keep yourself from swiping those credit cards when funds are low.

3. Start preparing now

The sooner you start shopping, the better. Most people don’t have all the funds needed to complete holiday shopping in one month alone. By spreading out your shopping, you will give yourself more time to find the right deals and you will be less likely to charge any purchases as you won’t be spreading yourself so thin financially.

4. Shop smart and make your own

Always remember to shop smart. Your kids don’t always need the biggest and best; an inexpensive alternative can provide just as much entertainment and enjoyment. Shopping online can also greatly reduce shopping expenses. Certain items, such as electronics, books, and movies, can be purchased for significantly lower prices if bought online. For foods items, consider local farm markets or discount grocers to buy the fix-ins for your holiday meals. Alternatives to department and big box stores can provide huge savings without sacrificing quality so don’t be afraid to shop in them when trying to stay within your allotted budget. Making your own gifts is another great way to save money. This guide teaches you how to make all your own homemade cleaners naturally.

5. Delegate and share expenses

If you realize that your extravagant Thanksgiving meal is what is always sending you over budget, then ask others to help out. Simply request that everyone bring their favorite side dish to reduce costs. When holding holiday celebrations, there is no harm is asking others to help. It will actually make the event more enjoyable for everyone as it will be more personal, and it will be more enjoyable for you as it won’t be as stressful and won’t require as many funds.

The holidays are meant to be a time of joy and giving, not one of financial instability and anxiety. Avoid putting yourself in the red by steering clear of the credit cards trap this holiday season. You don’t need to spend a lot to have the best holiday season. In fact, doing so will only make the season more stressful.

Categories // Expenses Tags // holidays, Spending

How Insurance Protects Against Debt

09.16.2011 by Guest Author //

If there are two topics within the financial world that many struggle to fully understand, they are Insurance and Debt.  What’s even more difficult for many to understand is how exactly they relate to one another. Can insurance keep you out of debt, and how do you go about finding the best life insurance types and rates for your specific situation?

Many people are so confused by the entire process of insurance and how it can affect debt that they simply never address it.  This is obviously not the best answer, spending a little time to truly understand your debt as well as the scope of your insurance coverage can save you or your loved ones a lot of future headaches.

How insurance can affect debt

Though it’s an unpleasant topic, planning for the injury of death of a spouse is a responsible and necessary thing to do. Without a death benefit from a term life insurance policy you’ll be left paying for their funeral expenses out of pocket but and will also be responsible for all shared debit. This is a situation in which no one wants to find themselves, particularly during an already stressful time such as the death or disability of a spouse.

Let’s take some time to define exactly what term life insurance is, and what it can do for us.

“Term life insurance” refers to a policy with a fixed payment rate for an agreed-upon “term,” or period of time.  During that time, the payments you’re responsible for will neither increase nor decrease.  It is essentially a guarantee that locks you, as a customer, into a commonly low payment for an extended period of time – the term.

Term life insurance is frequently chosen over permanent life insurance because it is usually much less expensive, depending upon the conditions of the policy.  Variations of the term life policy can allow for renewals under the same terms if certain conditions are met, or allow for similarly beneficial renegotiations.

So far so good, right?  But what does this actually mean for you?

Benefits of term life insurance

Many types of life insurance are expensive, which leads a lot of people to assume no decent policy is affordable for them.  Term life insurance changes that by locking you into a rate you’re able to meet  for the length of the “term,” after which you may be in a better financial situation and may then have greater options.  For example, those who have retirement benefits coming their way eventually may wish to take out a term life insurance policy in the meantime, since by the time it expires their family will be provided for other ways.

Term life insurance policies are very affordable and something anyone with debt is wise to consider. With a little research and some shopping around online, you’ll easily be able to find a customized policy that can help keep your family out of debt in the event of unexpected death.

Insurance ties directly into managing your debt by keeping your assets and your loved ones protected. Life is truly unpredictable, and knowing that you have taken the necessary steps to make sure your family is looked after can be a very comforting thought.

It’s not as confusing as it may first appear and there are certainly many resources at your disposal to help navigate the way. It is well worth your time – and peace of mind – to understand and consider term life insurance.

Protecting what is yours is not mandatory, but if you can, why wouldn’t you want to?

****

Article by Philip J Reed on behalf of Intelliquote.

Categories // Debt, Insurance Tags // Debt, family, Insurance

How to Save Hundreds of Dollars Every Year

09.12.2011 by Guest Author //

With costs of just about everything rising, we need to find more creative ways to save or make extra money. I have created a list of a few different ways that I have used to save.

Matt’s note: the best way I have found to save money every month is to formulate a budget and stick to it. I use YNAB software to budget and save, the one time investment pays for itself month in and month out.

1. Using coupons

This first thing is something that I have really enjoyed doing over the past six months. Using coupons is a great way to save a bunch of money each month or year. When I first got into using coupons I did a lot of research online. I was able to find deals on quite a bunch of stuff. A tip I learned with using coupons is that if the sale is good enough then make sure you get enough of the product to last you for a while. Currently I have a stockpile of household items that will last me for years and I literally spent pennies on the dollar on each item. An example of would be some body wash that had a coupon for $3 off, and by watching store sales I was able to find it marked down to $3 which made it free, I just paid sales tax. I have done that with multiple items including toothpaste, laundry soap, dryer sheets, ect.

It doesn’t take countless hours each week sorting through coupons and reading online ads to be able to save with coupons. I probably only spend one hour each week finding deals. To date I have easily saved over $1000 on items by using coupons. I suggest just give it a try and you might be surprised.

2. Cutting cable

Another great way to save some money each month is by cutting additional services from your cable package. When our cable bill went up a couple years ago, I called and asked them if there was anything I could do to lower my bill. I ended up getting a price break which is saving me close to $30 a month. That is a $360 savings each year. That amount would really make a dent in your debt if you are trying to pay it off. Of course if you really want to save a lot you could drop your cable completely. Or go for the cheaper option of Netflix for around $9 a month. I believe either option is fine and would benefit you greatly.

3. Pilot light

This is something that may only make a small change in the amount of money that you save but every little bit helps. During the summer I will shut off the pilot light on my furnace so it does not run all summer long for no reason. That typically saves me $10 per month. Like I said its a small saving but everything adds up in the end.

4. Garage sale

This is not really a way to save money but it is definitely a great way to make some extra money if you are trying to fill up an emergency fund or pay off debts. When my wife and I first started getting ourselves on a plan we decided to have a garage sale and we pretty much sold about everything that we owned. I sold musical instruments, a collection and we had tons of baby clothes. We made just about $700 at our garage sale. Now maybe you have some extra stuff that you want to sell but don’t quite have enough for a garage sale. Ebay is a great place to sell off some of your extra stuff. Anything you get rid off and make a few bucks will help.

This is just a small list of things you can do to save money and I am sure there are hundreds more that anyone could do. You just need to be creative and find the things that work in your life to save money. It can be done.

Ryan Brewer writes about sound money management because he knows how back being in debt sucks! Him and his wife Dawn fought through debt to emerge victorious and wrote a book about their journey called If Stupid Was Illegal.

Categories // Earn Money, Savings Tags // earn, save

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