Keeping A Wedding Affordable

November 25th, 2011
saving for the wedding

Your wedding day is one of the most memorable days of your life, but don't forget that just like anything else, you need to budget!

Weddings can be a costly event to plan. You deserve the wedding of your dreams, but can you make your plans and wallet come to an agreement?

Remember that your wedding, while a beautiful and wonderful even in your life, is just a wedding. Don’t spend so much money on the wedding, that you will end up not having any money for your marriage.
Here are a few tip on how to plan and budget your perfect wedding day:

Choose a location that won’t cost you. Not all couples choose to have their wedding at a church, and venues can be expensive and sometimes can be the most expensive part of the wedding. Consider looking into these spots:

-Local clubs

-Local park

-Parent’s back yard

-The Beach

-The Lake

-Meadow

-Edge of the woods

Hold the reception at the same place as the ceremony. If you’re having an outside wedding, have a large tent set up with the food, seating, and even a dance-floor.

Don’t splurge on the wedding dress. Many people think that they need to spend thousands of dollars on a designer wedding dress, but let’s be honest. You can find one just as nice and perhaps even one you like better, for hundred of dollars cheaper and most people aren’t going to be able to tell a difference. You want to be beautiful and elegant on your wedding day, but you are only going to wear it once.

Save on catering by having your parents or yourself cook the food.

Opt out when it comes to a full-bar. Having a nice selection of beer and wines (red and white) will be sufficient when it comes to your guest’s needs.

Hire a photographer that you know. You would be surprised at how many people practice the art of photography. Let your friends know that you are searching for a photographer and that you need to see their portfolios.

Instead of a live band, consider just having a D.J. to play your favorite songs.

Look into getting a cake from the grocery store rather than spending hundreds of dollars. Take in a magazine photo or a picture of a cake that you want and they will make it for cheaper than a bakery would.

Consider getting a black limo rather than white. White limos actually will cost you MORE than a black or silver limo.

Make your own invitations. If you are crafty and creative, consider creating your own invitations.

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Posted in Credit Reports, Saving Money | 2,725 Comments »

Affording An Education

November 25th, 2011
affording college

Don't let money be the main factor playing a role in your college education. Let your dreams and goals become reality.

Many students find themselves unsure what to do when it comes to their education.

Maybe you’ve given up and accepted the fact that you will end up working in fast food for the rest of your life.

Don’t be so quick to give up on your goals.

A college education will change your life and there are ways to achieve it even if you feel you can’t afford it.

An education is important for many different reasons.

When you have a college degree, you are more likely to find an employer who will offer you the salary you desire.

Men and women with college degrees will be less likely to experience stages in their life of unemployment, as well.

When you go to college you are choosing to make a better decision for you life. You are able to choose what you want to do for a living rather then being forced to find a job you are unhappy with and don’t enjoy.

Ask your parents if they have saved back any money for you in a college fund. Many parents begin saving for the children’s college fund as soon as their child is born.

Look into student loans. This is the most common way for a student to get the money they need for college. You will typically be required to begin paying back student loans with in six to twelve months after you leave. This applies whether you have graduated with a degree, or not.

Just like credit cards, student loans come with interest and if not paid, can lead to serious consequences.

Failing to make payments on your loans can lead to the debt being turned over to a collection agency and having a bad affect on your credit score. So, when the time comes, if you find yourself unable to meet the required monthly amount, make sure you contact the school to let them know so that different payment arrangements can be made, if needed.

Apply for grants such as a Federal Pell Grant. A grant is a fund that is given by the government to help certain students who find themselves unable to pay for college and can lend you up to $5,500. This is money that you will NOT be required to pay back, under any circumstances.

Whether you are a senior in high school, a single mom, or you’re retired and have decided to get a college degree, there are options for you. Don’t let money play a factor in whether or not you pursue your dreams.

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Posted in Student Loans | 3,116 Comments »

Getting Financially Prepared Before Saying “I Do”

November 24th, 2011
Things to ask before getting married

Before saying your vows, sit down with your spouse to discuss your financial future.

Getting married is one of the most exciting things that will ever happen in your life. With all the hustle and bustle of wedding preparations, you might not stop to think about your financial future.

However, your finances are going to play a major role in your marriage. In fact, financial trouble is a huge reason why many couples end up divorcing.

Now, you’re probably think, “Whoa! We’re not even married yet and you’re telling us about divorce?!?!”

These are the things you need to ask your fiance so that you DON’T end up on the divorce train once you’ve said “I do.”

 

1) Do you have any debt?

If the answer is no then that’s fantastic and a great fresh way to start off a marriage.

If the answer is yes, then it’s not necessarily a horrible thing. Ask them what them when and how they plan on paying off the debt.

Perhaps they already have a payment plan set up, and if so then they are taking the responsible steps to getting it fixed. Are they going to require that you help out? Or are they going to take responsibility for paying it off themselves.

2) How much money do you have saved?

Whether you both plan on buying a house fairly soon after you get married, or maybe a new car, this is an essential question you need to ask.

3) Do we want children?

Having kids can take a huge toll on your finances. They cost a lot! It’s really as simple as that. Discuss who will be working during that time. How many children do you want? What is the time-line as far as when you want to start a family.  What will you’re child’s college fund consist of?  These are all very important questions to ask.

4) What is your credit score?

If your future spouse has a low credit score, it could mean you’ll be stuck putting all the bills, car loan, mortgage, etc. into your name. No one wants to take on that much responsibility alone, so make sure you know what their credit score is so that you can discuss how to improve it, if needed.

5) What are your financial expectations for our marriage?

What do you intend on making annually in order to feel comfortable. You might be surprised what your fiance says. Make sure you come up with realistic ideas and goals for yourselves.

These questions may feel personal, and they are! You are about to spend the rest of your life with this person so you have a right to know the answers to these questions. Make sure they know you aren’t trying to attack them or make them feel uncomfortable. Just simply tell them that you want to be better prepared for you future with them.

 

 

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Posted in Budgeting, Credit Score, Debt | 3,011 Comments »

Preventing Debt Before It Strikes

November 24th, 2011
prevent debt before it happens

Debt can be overwhelming and sometimes nearly impossible to get rid of. Don't get stuck in the debt trap.

You have control over your financial situation, no matter what it may be. Don’t allow yourself to be one the millions of people drowning in debt. While its typical for most people to have some type of debt, it’s also preventable.

Create a budget plan.- This will help you get a better look at how much money you make, spend and save. If you feel like you’re living check to check, making a budget is a must.

Many people just wing it by buying things whenever they have the money. Sure, you might have the money at the time, but you might need to save it for next weeks rent or another expense.

When renting, be smart- Don’t allow yourself to take on more than you can handle. For example if you only make $1200 dollars a month, don’t run off and get an apartment that is $700.

You won’t have enough money left over for things you need such as groceries, gas money, utility bills, etc. It’s always smart to try to keep your housing budget under 1/3 of your income.

Save, save, SAVE!- It feels good to have rent, bills, and all of your other expenses paid off, but don’t be so quick to blow off the extra cash. Save it back for emergencies such as car problems, medical expenses, etc.

Also, here’s a great tip. Save back a little bit of money each month so that by the time Christmas comes around and you’re about to do all you’re shopping, you won’t be stressing about money!

Stay current on all of your bills- If you feel like you are going to get behind on a bill, immediately contact the company to inform them. It will be better on your credit if you do this, rather than ignoring it and letting it add up into debt.

Use coupons- It’s incredible how much money you can save with coupons. In fact, there are even certain situations where you can buy groceries and your coupons will allow the store to give you money back! Yes, they can owe YOU money. How great is that?

Granted, it’s pretty rare for those situations to occur, but none the less, coupons are a huge money saver, for sure. You can find coupons in your newspaper, mail, in stores, etc. They even have online coupon sites that allow you to print coupons from your home, saving time and making it super convenient.

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Posted in Budgeting, Debt | 3,048 Comments »

Steps To Take When Purchasing A Home

November 22nd, 2011
Purchasing a house

Buying a home is one of the most exciting decisions you will ever make, but also one of the largest. Be responsible when it comes to purchasing a home.

When thinking about buying a house, there are a few things to first take into consideration.

1)Begin saving, if you haven’t already.

Normally, a down-payment on a house will be around 10%.

Lenders frown upon last minute deposits, so make sure that you have plenty in the bank before you apply for a mortgage.

The more you are able to set aside for the down payment, the better the terms of the mortgage.

2) Where do you want to live?

Seems like a simple enough question. However, whether its a big city or out in the country, there are countless possibilities.

Do you need somewhere that is close to work?

Do you prefer a sub-division, perhaps?

Maybe you would like to have extra land to build on, too.

Once you’ve established the area that you want to live in, your Realtor will be able to narrow down the options much more.

3) What type of house are you looking for?

If it’s just going to be you, then the obvious choice would be something small, such as nice one or two bedroom, one bath home.

If you’re married, but don’t have any children yet, consider getting something a bit larger such as a two or three bedroom double-wide. That way if you decide to have kids, you won’t feel so rushed to move to a larger home.

Maybe you have three or four children. A nice two-story house with two or three baths might suit you best.

4) What is your budget?

Normally, you should not overwhelm yourself with more than 1/3 of your monthly budget as your house payment. For example if you make $3,000, monthly, try to keep your house payment under $1,000.

5) Begin house hunting!

This is what people enjoy most about the home-buying process. Take your time when looking for a house. It’s going to be the place that you call home, and maybe even the place you will end up raising your children in.

6) Making an offer

This can be a scary part, but also quite exciting. You’ll want to do your research on homes that are similar and how much they sold for. That will give you a better idea of what to offer the seller.

Never make a verbal offer, but instead send it in writing. Having everything in writing is extremely important when buying a home. It prevents any mix-ups or misunderstandings between the seller and buyer.

Never offer full price. There is almost always room to negotiate with the seller.

7) Get the home inspected.

There are a number of things that should be inspected when you purchase a new house. For example, plumbing, electrical, termite damage, mold, ect. You can have these things done before signing the final papers.

 

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Posted in Purchasing House | 2,705 Comments »

Creating A Budget To Get Out Of Debt

November 22nd, 2011
Creating a budget plan

Creating a budget plan might not sound like so much fun, but it's essential to your financial life.

Creating a budget is actually much easier than people might think and it’s important to start as soon as you begin making money.

There are countless benefits to making a budget.

You learn what your spending habits are, and where you priorities are at when it comes to your money.

You might think you’ve got things under control.

Sure, you just bought a car, but what’s an extra $200 car payment? Oh, and the insurance, too…and gasoline, future car repairs, ect? Didn’t really think about that, did you?

When creating a budget, it’s extremely important to add every bit of information that you can. That $4.00 cup of coffee you get every morning? It can add up! So make sure to include it into your budget.

These simple steps can help you build the perfect budget plan:

1) Focus on the things you spend the most money on. (examples: rent, car payment, electric bill,  insurence, ect.)

2) Add in all of your smaller expenses. (examples: cell phone bill, water bill, internet, ect.)

3) Add in your smallest expenses. (examples: daily cup of coffee, date night, new shirt, ect.)

4) Add up all of your monthly expenses together

5) Subtract your monthly expenses by your monthly income

6) The remaining balance should be labeled “Savings.”

EXAMPLE:

——————————————————————————————————————-

Main Expenses:

Rent: 500,  Groceries: 300,  Electric Bill: 230,  Gas: 200,  Car payment: 190,  Insurance: 120 = $1540

Smaller Expenses:

Cell phone: 90,  water bill: 80,  internet: 70 = $240

Smallest Expenses:

Coffee: 60,  date night: 50, new shirt: 20= $130

Total: $1910

Monthly Income:

$2800

$2800-1910=890

Savings:

$890

I commit to saving back: at least 400 dollars a month to put toward paying off my debt

——————————————————————————————————————–

If you’re unsure how much to put under your utility bills, cell phone, or other expenses that change monthly, collect all of the statements and bills that you can find of each bill.  Get an average for each one.

If you average electric bill is $200, add a little extra when you budget, just to make sure. You would rather your budget say that you have less money than you really have, rather than leading you to believe you have more. That way at the end of the month, you might have more to save back that you had originally anticipated!

Once a month, as your bills are coming in, take a look at your budget plan to make sure everything looks correct. If you take on an extra job, add that into the budget. If you decide to  buy a new car, add all of the expenses that it will bring with it.

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Posted in Budgeting | 3,086 Comments »

Can I Still Get A Credit Card With Bad Credit?

November 22nd, 2011
Getting Approved For A Credit Card With Bad Credit

Just because you have bad credit, doesn't necessarily mean you can't get approved for a credit card.

It seems like everyone has some sort of debt these days. Whether it’s student loans, credit card debt, unpaid bills, or anything else that could affect your credit score.  However, if it’s gotten to the point where it has lowered your score so badly that you find yourself unable to do much of anything, it could cause problems.

You’ve tried applying for a new credit card, maybe even your first. A couple weeks later you get that letter in the mail.

“Dear Mr./Mrs. _____, Thank you for applying to our _____ card. Your request for a credit card was carefully considered and we are unable to approve your application at this time.”

Sound familiar? Thankfully, though, having bad credit doesn’t always prevent you from getting a credit card.

There are a few things you can try if you’re bound and determined to get a credit card.

1) Ask a friend or family member if they might consider co-signing for you. A co-signer is responsibly for paying the balance if you fail to do so. Make sure you do all you can to pay off your bill each month. It’s bad enough to damage your own credit, you sure don’t want to be responsible for hurting someone else’s.

2) Talk to your bank. Since you are already a loyal customer, they will most likely be more willing to work with you than a credit card company would be.

3) Apply at smaller businesses for their credit cards.

While applying for credit cards, make sure you are still up to date with all of your current bills. This prevents you from getting behind, losing points off your credit score, and losing any chance of getting a credit card at all.

Once you are approved for a credit card, don’t spend it all at once. By not maxing out your credit card, you are actually helping your credit.

If you are wanting a credit card for the simply purpose of never carrying cash on you, and for convenience,  you need to consider a debit card. A debit card is not a credit card. It doesn’t charge you interest and most have a Visa or MasterCard logo so they are usually accepted everywhere. A credit card will not affect your credit whatsoever because you are simply using your own money and not borrowing from a credit card company.

Don’t feel hopeless if you have bad credit. Where there is a problem, there is a solution.

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Posted in Credit Score, Credit Tips, Debit Cards Info | No Comments »

College Students, Listen Up! What Should You Know About Credit Cards?

November 21st, 2011
Credit Cards for Students

Don't weigh yourself down with a ton of credit card debt as a college student. Start out small.

You’re pal just got 4 tickets to the Steeler’s game this Sunday. Your girlfriend just bought a new xbox for you, and your mom and dad are going on a trip to Paris this summer. Where are they getting this money from?!

Simple; credit cards.

Now, you may be thinking, “Man, credit cards seem like they would be awesome! I can get anything and everything my heart desires!”

Well, that’s true; with a few tiny conditions, of course.

Remember this; credit cards are not filled with free money. In fact, I like to call them “plastic loans,” because, well, that’s what they are! They’re simply loans that you are responsible for paying back over a period of time.

Sounds simple enough, right? The answer to that question is yes and no. Credit cards can be a great way to help build your credit.  As a student, you are just starting out, and most likely don’t have much credit at all. A credit card with a small limit is a smart choice. You can get things for your dorm room, and pay it off over time. Maybe you want to be more productive with it and use it only for groceries. That works great, too!

Start off with just one credit card. This is your time to enjoy yourself, so don’t end up with a mountain of debt weighing you down before you’re even 21!

One thing to remember is to never, EVER lend your credit card to any of your friends. Sure, they might be your best bud. There’s no way that they wouldn’t pay me back when the time comes. Don’t take any chances, though. Credit cards are a responsibility and not a toy.

Create a budget plan for yourself. Sure, that part-time job at The Snack Shack doesn’t pay much, but budget anyway. This will give you a reasonable idea of your spending habits and you might be surprised by the results.

Avoiding getting multiple Student credit cards. Also, when you need to close an account, cutting your card in half isn’t enough. Make sure you contact the credit card company to let them know you need to close your account.

College students tend to move around a lot. Always remember that if you know you are going to be moving, contact the credit card company as soon as you have your new address. This will prevent the bill from being sent to your old address which could lead to a late payment if you don’t receive it.

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Posted in Credit Tips | 1,915 Comments »

Why Get a Business Credit Card?

September 24th, 2011

So why would someone want a business credit card.  Well first of all you can save tons of money on your business expenses by racking up rewards points.  Daily expenses like advertising, costs of physical materials, services associated with your business, promotion materials, sub – contractors, advances – all great things that you can spend your credit on to gain rewards points.

American Express has credit cards or I like to think of them as “charge” cards because you have to pay off the balance the same month – or you will be looking at a rather large penalty bill.  With that being said american express cards are very prestigious and are only distributed to individuals with good – excellent credit ( 700 +).

Owning a small business allows you also get multiple tax reductions (deductions).  You can get very creative with you CPA (certified public accountant) and figure out some ways to save money on taxes.  This is all completely legal too!  It is more or less your willingness to account for other business expenses that can be considered a deduction (within reason).

CreditCardPreference.com currently does not offer AMEX credit cards – but we will estabilish a partnership with them in the near future!

If you have bad credit here is a good reference to get a free consultation.

http://CreditRepairProfessionals.net

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Posted in Business Cards | 5,000 Comments »

Why Paid Credit Repair is Better for the American Consumer

September 24th, 2011

Today I wanted to bring up a very important topic.  Credit Repair.  Many consumers need credit repair in this economy. With jobs at a loss and everything struggling to pay the bills and find new employment opportunities credit can be impacted as well.  Failing to pay the bills or loans, more importantly like mortgage or a car loan can have detrimental results on your credit score.

It’s such a shame that you can have perfect credit and lose your excellent status overnight just by having one late payment.  But it doesn’t work both ways, because if you want to fix your bad credit its a long drawn out process of credit investigations and verification procedures.  All the while you have less access or no access to any new type of credit lines while this is all taking place.

Why is the self – help version of credit repair not as “good” as hiring a professional who does it for a living?  Simple time and money and results are the biggest factors here.  Realistically, studying the consumer protection laws to apply a strategy on disputing and successfully removing your credit from your reports is not an easy task.  Especially, if you have kids, and other responsibilities.

Most american’s affected by their bad credit are too busy providing for their families and just do not have the time to seek credit repair.  Luckily paid credit repair services provided by law firms can be affordable, I say affordable because a $100 upfront cost and a $49/month charge is nothing compared to a $500/hour charge from an individual credit repair firm.

Here is a good reference: http://creditrepairprofessionals.net - these guys focus on nothing but credit repair and they are very good at it.  Call them today for a free credit consultation, and best of all it’s no obligation!

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Posted in Credit Repair Info | 3,935 Comments »

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