The Simple $10 Debt Elimination Solution

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Paying down credit debt doesn’t always mean having to make huge monthly payments or sacrifices. It just takes some basic planning and a simple effective strategy to make it work.

Ask a friend what resolutions they made for the new year and your bound to hear them reply “Pay off my credit cards.? Ask them how they planned on reaching that goal and many of them will not have a clear cut answer.

The obvious first step to paying off credit card debt or paying down credit debt load is to cut back or eliminate the use of your credit cards. For some people this first step can often be the most difficult. If you’re used to spending freely with plastic and worrying about the consequences later, it’s difficult to break free from this “buy now, pay later?attitude.

To gain control of their careless credit card spending habits, some people cut up their credit cards therefore making it impossible to use them. Others lock up their credit cards or hide them in a safe place and vow to use them only in an emergency.

The second step to paying down credit debt is to pay more than the minimum balance due. Most credit card companies require a minimum monthly payment of 2.5% of the outstanding balance. For example, if you have an outstanding balance of $1100.00 on a credit card charging an Annual Percentage Rate (APR) of 18.9% your minimum monthly payment would be $27.50. It will take you 66 months or 5.5 years to pay off your balance of $1100.00 making the minimum payments. The credit card company will make $676.94 in interest from your use of their credit card.

Monthly payments are purposely kept low by the credit card companies so that they can earn as much as possible from the interest rate charged to you the consumer. Paying just the minimum payment will keep you tangled in credit’s web for years and years to come.

If you’ve been paying only the minimum due month after month, ask yourself this question, “Do I have an extra $10.00 I could apply to this month’s payment?? I’m sure that most of us could find some way to come up with an extra $10.00 for the month. Try cutting out a few cups of coffee or lunches at your nearby fast food outlets and in no time flat you’ll have saved up the extra money that you need.

Now, it’s time to unveil “The Simple $10.00 Debt Elimination Solution.? Take that extra $10.00 and add it to the minimum monthly payment above, therefore making a payment of $37.50. By adding just that $10.00 a month to your minimum payment, you’ll trim 23 months or nearly two years off of that credit debt! On top of that you’ll save $277.00 in interest alone! That’s money you can put toward savings or paying off other debts. Imagine how much you’d be able to save if you applied this same simple strategy to each of your other credit card debts!

Paying down credit debt doesn’t always mean having to make huge monthly payments or sacrifices. It just takes some basic planning and a simple effective strategy to make it work.

Learning The Value Of Money

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This article describes how my father taught me the value of money and at the same time also showed me how to reach and attain the goals I had in my life.

money, happiness, health

This article describes how my father taught me the value of money and at the same time also showed me how to reach and attain the goals I had in my life.

I have a friend called Peter and for his seventeenth birthday his parents bought him a very impressive car which would have cost them around ?000. He was very happy and showed off this car to all of his friends including myself. At this stage he was unable to even drive, however it was still a great present to receive.

Peter lived a couple of doors away from me and I showed my father the car and stated that I would love a car for my seventeenth birthday which was only three weeks away. He responded with words like, I bet you would. Despite this remark I felt sure that he would purchase a car for me as he certainly could have afforded to, in my opinion anyway.

My birthday arrived but no car was presented to me, the main present I received was a pair of trainers. I must admit even though I now feel embarrassed to say it, that I was quite disappointed.

Around eight months later, I managed to pass my driving test and my father was very pleased and congratulated me on my success. I told him that I was very happy, however, what was the point of passing my test if I had no car to drive. He seemed to agree but two months later he still had not bought me a car.

It was now nearing my eighteenth birthday and my father asked me what I would like for my birthday. He explained that your eighteenth is a special birthday and that he would be spending slightly more on me this year. I told him that I would like a car and he started laughing. Despit this I felt sure that he would oblige.

My birthday arrived and yet again no car, the main present I received was a watch, a very nice watch I must add but again I was disappointed.

I waited a further two months and then decided to use the head on approach. I went to talk to my father and told him that I needed a car. He agreed so I asked him, so what are we going to do then? If you want a car, go and buy a car, he responded. I pointed out to him that I was spending per week more than I was earning, socialising, buying clothes etc. He stated that I really wanted a car that I would make sacrifices to get it but also stated that whatever I saved he would match.

This very much annoyed me at the time, but something I am now grateful for as it has taught me that if you want something, you have to work hard and make sacrifices to obtain it.

Credit Cards for Bad Credit – How to Choose

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It is important that you do your homework and find the right credit cards for bad credit that suits your needs and situation.

credit cards for bad credit

Needing credit cards for bad credit can be a real pain. It can really take a toll on your life and make you feel like you will never rise above it, that will always be a part of your life and gone are the days of loans, credit cards, and other forms of credit. This does not have to be true. Many companies in the world today understand that sometimes things beyond our control happen and we all need a second chance at rebuilding our lives. This is why some companies are now offering credit cards for bad credit.

Credit cards for bad credit are specific to those who have a tarnished credit history for one reason or another. Your credit score might be low because of bad decisions, loss of employment, reduction in wages, injury, or a host of many other things. However, everyone deserves a second change to prove themselves credit worthy once again. This is where credit cards for bad credit come in handy.

With these credit cards, even though you will have to pay an extremely high rate of interest on the card, are perfect for those looking to rebuild their credit and improve their credit ratings. While you will likely not have many of the same benefits as traditional credit cards such as, rewards, long grace periods, or even long introductory periods, you will still have the opportunity get your financial affairs back on the right track.

Credit cards for bad credit can be found on the internet. It is important that you do your homework and find the right credit cards for bad credit that suits your needs and situation. Using the internet for research is a great place to start. Check out the interest rates and benefits before you start applying for any credit cards for bad credit. Ideally, you will want to find a credit card that periodically checks your credit report. This way, if you are improving your credit rating, making your payments on time, and showing credit worthiness, they may consider lowering your interest rates or raising your credit line.

5 Practical Tips for All-Season Energy Savings

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Replacing windows and doors is the fourth most common home-remodeling project and experts say it can dramatically reduce utility bills. Yet when it comes to choosing more energy-efficient options, consumers might be overwhelmed by the whirlwind of technology, terminology and options on the market today.

5 Practical Tips for All-Season Energy Savings

Replacing windows and doors is the fourth most common home-remodeling project and experts say it can dramatically reduce utility bills. Yet when it comes to choosing more energy-efficient options, consumers might be overwhelmed by the whirlwind of technology, terminology and options on the market today.

Homeowners need to be armed with accurate information in order to make the best choices about the many available options. That’s especially true as energy costs continue to climb. The Environmental Protection Agency’s Energy Star program estimates that the savings from replacing single-pane with Energy Star-qualified windows ranges from $125 to $340 a year for a typical home.

Since this is the time of year when many homeowners embark on remodeling projects, here are five basic tips for selecting the most energy efficient windows and doors for your home.

* Use Low-E glass. Select windows with Low-E glass, which controls the amount of heat transferred through the window and prevents heat loss in the winter. Jeld-Wen, a window and door manufacturer, now offers Low-E glass as a standard for its wood and clad wood windows and as an upgrade option for its vinyl windows.

* Update technology. Replace older single-pane windows with dual-pane units, which insulate the home from both cold and hot weather. Using both Low-E glass and insulating glass units will reduce home energy costs.

* Consider how they’re made. Choose doors with energy-efficient cores, sills and frames that provide a barrier to energy exchange. Dual-pane, Low-E glass helps ensure that they will be weathertight and energy efficient. For example, studies show that over time, steel doors made with polystyrene maintain energy ratings better than doors made with polyurethane.

* Understand the standards. Efficiency ratings are based on U-factor, which is the amount of heat flow through a product. The lower the U-factor, the more efficient the product. Efficiency also is measured by Solar Heat Gain Coefficient (SHGC), which indicates the ability to block heat generated by sunlight. The lower the SHGC, the better. Finally, experts evaluate Visible Light Transmission, which is the percentage of sunlight that is able to penetrate a window or door. Higher percentages mean more light will enter through the glass.

* Focus on efficiency, not bells and whistles. Manufacturers achieve efficiency in different ways. No matter what technology is employed, one of the easiest ways to identify the most energy-efficient products is to simply look for the Energy Star label.

How to Save Money on Your Energy Bill

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Tired of skyrocketing energy bills? This article contains simple tips for cutting down on energy costs without crimping your lifestyle.

energy bill, save money

Is it just me, or have energy prices just been going up and up lately? Unfortunately, this results in significant increases in our home energy bills.

Fortunately, there are a lot of relatively inexpensive (sometimes free) changes you can make around the home that will save you money. I’ve put together a list of twelve tips that cover heating and cooling, lighting, appliances, and home electronics. These areas all tend to be notorious energy hogs. Let’s get started.

Heating and Cooling Tips:

1. If you haven’t already, switch to a natural gas water heater (electric water heaters use twice as much energy).

2. Whenever possible, cool your home naturally. For example, you can plant shade trees around your house (especially on the east and west sides). Their protection keeps the sun from beating on your roof and siding during the summer, which can naturally keep your home 4 degrees cooler. (Trees also help insulate your house against cold winds in the winter.)

3. Seal your house to protect against heat loss in cold weather. Seal the ductwork, close the fireplace damper when it’s not in use, and install a timer on the bathroom exhaust fan.

Money-saving Lighting Tips:

1. Use dimmers on all your bulbs, and only keep lights as bright as needed for your work. Instead of turning on big watt-sucking overhead lights, use task lighting when appropriate.

2. Use timers and motion- or heat-sensing lights outdoors.

3. Make the most of the natural light from outside. Consider skylights and well-placed mirrors, which can reflect more light into a room, thus reducing energy costs.

Home Electronics Energy-saving Tips:

1. Unless you really need ten clocks glowing greenly at you day and night, unplug TVs, DVD players, stereos, etc. when not in use (you can plug them into a power strip with an on/off switch to make this easy). 60-80% of the electricity used by these devices is sucked down when they’re idle.

2. Unplug chargers when you aren’t actively charging your cell phone, iPod, battery charger, etc. Why? Because as long as the plugs are inserted into an outlet, they’re drawing electricity.

3. Unplug or turn off your computer when it’s not in use. And in case you forget, set the system to lapse into sleep mode after a certain amount of idle time (sleep mode draws 60-80% less energy than full-power mode).

Tips for Saving Energy with Appliances

1. If your refrigerator was made before 1993, replace it. It could be sucking down $140 a year in electricity as opposed to newer models, which require significantly less. Today’s Energy Star-rated refrigerators only use about $20 of energy a year.

2. Do all your laundry on the same day, and dry the loads back-to-back. This makes use of residual dryer heat.

3. If you have a top-loading washing machine, replace it with a front-loading model. These generally use 50% less energy and 1/3 less water.

That’s all the advice for this article. Apply these simple energy-saving tips, and you’ll soon be looking at smaller bills.

The Threshold between Wealth Creation & Destruction

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Every dollar that passes through your hands offers you the choice of creating or destroying wealth for yourself.

personal finance,wealth building,saving,retirement

Wealth is simply the accumulation of money, and it can only be created by the amount of money that is received and never spent. If you want to build wealth, then anytime you receive money: don’t spend all of it. Sure it is a very simple concept, but it is very difficult to continually achieve. Luckily there are readily available allies to help you: find some compelling reasons to start saving, build it into a habit, watch the results of your efforts build, and set some financial milestones to reward yourself.

Setting aside a percentage of any money that you receive is the best method to follow through and build the habit of saving money. There are a few misers among us who find saving easy to do, but most people want to spend far more than is earned; let alone have the discipline of spending less than what they earn. So it starts as an uphill mental and emotional battle that gets easier by following through with the habit, and seeing the results of your effort. Spending less than what you earn every week, every month, every year, is the only way to amass money.

How much money should you set aside to build up savings? It should be a percentage so that you automatically move it into a separate savings account anytime you receive income, without exception. It is my experience that the range of 3% to 10% is the most successful starting percentage for people who continue saving over long periods of time. Saving only 3% is so small that it is nearly painless to even the lowest income earners (this is actually where I began years ago). Selecting a percentage under 3% accumulates to such a tiny amount of savings that I haven’t heard of anyone sticking with it. And starting out by setting aside over 10% is too painful for even high income earners to withstand, because they are so accustomed to spending on every whim. As you repeatedly save a set percentage rate, it will become more habitual, automatic and expected. Then you’ll be ready to increase your percentage rate. And the higher the savings rate, your growing pile of money will create more motivation to continue to save. This summer, I spoke with a successful saver who lives very well on only 30% of his income. Because he saved diligently to continually buy rental homes, after a couple decades he earns over a million a year in rental income by Ashville, North Carolina.

In the fragile first years of saving money, it can take only a single wrong financial move to wipe out everything that you’ve saved so far. And the most common wrong move doesn’t look like it when it is occurring. This draining move can also start insidiously small and build a different habit, the wealth-destruction habit. You know the problem: pay your credit card balance in its entirety, every month, without exception. As an example, if you haven’t saved money for a vacation before you depart, and then charge it all to your credit card, there is a giant probability that you won’t pay it off for a very long time. The credit card companies know this and they are extracting interest dollars from you instead of earning interest yourself. You’ve shifted to the dark side of wealth destruction where it is more common for your credit card balance to grow than shrink.

Let’s get back to building your wealth. Once you start setting aside the savings percentage that you’ve decided and opened a dedicated savings account, you need to closely review your account statements for motivation. Reviewing the progress that you’ve made so far you’ll see how you are moving toward financial goals can be self-reinforcing. And another motivator is rewarding yourself by spending some money on yourself when you’ve reached certain milestones. For example, you could start with a goal of accruing $500, and reward yourself with something meaningful; and then each time you double your amount of savings you get another reward. My advice is to at least begin with a savings percentage, even as small as my 3%, and allow this simple concept be of great financial benefit to you.

Saving Money On Magazine Subscriptions

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If you are interested in subscribing to a magazine or different magazines, you may be wondering how you can fit the costs of subscribing to a magazine or magazines into your overall budget. In this day and age, many people find it very difficult to make ends meet, to maintain a wise budget. They simply do not have a great deal of discretionary money to be used on such things as magazine subscriptions.

With that said, there are some ways in which you can save money on magaz…

If you are interested in subscribing to a magazine or different magazines, you may be wondering how you can fit the costs of subscribing to a magazine or magazines into your overall budget. In this day and age, many people find it very difficult to make ends meet, to maintain a wise budget. They simply do not have a great deal of discretionary money to be used on such things as magazine subscriptions.

With that said, there are some ways in which you can save money on magazine subscriptions. One of the easiest ways you can save money on magazine subscriptions is through the Internet and World Wide Web. There are now many websites in operation that offer magazine subscriptions at reduced costs.

In addition to websites that market magazine subscriptions at reduced costs, there are also Internet websites that market magazine package deals. In other words, you can obtain a number of different magazine subscriptions that you might not otherwise be able to afford for a low cost.

In the brick and mortar world, you can stop by the local bookseller and visit the magazine section. By flipping through magazines, you can find subscription cards that offer reduced costs for subscriptions to these publications. For example, they might offer upwards to 75% off the regular price for these magazines.

Also keep in mind that by subscribing to a magazine for an extended period of time, the publication likely will knock a good deal of money off of the overall subscription cost. For example, you can save a great deal of money by subscribing to a magazine for a period of three years as opposed to a single year subscription.

Finally, there are some charities that sell magazine subscriptions to raise money for their work and causes. In this regard, these magazines are made available to people at a reduced cost. In addition, a part of what you pay for the subscription is donated to the charity in order to allow it to further its good works.

When all is said and done, by taking the time to shop around, you can save money on magazine subscriptions. You will be able to work the costs of receiving magazines into your overall budget. By keeping an open mind as to where to look for reduced costs magazine subscriptions you will be able to have the publications that you want at a price that you truly can afford.