30 Dec
2010

If you want to make, big and positive changes to your financial life in 2011, here is what you must do:

1) Take a look at what you are doing right. Be grateful for the financial abundance you do have, even if it is very modest. If you can afford a roof over your head or can afford something nice once in a while or even are still trying, these are things to celebrate. They are also things you can build on in 2011.

2) Take a look at what needs improving. Take a realistic look at your financial trouble spots. Is your credit report full of negative reports? Do you have lots of debt? Are you not earning as much as you’d like? Do you rely on payday loans more than once or twice a year? These are clues to resolutions you may want to set.

3) Consider where you want to be in five or ten years from now. A good way to set goals is to look at your long-term plans. Would you like to own your own home in five years, be completely debt-free in ten years or own your own business? Imagine your ideal financial life in five years or ten years, then focus on what you need to do now in order to make that happen. For example, if you want to own a home in five years, you need to start saving for a down payment and start improving your credit score so that you will qualify for a mortgage.

30 Dec
2010

This is the time to set your money goals for the coming year. If you need help coming up with some good goals, consider these ones:

1) Get out of debt. Living debt-free is very freeing, saves you a bundle in interest, and allows you to take home more of your paycheck (since your money is no longer paying creditors). If you have any debts, make this one of your New Year’s resolutions, especially if you have high-interest debt such as payday loans or credit card balances.

2) Build your savings. Set a specific goal of how much money you would like to save. It can be a modest goal of $500 or six months of your income. Whatever it is, everyone should resolve to save more in 2011.

3) Build investments or a retirement fund. Saving for the future means a safety net and a brighter future. No matter how young you are, you need to think of your golden years.

4) Improve your credit score. If your credit score has a few dings on it, work to improve it in 2011 by paying bills on time and paying down debts. You’ll have an easier time securing financing, a new apartment, or that great new job because employers, lenders, and landlords all look at your credit rating when making decisions.

30 Dec
2010

Emergency car repairs are a huge problem, especially if you have high deductibles and no savings. You could get a payday loan to cover car repairs, but you might want to try these strategies first:

1) Find out what is covered. Check your credit card, car insurance, and any warranty you may have bought on your car. What is covered and what is not? What is the deductible? How does the insurance process work? If you have good coverage, you may not even have to worry about repair costs.

2) Get a good estimate from your mechanic. Find out how bad it really is and what the costs are. Ask what needs to be done now and what can be done later. This will let you see how much you really need to have in cash.

3) Consider lower-cost ways to pay. You may be able to fit the repair costs on your credit card or take out a line of credit for the repairs. Find out. If not, a payday loan or emergency loan can always help you pay for needed repair costs.

29 Dec
2010

This is the time of year that many of us consider financial goals we want to accomplish over the next year. While it’s great to set goals, it’s also great to set yourself up for success. You’ll have a much better chance of actually attaining your goals if you:

1) Focus on a few goals that will make a difference. Rather than huge lists of goals you could accomplish, focus on a few goals that might really turn your situation around. Would it really change your financial life if you could get out of debt or improve your credit score or increase how much money you make? Commit to a few goals with a big pay off.

2) Believe in your goals. To accomplish your goals, you need to believe that they are possible. Imagine yourself achieving your goals, read about others who have accomplished similar goals, and choose goals that you know you can succeed with.

3) Find good strategies. Having great goals is not enough. You need to know what you have to do to accomplish those goals. Read up about how others have accomplished similar goals, get books out of the library, or find a mentor who can show you the steps you need to take to achieve your money dreams.

29 Dec
2010

Family emergencies come in all sorts of forms: a sudden family crisis or serious illness are two common examples. One thing that most family emergencies have in common, though, it that they will require money. If someone is ill, you may want to contribute to medical bills. If there is another type of emergency, you may need to travel to offer a loved one support. There are many ways to help, even if you do not have a savings account:

1) Work with other family members. If you need to travel in order to visit an ailing family member, for example, find out where others will be traveling from. You may be able to combine resources to defray travel expenses.

2) Research forms of support. There may be organizations that help you raise money for a medical treatment, for example. If you have lost a family member, many airlines offer special rates for family members. Find out what resources are available to you.

3) Consider borrowing. If you cannot raise money any other way, an emergency loan can help you pay for some expenses so that you can help your family at once.

29 Dec
2010

If you want to make a great impression in 2011, you may be tempted to buy new clothing. You may also need some new clothes for work or school, especially if you are starting a new job or going job hunting. Here are some ways to save money while looking great:

1) Consider consignment and used clothing stores. You’ll save quite a bit of cash and still look great.

2) Focus on fit and color rather than on the designer. It’s true: you can often look much better for less cash by buying clothes that are flattering rather than just from designer brands.

3) Work with what you have. Go shopping in your closet first. You may find that you have clothes that you can sew, wear in new ways, or re-invent.

4) Stick with a few basic colors. You’ll be able to match more easily and create more combinations of outfits if you stick with a few colors that work well together.

5) If you need to find a job but don’t have the clothes for interviews, check with local organizations. There are groups which rent out or give away very nice designer clothes to those who need assistance.

28 Dec
2010

Medical costs can easily reach into the hundreds of thousands of dollars. In some cases, medical costs cause patients to head into bankruptcy. Luckily, there are some ways to prevent this:

1) Buy the best medical insurance you can afford. You never know when you will need it, and it is better to have enough insurance to cover you. If you cannot afford adequate coverage, find out about social assistance programs in your state that may be able to help.

2) Take good care of yourself. A healthy lifestyle can do much to help prevent many illnesses and conditions.

3) Talk to your doctor or pharmacist before making any treatment decisions. Your doctor may recommend less expensive (but still effective) treatments and tests that can save you money. Your pharmacist can also help you find generic versions of the medication you have.

4) Know what your insurance covers. Read the fine print or have someone go over the details with you. Determine whether you need additional coverage for some risks.

28 Dec
2010

If you have made some money mistakes over the holidays — such as going into debt, tossing your budget out the window, or overspending — there’s no point in beating yourself up over it. Instead, focus on getting back on track by:

1) Creating a new budget. Even if you don’t usually work with a budget, use one now to control spending and to get back to basics.

2) Start a savings account. If you don’t have one already, put aside a few dollars into savings. Make contributions each month and you’ll find it much easier to get back on track.

3) Create a plan for paying off any debt you have accumulated. If you have gone into debt over the holidays, create a plan to get debt-free. If you are in over your head in debt, consider a non-profit debt counseling service or a credit repair service to get help.

4) Focus on the positive. If you have a job, a good family, and have made good financial decisions generally, give yourself some credit as you work to repair the bit of damage that has taken place.

28 Dec
2010

Many people want to get in shape in the new year. In fact, it is one of the most popular new year’s resolutions. If you are planning on getting in shape for 2011, ensure that you maintain financial fitness, too, by:

1) Avoiding new purchases until you know how that exercise program will work out. Don’t sign up for a long-term gym membership until you are sure you will actually use it.

2) Use what you have. You may already have old exercise equipment or gear left over from previous attempts to get in shape. If this is the case, make use of that stuff rather than buying new. Avoid being tempted by the marketing message that a new piece of equipment will make all the difference. Your willpower is what will make all the difference.

3) Get in shape free. Go on walks, run with friends, or pool your exercise equipment to set up a “gym” of your own. You probably already have plenty of resources to get started. You can even use online exercise videos to get started.

4) Budget for anything you will eventually need. If you do need sturdy shoes or some new type of equipment, budget for it rather than buying it now. Do not go into debt in order to get into shape.

27 Dec
2010

At this time of year, many people have extra gift certificates and gift cards from the holidays. If you have gift cards or gift certificates from the holidays, you can often ensure that your gifts go even further by:

1) Checking out when a retailer’s next sales are on. Look for big sales and special offers that will let your cash go further. Call to ask when the next sales are. Since many stores have special sales during and after the holidays, it can pay to wait a few weeks or more.

2) Find out more about your gift cards and gift certificates. Do they need to be used by a specific date? Are there any restrictions on purchases you can make? The more you know, the more you can plan ahead for your purchases.

3) Go online to check gift card trading sites. At some, you can trade up your gift cards or trade them for other cards that may get you the items you want.

4) Make a list of items you might like to buy with your gift cards and make your purchases carefully to get the best value for your gifts.

5) If you get any cash for the holidays, put it in your buffer fund. Don’t be tempted to spend it. That cash may come in handy some day.