07 Sep
2010

January 1 is a long time ago. How are your New Year’s goals? If you set lots of financial goals – such as paying off that credit card or avoiding payday loans – but haven’t accomplished all your goals, you are not alone. Many people who set goals don’t achieve them. However, the year is not yet over. There are still four months until New Year’s eve – more than enough time to make impressive progress on your financial goals and start seeing some great financial improvements.

The first step is to dust off those money goals and go over them. Are those goals still exciting and relevant for you? If you haven’t achieved them, consider that they may not be exciting enough. If your goal is to save, for example, you may not be very motivated by a number. Instead, you may be more inclined to act on your goals if you picture what your savings can bring you. Consider the lifestyle you will enjoy with specific savings and post pictures of this lifestyle where you will see it.

07 Sep
2010

For many people, September is like a new New Year’s Day. Many people set new goals at this time of year. If you go to school, a new year is beginning for you. If you have children, you are likely getting a fresh start, as well, once your children return to classes. It’s an ideal time to set some new financial resolutions – even if you have not met your New Year’s financial goals. Here’s how:

1) Review your New Year’s goals, if you set any. Did you resolve to get rid of your payday loan debt or credit card balances? Did you promise yourself to make a certain amount to improve your credit score? How did you do? Don’t berate yourself; just notice the progress you have made.

2) If you have made progress on your goals, revise them now to reflect where life is taking you. If you did meet some of your financial goals, for example, set some new ones. If you did not make any progress, toss out your New Year’s goals list and start over. You can still start fresh and still make lots of progress on your financial goals through the end of the year.

3) Go over your goals to make sure they are something you want. Also, make sure they are measurable, specific, and have a firm deadline. “Make $1000 more in income by the end of September” is better than “improve my income.” Write your goals out and post them where you will see them.

4) Start moving on your goals. Check out some good online financial resources or make an appointment to speak to a financial professional to get started on your goals.

07 Sep
2010

Labor Day is a holiday which is dedicated to the idea of work. We rest on Labor Day, but we also reflect on the work we do. Most local newspapers run articles or series of articles about employment and labor on this day, for example. It’s a great time of year to reflect on the labor you do.

This Labor Day, why not make a resolution to get more income for your labor? No matter what your job is, there are many ways to increase your income:

1) Find passive or micro-jobs to supplement your income. In just a few minutes a day, you could be earning a residual income.

2) Ask for a raise. Research your salary, brush up your resume and work on your skills. If you think you are ready, consider asking for a raise.

3) Aspire to a new job. Consider other jobs you could do that could be more rewarding and could result in a larger paycheck. Resolve to set aside extra time to work on your new career plans.

06 Sep
2010

If you need a personal loan, a mortgage, or another type of loan, you will need to convince a lender to lend you the money. You can do so by:

1) Doing the work before you see a lender. Before you see a lender, you should prepare to offer the best possible view of your finances and your eligibility. This will make the lender’s job much easier and will make the lender see you in a more positive light. Repairing your credit and researching lenders ahead of time can help you prepare for the application process.

2) Offer plenty of documentation. Bring lots of documentation for lenders – including proof of any property you own and proof of employment as well as proof of income. The more you can show to prove that you are eligible for a personal loan, the more likely you are to be approved, especially for a larger loan, such as a mortgage.

3) Be professional. Show up for your appointment with a lender on time and dress neatly in business-appropriate attire. Be courteous and professional. Everyone appreciates that – including your lender.

06 Sep
2010

If you have children, back to school time is the ideal way to make more money and increase your income. That’s because with the kids back in school, you have more time to focus on money. There are no more summer camp activities and vacations to worry about. Back to school means many money-making opportunities:

1) Teaching and tutoring options. This is a great time to make extra money by offering tutoring, teaching, and child care services. Many people need these services now that kids are back in school.

2) ESL services. If you live in a college town, you could earn an additional income by helping international students brush up on their English. You can earn a nice additional income as you do so.

3) Overtime. Now that you have more time, you can devote more time to work, allowing you to make some cash through overtime. Longer hours mean more pay, especially in cases where your employer pays overtime plus half.

06 Sep
2010

Shopping locally can save you money. When you shop locally, you are often not paying extra in order to have items shipped to you. As well, when you shop locally, you are often dealing with small businesses who are willing to offer good deals to keep your business. Here’s how you can save:

1) Check out a local drive-in theater to save money on movies. An independent theater, such as a drive-in, often costs a fraction of the big box office, but often plays the same movies. Check out your newspaper for free local screenings, too.

2) Check out sales on local stores. Local stores often have great sales. Become a regular customer at a few favorite local stores and sign up for free email newsletters to be alerted to upcoming sales. Some local stores will even call you when an item you want goes on sale.

3) Check out local farms. Local farms and farmer’s markets are a great way to save money on groceries and produce. The short drive can save you dramatically on your food costs.

4) Sign up for a local newsletter from your municipality or chamber of commerce. This is often a great way to learn about new businesses, going-out-of-business sales and special events and promotions, since many small local businesses use the local city or chamber or commerce to market themselves.

05 Sep
2010

Whether you need a computer for work or school, computer costs can easily reach into the thousands once you consider a system as well as software. Here’s how to save money on your computer:

1) Don’t bother getting the latest and greatest. The older a system is, the less you’ll pay for it. Since most computers get out of date in a few months, it does not make sense to pay a lot more for a brand-new system. In fact, consider whether you can just update your current system for less than the cost of a new computer.

2) Consider a used business system. If you need a new system, consider a used or refurbished business computer. These computers are often more sturdy and powerful than entry-level new home computers, but cost less.

3) Consider freeware or free online software. If you don’t need fancy software for work, consider free software. Reliable titles such as OpenOffice can save you hundreds of dollars and may meet your needs.

4) Invest in a good security system – without investing a lot of money. Look for a good security system that does not cost a lot of money. Some office supply stores have specials on security systems or special bundles that allow you to buy a computer with a security system installed.

5) Invest your cash in what matters. It makes sense to spend more for a good processor and good RAM rather than for gadgets or extras. RAM and processor type will affect your computer’s performance most.

6) Consider computer repair costs. Look at computer warranties, but also consider what you will do if your computer runs into problems. Many warranties, even on new systems, are very short and do not cover everything. Consider putting some money aside for emergency repairs and find a local computer repair shop with great prices. That way, if you have a problem, you will know who to call and you will have the cash for your computer repairs.

05 Sep
2010

If you need to travel for business, you may need to pay for some or all of your expenses yourself. However, you can also save if you:

1) Talk to a tax preparer first. Speaking to a tax professional lets you understand what expenses are tax deductible. Knowing what is deductible is helpful, as it will show you where you can spend more. If your hotel expenses are 100% deductible, for example, you may as well stay at a nice hotel, regardless of cost. Make sure that you save all your receipts, too, for your income taxes.

2) Read the fine print on your employment contract. Does your employer cover some or all of the costs of travel? This will help you understand what you will be responsible for.

3) Budget for your trips. Even if your trips are tax deductible, you may need to pay for part of your costs up front. Budget to ensure that you will spend a reasonable amount that you can afford.

4) Use loyalty and reward programs to enjoy free upgrades and perks when you travel. You can also often save money by relying on the same companies when you travel.

05 Sep
2010

There are lots of reasons you may not have an established credit history. If you do not have a bank account, traditional job, or debts, you may not have a very established history. If you are under 21 years old and still live at home, you likely have no established credit. If you have not lived on your own and your bills have always been in someone else’s name, you may not have established your credit history.

To determine whether you have a credit history, order and read your credit report from a credit bureau. As well, order your credit score (which is not usually included with your credit report). If you see lots of blank spaces, a low credit score, or the credit bureaus are not able to generate a report, you need to do some work.

The easiest way to get a credit history is to take on some financial responsibilities. Sign a lease for an apartment or even get some utility bills in your name. Once you start paying your bills on time, within a few months you will have established some credit history and will be ready to take on more responsibilities.

04 Sep
2010

Occasionally, a major life problem – such as bankruptcy or foreclosure – ruins your credit rating. When this happens, you will need to rebuild your credit history from scratch. Here’s how:

1) Take it slow. Start by rebuilding your life gradually, and give yourself lots of time. Find a modest place to rent and focus on paying all your bills on time. Time and prompt bill payments will help rebuild your credit score, although it will take months or even years. When it comes to credit repair, though, time is your friend.

2) Avoid debt. If your credit has dropped dramatically, any new credit will likely involve bad credit personal loans, payday cash advances, and other high-interest loans. These loans will be expensive, which is not what you need right now. Also, carrying a debt load will just add to your credit score woes. For now, pay for everything in cash.

3) Start saving. A savings account or buffer account builds your confidence and your net worth. It also ensures you’re not reliant on expensive emergency loans if a financial emergency does take place. Start small if you have to, but start saving.