Commit. Plan. Take action.
Credit where credit’s due. There are some great deals around which can really help stretch your budget. When you’re juggling the expenses of a family, your plastic friend can really become one of your best friends.
There is one vital thing to be careful about though. You need to make sure you can pay off the balance every month and in full. That way you won’t incur interest and you won’t run up debt. Budget carefully and be wary of payday loans.
Trading penny stocks has become a popular option among investors because it does not entail a lot of risk. It also gives traders the opportunity to make a substantial amount of money in a short time. However, many things can go wrong with penny stock trading. If you are a penny stock trader, try to avoid these five common mistakes.
Not Knowing What You Are Doing
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Valentine’s day is the right day to pamper your special one. It’s a day when couples get-together and celebrate the essence of love. Exchanging gifts is one of the significant part of Valentine’s day. If you are also in a relationship, then it’s the time to pamper your sweetheart. Indeed, Valentine’s day means to shower love and romance on your partner. Love and romance mean different to everyone, perhaps this list of unique gifts will surely make your girlfriend feel superb special. Have a look at these thoughtful Valentine gifts to surprise your girlfriend on this day.
Personalized Alphabet Necklace
In the current scenario, name jewelry is a quite charming and stylish gift for your girlfriend, especially on Valentine’s day. These name jewelries are unique and created with stunning stones and metals. Buy a necklace as per the first alphabet of her name and gift her on Valentine’s day. She will be surprised to see such a fantastic gift from you on this romantic day and appreciate your choice.
Printed Mug
A wonderful printed mug will never go out of craze when talking about Valentine gift. Girls are very creative, imaginative and emotional and hence a printed mug with a heartwarming quote is surely an excellent choice and it will surprise her. You can go for any romantic quote like “ I Love You “, You Are My Life “, Love You Forever” and many more. You can also get your own quote printed over the mug.
Perfume
This Valentine’s day, if you are planning to add fragrance to your girlfriend’s day then gift her a bottle of perfume. It’s a unique Valentine gift that will please her in all respects. If you know her favorite brand then it is good to buy that one else you can buy that perfume which is in trend these days.
Gold Plated Rose
Roses are the epitome of eternal love, care and romance. This love season, communicate your love and romance to your girlfriend by gifting her a gold-plated rose. Let your girlfriend know the depth of your love by gifting her a gold-plated rose. It would be ideal Valentine day flower for her. So, send a gold-plated rose to her doorstep at the stroke the midnight.
Valentine Chocolate Box
The Valentine chocolate box is surely a cute selection for your girlfriend. Girls are always interested towards chocolates and a Valentine chocolate box will make her mad to appreciate your choice. So, don’t think much and gift her Valentine chocolate box to surprise your partner.
Delicious Cake
A delicious cake is one of the sweetest gifts that you can gift to your sweetheart on Valentine’s day. Find out the best Valentine day cakes for your girlfriend and gift her on this very special day. You can choose for red velvet cake, black forest cake, pineapple cake, vanilla cake, blueberry cake, coffee cake and many more. So, give a tempting surprise to your girlfriend on Valentine’s day.
If you’ve been struggling with debt, your credit has likely taken a hit as well. For me, having a low credit score and a high level of debt caused me to panic. How was I going to survive? The scary thing is – predatory lenders know when you’re feeling overwhelmed. That’s when the “Guaranteed Payday Loan No Third Party” envelopes begin coming in the mail.
Predatory lenders are everywhere. These lenders are referred to as being predatory because they tend to target people with bad credit, a lot of debt, and low incomes. Most of the time, they don’t truly care whether you can pay the loan or credit card off. Not to mention, most types of predatory lending also comes with a high-interest rate.
Consolidation loans and other quick-money loans can be tempting, especially if you are struggling financially. However, taking on new debt with a high-interest rate will only add to your financial stress in the long-run. You can typically identify predatory lenders by the wording used in their offer. They will use the words “guaranteed approval,” “payday loan,” “bad credit, no credit,” or “money now.”
I’ve had a number of these “Guaranteed Payday Loan No Third Party” offers come through my email and land in my mailbox. At times, it can be hard to turn down the extra cash. Many of the lenders even market the offers as a “consolidation loan.” Having read/seen the mistakes myself and others have made, I know better than to fall victim to one of these lending traps. Here’s why…
Even in the tightest financial situation, you should avoid these predatory loans at all costs. Consider getting a loan from a friend or transferring some of your debt to a credit card with a lower interest rate. Whatever you do, try to avoid anything that guarantees approval.
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The average American credit score has risen steadily since the Great Recession. The national FICO score average is now 704. If you have good credit, your main concern should be avoiding mistakes that may lead to this score getting lowered.
By finding out what hurts your credit score, you can use this information to keep your credit in good shape. Without good credit, you will find it hard to do things like getting approved for car or home loans.
Not only will you need a good credit score to make these larger purchases, you will also need to save money. One of the biggest trends in the world of savings is the 12-week challenge. This challenge requires you to save between $100 and $150 a week for 12 weeks.
The following are some of the things you need to avoid when trying to keep your credit score high.
If you are like most consumers, you have a number of credit card minimums and loan payments to make each month. While keeping up with these payments may be difficult, you need to avoid missing one by mistake.
Not only will missing a credit card or loan payment lead to additional late charges, it can also hurt your credit score. A payment that is over a month late can lead to a credit score being reduced by nearly 90 points.
The last thing you want to do is significantly reduce your credit score due to a mistake. This is why you need to get organized when it comes to when payments are due.
Did you realize credit card utilization accounts for nearly 30 percent of your credit score? This means that the lower your credit card balances are, the higher your score will inevitably become.
Practicing a bit of restraint when it comes to credit card spending is vital. Maxing out one or more credit cards is a horrible idea that could cost you dearly.
Higher credit card balances will lead to your monthly minimums increasing, while your credit score decreases. Maxing out your credit cards can reduce your credit score by up to 45 points.
Every time you attempt to get a loan or a new credit card, a hard credit inquiry will usually be performed. Lenders need to pull your credit report to ensure you are a good candidate for a new loan or credit card.
Applying for a number of different loans or credit cards in a short time frame can lead to a number of hard credit inquiries being generated. Instead of hurting your credit score with the inquiries, you need to be selective about applying for new lines of credit.
Doing some research before applying with a particular company is a must. With this research, you can figure out which lender offers the best terms on the loan you need. Once you have this information, you can apply for one loan instead of a handful of them.
Having unpaid debt can affect your credit score in a negative way. If you avoid making an attempt to pay a particular debt, the company that holds this debt may sell it to a third-party collection agency.
While this may not sound like a big deal, it can actually hurt your credit score. In some instances, a company will classify your debt as a charge-off. Basically this means that a company is removing the debt from their books due to it being unpaid for a long period of time.
Checking your credit report regularly can help you find issues with unpaid debt. Taking out a personal loan to pay off these debts is a good option. If you are looking for information about the best personal loans on the market, you can read more here.
Being unable to pay your debts will put you in a very compromising position. Often times, people who are unable to make these payments will have to file for bankruptcy.
If you are unable to pay your mortgage, the bank may decide to foreclose. A bankruptcy can lower your credit score significantly. The negative mark left by a bankruptcy can stay on your credit report for up to 10 years.
A bankruptcy or foreclosure can lower credit scores by up to 240 points. Contacting your creditors and letting them know about your financial hardship is a step in the right direction. Usually, lenders will offer a reduced payment plan designed to help you avoid foreclosures and bankruptcies.
Some consumers think that consolidating their debt into one easy to make payment is a good idea. While a single monthly payment may be helpful for you, it can be damaging to your credit score.
Generally, companies that offer debt consolidation loans will have to pull your credit report. This means you will have a hard inquiry, which as previously mentioned can lower your credit score.
Paying off mounds of credit card debt can be a daunting task. By doing this on your own without the help of a consolidation loan, you can avoid affecting your credit in a negative way. Meeting with a financial advisor is a great way to get a plan of action when attempting to pay off debt.
Getting low-interest rates on loans and increasing your buying power is easy with good credit. Now that you know what hurts your credit score, you can avoid making these mistakes. Keeping your credit card utilization low and your savings high can benefit you and your family.
Looking for more information on paying off your debt? Be sure to check out our article on how to create a debt avalanche.
Paper family of four under a Life Insurance paper cutout umbrella
Life is fragile and can be taken away in a split second. If you suffer from a tragic event, how will your family stay financially afloat?
Carrying life insurance is the most effective way to protect your family. However, more than 40 percent of Americans do not own any life insurance.
Considering how affordable life insurance is, this decision is a big mistake. Read on to learn more about life insurance. Explore how to choose the right life insurance amount to meet your family’s needs.
The last thing you want to do is leave your family with a significant amount of debt. This means the first step is to calculate all of your personal debt.
Determine what the payoff amount is for each one of your outstanding financial obligations. Obviously, this includes credit cards and personal loans. It may also include car, home equity, or student loans.
The mortgage should also be a consideration. If the life insurance amount can pay off the remainder of the mortgage, your family will be on a good foundation.
Your life insurance amount is partially driven by the number of dependents you have. The more dependents you have, the more life insurance you need to carry.
Another consideration is the type of lifestyle that you want for them. Do you want your family to continue taking annual vacations? Did you plan to pay for your child’s tuition?
As you age, the amount of life insurance that you need may decline. This is because, in theory, you should carry little to no debt.
In addition, your children may have moved out and started earning their own income. As you age, the burden of providing financial security for others eases.
Now, your life insurance amount needs to cover end-of-life expenses like funeral and burial. If you’re married, the amount should be sufficient to carry your spouse as well.
There are a few different rules that the experts use to develop a policy. For a quick and dirty rule of thumb, simply multiply your income level by 10. Also, you may want to add education expenses for each dependent child.
Another more in-depth approach is called DIME, which stands for debt, income, mortgage, and education. This approach takes a detailed look at the money coming in and out.
One of the major differences with the DIME approach is that it multiplies income by the number of years you expect to support your family. It also plans for enough life insurance to pay off debts.
Some life insurance professionals make downward adjustments to the DIME method. From the DIME amount, they subtract existing savings.
Regardless of the method selected, you can be certain that the professionals at Top Quote Life Insurance will plan the perfect amount. There are also various calculators and toolkits to help you plan without the help of a professional.
Taking out a life insurance policy is a great achievement because it means financial security for your family. You can rest assured that your family is covered in the event of an untimely tragedy.
If you enjoyed this article about planning the right life insurance amount, check out our forums for other great financial topics.
Whether you decide to repair an existing roof or repair your current one there are certain things that must be included in your roofing contract. Since many homeowners aren’t fully aware of the scope of roofing services, terms, and warranties here’s a list of key points that must be included in your roofing contract.
Home remodeling contractors in the United States all offer a different type of contract when it comes to your roof installation or roof repair work. Before you sign a contract with anyone make sure the contract spells out in clear and unambiguous language. Make sure the extent and period of warranty offered by your roofing contractor is included in the contract. The warranty provided by your residential roofing contractor will be for a shorter duration as compared to the manufacturer’s warranty but can help you save time and money if any problem arises due to improper installation or any other error in workmanship.
After you’ve received your custom roofing quotes and are proceeding to a contract with your selection, there are certain things that contract should include like specific details about the materials being used in the job. This includes brand, type, color, and price of every and every product. There should also be a start and end date of the project. You wouldn’t want your contractor to take three months to fix your leaking roof. If there is no end date of the project in your contract, that could happen. The contract must also include demolition details, clean-up, and pick-up details as well. If your contractor ruins your flowers and landscaping in the front of your house, they need to be responsible for covering those damages as well. Discuss all exclusions with your residential roofing contractor and understand their nature and extent before including them in the contract.
Every contract must include payment terms. This includes payment details and number of payments. The general practice is to pay 10 to 25 percent of the total contract price as a deposit and the remaining balance upon completion of all work. Make sure there details regarding the law in your state is including in the contract as well. Certain states protect consumers against negligent workmanship. You should discuss the clause with your residential roofing contractor and include it in the contract after receiving their consent.
Roof repair and replacement projects have their fair share of risks and injuries due to on-site accidents. To avoid resultant claims for compensation, make sure the contract includes details about workmen’s compensation and Public Liability insurance. Don’t forget to include your roofer’s license details including the license number and contact details. Don’t ever work with a contractor that isn’t licensed and insured for liability reasons.
The cost of workmanship is bound to rise steeply if the contractor experiences any unforeseen difficulties in executing their duty. An example would be if the professional will have to deploy more labor and use extra material due to wood rot in your roof. The contract must include details about additional costs.
If for any circumstance you want to terminate your roofing contract, the terms and conditions for terminating should be clear in your contract. If the contract is terminated payment arrangement and compensation details should be included as well. Most contractors still want a percentage of the cost of repair even if the contract is cancelled. Understand all the terms and conditions before signing anything. If you are unsure don’t hesitate to have a lawyer check the contract before you sign.
Falling money on a white background
Do you run a small business?
Do you struggle with managing your company’s finances? Are you able to set aside for yourself and your family without disrupting the cash flow of your business?
A recent survey revealed that about 41% of small business owners in the United States face cash flow struggles. These problems affect small business owners beyond the financial aspect. Around 56% said that the struggles had a consequential emotional impact.
There is also the question of how should you pay yourself as the business owner.
The answer can be very tricky. There are certain factors that you need to consider especially when you are the boss.
If you want to know how to pay yourself as a small business owner correctly, continue reading below.
Regardless if you are running a small business or a freelancer who works alone, you need to pay yourself. If you have people working under you, you need to set up a payroll system. If you are doing things by yourself, there is payroll for self-employed people.
First, you must consider the structure of your business.
The most common structures include sole proprietorship, partnership, limited liability company (LLC), corporation, and cooperative. The corporate structure has five types, namely, the C Corp, the S Corp, the B Corp, the close corporation, and the non-profit corporation.
If you’re starting small with a few trusted friends, an LLC might be the better option. It ensures everyone has a firm grasp on the company’s finances and ownership. This guarantees no one can out-profit the other, an issue that can happen in a traditional partnership.
We advise that you sit down with your trusted accountant regarding your payroll options in relation to your business’ structure.
There are two common types of payment methods that small business owners tend to use: the owner’s draw and the salary.
If the structure of your company falls under a sole proprietorship, LLC, or partnerships, the IRS considers you as self-employed. Hence, the owner’s draw is the one for you. This is because you are not paid through traditional wages.
Keep in mind, however, that you still need to pay your individual taxes even if the owner’s draw is not taxable upon withdrawal.
Traditional salaries, on the other hand, work for C Corps and S Corps. Salaries are recurring payments. Unlike the owner’s draw, the IRS imposes taxes on salaries.
Now that you have determined that suitable payment method, you can move on to the amount of pay you should receive.
To avoid overpaying or underpaying yourself, you need to look closely into your daily duties. Determine an amount that equates to your daily business tasks. You should also consider how the amount impacts your business’ long-term growth.
Review your profit and loss statements and zoom into your monthly net profit. Take out your desired pay from the net profit. Do you find the pay fair and justifiable?
Identify the major duties you have in relation to your business operations. Find out how much you would pay if you hire someone else to do those things. The amount can serve as a guide to how much pay you can take from the profit.
There are online resources you can use for your computations. You may also consider services that help manage business cash flow.
You should also consider looking at the standards set by the industry.
How much do your competitors pay for services? How much do they pay their employees? How do they break down salaries and how do factors like hours worked, experience, and seniority in the company come into play?
You need to follow a payroll schedule even if you only have one or two employees working for you. The usual pay schedules among companies in the United States are twice a month, bi-weekly, or weekly.
Majority of the states follow a basic payroll calendar. If your state enforces one, then you should abide by all means.
Not many companies consider one important factor: collaborating your schedule with local, regional banks. Some banks are strict in releasing credit cards or loans to employees and require a weekly or bi-weekly direct deposit account. You can support your business and manage cash flow by sticking to the schedule your local banks abide by.
Lastly, you need to determine how you are going to get your paycheck. You can deposit your salary directly into your bank account. You can also write a check if you wish to.
Which modes of payment should you prioritize?
Direct bank deposits should be the primary method available. You should also consider methods such as PayPal. PayPal is great for people hoping to save money since it’s always online and you can’t simply withdraw the cash from an ATM.
As mentioned, checks should be an option for those who prefer a more traditional method.
One extra tip is to fragment your own pay. It’s likely you already have a spreadsheet of different bills to pay, employees to pay, and personal desires to purchase. You should set your account to automatically pay these things out upon receiving your own pay.
This guarantees you won’t forget to pay out anything. The money left in the account is purely a surplus you can spend on business expansion and personal wants.
Taking your small business to the next level requires patience and the thirst for learning. The same thing goes for eliminating your family’s debt. Following these tips should help you pay yourself, keep your business afloat while also guaranteeing steady growth and expansion.
If you are struggling in both areas, we encourage you to get in touch with us. Simply fill out our contact form and take the first step toward becoming debt-free. Don’t hesitate to speak with the professionals to get back on solid ground!
Total credit card balances in the US have reached $420 billion. Needless to say, most Americans have some kind of debt.
The kind of debt varies from household to household, but we have a lot as a nation.
And debt can cause huge amounts of stress. And the more couples fight over money, the more their chances of divorce go up. Whether you have walked down the aisle yet or not, if you want to help your marriage, work on your debt.
People tend to look to one of two methods when paying down debt snowball vs avalanche. Each has merits and drawbacks. Keep reading to decide which method will serve you best.
You should keep in mind that most debt payment plans involve lifestyle sacrifices. Place debt as the top priority under rent, food, gas, insurance, utilities, etc.
The debt snowball requires listing all debts from lowest to greatest. You set as much money aside for paying debts as possible. You want to have enough to pay greater than the minimum on one debt.
Let’s say your total minimum payments equal $550. You must then find $10-50 extra in your budget. Where can it come from?
Make coffee at home instead of buying it. Doing this twice a week could save 15 per month.
Buy less expensive food at the store. This doesn’t mean skimping on quality, wait for things to go on sale and buy them then. You can also buy things you need for the month in bulk. If it saves you an extra $20, you are set.
Once you have found the extra, apply it to the debt with the lowest balance. Once you pay that debt off, add the amount you were paying on it to the next balance on the list.
Do not spread it out across the remaining balances, it all goes to the new lowest balance. Keep working your way up the list, throwing more and more money at each successive debt.
The debt avalanche takes a similar approach, but it can result in saving more money. You line up your debts in a list, but the priority goes to highest interest rates.
Interest rates cost you the most when you only pay the minimum. On the debt with the highest interest rate, you want to commit all your extra funds. Extra payments go to the principal amount and reduce your interest costs longterm.
You still roll entire amounts over to the next item on the list. And you still throw any extra money at debts each month.
The snowball method has strong psychological benefits. You get an early victory and victory inspires you to continue working.
Plus, as relationship work goes, quick victories build a stronger bond with your mate.
At the end of the day, the biggest pro here is motivation.
But there can be downsides to the snowball method. As stated above, the earlier payments may not hit the highest interest rate first. And interest costs you a lot of money in the long run.
In some cases, the avalanche method will pay off the debt faster in the long term. Further, if you have debts with very high interest, you save money.
But this depends greatly upon your situation and your personal debt.
Many don’t recommend this method because it doesn’t motivate at the beginning. And you need the most motivation at the start.
If your highest interest rate somehow has the highest amount due, watch out. You might wait a year or more before you manage to pay off the first debt.
Your situation may need debt consolidation to help. Click here to see if that option works best for you.
Your situation, goals and personal motivation will govern the choice of snowball, avalanche or consolidation.
Let’s say you have two dozen pieces of debt ranging from $100 – $800. That crushing weight needs some relief.
To begin, stop using anything that will increase debt until everything has been paid off. Then begin your snowball with the lowest amount. By next month you will be suffocating under one less bill.
The next one may take more time than that, but not much. Because you will be throwing an extra hundred at it each month. In a year’s time, maybe you are down 5-6 bills.
That situation rings of desperation and needs a boost of freedom. In this case, choose the snowball.
What if you have a ton of motivation and just need direction? You have 8 credit card or loan payments. Some with very high interest and some with very low.
Your situation hasn’t made you desperate or suffocated you. But you want to do away with all the extra interest you are paying. Your situation needs an avalanche.
You don’t need to start fast. You need to feel like you are hitting your debt as hard as you can. And you want to be thrifty about it.
You’re a defensive end with a clear shot to sack the quarterback, your debt. Yeah, it may be the first quarter, but you want to make an impact that on the whole game.
Avalanche will do that for you. You will only need keep playing every minute no matter what.
Before you make any decision about your debt, look at all of it. Arrange it in whatever manner you choose. But once you pick snowball vs avalanche, stick to it.
Once you have it arranged in your preferred method, find the money needed. You can find tips on making extra money with side jobs here. Sometimes ten hours a week makes all the difference.
Once you have your plan, tell someone who will keep you accountable. And with that, you are ready to hit the ground paying.
We love our kids, but when they have summer break it gets stressful. You’ve got work to do, leaving the tikes to their own mischief doesn’t sit right.
To Google you go and summer camps near me is your search intent.
You find a lot of results for camps but which one’s good? How can you tell if your kids will have fun while staying safe? Keep reading for answers to these questions.
Letting others care for your kids is already a stressful decision, and having your kids go to a camp for the summer is doubly so. You want your kids to have fun and learn a few things. Yet, you also want them safe and within reach.
Ask these questions when you touch base with an overnight summer camp:
What are your child’s personality, interests, and hobbies? The answer to this question may determine what type of summer camp they’ll enjoy.
There are several summer camp types, like:
Talk with your child about what they’d prefer as this lets them meet peers with similar interests. Plus, they may learn and bring back something neat!
The different camp types offer different activities. Sports camps are self-descriptive whereas adventure camps may involve hiking, camping, and more.
Consider things like:
Choose a camp that’s more than a babysitting experience. Look for a camp offering daily activities and weekly challenges. This will keep your kids entertained and help them get beneficial stimulation!
Take these three steps when vetting the camp:
Online reviews or information found through camp websites answer your common questions. A referral from neighbors can help you rest assured you picked a great location. And, a trip there can confirm your thoughts.
Forgoing fun experiences to save a penny may have lasting consequences. Your children should spend their youth exploring and discovering themselves. Try your best to balance the budget with summer camp costs.
It doesn’t hurt to ask, but mind your budget!
Some kids dread the summer camp experience. They don’t like being alone at camp and rather spend time back home. That’s okay, but it does mean you could continue paying for something they’re not using!
Ask about the camp’s refund policy in case your kid doesn’t like it. Or, haggle for a partial refund if necessary. Choose one offering refunds to keep your investment safe (just in case).
So, you decided it was well worth doing the search for summer camps near me. You found a camp you and the kid(s) will enjoy, it’s safe and in the budget.
Use their break as a savings challenge while you’re focused on work. See our get out of debt guides to make the most of your kid’s time at the summer camp!