Financially Tough » economy

New Years Resolutions – Improve My Finances

Fri, 13 Jan 2012 06:12:08 +0000

Maybe your goal for 2012 is to improve your finances. It is one of the top 5 New Years Resolutions in some form or another. But like most New Years Resolution, they are hard to keep. That is why losing weight is always number two or one on the list. People want to lose weight but can only commit for the first few weeks of the year and then they fall off the wagon. And once you fall off, it is hard to get on

My own debt I would compare to yo-yo dieting. I go up in debt and then come down. This is especially true after the holidays. I definitely spent too much. Gifts for nephews and cousins, that will be soon forgotten. But maybe that is not the right attitude. I like giving but not saving to give.

As my debt consistently rises at the end of the year. I find myself committing every year to same old resolution, pay off the debt. But as you learn as a manager, a goal is great you need action steps to actually get to the goal. So what are the action steps to get me there.

Do a monthly budget – This is something that I need and will be essential to figuring out where my money is going. And because I should run my finances like a business. This needs to be done for the year and monthly.
Reduce spending – as it is not always easy to boost earnings, cutting is the next best way to put money in my pocket and towards reducing my debt to credit ratio. Things like my phone bill, utilities, car insurance, and TV have room on them, that can turn into saving. Actually I found insurance company that would charge me $80.00 less per month, this is a nice monthly savings already.
Adjust my taxes – I am no longer single but I have always claimed this way. Every year I would get back a large sum on my taxes. Well, looking at I always liked the idea but really, this is money that government is getting from me interest free. I want this money in my pocket now to pay down debt. If it doesn’t seem to be working I can always change back but stay tuned as I will let you know how it is going.
Find A Second Job – As much as I hate the idea and the job market is rough, I think I will need a second job this year. I want to get ahead and really pay down this debt quickly and a second job will really give my finances a needed boost. Just heard Home Depot is hiring 70,000 workers, maybe that is a starting place.
Discuss My Finances More With My Wife – we hardly talk about money and this has always been an issue. There is no doubt that not talking about money makes us angry. Something so simple but difficult. Money views are different and can be a struggle to find common ground.

The benefits of all of this, far exceeding a better relationship with my wife is a safer financial place. Debt equals worry and it is not needed. Plus, all of this work will give my a boost in my FICO score and set me up to buy a house in the coming year.

Tip Three on How to Improve Your FICO score How much you owe is taken heavily account when figuring...

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Consumer are working on their debt to credit ratios and payment history

Wed, 17 Aug 2011 01:48:26 +0000

A recent report by TransUnion, one of the three major credit bureaus, found the the nation’s delinquency rate fell to its lowest level in 17 years. The delinquency rate is a measurement of consumer late payments older than 90 days. The report also found the average debt per borrower is $4,699.

This is somewhat surprising news given the state of the poor economy. More Americans are paying on time and are focused on lowering the amount of debt they carry. This might signal the shift in the behavior by consumers to be more responsible with their finances.

These are all positive effects on consumer credit scores. They are actively lowering their debt to credit ratio and make sure they are paying on time. These are the two largest areas of a credit score and give the greatest positive effect to improve a credit score.

The report also states that lenders are holding consumers to a high standard before lending; stating they are looking closer at length of employment and credit history. But does that really hold water when credit card companies have doubled the amount of credit card offers they send in the mail from 2009 to 2010? Or are we really seeing a change in behavior in consumers to be better at paying on time and need to carry less debt.

The real answer will be seen over time. The economy is not due to be better anytime soon and consumer are more than likely to stay frugal till better times are on the horizon.

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What to do now that there is no jobs

Wed, 11 Feb 2009 22:04:15 +0000

If you are like the majority of the country, you are freakin out about the current economic crisis. This is actually what is causing this crisis. The fear in the economy is just running wild. You can even watch the TV without hearing something is going wrong.

Now, it comes down to one thing personal accountability. This is something we in American have almost forgot about. Each and everyone of us needs to take this is our hand and own it. That is the only way we are going to make some progress out of this situation.

I found some things you could be doing here. I think any idea to be productive will help not only you but every one. Looking at the recession we are in it is going to be a year or two until it turns around.

One thing that is definitely a way to call on ever consumer is to tap into thier American pride. Is there nothing more that makes us unique and hated in regards to the rest of the world.

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