Do you need to put your budget on a diet after the extravagance of the holidays? Here are some simple ways to get back on track quickly. You don’t want to have to still be paying those bills in March. Cook from the Pantry Skip a grocery shopping trip or two or three. Just purchase the essential perishable stuff, such as milk and eggs. If you challenge yourself to cook only from your pantry, you’ll be able to save money quickly. Take that money and apply it directly to your bills. It can add up quickly over a couple of … Continue reading →

It is inevitable and slightly annoying. Whenever I go to make a purchase at a retail store, I am asked if I would like to apply for the store credit card. Some cashiers are nice about it. When I say no, they just nod their heads and go back to ringing up my purchases. Other cashiers I would like to strangle. I am talking about the cashier or the store employee who just won’t take no for an answer. The ones that ask you if you are sure several times in a row or the ones who give you the … Continue reading →

If you find yourself in a situation where you cant pay all of your bills for the month, or several months, it is important that you have a plan. Some bills really are more important than others. Knowing what to pay first and what to pay next can mean the difference between losing your home or car and getting through a difficult time and then back on your feet. There are many options that you can take when you need to settle or discharge debt. Just make sure that you prioritize payments to the bills that can’t wait. Think about … Continue reading →

Many of us accept late fees as a matter of course. It is just one of those things. But, you should never have to pay late fees. There are two main reasons why late fees occur. The first is the fact that many families don’t have the money for all of their bills and need to juggle their different bills each month, deciding on which ones to pay. This can be a difficult situation, and it is an indicator of big trouble to come. If this is the reason that you or a loved one is incurring late fees, then … Continue reading →

If you look at your financial state and think, “It will all get better if I just win the lottery or get a bonus or an inheritance,” this may be a sign that you are headed for a financial disaster. Relying on a windfall to catch up or have a better life could be an indicator that you are rationalizing your debt instead of doing something positive about reducing it. Debt is hard to deal with. There is no doubt about that. How do you get out from under things when it all seems to keep piling back up again? … Continue reading →

Do you want to get out of debt? Follow this simple but powerful plan, and your finances will be in a much better place in just six months. 1. Stop using credit. This includes credit cards, paying on time, loans, etc. Just don’t do it. People spend more money when they use credit instead of cash, and there is all of that interest that compounds. 2. Sit down with your spouse or another trusted person to whom you can be accountable. Announce your plans to get out of debt and make a commitment to meet at least once a month … Continue reading →

I would always counsel Frugal Living and Debt Reduction before filing bankruptcy, but what if you really don’t have any choice? While filing for bankruptcy can really decimate your good credit for a long time, it can also give you the breathing space that you need to start over, to rebuild a healthy financial future as you learn to live at or below your means. There are two forms of bankruptcy that are open to you: Chapter 7 and Chapter 13. While you should talk to a lawyer to find out if either of these options are best for you, … Continue reading →

“Why should I bother getting out of debt?” is a question I got asked recently. The person I was talking to followed it up with, “I can pay my bills each month, so what does it matter if I have debt or my house isn’t paid off? Why should I live like I’m poor if I don’t have to?” “Ah-ha,” I thought at that last statement. “Why should I live like I’m poor..” The thing is, that when we are in debt, we are living as though we are poor, although it might not be obvious. We are telling the … Continue reading →

You may hear people talk about good debt or bad debt. What type of debt is good and how can you avoid the bad debt? You need to read this. First of all, let me disclose that I personally think any debt is bad. The goal is to not have any debt at all. In our current society, this isn’t always practical, especially if we follow what most people do an never get really educated about debt. That said, while I would never qualify any debt as good, myself, there is debt that is…well, not as bad as other debt. … Continue reading →