Reestablish your credit, cut your spending, beat financial stress, fight identity theft and make budgeting fun.
Len Penzo dot Com — Credit repair or credit restoration is serious business. As Sabado states in his blog, a poor credit score prevents people from not only qualifying for loans. It can also impact employment opportunities and more. Some employers actually investigate credit scores, and if you have a poor score, you may not qualify for the job.
He provides smart tips that can immediately help you. His first bit of advice is a great start: “Create a detailed debt pay-off plan.” You must know how much money you can apply toward your debt each month. Also, put that amount in your budget. Read on.
Life and My Finances — Cutting debt and spending go hand-in-hand. Derek admits these are “extreme,” but sometimes that’s what it takes. His second tip is: “Get Rid of Your Car Payments.” I agree. If at all possible, pay off your car, or sell it and buy used. Car payments go on for years. Couple that with interest and vehicle depreciation and it’s a losing battle. You can also save money by doing your own minor repairs.
I also like “cut your cable.” Our cable bill is astronomical. I’m seriously thinking about other options. Every day our mailbox is filled with savings opportunities from AT&T and more. It’s not exactly cutting ties with the corporate conglomerates but it’s saving money.
Your Personal Finance Pro — Sticking with the debt theme, Harry understands paying down debt causes extreme stress. One thing that helps alleviate the stress is keeping the process in perspective. Paying off debt takes time. It doesn’t happen overnight. You must find the right debt relief strategy that works for your financial situation.
Another obvious piece of advice is: “Avoid Further Debt.” I say obvious, but many people don’t stop spending. Disciplining yourself plays a huge part in debt reduction.
Making Sense of Cents — Identity theft impacts over 16 million people each year, says Michelle. She explains the necessary steps people must take when fighting this malicious crime. One important step is “record all the actions you take.” That’s vital. Also, send all letters associated with the theft by certified mail and keep your receipts.
Resolving identity theft takes time and patience. Use her advice if your identity is stolen. Also, you can better educate yourself on the subject with Debt.com. We dedicate a whole learning section to identity theft, covering topics such as preventing it and reporting it.
Money Talks News — Building a budget is not the most entertaining pastime. But it’s necessary and Maryalene provides key tips for making it more like a game. She says if “you’re a competitive person,” they may change your mind about budgeting.
I like her fourth strategy: “Find or create a budget accountability group.” She says if you don’t have friends that budget, maybe you can find an online resource. Investigate the blogs we feature here. Also, Money Talks News has a forum that she highlights.