Around the web

This Week Around the Web

1. The 10 Commandments of Wealth and Happiness

Money Talks News – Stacy’s been helping people improve their financial well-being for over three decades. Now he’s created “the 10 most important things I’ve learned about making more money and being happier while you do it.”

His fifth commandment is: “Don’t create debt.” Stacy thinks you should only borrow money under two circumstances: If you have no other option or if what you’re purchasing “will increase in value by more than what you’re paying in interest.” After you’re done reading check out how debt can kill you. It’s scary stuff.

2. Spending Less on Food

Dinks Finance – Food is one expense that many people have trouble controlling. I certainly do. If I don’t carry a list with me when I’m food shopping, I end up throwing money away. That’s a normal consequence. So, as Jason reminds us: “Stick to the List.”

Howard Dvorkin, chairman of Debt.com, recommends the same advice in his book Power Up. He also believes your list should be “based on meals.” This way you’re not wasting any food, which is another expense. Check out Jason’s post. He has some good stuff.

3. 5 Financial Moves That Can Negatively Impact Your Credit Score

Sweating The Big Stuff – Daniel opens this post by reviewing excellent credit scores (781-850) and bad scores (below 500). He then addresses the moves that can damage your score. The first move is obvious, I hope: “Skipped Payments or Late Payments.”

His other moves may not appear as obvious as the first. If your credit score is on a downward trend, read his post. You can also read Debt.com’s post on how your credit score may get a boost soon – and you won’t have to lift a finger.

4. Signs You’ve Become Too Frugal

Money Ning – Will says he agrees with the frugal philosophy. As an example, his “laptop is so old it’s embarrassing to pull open in Starbucks.” But there are times when people go overboard, and he points those occasions out for us.

One sign that may indicate you’re too frugal is cancelling outings with your friends because you “don’t want to pay for parking.” Parking is expensive, but you can splurge occasionally. Here’s an interesting read about a couple who take the frugal philosophy up a few notches: 11 habits of the most frugal people.

5. This is What Happens When You Don’t Pay Your Debts

Ready to be Rich – If you default on a loan, there’s a chance you’ll live through the scenario that Fitz invents for this post. He breaks up the scenario into five stages – each stage gets progressively worse. The first stage is: “Pre-collection.” That’s when the lender reminds you that the due date for the payment is approaching.

What’s really interesting about this post, is Fitz also explains the timing, charges if any, and consequences of each stage. There’s an additional consequence resulting from this scenario — your credit score will also suffer.

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