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How to Stay out of Holiday Debt!
Dec 8th
‘Tis the season for giving, and giving is a beautiful thing! Especially when you can afford it! Are you thinking of all the things you want to buy for your children, your husband, and your friends this Christmas? Do you have a plan of exactly how you’ll pay for those purchases? Please, I hope you’re not going to say that you’ll just pull out one of those credit cards!
What’s more important to you during this holiday season? Is it making sure that underneath the tree there are presents galore, or that you have financial peace? Be assured that your loved ones won’t love you any less because you are being fiscally responsible.
Remember, if you overspend and rack up debt during your holiday shopping days, you’ll most likely be starting off 2012 in a way that you really hadn’t intended. Don’t get caught up in all the hoopla during the holidays, instead create a clear plan. I encourage you this holiday season to think before you spend. Here are some helpful tips to keep you out of debt this holiday season:
1. Determine how much you can afford to spend (in cash) on gifts by taking a look at all your expenses for the More >
Financial Excuses: What’s Really Holding You Back?
Oct 24th
What do you think is stopping you from being fully engaged in your finances? Do you start to change your ways with money only to soon find yourself back where you don’t want to be? Have you convinced yourself that you just aren’t good with money? Is it that you fear you won’t succeed?
There are a number of reasons or excuses people use in holding themselves back from being financially successful. Here are a few I’ve heard:
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I’m just crazy busy
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I don’t have the money to get financial help
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I’ve just never been good with money
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It’s just too overwhelming
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I feel alone in managing our finances
Here are my comments and solutions to each reason or excuse:
I’m just crazy busy: We are what we tell ourselves we are! So, if your focus is on being crazy busy and you continue to tell yourself so, you’ll actually never find the time to pay attention to your money. Begin repeating more positive phrases to yourself like, “I have plenty of time to focus on my finances,” then find time each week and schedule a money appointment on your calendar! Doing so will affirm that you do, in fact, have plenty of time to manage your finances. More >
What Does Your FICO Score Say About You?
Sep 19th
Only about one third of Americans have achieved a FICO score of 750 or higher, according to the July issue of Money magazine. Scores range from 300-850, and you can find out yours for $20 at MyFICOcom
So what does your FICO score really say about you? Well, it’s an indicator of how responsible you are with money and helps potential creditors see how you handle the money you earn and borrow. The higher your score, the lower the interest rate you’ll pay on home, automobile, and credit cards. Lenders use this score to assess the risk you represent.
If your score is low, a lender views you as more likely to be unable to pay back the loan. The idea is that past performance is an indicator of future behavior. A good credit score is considered to be 700 or above. Of course, the higher your score, the more negotiating power you’ll have for a lower interest rate.
What goes into a credit score?
There are five major categories that make up a FICO score. Some factors are weighted more heavily, such as your payment history and debt owed. Here’s a breakdown of all five factors and the percentage totals:
1. Payment history (35 percent) — More >
4 Ways to Increase Your Financial IQ
Sep 5th
Do you know what your financial IQ is? You have your IQ, or intelligence quotient, that assesses your overall intelligence level, and an emotional IQ, which measures your ability to control your emotions. Your financial IQ is a measure of your financial intelligence – how well you do with money!
Having a high financial IQ means the most when it comes to your financial success. You can be smart and make a good income but have a low financial IQ, meaning you handle money irresponsibly. A high financial IQ means you make smart financial decisions and take the right action to better your financial circumstances. People with a high financial IQ understand exactly what to do when it comes to managing their money and do it!
Anyone can increase his/her financial IQ. It doesn’t take a Harvard graduate to do so, just pure willingness and commitment to turn your financial situation around. Regardless of how much money you make, you can begin increasing your financial IQ now. This will make you feel financially empowered. Are you ready?
Here are four ways to begin building your financial IQ today!:1. Stop Avoiding: How long would your boss keep you around if you just ignored or avoided More >
Money Plan: 5 Ways Why Spending Less Leads to Living More
Aug 22nd
Does spending less lead to living more? Is that really true? Well, it depends who you ask. I’m wondering what having less really means to you. What it means for me is that I’ll have less clutter and stuff to worry or think about, which really translates to greater focus on what really matters in my life.
For example, my car is now 12-years old and still runs great. My house is filled with items I really enjoy and not filled with lots of things I thought I couldn’t live without. Of course, my car has a few more dings and nicks than it used to when it was in it’s prime, but I know that if it were brand new, I’d be overly protective and pre-occupied with keeping it immaculate and this wouldn’t fit with my lifestyle. Now, I only need to be sure it’s washed every month, waxed once a year and taken in for scheduled maintenance. Oh, did I mention, no car payment for years! That sure is more!
What about you? Do you buy things because you really feel you’ll enjoy them? Or do you tend to accumulate stuff because it was “on sale” and in a few More >
Dealing with the “Anti-Budget” Personality
Jul 13th
Q: What do you say to someone who is anti-budget but needs to use some sort of system to manage their monthly finances?
A: I’m assuming that you’re saying you are “anti-budget” because you somehow think this limits you. The word “budget” sounds more restrictive than say money plan, financial game plan or spending plan, so perhaps changing your approach and thinking about it a little differently might also shift your mindset. A financial game plan will help you win with money. I recommend Quicken Deluxe for about $60.00. It provides a great platform to manage your monthly finances. It allows you to manage and reconcile accounts (bank and credit cards), create reports to view your monthly spending and setup your Spending Plan should you change your thoughts about money planning. If you own a Mac, iBank for about $60.00 does all of the above and includes an envelope system feature for planned expenses.
Good luck to you and thank you for your question!
Got a question about money or simplifying your financial life? Ask me, Your Financial Coach, at AskYourFinancialCoach.com.
Money Management: 4 Ways to Begin Mastering Your Money Today!
Jun 27th
Webster’s definition of master is “a person who has dominance or control of something,” and this plays a large role in money management. Dominating or controlling something or someone can sound negative but when we’re talking money, it’s a very good thing. If you aren’t in control of your money, you’ll become a slave to it, and it will feel as if it’s controlling you. This often leaves people feeling frustrated, powerless, ashamed, stressed and overwhelmed as they deal with money management issues.
I’ve met many people who are indeed slaves to their money. It’s like their money has its own voice and is saying “Spend me, spend me.” The slaves oblige and do whatever their money declares them to as they open up their wallets once again.
Take Back Control of Your Money ManagementThe good news–no matter how long your money has been the one in control, you can take that control back! Sure, it probably won’t feel easy, but I can promise you that it’ll be worth it.
Your world will change when you become the master of your money! You’ll feel in total control.
Begin mastering your money management by following these four steps:Step 1: Change Your Behavior. Have you More >
