Didnt Save for a Rainy Day? 3 Ways to Get out of a Financial Bind

Guest Post- Dixie S

Practically everyone knows that they’re supposed to put away money for a rainy day. In fact, having a substantial emergency fund is one of the keys to financial security. For many people who are recovering from a big financial setback or who are just starting out their independent lives, a rainy day fund is more of a goal than a reality. This means that when they get hit with a disaster, they will scramble to find a way to pay the bills. If this sounds like you, try the following three tips to get out of your financial bind.

Increase your income

The best way to get the money to pay for something is to earn it. Look for a part-time job that you can do around your full-time work schedule. Many bars, restaurants, and retail stores look for weekend and night-time help, and working a lot of hours will help you keep your expenses down. You may also want to consider offering your services as a babysitter, lawn mower, handyman, or even opening an online store to sell (Read More….)

Simple Steps to Start Rebuilding Credit After Bankruptcy

Going through bankruptcy doesn’t mean that you’re stuck with bad credit for the rest of your life. Done correctly, you can emerge out of financial rut with a good credit score in just a few years. This isn’t to say that it’s easy or that it’s going to be cheap, but with the right strategies you can make bankruptcy a distant memory with little impact on your financial future. Bankruptcy laws are designed to give people who made some fiscal missteps a second chance at reestablishing firm financial footing. Here are 3 tips to improving credit:

Understand Your Credit Score

Your credit score is a simple three-digit number between 300 and 850. Mortgage companies and lenders that you may want to deal with in the future are going to get your scores from each of the three major credit bureaus: (Read More….)

The Effects of Inflation on Debt Agreements

Inflation is a hurricane in a consumer’s world. It comes inevitably, creating a disaster on the purchasing power of consumers, disabling business owners to maintain low prices and weakening the value of money. But for borrowers, inflation may be a beam of sunlight in the midst of their own storm.

However, this is only true if (1) you have an ongoing debt agreement with a fixed interest rate and (2) you received an increase in income—both of which happened while the inflation rate is continually rising. If these two conditions are not met, inflation then becomes a problem.

Why Does Inflation Happen?
Inflation refers to the increase in the prices of goods and services for a given time. There are plenty of factors contributing to the rise and fall of the inflation rate.

Forbes.com factors in a number of elements, including the power of the market to resist pressures, the push and pull of the asset market, the supply shock, and the pull of the demand. When any of these circumstances happen, the value of each unit of (Read More….)

Save Me: Tips On Effectively Saving Money

Considering the state of the economy nowadays, it is not that easy to save money. You have to budget your monthly salary to pay for the bills and purchase basic household needs. But what if you come across an emergency? With your budget already stretched thin, where are you going to get funds for such a situation? Listed below are doable and stress-free tips to save money:

  • Be debt-free – It would be very challenging for you to move forward if you need to settle multiple debts. If you do have multiple debts, there are financial institutions that consolidate debts. Look for the one nearest you, and inquire. This way, it is easier to pay technically one debt than pay debts all over the place.  Try to pay sooner, as this will give you a lower interest rate.

 

  • Set a specific amount for your savings and a corresponding timeframe – This will be suited for both long and short-term goals. You need to know your target amount of savings and how much time you need to save that much. Remember that the (Read More….)

Long Term And Short Term Solutions For Reducing Your Debt

Unfortunately, it’s always a lot easier getting yourself into trouble than it is getting yourself out. You can easily gain a pound by eating a box of donuts, but in order to lose it, you’ll have to cut back 500 calories a day, for an entire week. Or you can quickly destroy the US economy by overspending in Iraq, but when it’s time to “fix” the economy, well… we’re still figuring that out. If you’ve gotten yourself into any amount of debt, you probably understand quite a bit of this phenomenon. It’s a lot easier to max out your credit card than it is to pay back your bills. So if you’re having trouble pulling yourself out of debt, check out these long and short term solutions for reclaiming your financial health.

Long Term Solutions:

Your first priority is to stop increasing your debt.

In order to fix a problem, you must first understand the root of it. In terms of your debt, this refers to your spending. Begin getting a hold of your debt by tracking your spending. Write down every purchase you make, every day, no (Read More….)

3 Ways To Save Money Buying Clothes

Clothes are a part of many families’ monthly budget, along with food, utilities and other expenses. However, clothes can become one of the most expensive bills for a family. To remedy this, many people are doing their clothes shopping at outlet stores, salvation armies and thrift stores. However, you do not have to do this to save money on clothes. Consider these three tips to help you save money on your clothes.

1. Buy online

Sometimes, you can find great deals on clothes by buying online. This is especially true for people who live in an area that does not have many great clothes stores. For example, you may have a clothes store that sells great looking clothes, but they are too expensive to purchase. You can probably find those same clothes in an online clothes store for half the price.

This tip is great for people who need to purchase clothes for various activities. For example, if you play basketball or golf, you may have a hard time finding great basketball clothes or great golf clothes in stores. Therefore, (Read More….)