The following article is a list of tips for getting on the road to better money managing habits. There are 50 ideas. Some will be applicable to your situation.
No need to add them to your list of New Year’s resolutions, but you should consider whether some of them might be helpful to you in your pursuit of debt-free living.
If you are paying over 8% on your existing credit card balance, this information will save you a lot of money that you do not have to pay.
There is a little-known credit union that will let you roll over your existing credit card balance for 2.99% per year, locked in. That means you will not get hit with higher fees.
Anyone can join this credit union: Pentagon Federal Credit Union. Even if you are not employed by the military, you can join the National Military Family Association. This costs $20 per year. Find out more here.
PenFed lets to pay a locked-in 2.99% on balance fees transferred from your present card. There is a 2.5% transfer fee initially.
Your existing card company may penalize you for doing this. It can drop your credit limit. It can argue that you now have another card. This lower credit limit could lead to a reduction in your credit score.
Find your credit score here: http://www.myfico.com/Products/FICOOne/Description.aspx
You must stop using credit cards if you do not pay off 100% of your monthly statement every month. Use a debit card instead.
If you have debts on one or more credit cards, find out what interest rate you pay. Then find cards that have lower rates. Switch your debts from high-interest cards to a low-interest card. The best deal I know about is the card that lets you transfer your existing balance for 2.5% and then locks in your rate at 2.99% until you pay it off.
How to Get a Lower Rate Interest Card
Here are sites that let you know which other cards are offering good rates to people who switch card companies.
Here is another handy credit card search program. You set the criteria. Then click Go.
http://moneycentral.msn.com/banking/services/creditcard.aspIf you miss a payment to anyone, the card company can hike your interest rate. Don’t miss a payment.
Transfer Your Credit Card’s Existing Balance to This Card, and Lock in 2.99% Until It’s Paid Off.
This is a true deliverance opportunity. Take advantage of it. . . . keep reading
These free on-line services let you plan your budget, monitor your spending, and get control over your spending.
You can pay your bills on-line. Also on time.
Accounting software lets you see where your money went. This is crucial in a turnaround in your finances.
You must make a budget. Then you must stick to it.
There are lots of competitive on-line programs. Here are some good ones: Mint, Wesabe, Buxfer, and Yodlee.
They offer budgeting modules. Mint and Wesabe are social networks. You get information and encouragement from your peers. Here is a review of Mint, Buxfer, and Wesabe.
Then there is Quicken. It offers a stripped-down free online version of its powerful $45 program. There are lots of books and on-line materials out there on how to use it.
http://quicken.intuit.com/online-banking-finances.jspThe important thing is that you begin. You do not need to master any program; just begin. They all offers far more than you will need for a long time.
If you won’t use software to help you, here are five low-tech ways to get conttol of your budget.