When it comes to using credit, it is easy to get caught up in swiping that card for any type of purchase. The mindset of some consumers is that if banks or stores are willing to lend you money then why not use it for whatever you want. You’ll pay it back….WRONG.
Credit the RIGHT Way:
Monthly subscription or another recurring bill
(so you can pay it off in full each month)
Rare large purchase (Ex: furniture)
Credit the WRONG Way:
The latest tech gadget
What to do: Try to only pay with cash when purchasing these items. If you do use credit, use only 30% of your credit limit or less. The idea is to use it correctly so that you build or maintain healthy credit.
Remember, keep your spending on track, pay off your balance each month and make smart decisions about the things you buy. YOU are a Money Master!
Hi Money Monsters, I mean, Masters! Happy October to you all! Since it is Halloween month, I’d like to talk about a topic that might SCARE you a bit…Credit Cards. More specifically, let’s discuss how credit cards can be both a trick AND a treat! Some folks think that “credit” is equivalent to a swear word. It sort of has a negative stigma attached to it but what some people do not realize is that it can be a positive asset as well (when used correctly and responsibly). TRICK The frightening part of credit (the TRICK) is when it becomes a hindering debt. This happens if you incur too much borrowed money in which you cannot pay…
Hi Money Masters, I can read your mind…”Helen, a couple weeks ago you were talking about pumpkins and scarecrows and now you’re talking about tinsel and snowmen. What gives?!” I’m not trying to rush the seasons! I just wanted you to begin preparations for all the extra expenses that can come with the Holiday season. They say the early bird gets the worm, well, it also gets to stay out of financial trouble! 😉 Here are a few little tips you can use as your strategy for not going overboard in the next few months… 1. Make your “nice” list and set limits. Decide who you will give gifts to and set a dollar amount for each person….
Hello Money Masters! You know, I have been traveling a lot recently and when you’re on an airplane you have plenty of time to think, and what do you suppose I think about? You guessed it! Ways to help my money masters, well, master their money! It dawned on me that not everyone budgets the same way. Some of you might be in the market for a new budgeting system because you’re not satisfied with your current ways or maybe you just like to try new things. Whichever the case may be, read on for 3 types of budgets and test them out for yourself… 3 TYPES OF BUDGETS: Budgeting systems are designed to help you manage your…
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Hello Money Masters! By definition, “living within your means” is simply this: don’t spend more than you earn. Think for a second about what this means for you, for your household. I found a staggering statistic on Forbes.com recently. It stated that, according to the Federal Reserve Bank of New York, U.S. household debt, which includes mortgages and high-interest credit card debt, reached a record high of $13.2 trillion in the first part of 2018! So, I’ve put together 3 tips to help keep YOU living within your means: Tip #1: Focus on your financial needs. Budgeting is important, of course, but there’s more to it. You need to prioritize your finances regarding what is most important in your life/family/home. For instance, private school…
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