Economic Chaos

When was the last time you saw the Dow Jones Industrials in the 8’s? Last year Americans paid more than 19 million dollars in credit card late fees. The economy is reeling from too much consumer consumption of everything from fossil fuels to super-sized homes, and utility bills. Your peace of mind and solvency are at risk now more than at any time since the 1980’s. The cost of education, health care, food and energy are escalating at soaring rates. It’s time to get organized, control your spending and simplify your finances.

Five Strategies that Simplify

Making a plan that works to decrease the paperwork, while taking more control of your finances, is a great mind-set in this unpredictable economic climate:

1) Stop using numerous credit cards. Pare down to one or two that you use advisedly. Pay on time and always pay more than the required minimum amount. Two cards are better than one, to demonstrate your good money management skills, for a better FICO score.

2) Choose a smaller community bank or credit union for your banking needs. Large banks charge too many undisclosed fees on checking accounts, and have rising ATM surcharges. Credit unions are now easier to join, and offer higher interest rates on saving accounts.

3) Make a budget, based on your income and the amount of debt you carry. Factor in payments that will allow you to pay off debt as quickly as possible. People who do the work to make a budget and follow its guidelines are often 30-40 per cent wealthier that those have no savings and spending plan.

4) Get rid of unwanted credit card offers and junk mail, to pare down on unnecessary paper shuffling, and temptation. Go to sites like Pro Quo and Catalog Choice to get the necessary forms which can be mailed in, to get off these mailing lists.

5) If you need to make a purchase, do the work to make price comparisons online, to get the best deals for your hard earned dollars. Places like Price Grabber can help you make Read More »