I've recently switched to "cash only," putting away my credit card. I had no problem paying the card in full each month, but felt I was spending too much money. Now on payday, I leave myself X amount of dollars for a two week period. It seems by week two, I'm walking around with $7 in my pocketbook!
I find myself in a defeating cycle over credit card debt. Do I pay off more on my credit card which charges an outrageous interest rate and keep my fingers crossed that no emergencies come up that month, or do I eat the outrageous finance charges/interest rate and put money each month into an emergency fund which, in the short term, would probably not build up very quickly? Because we try to pay more than the minimum on each of our credit cards each month, there is little money left over to put into an emergency fund. So we may save on interest/finance charges a little bit each month, but if any unforeseen costs hit, we end up having to pay for it on our credit card. It is nearly impossible to pay down debt this way and I can't find any useful advice about it anywhere. Gah!
It's not a horrible problem, but so far I'm making enough to pay bills, enjoy life, but not really to save any money towards the future and retirement. So working on that, with budgeting and extra income.
Saving for retirement - it is all a crap shoot. How much will I need? Is long term care insurance a good deal or a bad thing? If/when should I sell my home and plan to move to some sort of retirement/care community, and will I even be able to afford that choice? No one has an understandable, let alone simple answer to these questions.
My challenge is knowing where to focus my energy and money- should I take out loans to pay for school, how should I go about paying them off? Should I put money towards investments, either in my business or my education? Will my efforts pay off or will I be stuck in debt?
Of course, all of this comes with the challenge of not spending beyond my means, which on a limited student budget is challenging.
It's so funny- I adopted a pug and he's helped me walk more, get more time outside- but most of all, he's helped me smile and laugh more. I find I'm just happier in general...he makes other people smile as we gallivant around the neighborhood. When I'm happier, I eat better and when I eat better I feel better.
I think everyone could use to pick up a few of these tips!
My biggest financial challenge is paying for health care costs. my son was diagnosed with Type 1 diabetes the same year that our company switched to a high-deductible health plan. now i have to deal with monthly payments for the premiums plus an additional $6,000 family deductible every year.
My biggest financial challenge is coming up soon. I'll be moving to a new state and will need to find a job and a place to live - two vital necessities!
i actually used the Chameleon Dress form Isadora Clothing for my bridesmaid dresses. My girls loved them and i loved them so much that i bought one of my own. What a great idea to dye it black!
I'm having trouble sticking to my "gift" budget right now. Too many birthdays, graduations, weddings and babies all coming at once. My stock of gifts bought on clearance throughout the year is depleted and I didn't put enough in my "gift" budget for all of this.
My dad recently passed away and I'm a college student and have been unable to work because of how busy I am. It's been hard to pay all the bills every month, especially since I had nothing to begin with.
Had one of these for years (I got mine from a store). The interest rate on the savings account for this account is ridiculous - 5% apy!!! Sometimes an unsolicited product is worth looking into :) I don't think they should be reported, as they are not using any information other than what is public record (name and address).
"You'll probably encounter this a lot when working with a realtor. They'll suggest a particular mortgage broker and say he can get the same or better rates as the going market rates or something along those lines."
This makes me laugh because every lender can offer the SAME rates. Closing costs are different because of how much you pay for points and origination. SHOP around for your mortgage. Get multiple quotes. This video makes another good point when trying to cut your closing costs down. http://bit.ly/mNDBMP
I have a hard time believing this. I have had two dogs on VPI for over five years. One premium is $67 and the other is $45. On all my claims I am only getting back between 30 and 45%. I have the premium plans and now that I am not working I am evaluating that they are not worth the money.
For three years I put out $1490 and got back $791 and I paid out $2411 and got back $571. It is a lot of money for on a average 35% return.
Saving is our toughest financial challenge. When there isn't a specific goal in mind, it's hard to stay motivated. When there's nothing tangible to show for the hard work, it's hard to stay motivated. We know, in the end, that saving will pay off. It's just hard to stay motivated.
It sounds silly, but mine is increasing my income. I live in an expensive city and work in a low-paying (but salaried) industry. I make a point of contributing to both a retirement account and a savings account every month, but I would be in much better financial shape if I made more money!
My Toughest Financial Challenge is trying to determine what takes priority: saving more money for my emergency fund, paying my principal down on my mortgage, saving for a different car, starting a Roth IRA (I already have a 401(k) with employer match)...it never ends and I wish I knew which one I should do first! At least I don't have any debt other than my mortgage.
Tweeted a comment.
http://twitter.com/#!/1bets1/status/73073485764771840
I've recently switched to "cash only," putting away my credit card. I had no problem paying the card in full each month, but felt I was spending too much money. Now on payday, I leave myself X amount of dollars for a two week period. It seems by week two, I'm walking around with $7 in my pocketbook!
I find myself in a defeating cycle over credit card debt. Do I pay off more on my credit card which charges an outrageous interest rate and keep my fingers crossed that no emergencies come up that month, or do I eat the outrageous finance charges/interest rate and put money each month into an emergency fund which, in the short term, would probably not build up very quickly? Because we try to pay more than the minimum on each of our credit cards each month, there is little money left over to put into an emergency fund. So we may save on interest/finance charges a little bit each month, but if any unforeseen costs hit, we end up having to pay for it on our credit card. It is nearly impossible to pay down debt this way and I can't find any useful advice about it anywhere. Gah!
It's not a horrible problem, but so far I'm making enough to pay bills, enjoy life, but not really to save any money towards the future and retirement. So working on that, with budgeting and extra income.
Saving for retirement - it is all a crap shoot. How much will I need? Is long term care insurance a good deal or a bad thing? If/when should I sell my home and plan to move to some sort of retirement/care community, and will I even be able to afford that choice? No one has an understandable, let alone simple answer to these questions.
My challenge is knowing where to focus my energy and money- should I take out loans to pay for school, how should I go about paying them off? Should I put money towards investments, either in my business or my education? Will my efforts pay off or will I be stuck in debt?
Of course, all of this comes with the challenge of not spending beyond my means, which on a limited student budget is challenging.
It's so funny- I adopted a pug and he's helped me walk more, get more time outside- but most of all, he's helped me smile and laugh more. I find I'm just happier in general...he makes other people smile as we gallivant around the neighborhood. When I'm happier, I eat better and when I eat better I feel better.
I think everyone could use to pick up a few of these tips!
My biggest financial challenge is paying for health care costs. my son was diagnosed with Type 1 diabetes the same year that our company switched to a high-deductible health plan. now i have to deal with monthly payments for the premiums plus an additional $6,000 family deductible every year.
My biggest financial challenge is coming up soon. I'll be moving to a new state and will need to find a job and a place to live - two vital necessities!
i actually used the Chameleon Dress form Isadora Clothing for my bridesmaid dresses. My girls loved them and i loved them so much that i bought one of my own. What a great idea to dye it black!
I'm having trouble sticking to my "gift" budget right now. Too many birthdays, graduations, weddings and babies all coming at once. My stock of gifts bought on clearance throughout the year is depleted and I didn't put enough in my "gift" budget for all of this.
Aww, what happened to your dog in #22!? Did you *throw* him into the mud puddle. :) So cute.
My dad recently passed away and I'm a college student and have been unable to work because of how busy I am. It's been hard to pay all the bills every month, especially since I had nothing to begin with.
Saving enough for retirement
Had one of these for years (I got mine from a store). The interest rate on the savings account for this account is ridiculous - 5% apy!!! Sometimes an unsolicited product is worth looking into :) I don't think they should be reported, as they are not using any information other than what is public record (name and address).
Good luck all!
"You'll probably encounter this a lot when working with a realtor. They'll suggest a particular mortgage broker and say he can get the same or better rates as the going market rates or something along those lines."
This makes me laugh because every lender can offer the SAME rates. Closing costs are different because of how much you pay for points and origination. SHOP around for your mortgage. Get multiple quotes. This video makes another good point when trying to cut your closing costs down. http://bit.ly/mNDBMP
I have a hard time believing this. I have had two dogs on VPI for over five years. One premium is $67 and the other is $45. On all my claims I am only getting back between 30 and 45%. I have the premium plans and now that I am not working I am evaluating that they are not worth the money.
For three years I put out $1490 and got back $791 and I paid out $2411 and got back $571. It is a lot of money for on a average 35% return.
tweeted http://twitter.com/#!/Mama2Goosie/status/73043317872533504
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Saving is our toughest financial challenge. When there isn't a specific goal in mind, it's hard to stay motivated. When there's nothing tangible to show for the hard work, it's hard to stay motivated. We know, in the end, that saving will pay off. It's just hard to stay motivated.
I tweeted my answer. http://twitter.com/echotides/status/73038874468818944
I "like" you on facebook
My biggest financial problem right now is trying to find a job!
It sounds silly, but mine is increasing my income. I live in an expensive city and work in a low-paying (but salaried) industry. I make a point of contributing to both a retirement account and a savings account every month, but I would be in much better financial shape if I made more money!
My Toughest Financial Challenge is trying to determine what takes priority: saving more money for my emergency fund, paying my principal down on my mortgage, saving for a different car, starting a Roth IRA (I already have a 401(k) with employer match)...it never ends and I wish I knew which one I should do first! At least I don't have any debt other than my mortgage.