On their face, credit repair clinics may seem like your prayers answered. They offer the help of experienced professionals in fixing your credit, something many of us could use these days more than ever. Unfortunately, credit repair clinics could probably quite fairly be described as scams. Worse still, they prey on people who are already in a bad situation and they charge them for the pleasure.

The thing is, though, these clinics can’t do anything—legally—that you couldn’t do yourself. Most of their supposed services are easy enough to do on your own too. Some of their tactics could actually dig your hole a lot deeper too and when they’re through, you’ll have even less money to deal with it.

Some of their methods are 100% illegal as well. In the past, two especially common “services” they have provided include:

• Stealing social security numbers or credit files from minors or those who have passed away and then substituting them for their customers to help improve their credit histories.
• Recommending to their clients that they apply for an IRS Employer Identification number and then using it in place of a social security number to apply for credit.

In the short term, these tactics may look beneficial to the naïve, but being illegal, they can completely destroy your credit too, and they can land you in serious trouble.

Understand, too, that being a non-profit credit repair clinic doesn’t make the organization any more trustworthy. The truth is that many companies take on this title because being a for-profit company comes with greater scrutiny and tighter regulations in most states. Check out their reputation with the Better Business Bureau to find what may be hiding under that description.

Credit counselors, financial advisors and even social workers can all help you get out of your bad credit situation. However, credit repair clinics are only going to harm and the worst case scenario is never worth risking.

Source:

http://www.nolo.com/legal-encyclopedia/dont-use-credit-repair-clinic-30062.html

Every budget needs to include a certain allotment for the food you need every month. Any budget without a healthy amount invested in that category isn’t a very realistic one and won’t do you much good. That being said, although food is absolutely essential to your wellbeing, that doesn’t mean you need to spend a small fortune on it. Consider the following ways you can save money on food and then think about ways that money could go toward paying down debts.

One of the most important things you can start with is simply cutting out meals you might have at restaurants or even fast-food places. Those meals may be convenient or even more enjoyable, but they always cost more than the homemade options. Start doing more grocery shopping and preparing your meals at home. This can also provide you with a great opportunity to sharpen your cooking skills.

By the way, microwaveable dinners and other premade options don’t count. They cost more than simply purchasing the recipes and building a meal from scratch.

Unless you’re a vegetarian or vegan, you can save a lot of money by swapping out your meat options for more affordable versions. Meat is often the most expensive component of any meal, but things like canned tuna and eggs are incredibly affordable. You’ll still get plenty of protein and other nutrients, just without all the extra cost. Try doing this just once or twice a week for beginners.

Lastly, let’s address your grocery shopping .First, never do it without a list. This will help keep you on task. When you make a list, it also gives you an opportunity to find coupons that will go along with it, ultimately saving you more as well.

Don’t ever starve yourself as a means of saving money. However, hopefully the above advice proves there are plenty of ways to save some cash while satisfying your appetite.

Source:

http://credit.about.com/od/reducingdebt/a/moneyoutofdebt.htm

Getting into credit card debt couldn’t be easier. In fact, many credit card companies could even be said to make it a little too easy. Even those with the best of intentions often find themselves owning more than they ever expected, which can become a huge hazard to not just your personal finances at the moment, but your financial future as well.

The first thing you should do when finding yourself in this situation is to assess your monthly budget to find out how much you can put aside to paying your debt down. If you don’t have a monthly budget, now is a great time to figure one out.

With your budget in hand, go ahead and add up all the money you make in a given month. Then do the same with your expenses. This includes the minimum amounts you own on all your cards and any loans you may currently have out.

Whatever you have left is the money you can send to your creditors every month to get rid of your debt. This only works, though, if you have the kind of budget that actually takes into account the amount you want to put toward savings, the minimum you have to spend on food and emergency funds in case something goes wrong. Otherwise, the above equation could leave you worse off.

Now that you know what you can spend, there are two ways to pay off your debt in the quickest time possible. Starting with the card that has the highest interest rate will end up saving you money in the long run.

On the other hand, go after the lowest balances first for an immediate sense of accomplishment and less cards to worry about sooner.

Either way, once you get into stable finances again, it’s important you come up with a plant to make sure you stay out of trouble in the future. This should probably include fewer credit cards.

Source:

http://credit.about.com/od/reducingdebt/qt/payccdebt.htm

For many couples, weddings come with both a sense of excitement and dread. Obviously, there better be some level of anticipation or something is very wrong. However, in order to throw the wedding of their dreams, many couples find it will take a financial nightmare.

The first thing you and your fiancé should do, then, is prioritize what you want your wedding to include. Pick the five most important things and start with allocating your money there. Yes, you may find you can’t get absolutely everything you want for your special day, but that doesn’t mean you won’t still be very happy.

Consider limiting your guest list too. If you must, consider a small, intimate gathering of only your nearest and dearest family members and friends. Between seating, food and drinks, your guests represent a sizable investment in your wedding.

These days, weddings and receptions can be held just about anywhere. You no longer have to be confined to a big church and a fancy restaurant later. Consider having the entire thing at your favorite eatery, at someone’s home, at a park, etc. There are a million different ways you can have a unique, but beautiful ceremony without receiving a huge bill in the process.

The same goes for what everyone wears. The groom’s tuxedo and bride’s gown can cost a small fortune—especially the latter—but there are so many places and designers  selling affordable versions of both, that it hardly makes sense to spend so much money on them. Plus, thanks to the Internet, you can find all kinds of people who will make beautiful attire options for your wedding day at very low prices.

So by all means, plan your wedding to make it as dreamlike as possible. But don’t forget the many ways you can cut down the costs. Otherwise, you and debt may be together until death do you part.

Source:

http://www.bankrate.com/finance/personal-finance/top-10-ways-to-save-money-on-your-wedding-1.aspx

Just about everyone would love having a second source of income to rely on. Unfortunately, there are only so many hours in the day. Those of us who would be willing to sacrifice our social lives to bring in some extra cash usually don’t have much of one to begin with because of our familial obligations. Of course, plenty of people already work two jobs, but still need some help.

There are countless options if you know where to look. For example, if you own your own home, consider renting part of it out. An extra room always works or you could get even more for an entire floor. If you’re not comfortable with someone living with your family or you don’t have the room, think about offering space to rent for people who just need some extra storage. Your basement, garage, or attic could bring in substantial funds every month.

Obviously, if you have any items at home you no longer need, selling them on eBay can produce quick cash for something you were never going to use again. However, if you have little disposable income, you can also scour your local garage sales for one-of-a-kind items that will stand out on the famous auction site. With a little practice, you may develop a weathered eye that could be worth a lot of money without investing a ton of time.

Despite the high-tech title, you can often become a virtual assistant without any specialized skills. So long as you are reliable and know how the Internet works, you can do all kinds of research and perform small tasks for clients all over the world, many of who pay fairly well.

Lastly, there’s always plasma. Countless people all over the country pull in over $100 a month by donating plasma and it’s something you can feel really good about doing.

Nowadays, there is no limit on how many ways you can pull in extra money. Aside from the above, use your imagination and you’ll probably be able to add to this list.

Source:

http://www.philly.com/philly/blogs/lifestyle/20140707_PopSugar_15_Bes

Refinancing your home has always been a popular decision for a number of reasons. However, it’s not a choice you should make rashly. So before you refinance your house, consider the following.

First, you always need to measure if it’s actually worth it over the long term. No matter what other factors are at play, refinancing almost always means paying less per month, but paying it for more months to come. To many people who plan on living in their home for decades, this is definitely a worthwhile trade. However, it’s never a bad idea to simply have less debt weighing you down either.

That being said, you may be refinancing as a method of debt consolidation. For example, if you have home equity loan on top of your mortgage, your goal may be a fixed-rate mortgage that provides you with a single, more manageable payment over the long term.

Another major benefit of refinancing is that it can take you out of a challenging interest rate and into one you’ll have an easier time handling. The problem is that this usually means an ARM (Adjustable Rate Mortgage) loan. While these can be very attractive at the moment, many people refinance specifically to get out of them. This is where you should really speak to an analyst who can help you consider future trends that will affect interest rates. As we mentioned before, a major consideration will be how long you plan on staying in the home.

That being said, most experts recommend staying with your current mortgage if you don’t plan on living in your current home for long. This is because refinancing always means paying more for the foreseeable future, which is all the longer you might be at your current address.

Refinancing should always be taken seriously and never made without a lot of thought. The above is a good place to start.

Source:

http://www.bankrate.com/finance/mortgages/when-to-refinance-your-mortgage-1.aspx

If you’re looking to give your budget some help, don’t forget about addressing some of those recurring payments you’re making. Your electricity is a great example of how you can make small changes that will really add up over time.

While CFL bulbs are still relatively expensive upfront, there’s no debating that they’re far more affordable than your traditional, incandescent option over time. Not only are they good for 10,000 hours worth of light, they only cost about $10.40 to power over that time period. In comparison, it would cost you roughly $48 with an incandescent light bulb to do the same. Now multiply that by every light in your home.

Motion sensors are a great addition to your home for many reasons. One is that they provide you with an added level of security. However, on top of that, it saves on your electricity bill too. If someone is stirring outside, you want your lights on and a motion sensor will ensure that happens. But if no one is on your property, you don’t need lights, which mean you can save on your electricity bill by having sensors keep them off.

Over time, you’ll probably look to replace your appliances like most homeowners. When you do so, be sure to pick out those that sport the Energy Star label. This ensures that your new appliance will do its job just as well as any other, but at much greater efficiency. According to the people at Energy Star, buying their products can cut your utility bill by 30% over the course of a year.

So don’t forget that your utility bill isn’t a fixed number. While turning off lights when you leave a room and not leaving the heat or air on can help, don’t forget about the above options too.

Source:

http://www.familyhandyman.com/smart-homeowner/ways-to-save-money/10-tips-on-saving-electricity-and-lowering-your-electricity-bill/view-all

If you’ve ever found yourself in need of some quick cash—and who hasn’t?—you’re probably well aware of what’s called a “payday loan.” This resource is the go-to option for countless people all over the country when they need money fast. Unfortunately, it should be avoided at all costs.

The idea behind a payday loan is quite simple, which is one of the reasons it’s so attractive. Essentially, it’s for people who don’t need a lot of money, just enough to make it to their next payday, or whenever they’ll be seeing more income. Traditional banks don’t deal with such small amounts, amongst other things, which leaves these people in quite the predicament.

“Fortunately” for them, they can just go to a payday lender and borrow the money they need. All the collateral they are required to provide is a check made out for the amount they owe dated for the day after their next payday.

While there are many problems involved here, the most obvious should be the high interest rates. If you’re in the military, you can pay up to 36% interest on the borrowed sum. Non-military members, however, can owe as much as 300%!

This is bad enough, but you may find a way to justify the amount for a one-off situation. Unfortunately, research has shown, time and time again, that payday loans lead down the path to constant debt. A major issue is that one loan charges you so much, you eventually need another to dig your way out of the debt it’s put you in. From there, it‘s a downward spiral.

Plus, there are usually other options. Even if it means borrowing from loved ones or selling off property, just about anything is better than a payday loan.

So if you find yourself in financial trouble, take a moment to breathe and think through the predicament. Payday loans are never the solution.

Source:

http://www.militarysaves.org/blog/1115-4-reasons-you-shouldn-t-fall-prey-to-the-payday-loan-trap

Thanksgiving is right around the corner, which usually means a number of reasons to celebrate. For many of us, though, this time of year represents the stress that comes from balancing a delicious feast with respecting our budget.

One way to offset your costs is by inviting your guests to each bring a dish of their choosing. The vast majority of people will be more than happy to, seeing as how you’re the one playing host. This is also a fun way for people to share traditional recipes from their own families with others who may not have had them before.

Don’t be afraid to mix things up too. Vegetarians and vegans have had to become creative with how they celebrate this holiday and the rules are much more lax than ever before. Many families enjoy Korean, Mexican, Italian, and other types of dishes too. There are countless affordable recipes out there that those around your table will enjoy without knowing you prepared it at a discount.

No matter what you plan on doing, it’s best to prepare early. Most ingredients for Thanksgiving are nonperishable, meaning they can sit on your shelf for weeks (or years, for that matter) without suffering any harm. As we get closer to Thanksgiving, the ingredients you need will increase in price, so shop now and you’ll be sure to save money.

If your family enjoys drinking wine with their meal, this can represent a significant burden on your budget. Fortunately, there are a number of boxed wines these days that taste just like your favorite bottled versions, but at a fraction of the price. They’re much better for the environment as well.

While you hopefully have many things to be thankful for this year, the above advice can add some extra money to that list too.

Source:

http://www.moneycrashers.com/save-money-thanksgiving-day-dinner-menu/