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Do You Have a Problem Spending Money?

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I was surfing the web and came across this neat quiz from MSN. It’s their “Savvy Spending Quiz.”

Savvy Spending Quiz

I should be so ashamed of myself. My score is 25 out of 100! I really flunked that one – LOL. It shouldn’t be a laughing matter, but sometimes you have to laugh to keep sane.

My results basically told me what I already know – that I have a credit management problem. I do have to argue a little bit with that one. I am learning all the tools and I already know quite a few that I need to manage my credit. I just need more funds to pay everything! I am just laughing right now. Now I just had the urge to cry. But I won’t. I must stay strong and focused.

Technorati Tags: spending+quiz, credit+management, credit+problem

Debt Consolidation Companies

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I have seen so many advertisements for Debt Consolidation companies and I have been very tempted to go into one of their programs. I worked with a woman that joined a consolidation program. Her rates were negotiated lower with her credit cards and she had a lower monthly payment. According to her plan, she would have her debt paid off in 3 years.

I almost signed up right there, but one thing that she had to do bothered me. She had to close her credit cards and could no longer use them. Because our family was not in a stable financial position, I never knew if I would need to use a credit card just to buy food for the table or put gas in our vehicle. I just couldn’t close the cards.

Other consolidation companies may be different, but when choosing a program to go with, just make sure you read the fine print and understand what exactly will happen while in the program. There could be things like your credit cards needing to be closed.

Last I heard from that woman, she was having great success with paying off her debt and she was extrememly happy. These companies can do great things for people, just make sure you choose the one that is right for your situation and shop around.

Technorati Tags: debt+consolidation, debt+reduction, credit+cards

February Net Worth Coming Soon

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I was hoping to have my Net Worth up by now for February so everyone can see the change, but I just haven’t had the time. After seeing how many hours I worked last week (63), I can see why. My goal is to have it up for this weekend and I am almost done. I just have to reconcile two more credit cards.

If someone figures out how to get more hours in the day – let me know, ok? ๐Ÿ˜‰ LOL

Technorati Tags: net+worth

What Would You Do With 20 Dollars?

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So many times I’ve been asked, “What would you do with a million dollars?” I pretty much say the same thing every time. My number one thing – pay off debt!! Then, I would give to my family and to charity. I’d also invest, but if you asked me to be more specific, I couldn’t. I’ve been too focused on using extra funds to pay off debt, that I wouldn’t know the first thing to do.

But let’s put a little twist on it…

What would you do with 20 dollars?

I’ll start. First thing I’d do is rent two $0.99 DVDs (one for my son, one for mom and dad), and then put the rest into our checking account to go towards bills/debt.

Not very exciting – but a true story since it has happened before.

What about you?


Boy, Is My Face Red!!

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I just noticed that I had comments!! Sorry to those that have had comments from a while ago waiting for approval.

I’ve just started using the Movable Type blogging program, and for some reason I thought it would email me when I had comments on my blog (like blogger does for my other two blogs). Maybe I just don’t have it set up correctly. I will have to look into the matter further.

I am happy to report, that I have went through the comments and approved them. Everyone has some great blogs out there and thank you for sharing!

Here’s to all of us becoming debt-free one day, hopefully very soon!!

Cheers!


Introducing – Credit Card #6

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Yes, you read that right. Add another credit card to the collection. It wasn’t something that I was meaning to do, but it just happened.

We went out yesterday to get a stove. I had some extra money from working quite a few overtime hours and we were planning on buying the stove just from the money we have (it would have been the first appliance we’ve purchased without using credit). It turns out that the store had a great deal with their store credit card. If you signed up for it and paid for your purchase with it, you would get free delivery of your appliance as well as 10% off. That was a savings of $105 dollars. AND, you purchase is interest-free for a year.

I carefully looked over the fine print, and it states that the interest rate after the interest rate period is a whopping 23.5%!! So, this card will definitely need to be paid off before next year. That is where these cards get their money is in the very high interest rate. And they get you to apply for the cards with their great deals.

Approval for the card was almost instant (geesh – it is so easy to get a store credit card!), especially with my debt load. I didn’t like getting yet another card, but if credit is used responsibly it can be a good thing. The key word being responsibly.

Another advantage of getting the interest free card is now I am able to put the money that was going to purchase the stove and put it towards paying down a higher interest credit card. Then, I will have less in finance charges to pay. I think much to do with paying off debt is how to juggle it.

I am really hoping this decision won’t come back and bite me. Time will tell.

Technorati Tags: credit+card, credit, interest+rate

Teaching Personal Finance in Schools

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When I went to high school, there were no classes offered on personal finance. There wasn’t even a class that touched on the subject. But I sure wish there was!

I think schools now-a-days are too concerned about “book smarts” and less concerned about “street smarts”. You know, tools on how to live your life. I think back and feel it would have been much more beneficial to my present day life if we had discussions about how to handle your money.

I’m not placing blame on my high school for my debt. I will honestly admit that I got myself into it. But it would be nice to see a shift to some coursework that will help you live your life once you leave high school. I think that would do wonders once for teens once they hit the “real” world.

Technorati Tags: debt, personal+finance