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Month: March 2020

Five Ways to Destroy Your Credit Score

Five Ways to Destroy Your Credit Score

1. Reckless Spending Habits

During an emergency, credit cards are useful.

However, many people have difficulty identifying an “emergency expense.”

If your car requires an immediate repair, or you need to purchase a last-minute plane ticket, these constitute emergency expenses.

Since credit cards make it possible to obtain our “wants” now, it can be difficult to maintain a measure of self-control and fight the urge to use credit for frivolous purchases.

Buying merchandise you cannot afford is an assured way to destroy your credit score.

Credit ratings can significantly decrease within months – and take years to rebuild.

2. “Keeping up with the Joneses”

Certain people have a bad habit of envying the material possessions that others have.

If their friend or neighbor buys a new vehicle or wide-screen television, they also want the item.

Unfortunately, these persons go to extreme lengths to acquire these things, which usually involve financing the high-ticketed item.

Creating additional debts can strain your finances. If unable to repay the finance or credit card company, you’ll also ruin your good credit rating.

3. Late or Skipped Payments

Some people underrate the importance of making timely payments to creditors.

Each time a credit card or a loan payment is late, or not received, your credit score plummets 10 – 15 points.

Late or skipped payments are the easiest ways to quickly reduce your credit score.

Additionally, creditors charge late fees.

4. Failure to Check Your Credit Report

Paying your bills on time each month and keeping credit card balances low does not guarantee a good credit score.

Credit reporting is not infallible. Therefore, mistakes and errors can occur.

A negative remark on your credit report can decrease your score, and make it difficult for you to obtain a home loan or automobile loan.

The best way to protect yourself from mistakes is to review your report annually.

Highlight and report any mistakes to the three credit bureaus.

5. Failure to Protect Your Identity

Don’t assume that identity theft can never happen to you.

Instead, take the necessary steps to ensure that you never become a victim. In addition to checking your credit report every 6 – 12 months.

Take extra steps to carefully discard financial documents (credit card statements, bank statements, and credit offers.) Use a shredder and mark-out account numbers with a black highlighter.

Since many thieves steal mail from mailboxes, stay on the lookout for monthly financial statements.

If a credit card or bank statement is not received, contact the creditor immediately.…

5 Frugal Living Tips for Young Family

5 Frugal Living Tips for Young Family

Saving cash is always good – especially for a couple just starting a family with small children.

Here are five tips that I have used in my own life that have kept the spending down.

1) Cook from scratch.

Not only is it much healthier to cook from scratch, but it’s also way cheaper to cook your own food.

For example, instead of buying a jar of prepared pasta sauce, I buy a few cans of tomato paste and crushed tomatoes (I have also crushed fresh tomatoes myself, but not usually) and make my own pasta sauce and have the equivalent of 3 or 4 jars of prepared sauce, for the same price.

Also, cheaper is baking your own bread, growing your own herbs on your windowsill, and making your own salad dressings.

The list can go on and on! Get to know your kitchen!

2) Plan your meals.

Planning your meals will save you not only money but time as well.

Ever walk into the supermarket hungry, and walk out with way more than you intended to?

Having spent much more than you intended to? It’s really easy to do.

If you walk in there with a list, once a week – or better even less often – your budget will thank you.

3) Cloth, cloth, cloth.

The cloth diapers of today are certainly not what your great-grandmother used. They are stylish and cute, and really easy to use.

My favorite is pocket diapers, but there is a vast array to choose from. Kelly’s Closet is a really great place to get some diapers, but there are loads of options these days.

Pocket diapers close with snaps or Velcro and have a pocket in the back where you put the insert in to soak up the goodies.

I can’t even imagine having to buy paper diapers all the time!

The diapers that I have gone through both of my boys, and will hopefully go on my future children.

We also don’t use paper napkins, but cloth towels. And for my cycles, I also don’t use paper.

Why would I want all of those chemicals on me all the time? Gladrags and the Divacup are what I use.

They’re sanitary, don’t pollute the environment, and best of all – save me money because I don’t have to buy disposables.

4) Breastfeed!

What could be cheaper than free?

5) Get rid of your air conditioner.

Ok, maybe I’ll get flack for this one, but I live in the Middle East, and I don’t have one.

So, I don’t care where you are, you can go without it, too! Meanwhile, my fans are blowing.

I had to learn to dress for the weather. It wasn’t easy – I wasn’t born here, after all, but if I can do it, anyone can do it!

I really hope these little tips will help you in your life and in your budget. And I hope you enjoy your little one!…