How To Actually Save Money With Money Saving Tips

You’ve researched tips on how to save money, and have even followed the advice on many of these lists.

But more than likely, you don’t have any more money at the end of the month than you did before. If you’re determined to build up that savings account, here’s how to use those money-saving tips to create a substantial savings account.

To do this, you first need to have a savings account. I have a separate online savings account that is different from my local bank, to make the money a little harder to get to. (It usually takes 2-3 business days to transfer money electronically).

Determine in advance that you are not going to withdraw funds from this account except in extreme emergencies (and no, a good deal on a new suit is not an emergency). Next, you need to keep track of how much money you’ve saved each week.

This will help in two ways: first, it will keep you motivated to find more ways to save even more money, and second, it will give you an amount each week that you would have normally spent, but didn’t.

Finally, once a week, transfer that final “saved” amount over to your savings account. If you think about it, this is money that you would normally have spent and won’t miss.

Here are 5 examples of money-saving tips and how much these can add up over the course of one year.

1. Drink water at restaurants

Sure, we’d save a lot more if we didn’t go out to eat at all, but we’ve had plenty of evenings where we decided at the last minute that we were too tired to cook and went out to eat instead. Instead of ordering a drink, choose water.

For a family of 4, drinks add around $10 per meal (don’t forget tip and tax). If you do this only twice a month, that’s $20 you can put into your savings account for a total of $240 a year.

2. Leftover dinner night

Once a week determine to eat leftovers. Or, if you typically don’t have any, make one night a week soup and sandwich night or another equally frugal dinner. So each time you serve a frugal dinner, consider that money you’ve saved.

A typical dinner costs a family of four $15. Even if you only consider each frugal dinner as a savings of only half that, or $7.50, that’s $30 a month you can put away into your savings account for an annual total of $360.

3. If you use loans, apply at reputable services only

If you need some extra cash to take you over some unexpected expenses, you can always opt for short-term online loans even if you have bad credit. Just make sure you are applying for a loan from a trusted loan company. And, of course, pay them back on time.

4. Air dry laundry as much as possible

If you’ve never air-dried laundry, try it for a month and then note the difference in your electric bill. I have a family of 6, so our electric bill dropped by $150.

But even if you have a smaller family and save only $50 a month, just make sure to put that $50 you would have paid into your savings account for a total of savings of $600 per year. (You do not need a clothesline or hassle with clothespins. I have a portable hanging rack and hang everything with hangars. Jeans can be hung by using the two notches in the belt loops).

5. Coupons

If you use coupons, whenever you go grocery shopping, look at the bottom of your receipt for the total amount saved in coupons. (Not the total amount saved with a grocery store savings card, just the coupons alone).

Depending on how savvy you are with coupons, this figure is typically between $5 to $25. Use this figure as an amount you would have spent if you weren’t so frugal, and determine to put that amount into your savings.

At $10 per grocery trip once a week, that’s another $40 a month to put into your savings account for a total of $480 per year.

6. Treats

If you like to treat yourself to a morning cup of coffee/breakfast on the go/soda refills at local convenience stores, you know the cost of this can add up over time.

If this is your “treat” and you don’t want to give this up, how about just cutting down. If you buy 2 fewer gourmet coffees a week (at $3 a cup), that’s $6 a week or $24 a month you can put into your savings account. Annual savings? $288.

The problem with money-saving tips is that no one really notices the extra money gained from using them. So the trick is to keep track of the money you saved, and then actually saving it. I recommend transferring “saved money” once a week.

It’s easier to transfer $24 or $32 dollars, but if your monthly savings totaled $174, it’s very difficult to part with that much money at once, and it will feel like another bill. Also, keep in mind that electronic transfers are limited to 6 per month.

Note that I only listed 5 money savings tips, but just on these 5 tips alone, you can have a savings account balance of $1968 by the end of one year. Add interest, and you’ll have $2000 that was painless to save that you typically spent every year anyways.

Top 10 Money Saving Behaviors to Use when You’re in College

Paying for college can seem like an overwhelming task, but it doesn’t have to be if you do some college planning.

Here are 10 tips to make the most of your money:

1) Don’t buy a car

Some parents think buying a car for their child is a great high school graduation gift. However, insurance rates are very high, even for college students, and the risk of theft is high on campuses.

2) Don’t take your vehicle to school

There is almost never any free parking on campus for students. Even when you pay for a permit, it’s hard to find convenient places to park.

3) Live on campus

When you live on-campus, you go to the dining hall for meals, walk to classes and save on transportation time and costs. Plus, your on-campus living experience can help you get a job as a resident assistant, which will save you housing costs in your junior and senior years.

4) Use public transportation

The city which the college is located in typically has free or reduced fare bus services. Colleges also run shuttles to popular area attractions. Many colleges have restaurants and shopping within walking distance as well. There is no serious need for a vehicle.

5) Don’t shop for college items.

The best rule for moving in is to only take what you can carry. The basics for college include clothes, bedding, and a computer. Everything else can be brought later as the need arises.

6) Skip the haircuts

No one really cares what you look like in college and one of the first things you can give up is expensive haircuts. Sure, you might want to clean up for a job interview, but if you’re not working, you don’t have to be spending extra on this area.

7) Take the bus

Greyhound and other bus companies offer great deals to college students. You can save hundreds of dollars traveling by bus. It’s safer and cleaner than you think since many fellow college students take the bus too.

8) Don’t drink alcohol

If you’re under 21, you can end up spending several hundred dollars in court costs and fines for violating underage drinking laws.

9) Apply for scholarships after you’re in college

Most college students think scholarship opportunities end after they get admitted but plenty of colleges and companies offer scholarships for students in school.

10) Use subsidized loans to earn money

If you receive a subsidized federal loan, you don’t pay interest on it while you are in college. That is 4 years of 0% interest. If you have leftover money, put it in a money market account to earn upwards of 2% back.

Money Saving Tips for the Holidays

Ever wondered how you can still give gifts during the holiday season in spite of the economic downturn nowadays?

There are actually various ways you can consider to stretch your money for that much awaited season of giving:

1) Set Up a Plan.

Creating a Christmas budget can effectively help you stretch your money. Doing so will help you evaluate and identify the budget you need to set aside for various Christmas categories like charitable donations, Christmas gifts, decorations, entertaining, and a whole lot more.

2) Make a List.

Shopping minus a Christmas list spells disaster. When you shop with a specific list, you get to buy only those items that fit within your budget. The more specific your list is, the better.

List down the people you intend to give gifts and have an idea or two as to what you will be having for them. Buy only those that are on your list but be sure you include purchasing extra things such as wrapping papers, decorations, or stocking stuffers.

3) Go for Sales.

Normally, shopping malls normally offer mall-wide sales or Black Friday sales during the holidays. Shopping during sales can really help you save a lot of money.

However, you have to understand that just like you, there are hundreds and thousands of shoppers who also believe holiday sales are practical, thus you might end up getting early or fighting the crowd just to shop.

4) Shop Online.

There are already various websites these days where you can shop with just a few clicks. One is thru E-bay. You can find lots of great items, brand new or second-hand, that can be great gift ideas for the holidays. Also, try to pay a visit to video game stores that provide you with good deals on toys for kids.

5) Be Creative.

Make Something out of your Own. You can save a lot from your shopping money if you try to be creative and do some personal stuff to give to special people during the Christmas season.

All you need is a creative mind and the right materials. Doing personalized Christmas presents does not only help you save money but also, these gifts can be great mementos that your special someone will truly treasure because of that personal touch.

When it comes to finding the right gifts to your loved ones, who says you need to shell out much of your hard-earned money?

As long as you know how to shop and save, Christmas shopping is never that financially-burdening after all.

5 Money Saving Tips for the Financial Newbie

After creating thousands and thousands of dollars in gambling debt, I tend to spend most of my money paying collectors. Of course, I could apply for $ 1000 loan online and get temporary relief. However, I have found a few simple ways to keep a few extra bucks lying around in case of a mini-crisis, and perhaps they will help you as well.

1) The Piggy Bank

Yes, I have a piggy bank. It’s not actually shaped like a pig, and when I first got it I thought it was the stupidest thing I ever saw. It’s a change jar from Avon that counts the change for you as you put it in. My grandmother gave it to me because she’s an Avon buying addict. I started with the change in the bottom of my purse and the change from my boyfriend’s wallet, and after about five or six months, I have nearly $100 in this change jar, which to some wouldn’t seem like a big deal, but if my glasses break or I have to pay a parking ticket unexpectedly, I have $100 that I would have normally lost in the couch cushions or under the seat in the car, and it took zero time and almost no thought to save it. It’s just one way to trick yourself into saving a little bit of money.

2) The Savings Account

This is the classic way to save some money. I must admit, I’m not fantastic about keeping my paws out of my savings account. Sometimes I just set up payments with too many people and have to take a little bit of money out, but I always make a point to keep trying to add money to it, and I never let it get to zero. My biggest tip would be to take a percentage of your paycheck that you can reasonably afford and put that into your savings account.

If you have direct deposit, having automatic transfers set up a couple of days after payday is a good way to have some money set aside in savings without even thinking about it. Hopefully, as I do, you will forget the money is in there most of the time and not add it to your available funds. That’s really the only successful way to maintain a savings account. You can also consider putting your money into a money market account for a slightly higher interest rate, but transfers for a money market account are usually more limited, and for someone who is a complete newbie at saving money, the savings account may be a simpler way to start out.

3) The PayPal Account

Do you write for Associated Content or sell things on E-Bay? If you are utilizing a PayPal account for any reason, then leaving some money in your PayPal account is another good way to have a bit of a rainy day fund. PayPal offers a debit card connected to your PayPal account for access to your funds, or you could just go without if you don’t want to have such easy access to that money. It’s another way to have money somewhere besides your checking account where it’s safe.

4) The Secured Credit Card

If you have fantastic credit, then, first of all, you probably know too much about saving money to even be reading this article, and you also would have little need for an overnight loan or secured credit card. However, for those with just plain pitiful credit, a secured card is not only a good way to save some money, but it’s also a good way to start improving your credit. With a secured card, you are able to pick your limit usually beginning at a minimum of $200 to $300 and depending on the card going up into the thousands.

You put down a deposit on the card, like a security deposit, and the amount of the deposit is your credit limit. The credit card company then puts that deposit into something similar to a savings account or money market account where it accrues a small amount of interest while you build your credit. In looking for a secured credit card though, it’s best to shop around and get all the details you can. Some companies charge an application fee and activation fees that will eat up almost your entire limit before you even get a chance to use the card.

Also, it’s a definite must to make sure that the company reports to the credit bureaus, and that they don’t report that they are a secured card, otherwise, the main benefit of the card isn’t there, which is to help you build or rebuild credit.

5) The Fast Food Demon

I know what it means to just want some fast food, but it is a definite culprit when it comes to not only gain a lot of weight (trust me) but when it comes to wasting money. If you really need a cheeseburger and fries, it is simple enough to cook one up at home yourself and put some fries in the oven. If you eat one fast food meal a day on your lunch break, then you’re spending perhaps $5-$10 a day, depending on where you go, for one meal. That’s $150-$300 a month for one person for one meal a day. Do yourself a financial favor and pack a lunch. If you take the time to figure out how much you actually spend on fast food every money, then you can decide on a limit, a real dollar amount, on how much you spend on fast food each week or month. The money that you save can go into your savings account.

It all seems like very simple advice, but for those with bad or no credit and very little financial knowledge having something to fall back on in a time of crisis can be a real challenge. Without a high credit limit, reputation with a bank or any investment accounts, it can be scary when the car decides to become a lemon and you only have $500 in your savings account. The best advice I can give is to just keep thinking of ways to spread your money around and to always save something out of each paycheck, even if it’s $5 because you never know when you might need it.

Wage Garnishment

I have had a wage garnishment against me in one state but I moved to another state with a different job. Does the creditor have to file another court suit to get a garnishment in the new state? thanks for any help on this.

I know that here in Michigan the garnishment papers have to be refiled every three months. So there is a gap of about three weeks from the end of one garnishment until it starts again.

Bill Me Later question

I have an account with Bill Me Later. I paid them in full via money order over a month ago. I called them and they informed me that they hadn’t received the money order yet. The problem now is that the home I was staying at burned down and I lost everything. What can I do in this situation?

Re: Credit card debt help needed

thanks for the message, it is very helpful and giving me hope to be debt free , i have almost US$9,000 debt from credit cards , personal loans and morgages. I am a single parent and have two(2) sons in college, i do not get support from my husband. I am employed and my salary is not even enough to pay the minimum amount due of my credit card bills, I also have part time jobs. I am tired of this rat race.

My husband had $20000 debt on one card when we married two years ago that he walked away from his previous marriage with. I am trying to get our debt paid down – it’s a slow process.

He is finally starting to see where money can be saved daily that can be paid toward the cc’s. I gave him a memo notebook to write down every expenditure and how it was paid for. I did the same. We found ways/places to save money that we didn’t realize before.

Try it for a month and see where you can change your spending patterns or eliminate expenses. It’s a pain at first but well worth it in the end. Writing down a three-cent piece of candy seems silly sometimes but it adds up before you know it.

Credit card debt help needed

hi we are new to this site and just kinda lost. we have over 30000.00 in credit card debit and getting behind on are monthly bills. my husband had to close his busness, a silent partner chose to pull out, he thought the company would lose money so he could write it off for taxes. but the company made money.he has found a job but pays alot less. i now am trying to start a business at home ( a doggy hotel) and we also are a hired hand for a crop farmer. we work 12/7. but still can’t get a head.

i have read alot of the other post notes and still am very confused about what to do with are credit card debit. if someone has an idea for us we would love to hear from you. thank you!!!!

I have several points to make for you to start looking at:

  1. You and your husband need to start looking at why and how all your financial problems started. This is the only way you will come to terms about what you must do to solve them. A famous person (on TV) says “you can’t solve money problems with money” and it is very true.
  2. Maybe until you start making headway with paying off that debt (it can be done) then you can both focus on starting up another business – once you have some real assets built up.
  3. Think of everyway you can make extra money and stop spending needlessly. It will be a time of living without a lot “stuff” and services you may feel you can’t live without.
  4. There are many ways to get out of debt on your own – and it will not be an easy task – it won’t no matter what you do. So you have face the reality of this.

I agree with many people here – stay away from websites, newspaper ads, etc… promising debt consolidations, debt negotiations with that famous LOW monthly payment wording. You can’t trade one debt for another and pay it off faster. Think about what could happen to your credit report and credit score, and how it will make starting a new business even tougher. Unless you can do it without major upfront investments or loans and basically start it up with nothing – not even the cost of advertising. If you can get plenty of customers just by word of mouth and referrals- this would give you someplace to start – is the business going to run from your home?

Research everything about running it from home – if you can, legally.

I was in debt about nine years ago – about half the amount you are in and I did everything I could to pay it off – on my own – no legal help, no CCCS or consolidations.

I learned a great deal about educating myself about really making my money work for me and always livings way below my means – no matter how much money I make.

My husband and I now live on only his income and we are happier than ever. Our only debt is our mortgage. If we don’t have money saved for something – well it doesn’t get bought until we do. I also run a small business from my home and it’s completely debt free. I’m not getting rich from it and right now my major focus is on a life changing event happening in our lives, but I am so blessed to have the freedom now, not to have to worry about being part of a daily grind and rat race just to make ends meet. I made it happen. It wasn’t like this for me up until about 4-5 years ago, after my debt was completely paid off. It’s a freedom beyond description. Only you can make it happen for yourself.

Best wishes to you and your husband. You will be in my prayers. Let me know if I can help you in the future. There is so much good and informative advice, experience and wisdom on this group – don’t be afraid to do a lot of research about changing that debt situation. It will make you a stronger person.

Wanting to consolidate but have mark on credit report

Has anyone found a good and reasonable place that will give someone a credit line for consolidation who has one bad mark on their credit report? I just came off a bankruptcy and thought I’d be able to get such a consolidation loan so I could just pay one place and perhaps get out of debt faster.

But unfortunately my niece didn’t pay a bill that my name was unfortunately on, and she didn’t tell me about this so it ended up in Collections and I just happened to stumble on it while doing a credit check on myself.

The debt was settled but apparently this little gem stays on my report 7 years. All my bills are paid on time; just this thing is getting in the way of me trying to get a low-interest card or loan. Just wondered if anyone has found a place that may take this into consideration and give me a chance.

Bankruptcy – have a question

I guess lot of people struggle each year and try to get ahead in life, but I have a question reference bankruptcy. I just found out a friend bought a home and filed bankruptcy 3 years ago. She does not bring home that much from her work place, has 2 car payments (and car payments aren’t cheap).

My husband and I have been trying to buy a home for 2 years and here I see other people getting into a home who has filed – she isn’t the only person I know of. Makes me think we should file bankruptcy and then go buy a house? Been doing personal research myself for the past 4 months just looking for ways to raise our credit score and get a home of our own. Can anyone help with thoughts or ideas? Maybe more of what we can do to get a home ourselves.

Maybe she’s getting financial help from family. I don’t think that average people make money by going bankrupt. That’s for millionaires. Bush and Trump each filed .

Need help with collection agency

I live in Salt Lake City, Utah, and I have been receiving calls from a Credit Collection Regarding My Dell loan I am only 3 Months late and my balance on the loan is 1000 they told me if I don’t pay at least half of that then they will put it on my credit report as an R9 I don’t know what that means but the way she explained it is it will show as a minor Bankruptcy and be on my credit report for 7 to 10 years can they do that any responses will be helpful. also, I have had this loan for 2 years and it is a revolving account can I or How can I do a debt settlement on this or is it a wise choice or no I mean. I Have Already paid for this computer 3 times it seems like can anyone please help!

That is the worst – it’s considered “bottom-of-the-barrel” credit rating. I used to have that rating, altho it’s still probably in that area. Try to avoid it if at all possible! According to the commercial I see on tv on occasion, the ratings start at #450 & go up to 850. R9 would probably be somewhere around 450 or less……totally crappy. It may also be one of those “collection agency” secrets they don’t share with the general public.

Here are the ratings for each account.

R0 – Too new to rate; approved but not used
R1 – Pays within 30 days of billing, or pays as agreed
R2 – Pays in more than 30 days but less than 60 or one payment past due
R3 – Pays in more than 60 days but less than 90 or two payments past due
R4 – Pays in more than 90 days but less than 120 or three or more payments past due
R5 – Account is at least 120 days past due but is not yet rated R9
R6 – No rating exists
R7 – Paid through a consolidation order, consumer proposal or credit counseling debt management program
R8 – Repossession
R9 – Bad debt or placed for collection or bankruptcy

So I would guess that my rating is R9 because I had to file bankruptcy for about a year and a half ago. I’m having a hard time figuring out how to get that rating up? I’m scared senseless to apply for a loan, get a credit card or anything. Since filing, I’ve done nothing by pay all bills by cash. I am down to nothing but regular utilities and living expenses and finally have money in savings. But I killed the checking account and only use my savings. So I guess my question is, does anyone know when I can start reestablishing my credit standing again? And at what point does the R9 move up?

My ex wanted things done his way during our marriage so our credit rating was at the lowest possible. I improved my rating without even trying at first. I paid my car insurance on time every month and they reported it to a credit agency. I’ve paid of some of my debts but still have a ways to go. February 2015 i used some of my tax refund to get a secured credit card (limit is $200) and pay it off every month. It can also be a solution to get a cash advance to pay off some of the most urgent bills. You mentioned you live in Utah so I recommend you get a payday loan from a reputable company and you will stay safe with them. But this company also makes reports to credit agencies. As for a checking account, I’d get one but only use it for paying bills. Look around tho cause some banks charge fees every month and some don’t, I have one that doesn’t. You can’t mail cash so paying any bills by mail means spending money to get a money order. Consider which is less expensive: buying money orders or having a checking account.

You know what’s the pits

You know what’s the pits, though, is that if we ever do get out of debt, we can’t completely wean ourselves from plastic because you can’t stay at a hotel or rent a car for that great vacation without plastic. The big hotels don’t take cash upfront I believe.

I dont see this an issue. Once you are out of debt get yourself the best rewards card you can find, whethere it be a cruiseline or airline or just merchandise. And only use it for what you can pay off immediately. You will get the best of both worlds.. They dont get any money off of interest and you get what you wanted.

That’s where the Debit Card will come into play. But the original poster to which I responded was trying to get away from credit cards AND debit cards.

I love my debit card….Just keep track of what’s your spending so you dont’ spend more than what you have!!!

As long as your debit card is rejected if you don’t have enough money to cover the expense, you will be fine.

If your account has some kind of automatic “courtesy” (what a friggin’ joke) limit, it will allow the debit to go through, charge you a stiff (EXPENSIVE) fee and you find out about it after the fact.

At our bank, if you are off, even a penny, the debit will go through, we get charged $30 per transaction and are “saved the embarrassment of being turned away” – AS IF.

For example, my husband underestimated where he was, a day or two before payday. He bought gas, DEBIT, it went through. No problem.

Later, he ran to the grocery store for a few things, DEBIT, it went through. However, another purchase also went through at the same time from the day or so before and together, he went a couple of bucks into the negative. Remember, he was getting paid via Direct Deposit in another few hours. Those two items both went through, each costing us $30, so another $60 came out of the account and for nothing. I would have much rather had the DEBITS rejected at the checkout line. Cheaper and less headache.

Now, he gets cash. I get cash. We don’t risk the debit card. Too expensive.

Literally the EXACT same situation occurred with me now I check my accont online daily and keep a chushion of about $100 in my checking account I had racked up $120 in overdraft fees on tiny things that cost like $5 cause I thought i had the money, but my car note went thru on a date i wasnt expecting. oh it was NOT fun

Prepaid Credit Cards

Hi everyone,

And a very happy new year to all! An update, and a question or two …

I’ve only posted once so far, but I am reading all the postings from others and learning so much. This month I am hoping to get current on all my bills, and have spent a great deal of time working with my creditors to do this.

I wanted to say that one of the most profound messages I got from this group was a posting that talked about the FICO score as being an “I love debt” score … that has been a powerful concept for me, and one I have thought about a lot!! It’s helped me realize that my entire focus has been on credit for far too long – which is why I keep getting back into debt. Even Suze Orman, and all her materials, seem to focus on credit … rather than on building financial security. I guess it’s a mindset, and I never realized it before. So now I am more determined than ever to get out of debt, and to find ways to build wealth (well, maybe I’ll never be “wealthy” but hopefully more comfortable than I am now!!).

Question – has anyone had experience with those prepaid Visa cards? WalMart sells them, so does Western Union, Green Dot, and other less recognizable vendors. They are appealing to me because you can’t accidentally get into overdrafts and the resulting “courtesy pay” fees, etc. They seem more finite and therefore a “stricter” alternative than a checking account debit card. Right now, I want instruments that don’t give me any leeway for extra credit. Does anyone have experience with these?

I’ve used them, they are very safe and very good to pay online bills with. Make sure that you get the one with the least per transaction fees. But what you need to use is called CASH. No Credit Cards of any kind until you are positive that you can handle them.

I am working at eliminating use of the DEBIT CARD and its accompanying “courtesy fees” as well. Just a personal goal. I am determined to use CASH as much as possible. When a check is needed, I will go buy a cashier’s check from the bank (we only get so many FREE each month). That way, I am positive that there is no way to have any additional fees. Once you get it and mail it, you are done.

I am not crazy about online banking/bill paying as they get access to the bank account and some companies “forget” to take what they are supposed to. Oops! Did we do that? Take $________ instead of $______????? So sorry. I am not interested in giving companies instant access to my bank account. No thanks!

Check with your bank on the Visa Gift cards. Depending on the relationship with the bank you may not be charged for them. Be careful though because some of them are not reloadable. I have heard of people using them to shop online so they do not have to give out their personal information. I am not sure about using them to pay bills though. I use online billpay for my utilities. It saves me time from writing and mailing checks.

You don’t want to close your oldest accounts

You don’t want to close your oldest accounts because the “age” of your credit report is a good % of your credit score. Your history of paying debts on time is the largest chunk, 30% or so. You have to just stop buying things with the credit card and save up for your shoes. Esp. if you don’t have the discipline to pay the bill in full each month.

I hear suze orman say one time, closing a card is like closing the history to that account. I guess it looks better to have it show that you have 50000 in available credit and you only are using 3000 of it. Versus if you close those accounts down, its as if you never owned or had that to your accuntability. Something like that.

Discipline… can also be that my hours got cut and I could not pay the full amount this month.

In retail, most all bets are off unless you are full time employed. I was working 30-32 hours a week, but this next week, for example I am cut to 18, as all P/T people are for payroll/budgeting purposes, but then they emailed me asking me to come in two hours early tomorrow.

Sometimes, the best laid plans are snuffed when SSI holds your bennies back a month early, in this case, keeping them from me THIS month instead of in February as they SAID they would do in their letter to me.

Understanding what you are saying, but I request the use of the word ‘discipline’ be taken off. I have always been disciplined enough to pay full or more than minimums, but this month I got 2 curve balls thrown at me. Hours and SSI.

Id rather have it closed than 3 thousand on a cc bill with 50000 available credit… thats just me… lol

Unless you closely monitor all correspondence you receive from the CC companies where you have zero balance, you may find yourself caught with a change to the terms and they begin an annual fee. You do not see them inform you, you throw the statements away without really looking at it because you do not owe anything. Next thing you know, you have tons of late fees, interest and their collections calling.

This caught up on an estate I am executor on. It took a lot of arguing with management on their part to drop all charges and close the account. I basically told them I wasn’t sending any money and if they wanted to sue the estate for $220 something that this had climbed to, all because they added a $75.00 annual fee and I never looked at it. This was the same company that kept making it difficult to acknowledge the creditor was dead and I was the executor.

Long story short, Suze Orman and the like want you to live in the FICO world and you do not have to.

I have a ton of accounts. In the 80s, collecting credit cards was like a hobby. 😮 I’m considering closing one account. It’s not my oldest account or cc with biggest line of credit. And I like what someone else said — we only need to worry about our FICO score if we plan to borrow again. 🙂

Payday loans lenders also look at how many open accounts you have.

Can you file for unemployment in this case? I used to work for a company where there was no business coming in. Some weeks we’d work 40 hours, others nothing. At the time it wasn’t so easy to apply for unemployment (online) in California but if I worked for someone like that now, I’d be filing each week. It raises the employer’s unemployment tax and doesn’t look good for them.

In Michigan we’re allowed to file for underemployement. It’s done like regular unemployment with calling in every other week to report any earnings then we get mailed a check a few days later. One drawback is that it only lasts for a set period of time. An advantage is that it can help make up for the difference in wages. I’ve done this the last two years when my job is cut from January to March. The first time I just had to provide info about my earnings for the last either year or 18 months, I don’t remember which. Going from 30 hours a week to 15 was a major income loss so I really needed those checks just to survive. Hope this helps.

I had that happen to me. I had paid of an account, then moved. 6 months later I was receiving late fees for a $30 membership fee they had been charging me for NOT using the credit card. I called and complained and told them I wanted to close the account and never look back. They actually took off the charges, brought me back to $0 and closed the account.

Closing accounts and credit score

I’ve heard and read that closing accounts looks bad on one’s credit report. Does this count for main VISA and Master Cards AND ‘Store’ cards?

I have a Target VISA I would like to pay off and lose. I cut the card up, because that VISA Logo makes it too easy to use anywhere.

I have a Penny’s card I have had from 1993 and would like to perhaps close it because I keep resorting to it for clothes and shoes. My feet (Diabetes too) are narrow and they have my sizes. I cannot go to payless or whatever, as they haven’t got the proper sizes for my feet… I owe them about $400.00 and when it is paid off I’m thinking of closing it.

I’m OK on shoes and such, so I was thinking of unloading some of the plastic here. No, I don’t want a great score so I can borrow, I just want a clean rep mainly. Opinions on closing store accounts would be read with interest.

credit scoreI believe it looks better to NOT close them. Just cut them up and you cannot use them and you are safe. I dont plan on closing any of mine. I forget how it was explained to me but it has something to do with the amount of total credit you can get and when you close them it effects that somehow.

DO NOT! I REPEAT – DO NOT! Close your accounts.. Your open accounts, no matter the circumstances are your credit “history” if you close them, you are deleting part of your past. Keeping them open shows that that company has entrusted you with credit throughout the years. If you close your account, your credit score will drop immediately. I just bought a house and learned this. I thought the same thing, pay off the card and close the account, I called the company to close it. My lender scolded me and had me call back to cancel my cancellation of the card. Instead just keep the debt on your cards below 50% of the limits.

Just my opinion here but if you have had that JCPenny card since 1993 I personally would’nt close it, unless your other cards are in the same age range or they charge you an annual fee etc. The longer you have had accounts open the better your score.

Don’t some cards close themselves if they’re inactive for a while? That’s why they tell you to use it once a year or something?

So long as everyone knows you just keep playing their game. A FICO score is an “I LOVE DEBT” score. If you read how the fair Isaac works, having a bunch of credit cards with nothing on them can also hurt you. Particularly when you are trying to purchase a house with marginal credit or nothing down. They figure you will turn around and max the cards on furniture and improvements and not make your mortgage. Could turn you down or give you less than optimal rates.

I had a card send me a letter once it was funny…It said something like “due to business reasons we are closing your account” because I hadn’t used my Discover Card in over 5 years. So there are some that will close automatically, but I don’t think there are many of them. I at one time had 2 credit cards sending me statements back because I had an extra dollar on it, so they sent me a statement every month. I was like sweet, I’ll just make them send me a statement and waste money because I have a credit of $1.00. That lasted about 6 months, then they sent me a check and closed it lol. Maybe I’ll do that on some other ones just for kicks.

Going in debt over medical cost?

I have just hit a place that I am very stuck. I have 4 boys. 3 have ADD. I will try to make this short. Hubby retired from one job and started another. Well the insurance for the old job was to expensive to keep paying the premuim. He got insurance on the new job. In december, he was eligable. Our kids are considered pre existing. Now I have applied for medicaid. We cannot get medicaid cause we are insured.but yet are pre existing. we have to wait 6 months if we were to drop the insurance that is already pre existing. We were out of debt for a matter of 1 month.

We are sliding back into debt so fast it is not even funny. These meds are high cost. I have no clue what we are going to do. I really need to be home with the kids. Do to the fact my husband has mild bipolar? He was just diagnosed in dec. I really need a break from all this. I cant seem to find any job online or to do at home that is not a scam. Increasing my income would be a solution to the problem. But finding something that can be done with the kids around is the hard part. Does anyone have any suggestions?

medical billsStart a collection business or offer the services to others in the area.. In my searching for a job to work from home, I came across a fantastic site… for very legitimate at home jobs and there are lots of them! You have to pay for the service, but you can join for as little as $7 for a week to see how you like it.

Good luck…I have a child who is bipolar and ADHD and my husband was recently diagnosed with ADD. I, too, am trying to keep my sanity. Just keep up the hope!

Also, check out – I have never personally used but have heard from some that do who love it.

I would suggest 2 things – one, contact the manufacturer of the medication. Most pharmaceutical corps have programs for those who cannot afford their medications – especially ones that are considered “necessary”.

Two – ask your doctor’s office for samples. Drug company reps encourage doctors to prescribe their medications by providing “sample” packs. These are designed to give to the patients – most of the time all you have to do is ask and they will give it to you if they have it. My favorite nurse actually contacted a rep and asked for samples for me and they gave me 2 month’s worth of an asthma inhaler. Good luck!

Also most states have a low cost insurance coverage for children – my kids have been covered since birth and I have to recert every year, but they cover everything from dr visits, prescriptions, some over the counter meds, vision, I am even getting a break on my daughter’s braces because her teeth are so bad they affect her speech.

Very good point. This is how I was able to try a certain analog insulin (Apidra) for a few weeks. It was not actually good for me, but saved me having to jump through the ‘pre-auth’ hoops to get it to find out.

I got another samples pack earlier, a few years ago, and that has been the best one for me. Having those samples to see it working or not is a smart move for anybody IMO.

(Celebrating the 13th anniversary of my 39th birthday today a little more out of debt every month….)

My problems began when I got divorced.

I have been a member for quite some time, probably over a year. Just lurking around reading all the great information all of you share with one another.

My problems began when I got divorced. I had a huge amount of debt, way more than I really could handle but I wanted to do the right thing and pay for my mistakes. I joined a consumer debt counseling group and religiously made those payments, for years I really had just about nothing. Finally I see the light at the end of the tunnel. The company I was working for in California was in the process of laying us all off. They had a great severance package going and I knew that the last few thousand would EASILY get paid off and id have more to spare. Finally I am going to get to enjoy some of the money I work so hard for.

So I open my first credit card in 6 years and get some bedroom furniture. No big deal right since I got this major severance thing coming. Well instead 9/11 happens, I get laid off 2 months before they had planned. And so im out of a job, living in California with huge expenses. Unable to find a job, I moved to Florida where a family member lives. Finally start getting back on my feet. Unfortunately, my debt payments stop cause I really cant afford it. Everything goes back in arrears, well its not remotely as much as it used to be but yes, collection calls come.

Few years go by, we are doing better. I decide to deal with this stuff again, join another CCCS place. But they are not even remotely as good as the first place. Everything gets messed up. The companies have sold off my debts YEARS ago to collection agencies and they just want more and more money. I finally decide I just cant do this anymore. I decided if they want the junk I have they can take it all, I dont care anymore. I dont have another 50 or 100 bucks to give them. So I turn off my phone and ignore everything and everyone that comes looking for me.

3 years later, somehow my husband and I are able to buy a house….I really have no idea how. Financially we are doing ok actually. Building credit even though all this junk is on my credit report. In fact most of my debt is reported on my credit report at least twice or 3 times. I have been so dissapointed by this that I havent done anything about it. I keep hearing that the 2nd time I started paying it all I reset the 7 year collection period. So will this junk from over 10 years ago just stay on my credit report for another 7 years?

Sorry for the book.

Thanks for any advice.

Up to my ears in debt

  • i am a re-entry adult college student
  • i am 34 years old
  • my “i love debt” score is 571
  • I am up to my ears in debt, owing around $64,000 total;
  • the majority of it is student loans
  • my car financed in 2013
  • a treadmill i financed a few months ago

on the negative/delinquent/deragotory account side i have 2-4 accounts falling off my credit report this year due to statue of limitations but also there are 4 credit cards, that are chargeoffs, opened in 2012 with humongous fees attached to them.

I would like to someone how get those cards either re-opened and pay the previous balance (before the fees the Collection Agency added to them) so they dont show chargeoff and pay on it to get it to show as paid as a greed.

Is there any way to get those cards to report positively on my credit report?

Does anyone have a Goodwill Letter they can show me that was effective for them?

Thanks everyone.

Hey, watch this video, it may be useful for you:

Сhanging jobs

Hi. It’s been awhile since I said much.

We’re not in as much trouble as some, but I don’t know where we’ll be in the next few months. Right now we have a good amount of cc debt, but we can make the minimum payments and a little extra. I’m mainly focused on putting money away in the bank. The reason is, my husband is getting out of the Navy February 29th. We have enough saved up for one month’s worth of bills. (I know it’s not a lot) We’re looking forward to a nice tax return to help as well. Between that and unemployment, we can probably last for 2-3 months.

We didn’t really plan on him getting out so soon, it just happened that way. I mean we though he couldn’t get out until October but he was told in December that he has a chance to get out in February. His option if he doesn’t get out in February? To extend until the end of the next deployment. (December) or extend until 2019. He’s already been in 9 1/2 years and been on 4 deployments, one of which ended up being 9 months instead of the usual 6. We have 3 young kids and feel like he needs to get out before they’re all grown up. He’s missed out on SO much.

We’re hoping he can get a good federal or government job and he will join the Navy Reserves. I may have to get a part time job. We have a house and that’s our main concern. I don’t know if I’m looking for advice, I just wanted to share our current story.

Thanks for listening!

My intro and my situation

I guess like most I have been following I am in debt from cc over use. serious debt to the tune of 90-100K.

Incredible. I can’t understand how it got out of hand so much and so quickly. I can’t even show you a big screen tv or pictures of some fabulous vacation or a huge new car to explain this debt. It is just nickles and dimes that added up quickly.

I am ok with my mortgage and car and 5 or so cc. But another 5 or so cards I am seriously delinquent and one even dropped me to a collection agency. These companies have been calling the house and work and I have been avoiding their calls. I can’t even begin to think where I could get money to offer them.

What do I do first…or second…or third….to try and turn things around? thanks for any guidence.

There’s probably more knowledgeable people than me who can give you more details, but I’d recommend that the first thing you do is lay out your budget. Can you pay your minimum payments on the current cards? What do you have available, if anything, to give to the old cards? Then pick up the phone (I’ve had to do this, it isn’t actually that bad). Call those old cards and try to set up a payment plan of some kind.

Then, do your best to stop using credit cards and stick to cash, and sloooowly pay everything down.

That’s a start, anyway. Anyone else? 🙂

Question about my apartment complex

apartmentsI think I wrote to you guys previously ergarding a situation I had with my former apartment complex. I sent the apartment complex a letter requesting reciepts and a copy of the performance bond they reponded and sent me a copy of the performance bond that I signed, i dont remember signing it and they sent me a copy of the Apartment cleaning checklist that I signed, which listed the fees for the items they are charging me for.

I don’t dispute the bill even though it’s high, what I am disputing is the performance bond if they file the claim, the performance bond goes in as a judgement against me, they have the right to takke my car, garnish my wages, etc..

The apartment complex says they will revise the bill from $2500 when someone moves in and they expect soemone to move in on 1/18/07, the bill probably will be reduced to abotu $1800

I dont know what to do? I don’t have $1800, I dont want them to take my car and take all my wages

my car is not totally owned by me, it is financed through a bank, so i am thinking that the owner is the bank since I make payments tot he bank if i i miss one payment the bank will reposess the car. does that mean the performance bond company cant take my car since I dont own it? does anyone know anything about arizona laws? What amount of income is exempt from garnishment? I take home about $2000 a month after taxes

Typically non secured debt is 10-15% of your take home. They cannot take your car since you do not own said car. That would be like someone repo’ing the apartment you are in for some other debt, you don’t own it, so they can’t take it.

What I would do since you don’t dispute the charges, is send them another letter, saying I can make $50 per month payments, or whatever, and send them a good faith check/money order. I believe, and check with your state laws first, that once they accept a payment that’s agreement in this case.

I wish I would have read this before I sent off the letter. I did send a letter offering $60 a month but I didn’t send a good faith check. I said if the arrangements were agreeable I would start sending the checks on the 1st of each month starting with February 1. Havent heard back yet, but it’s only been a couple days.