CESI Debt Solutions

Saving for Big Wins

2010-03-09T21:36:28Z

Why do you think you should have a savings goal? Well, having savings goals are part of being financially responsible. BORING! Saving sounds very boring, but it can actually be quite exciting. Is there a special trip you want to take or something you want to do? You can make that dream a reality with a savings goal. Two of my biggest dreams are taking a trip to Paris and taking my mom, sister, and best friend on a shopping spree.

Your savings goals should not only be about being “responsible,” but also making memories. We all want to leave this earth feeling as if we have made the most of the time and resources that have been allotted to us. Why shouldn’t our craziest dreams and desires be part of that time on earth? So, today, make a resolve to start saving. Write out your dream, determine the cost, and divide this amount by the number of months between now and your deadline for this dream. Then, write the monthly savings goal on a note card and post it in a place that you will see every day. Every time you make a financial decision or choice, think about this note card. This will not only motivate you to make better decisions financially, but provide you with a more positive attitude when it comes to saving. Do it for a dream. Do it for a memory of a lifetime. Whatever the reason, start saving today!

Who else would like to save money this spring?

2010-03-09T15:35:22Z

This is a list of some ways you can actually save money this spring, I hope it helps.

Book a vacation: If you would still like to get some skiing in before the season is over then this is your lucky year. Because Easter comes early this year (April 4) that is what marks the start of bargain vacation packages. What you should do is sign up for all the airfare and hotel loyalty newsletters you can to take advantage of discounts such as free meals and also check out www.kayak.com.
Stop giving so much to Taxes: With the average tax refund of $2700 you could actually have less taken out or about $50 extra a week in your bank account. Just go to www.irs.govwith your tax returns and pay stubs in hand and use the withholdings calculator to see what you should at least be having deducted and if you have more than that taken out adjust your W-4 form with your payroll department.
Start spending at the drugstore: If you didn’t cash out your flexible spending account they you still may have time. One third of employers that offer this kind of account will allow you to use last year’s account until March 15. Did you know that qualifying expenses can also include contact lens solution, botox (if you have migraines), acupuncture, and also home pregnancy tests?

These are just some simple ways to start saving yourself some money this year. Would anyone like to add anything else?

Source: http://money.cnn.com/2010/03/08/pf/save_money.moneymag/index.htm

Dallas Dollars Coin Drive

2010-03-05T13:52:03Z

Many experts are on TV saying how important it is to save especially in today's economy. Some say you need 3 months of salary some go as far as saying you need 6 months. That's a lot money to put away especially if you are i my case a recent graduate from college and your trying to establish yourself in the work force. What do you do? How can you save money if every penny counts? Its quite simple, You count dimes. This practice isn't mine so i can't take credit for it. My grandmother is 77 years old and she knows a thing or two about saving money. One day while drinking hot chocolate I said , " Big Pretty how did you get so good at saving money?" She said first understand what you can and cant afford. She went on to give an example of having a $300 car note and $400 rent when you make $800 a month. She made a point to say this person doesn't need that car not until pay is increased and they could comfortably afford to make the payments. The I asked her, "how did you save?" She replied, " I used my grandchildren." She has 5 grandchildren, and 6 great-grandchildren and what she does is she save any coin ( dime, nickel, penny, quarter) that has the birth year of the grand and great-grandchildren. I doesn't just stop with coins actually with her, she saves any money that has the birth year as well. I've been trying this out for about 2 months and I saved $150 so far. Now being "nickel'd and dime'd" doesn't seem that bad after all!!

I See Deals and You Can Too!

2010-03-05T14:31:43Z

I have a secret to tell you . . . If you’re brave enough to see what I have to say then read on. If not, then just deal with it and keep reading because I feel the need to share this. Remember that little boy in the movie The Sixth Sense? He could see dead people. I have a similar gift, except . . . . I see deals! Okay, so maybe that didn’t have the same dramatic impact as the movie, but it’s true. I see them everywhere I go and I can’t even begin to describe the joy I feel when I get a deal on something I buy.

Case in point: At 2 A.M. I ventured into Wal-Mart. For me, this was quite dangerous because of the many great deals on the things that I don’t even need. Unfortunately, sometimes my gift can be a curse; however, I was on a mission for microwave dinners. I made a slow right turn onto the frozen dinner aisle, and lo and behold what a sight I saw! By the grace of rollback pricing, select Healthy Choice Steamers were priced at $1. Yes, you read correctly, only $1! After saying a silent OMG to myself, I proceeded to fill my cart with 30 dinners. And yes, people stared at me as I proudly pushed my frozen dinner filled cart around, but I didn’t care. It may seem a bit excessive to some, but I eat these almost every single day, so paying a buck instead of $2.75 was a rare Wal-Mart blessing. You should’ve seen the twinkle in my eyes as I proudly announced my savings to any and every body that would listen.

So what’s the lesson today? It’s very simple. If you know that you use a lot of a certain product, take advantage of any deals that you find! Join online email lists for products that you like because they often send out coupons or alerts on any current savings deals. Also, be patient and look for deals. If you see electronics or clothing in a store, then take the time to search other retailers or even look online for a better deal. Recently, I was being stalked by a pair of Calvin Klein ankle boots. Okay, it was really that I couldn’t stop thinking about them, but I swore it felt like they were talking to me! Well, I looked on Ebay and was able to get the same boots brand new for $50 with shipping rather than pay $120. Cha-ching! Another deal (and a great pair of boots) for me!

If any of you have any other money saving tips or resources, please share or join me in telling the world about a great deal you found and how it made you feel.

NEW CREDIT CARD LAWS—KNOW THEM AND USE THEM

2010-03-04T02:24:00Z

The Credit Card Accountability Responsibility and Disclosure Act, the Congressional act that protects consumers against unexpected rate hikes, gives consumers options if their rates are increased, and stops many misleading billing practices, among other things, took effect on February 22. The major provisions of this new bill can be found at http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=721389f5-62b0-46b5-b855-85621d0a8d69. You should go to that site and familiarize yourself with all the ways the new law can help you in relation to your credit cards. But what do you do if you suspect your credit card company is violating the new law? The first thing you should do is call the customer service department at your credit card company. You should be able to find the customer service phone number on the back of your card. Be sure you’re familiar with the new law and be prepared to detail for your card company the ways you feel they’ve violated the new law. If you can spell it out for them, they should rectify the situation for you. You should always start with your bank’s customer service department. But if you don’t get satisfaction from your company’s customer service department and still feel you’ve been wronged, you can always contact the regulator for your bank. Nationally chartered banks are regulated by the Office of the Comptroller of the Currency (OCC). The OCC can be reached at 1-800-613-6743. State chartered banks are regulated by a state regulatory agency. If you’re not sure who your bank is regulated by, just ask them. They will provide you with the information. You should also complain to your state attorney general if you feel it is necessary. There is a link below to an article on smartmoney.com that fills in some of the blanks on the steps you can take to protect yourself with the help of the new credit card laws. Hopefully you won’t have to deal with your credit card company over any of their practices. But if you do, it’s important that you know the new law and know your options in dealing with any potential violations.

http://www.smartmoney.com/personal-finance/debt/what-the-new-credit-card-rules-dont-do/

3 Steps to dig yourself out of Financial Strane

2010-03-03T21:10:39Z

Many Americans despite living with a steady income are either living paycheck to paycheck, Burdened by Credit Card Debt, ignore there credit records, fail to attempt to put money aside for Retirement Savings, and maybe put off fixing financial situations like possibly Bankruptcies are Settlements.
Many people neglect there themselves, are in denial thinking looking for a quick fix like a lottery ticket, fear, confusion, or looking for additional debt to pay off old debt will satisfy there financial circumstances. Or maybe believe that there is no light at the end of the tunnel and simply...give up.
Well if this sounds like you then, then its time for you to take the first step and thats believing that all this has a end, and its completely doable. This goal can and will be reached. But it has to start from you. I have a saying: " Strivers Achieve What Dreamers Believe. " This is something I remind myself when I need reminding of something positive within myself, and that single word is " Self-Motivation. "

1. Coming up with the right Financial Strategy for you.

The first thing that you want to keep in mine is that you don't have to have $1000's of dollars in the bank, but you have to save something. Thats something that you would have to factor in based on your monthly income vs expenses, That " Pay yourself first " theme is true very true. Rather it's $10, $15, $20 a paycheck, thats a positive better then a neg of saving. Either have it automatically taken out of your paycheck and placed in a saving acct so you wont have to see it happen. You don't have to be debt free, just not getting deeper into unnecessary debt. Nor do you have to have perfect credit. Just have a reasonable credit history and taking on only what you can manage would be fair.
No more excuses on why? but moreless How?, or need to.

2. Keep at least $500 in the bank.

Trim your monthly expenses where cut backs are needed. This will only work if its realistic and achievable. Pay off debt and don't look back.

3. No New Debt.

Make a promise to yourself to get rid of the old debt before the new debt is taken care of first. That means no taking out loans to pay off the old debt. this is not helpful, you are only exchanging old debt for new debt.
Try these 3 basic steps, think long term, plan big, and be firm but fair with yourself. But don't be to soft on your financial situation. If you belive that you would need help with a budget contact one of our Certified counselors, or if you already have a Counselor feel free to reach out to them for assistance.

How Focus Can Change Your Life - Part 2

2010-03-02T20:45:40Z

1. Start saving a small amount of money in a savings account for car repairs and other emergencies that may come up while you are trying to pay down debt. This account can range from $500-1000 and should only be used for emergencies.

2. List all your debts. Pay the minimums on everything except for one debt. Put all your focus and action on this debt, to get it paid off. Then, pick the next debt to focus on and do the same. Keep going until all debts are paid off.

3. Create a budget. You can go to Google.com and type “free budget worksheets” to find free budget sheets to use or simply call a credit-counseling agency. They can do a budget with you over the phone or direct you to educational materials that include budget worksheets.

4. Set your savings goals. Saving for college or retirement? When do you want to have that amount of money saved? Implement these savings amounts into your budget.

By mapping out steps and taking action, you are well on way to financial independence.

THREE EASY CLICKS TO UNDERSTANDING YOUR CREDIT

2010-02-26T01:28:51Z

So, you’ve heard people talk about what a good idea it is to pull your credit report. This isn’t just so you can know what’s on your report before applying for a loan. Did you know a prospective employer can pull your credit when you’re applying for a job? Or that your credit can even be looked at when you look to buy insurance? And what about the dangers of identity theft? You certainly want to know if you have something on your credit report that has nothing to do with you. You should know that you are entitled to one free copy of your credit report a year from all three major credit reporting agencies. And there is only one website authorized to fill orders under the law that allows you those free copies. Go to www.annualcreditreport.com in order to get your free report. And follow this link, http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm, for an explanation on your rights surrounding your report, what you should do if you want to dispute something on your credit report, who can pull your report other than you, and how long consumer reporting agencies can report negative items, among other information. If you want to dig a little deeper regarding what goes into your credit, the types of things that can affect your score, what you can do to improve your score, and what a lender is looking at when they see your credit report and score, try the link http://www.myfico.com/CreditEducation/. You will find all sorts of detailed explanations for most or all of the questions you might have surrounding your credit. So, hit www.annualcreditreport.comto get your credit report, then go to http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtmto learn about your rights once you have the report, and finally head on over to http://www.myfico.com/CreditEducation/to really understand what you’re dealing with in regard to your credit. Remember, knowledge is power and few things are more important to be knowledgeable about than your own credit.

$1.5 billion for housing help in 5 states.

2010-02-22T18:11:15Z

President Obama announced Friday February 19th, that he will provide $1.5 Billion dollars from the Bank Bailout monies to help with the housing market in 5 states. These 5 states that have had a 20% drop in housing prices alone. The Treasury will provide funding to the agencies in California, Nevada, Arizona, Michigan, and Florida. To provide loans that focus on unemployment, loan guarantees etc. The most of the monies going to states that need it the most like Michigan and Nevada, Who's employment is up between 13%-14.6% alone. There hasn't been a time frame given at this time for monies distributed to agencies.

So for more information on about this government funding contact your lender, or your local government agency for more information.

GIVE YOURSELF A LITTLE EMERGENCY CUSHION

2010-02-18T02:13:17Z

You read and hear a lot about the importance of keeping an emergency fund just in case you need it. Many will advocate having three to six months of expenses set aside “just in case”. If you can afford to set that much aside, by all means do it. But if you can’t afford to build up that much, don’t give up on the idea of an emergency fund altogether. You should still try to save what you can in order to avoid living paycheck to paycheck. I came across an article that talks about trying to come up with a $500 fund to have in case of emergency. Start by getting to the point where you know you’ll have at least $100 left in your checking account at the end of the month. One easy way to get there is by going a month or two without eating lunch out or buying yourself any new clothes or treats. You’ll be surprised at how quickly just cutting those things out will allow you to start your emergency fund. Another simple way to accumulate a little cushion is to set up an automatic transfer from your checking account to a savings account. Maybe make it $25 a paycheck. Again, you’ll be building your emergency fund before you know it, and if it’s automatic you’ll be forced to live within the lesser budget. Also, think about trimming the extras on your phone bill or cable bill, or cut back from high speed to regular internet for awhile. All these things may seem small taken by themselves, but do them all for a few months and your emergency fund will start to build. And, finally, once you have your emergency fund, make sure you use it only for what it’s for—emergencies. As the link below points out, the furnace dying is an emergency, your second TV dying is not. Don’t dip into your emergency fund once you have it unless you have to. You’ll be glad you have it when you need it.

http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/WhyYouNeed500InTheBank.aspx