Monthly Archives: March 2018

Now since Spring is here it is a great time to plan a yard sale. It is important to remember a few key things…Plan with others in your community to have a combined yard sale. Set a date and a possible rain date as well. Encourage buyers by placing signs in visible areas to draw customers. During the yard sale set prices that are a bargain and encourage bulk purchases to allow an increase in sales. Most important, do not hover over your customers, light conversation is best. Whatever is left over you may want to donate to the local Goodwill or Thrift Store. Your profits can be added to your emergency fund or a special project you have been saving for. Spring is here and let the bargains begin!

https://www.everydollar.com/blog/successful-yard-sale-tips

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As we draw near to the end of Holy Week…let us pray for a will and desire to conduct our lives so that our Heavenly Father is pleased…

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As you reconfigure your personal finances by using a budget and paying your bills on time, remember to pay yourself first. Why? Well, you have worked and been diligent. Consider taking five or ten percent of your salary for pocket money to buy an inexpensive item. We know most people pay themselves on payday. But, remember not to over do it! Overkill, may cause you to loose ground in covering your expenses. Paying yourself is a reward and will inspire you to continue on and not to give up!

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Online banking is becoming more prominent in our lives everyday. Today, you can text your bank to receive your balance, recent transactions, and deposits. A quick look at our busy lives demonstrates the importance of online banking. If you are a millennial online banking is second nature, if you are a baby boomer you may or may not be convinced. Nevertheless, online banking is here. Many banks are considering eliminating paper transactions, which fewer customers rely on today. It is much easier to go to the ATM than to stand in line at the bank unless you have a complex transaction. Online banking can be the key to avoid expensive overdrafts ($50 at some banks) and balancing our checkbook. Online bill pay is extremely important if you travel frequently, and allows you to make payments on time to prevent late fees. Online banking takes the mystery out of your financial transactions and let’s you review how you are saving, spending and wasting money. Many banks offer free online banking and free checking as well.

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We live in the USA, a capitalist society, and it means that we must learn to speak the language of finances, money, and investments to THRIVE. By comparison, if we were to move to another country we would expect to learn the language to integrate or immerse ourselves into the society. Moving forward, we must talk, speak, share, learn, and grow in our ability to manage our personal finances as we seek life, liberty, and the pursuit of happiness. TODAY, what can You Do to Teach your children, other family members, your circle of influence about personal finance?

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In the recent past, freezing a child’s credit report was difficult and unnecessary. Since the compromise at Equifax many experts have changed their position about credit freezes for children. However, the landscape still hasn’t changed. It is still difficult to freeze your child’s credit report depending on where you live. Most states won’t consider freezing a child’s credit report unless it has already been compromised. Credit thieves recognize the misuse often remains undetected for years until the child applies for their first credit card. The states that currently require bureaus to create reports for those under 18 in response to a freeze request are Alaska, Arizona, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, New York, North Carolina, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin, according to the National Conference of State Legislatures.

https://markets.cbsnews.com/mobile/Why-you-should-freeze-your-childs-credit/45c8905c5747f4a2/ 

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It’s never too early to teach children about money. Using a calm voice when talking about money is the way to go. You don’t want to convey to your child that money creates feelings of anger or stress. Begin the conversation when you child asks, “can you buy this for me”? Share age appropriate lessons when purchasing your child’s favorite cereal, snack, or toys. Short lessons about money can go a long way with setting the tone about how your family values money and what you spend money on. One of the most important lessons we can teach our children is about the use of an “ATM”. Money doesn’t grow on trees or suddenly appear in the ATM machine. Teaching these lessons at an early age will last a lifetime.

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Thousands of American student loan borrowers who work as teachers, police officers, nurses, or in other public service jobs may soon benefit from a $350 million one-time expansion of a federal program that could forgive their remaining debt. This is exciting news for student loan borrowers saddled with debt that is often described as an overwhelming burden. This is a HUGE step towards offering relief to more than 3.1 trillion student debt borrowers. Created in 2007, the program was designed to help student loan borrowers in public service jobs get their remaining debt forgiven if they made 120 repayments, roughly 10 year’s worth, under a qualifying repayment plan. Each repayment must be made in full and on time. The borrowers must work full-time for a qualifying employer, such as a federal or local government agency, or an eligible non-profit organization. The program is limited to student borrowers who took out direct loans from the federal government. Private loans and non-direct government loans don’t qualify. However, borrowers may qualify if they consolidate their existing debt into direct loans. Their repayment clocks start when they do. https://amp.usatoday.com/amp/453637002

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If you’re concerned about having enough money in retirement, you’re not alone. The average American’s 401(k) balance just reached $104,000. While these numbers represent an all-time high, they are not substantial in the grand scheme of things. If your savings need a boost consider the following:

1. Create a budget (every organization, business or state and local government has a budget)
2. Cut corners and save the difference (save on excess expenditures, like eating out and shopping)
3. Invest in the stock market (investing in the stock market will be necessary to some degree for a lifetime)

You be able to make significant gains if you set you mind to it!

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The Federal Reserve increased the interest rates on March 22 from 1.50% to 1.75%. As a result, banks across the country will raise their prime lending rate (best rates for customers with best credit ratings). This will affect your credit card interest rates and other non-mortgage loans. This is GOOD NEWS, if your credit card is still at zero percent interest rate. You may have  more time left before your interest rate kicks in. This is BAD NEWS, if you are paying interest on your credit cards because you will owe more over the long run. This is a great time to payoff OR pay down your credit card debt. The higher your credit card balance, the more interest you are likely to pay. This is a great time to use your income tax refund to pay your debt in full or pay a large chunk of the balance. Paying your credit card balance in FULL every month is always the best option to remain DEBT FREE!

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