Valentine’s Day overspending can happen
January 30, 2012
Valentine’s Day is fast approaching. This day is all about undying love and showing that special someone how much you care. Show your sweetie you love them while keeping your bank account in check. That is easier said than done, right? Total holiday spending is expected to reach $15.7 billion this year according to the NRF (National Retail Federation).
We all seem to be expecting more this year. You can’t walk down the street, ride on a bus or catch a taxi cab without advertisements enticing you every second of the day. It’s so easy to put aside your financial woes when love is in the air. Nevertheless, you don’t have to spend a fortune to make your true love happy.
Here are some helpful tips to stay frugal while expressing your feelings:
- Do a chore or task that your significant other doesn’t like doing. Vacuum the house, do the dishes, take out the garbage. Anything that you know they don’t like to do, do it for them. Make sure you do a thorough job as well. This little gesture goes a long way to touching their heart.
- Create your own one-of-a-kind Valentine’s Day card. Instead of going to your local convenience store and just picking out any old card, make one yourself. This can be done on the computer or by hand. Be creative and let the love flow into creating that special card.
- Have an intimate dinner made by you. It can be hard to find a restaurant on Valentine’s Day that isn’t over crowded with a really long wait. Why not make dinner yourself at home? If you can’t cook, order out from a favorite restaurant. Create the mood by lighting candles. This is a wonderful way to show how much you care.
- Find your favorite picture as a couple and put that picture on an item for them. You can add pictures to just about anything these days. Whether it’s a coffee mug, mouse pad, calendar, t-shirt, ornament, etc. It’s really easy to create and order it online. It’s such a personal and thoughtful gift that they will cherish for a long time.
- Make a burned CD or create a Playlist on their MP3 player of favorite songs. Be sure to include the song that you both think of as “our song”. Use your computer or drawing skills to make a custom cover for the CD case.
- Design your own flower arrangement. When you buy pre-arranged flower bouquets, you could be paying double what you’d normally pay. Save money by buying individual flowers, a lovely vase, and do the arranging yourself. Remember to cut the stems at an angle and the flowers will last longer. Another tip is to put a penny in the bottom of the vase. The penny acts as a natural fungicide and will help the flowers stay vibrant.
- Bake a cake or favorite dessert. Make something by hand or use your talents to create something unique for him or her. If you like to write, maybe write them a poem. If you are a musician, write or sing a song. If you work with wood or metal try creating a memory box. Whatever skills or talents you have, use them to make something truly special for them.
If you put a lot of thought or time into a gift, it means so much more to that person. You don’t have to buy expensive jewelry or 12 dozen long-stem roses to show that someone you really care. This day is about expressing your love and feelings. Just being with that person on this special day could be enough for them. There’s no reason to break your budget and overspend on this holiday.
What are your Valentine’s Day Plans? Do you think you might have gone a little overboard on the planning and spending? We’d like to hear your thoughts and ideas!
Dealing with student loan debt
January 25, 2012
Student loans can seem like a nightmare. Many Americans struggle everyday to pay back their loans and many can’t make it. In 2010 two-thirds of college seniors carried an average of $25,250 in debt according to the Project on Student Debt. These kids also had the highest unemployment rate in recent history at 9.1%. Overcoming student loan debt may seem impossible with those odds.
However, there is a light at the end of the tunnel. We’ll show you some ways to manage your debt and get your life back on track. You’ll have to decide what the best choice for your current situation is. Here are some suggestions to help you get started:
Loan forgiveness - There are some programs out there that will forgive all or some of your federal student loans if you work in certain fields. Jobs such as public safety, teachers, nurses, and a few others fall into this category. This program discharges any remaining debt after 10 years of full-time employment in public service.
Loan deferment – If you are having trouble paying loans back due to economic hardship, unemployment, military deployment, health problems, or enrollment in school, there are ways to postpone your federal loans. This process is called loan deferment. Deferment lets you temporarily suspend making your student loan payments.
Types of loans & grace periods – It’s imperative that you keep track of the lender, balance, and repayment status of each of your student loans. Different loans have different grace periods, or how long after leaving school before you have to start paying it back. Pay schedules or due dates should also be closely monitored. This will help you avoid any late fees or charges.
Tackle the most expensive loan first – Check to see which loan has the highest interest rate and pay that one off first. The highest-interest method usually gets the debts paid slightly quicker than the debt-snowball method (paying debts with the smallest amount first regardless of interest rates). Compare the interest rates and start on the highest one first. That will leave more money in your pocket when all is said and done.
Extended Payment Plan – Try to request the extended payment option, if possible. This will lengthen the repayment time and could help decrease the amount due each month. Though extended payment plans will cause more interest to accumulate, the interest is tax-deductible within limits. Call your loan provider to see if this is an option.
Income-based Repayment Plan – Some loan providers may have this as an option. You’re monthly payment would be based on the amount of income you are making each month. This plan limits the amount to a specific percentage (depending on the lender). It could help you keep current on your payments. Ask your lender if they provide this type of plan.
Whatever your situation may be, hopefully you’re lender is willing to work with you to repay your student loan debt. Don’t ignore the problems and think they’ll just go away. There can be major consequences with defaulting on a loan. Be advised that student loans are now generally not dischargeable through bankruptcy.
If you or someone you know is having trouble with debt, give us a call. We have certified Credit Counselors available to help get that debt monkey off of your back. If you have any questions about student loans or debt, please leave a comment.
How to enjoy the weekend for FREE
January 18, 2012
The weekend is almost here and you are looking for something fun to do. However, you are on a tight budget right now and trying to get your personal finances in order. You might be thinking that you won’t be able to find anything fun to do because of your budget. Here are some tips and ideas to show you how to have a good time for FREE.
- Start in your community - You can easily find a list of free events going on in your local community by checking out their website or going to city hall. You’ll often be surprised at how many interesting and fun activities are going on in your city that you didn’t even know about.
- Organize a walking tour or hike - Research the interesting historical sites in your hometown, and then go on a walking/hiking tour of those places. You can easily turn this into a full day if you live in a compelling area. Invite a group of friends to join you. Make this a weekly/monthly thing. It’s not only free and fun but it’s healthy for you too.
- Visit a zoo or museum (free admission days) - Many cities have free educational attractions, such as zoos or museums. If they are not free to the public in your city, ask those places if any days are free to get in. If not, ask about possible opportunities for “free to the public” exhibits or “free admission days” in the near future.
- Movie night with friends - Invite some friends over and have them each bring one of their favorite movies. Then just settle in with some snacks (whatever you have on hand or ask them to bring something) and burn a lazy afternoon and evening just watching movies together. It’s a ton of fun and is sure to create lasting memories.
- Throw a yard sale - A yard sale is a very rewarding way to spend a money-free weekend. Not only does it provide you an excuse for cleaning out unwanted stuff, it can also bring in some good money as well. Plus, it will give you a whole weekend’s worth of entertainment and fun.
- Go to open mic night or a free show – Many local restaurants, coffee shops and pubs have free entertainment in the form of open mic night, free shows or even karaoke. Call around or grab your local paper to find these events. Get a group together and see how many free shows you can attend.
- Take a bike ride - If you’ve got a bicycle in your garage or closet, you already have everything you need for some exercise and good fun. Almost every town and state park has an extensive array of bike trails, so you can always find somewhere new and interesting to ride. Don’t have a bike? See if you can borrow your neighbor’s or a friend’s.
- Host a potluck dinner - Make a dish out of food you already have in your pantry. Invite some friends to do the same, and then get together for a potluck dinner. It makes for a “free” meal and a lot of fun for everyone involved. Set up a theme for the party and get ready to have a blast.
There are many ways to have a fun-filled weekend for free. You have to be willing to do a little research and ask around. Get creative and think outside the box. You don’t have to spend a lot of money to have a good time. Invite friends over this week to brainstorm some ideas. Have fun with it! Here’s to more money in your wallet come Monday morning!
Let us know about some of your favorite FREE activities and how you enjoy spending your weekend. We’d love to hear from you!
AdvantageCCS offers three simple steps to make managing finances easier
January 11, 2012
Advantage Credit Counseling Service (AdvantageCCS) offers three simple steps consumers can easily implement that will put them on the road to financial stability.
The three A’s of financial wellness are as follows:
Action– Many are paralyzed by their situation, frozen in a state of financial anxiety. Others feel that they are in such deep financial trouble that there is no real help available. Some may fear that they’ll reach out for help to the wrong organization, thus ending up worse off than when they began. Failure to act only makes matters worse, as the problem isn’t going to cure itself. Likewise, delaying action only makes the situation more difficult to resolve. Consumers owe it to themselves and their family to sit down with a Certified Credit Counselor at a legitimate nonprofit agency. These counselors are trained to do a thorough review of the situation and provide concrete solutions, ones that can mean the difference between financial failure and financial success.
Automate – Make technology your friend by signing up for direct deposit, automatic bill paying and online banking. You can avoid ever having a late fee by arranging credit card payments to be sent automatically before the statement due date each month, making sure the payment amount equals at least the minimum amount due. You can always circle back and pay the balance in full, but knowing the bill has been paid on time brings you peace of mind and avoids negative dings on your credit report and score. Direct deposit helps to avoid the long lines at the bank on payday, as well as providing a degree of safety since the paycheck can’t be stolen from an unattended mailbox. Further, the surest way to save is to have money automatically deposited into a savings account before you ever see it.
Accountability– People are well-intentioned justifiers. Financial accountability starts with financial honesty. If you find that you have more excuses than money in the bank, enlist the support of an accountability partner. Make sure this person is someone you’re comfortable revealing your financial dirty laundry to, is someone you respect enough to follow their advice, and is strong enough to speak the truth to you. It may be tempting to pick someone who is in the same financial shape as you, but that type of relationship often ends up being a two-person pity party. Instead, find someone who is a responsible money manager and is willing to share those skills with you.
The Certified Credit Counselors at AdvantageCCS, are proud to be a member of The National Foundation for Credit Counseling (NFCC), the nations largest and longest serving national nonprofit credit counseling organization. We can help build a financial plan that’s customized to your situation. To find the location closest to you, call (866) 699-2227, or go online to http://www.advantageccs.org.
Visit us on Facebook: http://www.facebook.com/AdvantageCCS, on Twitter: http://www.twitter.com/AdvantageCCS, and on YouTube: http://www.youtube.com/user/AdvantageCCCS
Anniversary plans on a budget
January 9, 2012
How do you celebrate with the one you love while staying within your monetary means? If you are on a budget and watching your spending, you might think it’s impossible to have a good time while pinching pennies. That’s just not the case but you do have to be a little creative.
Have a fun filled evening without breaking the bank.
The first step is planning out your night. Create a total spending budget for your evening. Ask yourself this, “What can I afford to spend right now”? Make a list of places you want to go, how you are going to get there, what gifts you might buy, etc. This can help eliminate some places or things to avoid because they’re just too expensive.
Some ways to save money while having a wonderful time.
- You could have a romantic dinner at home and really save some money. If you can’t cook, then order out from your favorite restaurant. Decorate the table, light candles, dim the lights and set the mood. Use your best dishware and silverware to make it fancy. Have an intimate meal in the privacy of your home.
- Look for free shows in your area instead of paying for tickets. There are many local theaters, bars, coffee houses, and clubs that host open mic night for comedians, musicians, poets, and other performers. This is a cost effective way to see a free show and have a good time.
- Movies are another activity that can be cheap, if done correctly. You don’t have to drive to a movie theater, pay for the tickets, and buy overpriced snacks and drinks. Do it all from the comfort of your own living room. The library is a great source of free entertainment. You can also borrow DVDs from neighbors, friends and family.
- Go on a picnic or take a nice long walk. Eat in your local park or even your own back yard. Walk around your city or neighborhood and reminisce about why you decided to live there. It will bring back wonderful memories and feelings. Walking is not only free and enjoyable; it’s also healthy for you.
You can always find free and fun things to do in your area. Don’t be tempted to get more money out or to use credit cards because your money is running low. Just remember to make a budget, create a list of places to go and things to do, stick to your budget and enjoy this time with your loved one. You are going to have a great anniversary while keeping your bank account in check.
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