MoneyWiseWomen

Getting Rid of Credit Card Debt

Gaining and losing weight are a lot like amassing credit card debt and paying it off. It’s really easy to gain weight and very hard to lose it. It’s really, really easy to get into credit card debt, but it’s so hard to get out it. There’s no overnight solution or miracle cure for either – weight or debt. But it can be done with patience, determination and taking one small step at a time.

Most people can only guess how much they owe in credit card debt. It’s time to pull out ALL your credit card statements, sit down and make a list of your credit card debt. Include the account name and number, current balance, interest rate and minimum payment. Fortunately, the Federal Reserve Board mandated changes to credit card statements a few years ago. Credit card statements make it easier to find when payments are due, amount owed, consequences of making a late payment and how much you are paying in fees and interest. Another great feature is the how much it will cost you to make only the minimum monthly payment. It shows you how long it will take to pay off your balance if you make only the monthly payment and the amount of interest. It’s on the front page of your statement so it’s hard to miss. It’s an eye opener and an excellent tool to create a debt reduction plan.

Creating Your 2013 Goals

It’s that time again – time to determine my goals and create my 2013 Dream Board. Last year I didn’t
create a Dream Board. I’ve been asking myself why for the past 12 months. Only after I sat down and took the time to reflect on what’s important to me for next year’s goals did I realize the answer. I believe it’s because I’ve been in a holding pattern – not knowing whether to pursue my business or to give myself permission to play. Having worked most of my teenage years and all my adult life I still find it hard to just let loose and play.

 

A couple of weeks ago my friend Michele Corey (Advanced Approach) called me to chat. While we were talking I told her I was getting ready to create my Dream Board with a theme of Seize the Day. Michele told me it sounded a lot like work and not much like play. She suggested my theme be PLAY. Isn’t it amazing that in just a brief conversation with an intuitive coach I had my theme?

How Different Will Your New Year Be?

You may have found the past year has been riddled with indecision and apprehension regarding many important issues: the economy, jobs, politics, healthcare, and government spending, to name a few. The list could go on forever. This past year left many people feeling somewhat out of control. In response to everything that was up in the air in December, you may have made a concerted effort to create goals for the New Year that only you can control the progress on. Before we get fully underway in the New Year, it’s a good idea to identify last year’s personally painful points and set up remedies for this year. The following are some questions to ask yourself. Did you:

• Start out with good intentions but found out your resolutions fizzled by March?
• Make promises but didn’t keep them?
• Find yourself with unmet goals?
• Remain at the same dumb job?
• Make excuses throughout the year for why things didn’t change?
• Feel powerless to change your circumstances?

More Holiday Shopping Tips

I previously shared holiday shopping saving tips. In this newsletter I’m going to share some more holiday shopping tips.

One of my recommendations was purchasing discounted gift cards to use for your holiday shopping. I like to walk my talk so I purchased a Starbucks gift card from ABC Gift Cards. I had the gift card loaded onto the Starbucks card I regularly use. Everything was great for a couple of weeks until my Starbucks card was suspended without notice. After several calls to Starbucks customer service I learned my card had been closed because the discounted gift card had been bought with a fraudulent credit card. I immediately contacted ABC Gifts Cards to request a refund. I’m happy to report ABC Gift Cards responded to my request quickly and within a few days my PayPal account was refunded. I want to share what I learned about purchasing discounted gift cards:

This Year Make Resolutions That Stick

Leading up to each New Year, it is common for people to establish a long wish list and/or a list of resolutions. The problem is that neither is typically tied to a plan of action and rarely is either list completed by the year’s end. Funny thing is, year after year, people repeat the same behavior and end up with the same results.

This year, make sure your wishes come true and your resolutions become habits, by starting out with a plan for success. Consciously think through what you want and what it will take for you to get there. This year, take control of what you can do to make things happen the way you envision. The following are some steps for getting started.

Want to change your gifting ritual? Propose changes at Thanksgiving

Every year I write about creating a holiday spending plan. And it IS a good subject. The bottom line is that if you create a plan- list out who you are going to gift, your ideas, and the cost, and then add it up, it becomes a great roadmap for the holidays—you have less stress and more money. So here is my link to last year’s post. (How to create a Holiday Spending Plan post.)

This year I want to ask a question– is it time to do something different? The holidays are a huge “production” for many people. And it can be quite expensive, from decorating and travel to holiday outings and gifts. Many families have rituals around gift giving that haven’t changed in years. And people do need time to think about changing a ritual or tradition. So I submit to you that Thanksgiving may be a great time to bring up potential changes with your family.

Beware of Red Flags from an Interviewer

Although a candidate may be extremely focused on their own behavior and speech, it is just as necessary to pay attention to what the interviewer discloses through conversation or body language throughout an interview. In addition to debriefing an interview to learn where improvement may be required, a review can also help you pick up on clues the employer provided that could alert you to a dysfunctional work situation.

It’s always best to know of potential issues/personalities you might encounter in advance, so your interpretation of any odd behaviors is closer to the mark. When advance information from insiders isn’t possible, the following are some things to pay attention to and their potential causes.

You can have anything you want…

Often, when clients come to see me, they are afraid I will tell them they can’t afford to have something they really want. They fear that they won’t be able to take that vacation to Europe or perhaps they shouldn’t be buying so many clothes.

Now, as a money coach, I’m used to people projecting their hopes and fears on to me. And we navigate as best we can. One of my biggest aims is to bring people to the place where they are not only conscious about what they spend, but they are happy with their spending. Yes, this really is possible!

Like many things, it is about balancing. Yes, I want to save for my safety net. And yes, I want to go to Europe. I love the idea of paying down my credit card, and I love the Nordstrom’s half yearly sale.

More Holiday Shopping Saving Tips

Last week I shared lots of tips for saving money on your holiday gift shopping. Since then I've discovered several more tips and websites to help you save money.

• Rather Be Shopping -- helps consumers save money with coupons both in-store and online at over 800 popular retailers. Consumers present the coupon at checkout and the cashier scans your iPhone. The site also has coupons for numerous restaurants.
• AlbinoPhant Blog -- headquarters for White Elephant gift ideas and parties. The website shares some unique and fun white elephant gift exchange party activities. The site provides a step-by-step instruction on how to play each game. Use these ideas to host wacky white elephant parties for your holiday gift giving exchange.
• Slice -- organizes your online shopping. The application tracks your packages; keeps your purchases organized and helps you save money. It shows you where you spend your money to help you manage your budget (aka spending plan). It will notify you if a recent purchase has a price drop to allow you to recoup the difference.
• RedLaser -- another iPhone/Android application that helps you save money. Scan the item's bar code to find prices from competing stores and online merchants.

These are just a few of the many websites and applications to help you get the best bang for your buck with your holiday shopping.

Warmly,
Marcia Brixey
Author, The Money Therapist: A Woman's Guide to Creating a Healthy Financial Life
President, Money Wise Women Educational Services
www.moneywisewomen.net
www.marciabrixey.com
www.moneywisewomengetsmart.com 

Holiday Shopping Saving Tips

I know you don’t want to hear this, but Christmas is less than 75 days away. It will be here in a blink of any eye. Right now is a great time to sit down to create a plan for your holiday gift shopping without accumulating a pile of debt.

If you have been buying gifts throughout the year and tucking them away it’s time to pull out the gifts.
If you don’t check out what you’ve already bought, you may end up buying another gift you don’t need. Next, make a list of the people you plan to buy gifts for this year and check it twice. Review the list to determine who should really be on the list. Include a dollar amount for each person. Next, total the amount and if it’s unrealistic, review and revise your list.

Now, that you’ve made your list, use cash, check, or debit card. Another option is layaway which is being offered at stores including Wal-Mart, Kmart, Best Buy, Toys r Us and T J Maxx. Don’t use your credit cards unless you pay it off each month. Leave your credit cards at home or lock them up in your safe deposit box. It’s easy to get caught up in the joy of the moment and when we run out of cash, we just say, “charge it”.