Financial Advice

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sarcophagus said:
1ke, I’ve looked at the Dave Ramsey site!! I loved it, but when I tried to sign up, it wouldn’t let me because I’m in Canada…it didn’t give the option of selecting your “postal code”. Do you know anyway around this? Thanks!!
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Dave gives a lot of advice in his column at wnd.com/news/archives.asp?AUTHOR_ID=229 and nashville.about.com/od/davesays/ (some articles are duplicates, but each has some articles the other didn’t publish)

Suze Orman gives good advice too at suzeorman.com

I also suggest Crosswalk, which gives Christian-based financial advice at crosswalk.com/family/finances/
 
Thanks everyone!! DH and I have changed alot of things to make this work…we’re super motivated now because unfotunatley a man was shot in our building yesterday. We’re saving every penny to get outta this place. Frank (our .22…lol) has just taken up residence in our closet…that makes me feel better, especially because it is the gun I like the most (i can use it!!).

Unfortunatley, DH will not part with his 12 other guns (because they are antiques passed down through quite a few generations). He doesn’t want to sell them because maybe his brother or dad will take them (although they hae almost 40 guns combined…a big thing in their family!!).

Keep the advice coming!! I’ve been writing them down in my book!!
 
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Benedictus:
My advice is never to pay anyone to take care of your money.
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Now wait a minute…what are you trying to do with this advice? Send my husband into the ranks of the unemployed?! 😉
 
I use three credit cards. One that gives me a cash back bonus and pretty much put everything I spend at stores and some of the house bills on that. I pay it in full every month. I earn interest longer on the money I have in the bank. The other credit card is for places that don’t accept the first. The third is a clothing store that offers me better discounts than I get in cash back. Some people can handle credit cards.

But if you know you can’t then get rid of them.

Another tip is to see if you can get into your local credit union. They offer many free benefits, better interest than many of the other local banks both for investing and borrowing.
 
Good advice, credit cards are great if used properly. I pay my phone bill with them for the cash back. Larry Burkett used to say, most people with credit card problems have spending problems.
 
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Jay74:
Dave gives a lot of advice in his column at wnd.com/news/archives.asp?AUTHOR_ID=229 and nashville.about.com/od/davesays/ (some articles are duplicates, but each has some articles the other didn’t publish)

Suze Orman gives good advice too at suzeorman.com

I also suggest Crosswalk, which gives Christian-based financial advice at crosswalk.com/family/finances/
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If folks don’t want to pay for Dave Ramsey’s books, his radio show is free and his advice and encouragement is useful.

Maybe the local public library can get his materials to loan out to folks.
 
Here’s what i learned from my PARENTS,

you work hard, learn fast, pray often

Here’s what i learned from my BOSS,

You got your salary every month, 30% for savings 70% to live.
whatever happens, never use ur savings.

Here’s what i learned from my GOD,

GOD said : even the birds I gave food which is not cultivate and work, compare to you, you’re much more. so don’t worry about what will you eat, what will you wear ( There’s in the bible ).
so don’t worry…

CONCLUSION : our GOD who’is PARENTS and BOSS to us told us that we shouldn’t be worry about our lives, the important is you worked hard, learn fast, pray often, then you can save what you’ve got for help the others too.

GBU. 👍
 
Does anyone else have this issue and how did you resolve it?

Everyone needs some walking around money that is theirs to spend however they wish. I “manage the bills” at my house, but we have decided that a certain amount for “incidentals” for each of us goes a very long way in keeping arguments and the feeling of being deprived away. This is where some prayerful communication must go on between spouses. Both sides must be prepared to give a bit. Some more than others…it’s funny how savers always seem to end up married to spenders, so it takes some letting go for us savers and some hanging on for the spenders. Also, roles change over time. Also, situations change.
 
Check out freecycle.org. You can get a lot of great used things, instead of buying them. One man’s junk is another’s man’s treasure!
 
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CLMargaret:
Check out freecycle.org. You can get a lot of great used things, instead of buying them. One man’s junk is another’s man’s treasure!
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Great suggestion! I don’t know why I didn’t post about it…I LOVE freecycle!
It’s also a great way to de-clutter your home if you don’t have enough for a garage sale (or the time to hold one) and don’t have a way to transport big items (like beds or sofas) to a charity organization.
I have given away quite a few items already to people who needed them. It’s great to know they are now being used instead of just taking up space in my home.
I have also received a baby swing and a baby bath tub for our expected little one. I am hoping to find some baby clothes as well.
Malia
 
Wow. My advice pales in the comparison of others.

Still (Aside from cutting up and paying off your credit cards if you cannot handle them successfully, and get a debit card for stuff like car rentals if you need them):
  • Good book: Tightwad Gazette (all three books). Some of it will be useless to your circumstances. Some of it will be more than worth buying the book on eBay second-hand. Somebody else recommended it, but I cannot say enough good things about a frugal lifestyle and the attitude presented in this series.
  • Don’t be afraid to survey your neighbor’s garbage come garbage day. Even if you have to wait until night to pick it up, once it hits the curb, if it’s still useful, it’s yours. Just be sure to clean it well. I leave out comptuer parts and cases I can’t use. People snap them up. In turn, I have kitchen chairs, a table, a coat rack, and other stuff people just pitched. it also saves money on garbage, as we have to tag our garbage before our town will pick it up. If you live near a university, watch what gets pitched at the end of the semester, some great stuff that’s bearely used.
  • Set up a system with with family and friends. Let others know when you can’t use something that’s still good. And in turn, have them on the alert for stuff you can use.
 
I firmly believe in tithes - From personal experience, not once, but innumerable times, God has been faithful.

I found it initially difficult to practice. I know the catholic church does not enforce it but the priest leading our cell group/prayer group that I belong to speaks strongly on it. When I gave my first tithe 6 years ago, I expected instant miracles. Of course that did not happen. However, a few months later, when faced with a possible job redundancy, I cried out to the Lord. As He is so faithful, He showed up. I was offered a position that paid 40% more than my current job. Over the years, in so many different ways, God has been faithful. To sum it up, live by faith and not by sight. Pay God’s bills first and He will take care of the rest!
 
I found *The Catholic Answers Guide to Family Finances *to be helpful. It’s a workbook format. I got it from Family Life Center, but I bet they have it in the CA bookstore, too.
 
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sarcophagus:
DH and I are desperatly trying to pay off our loans and save money for a downpayment because we live in a hell hole (no really…we might as well live 10 stories UNDERGROUND:bigyikes: ).
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So are you saying your trying to get a mortgage? You don’t need a down payment to get a mortgage these days. Check around for a good mortgage broker. There are a lot of good mortgage programs out there that don’t require a down payment. You may have to pay private mortgage insurance, but not necessarily. So don’t write it off before talking to a few brokers to see what your options are. DH and I are in the process of a mortgage right now and we are getting 100% financing easily.

And someone recommended credit counseling services. I highly recommend that anybody stay far away from those programs, especially if you plan to buy a home any time soon. Many of those companies have destroyed people’s credit reports by paying their payments late and there’s nothing you can do about it. The notation of credit counseling is really bad on your credit report, it’s viewed almost as badly as a bankruptcy by some lenders. Therefore, you can kiss the mortgage approval (or low rates) goodbye.

You can do much of what a CCC will do yourself. If your strapped with your bills, you can call your credit companies yourself negotiate better terms.
 
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masondoggy:
So are you saying your trying to get a mortgage? You don’t need a down payment to get a mortgage these days. Check around for a good mortgage broker. There are a lot of good mortgage programs out there that don’t require a down payment. You may have to pay private mortgage insurance, but not necessarily. So don’t write it off before talking to a few brokers to see what your options are. DH and I are in the process of a mortgage right now and we are getting 100% financing easily.
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I’m a mortgage broker and you are 100% correct. There are even some 100% financing programs out there that you can get <1 year out of bankruptcy.
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masondoggy:
And someone recommended credit counseling services. I highly recommend that anybody stay far away from those programs, especially if you plan to buy a home any time soon. Many of those companies have destroyed people’s credit reports by paying their payments late and there’s nothing you can do about it. The notation of credit counseling is really bad on your credit report, it’s viewed almost as badly as a bankruptcy by some lenders. Therefore, you can kiss the mortgage approval (or low rates) goodbye.

You can do much of what a CCC will do yourself. If your strapped with your bills, you can call your credit companies yourself negotiate better terms.
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It’s usually viewed worse than bankruptcy. Anyway, I despise those CCC for the reasons you just described.Unfortunately, you have to go through them now before you can file for bankruptcy.
 
Two best things you can do to spend less are:
  1. Freeze your credit cards. Put them in cup of water and put them in freezer. Pay one off at a time.
  2. Quit eating out. Make a grocery list based on a menu and stick to it. Don’t buy chips or other prepared foods, always look at cost per ounce.
To Save better, set a goal. Not a down payment for a house type of goal but something attainable like $500. Then when you get to that level say go up to $600 the next time…manage your bites into small ones and you won’t choke.

And my favorite way to save is “save all my ones”. When you break a five dollar bill, you put the change in a jar and put it in the bank when you get to a comfortable level ($200-$300). Never go in the jar. That way when you are out of money you are out of money.

Before you know it, you will have $5000 in the bank and be debt free.
 
Ted CharlotteNC said:
1. Freeze your credit cards. Put them in cup of water and put them in freezer. Pay one off at a time.
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The two best approaches to this are laddering and snowballing. Which is best for you depends on your personality.

The first, laddering, is mathematically best. List all your debts in order of highest interest rate to lowest, and pay the highest interest debts first (with minimums on the rest). This saves you money on interest–if you can keep motivated.

The second, snowballing, is best if you have a hard time staying motivated because it sets shorter term goals. List all your debts from smallest debt to largest, regardless of interest rate. Pay minimums on everything except the smallest, and attack the smallest. You’ll get a fast success. Now send everything to the next smallest, in addition to what you were already paying–another fast success. By the time you get to the highest balance debts, you will have had a few successes, and much more to throw at it. This is not as mathematically sensible, but often works better since debt elimination requires a change of attitude even more than numbers.

Best wishes
 
I would highly recommend the book “Miserly Mom’s” by Jonni McCoy.

It’s about living on one income in a two income society. It helped my hubby and me cut our food bill drastically!! There are MANY different pieces of information, though…everything from cutting utility costs to making soup mixes (that really do work and taste good!!).

We’ve been doing what you are starting to do…slowly paying off debts and trying to save for a house. These tips have helped emmensly! 😃
 
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