The holidays are inching closer, but that big shopping frenzy hasn’t quite started yet. There are no big shopping holidays this month either, but you can still pick up a scary-good deal in October.
Here’s what to buy, and what to skip this month. Buy: Jeans The September sales on jeans will get better in October. Retailers need to get rid of the last remnants of back-to-school sales, and autumn deals on denim will be too good to pass up. Shop your favorite retailers and check out some new ones you thought you couldn’t afford to find incredible savings on jeans this month. Skip: Winter apparel Clothing deals will stop at the denim this October, so don’t plan on filling out your winter wardrobe just yet. Warm-weather wear won’t start dropping in price until Thanksgiving at the earliest, and the best markdowns will only appear on shelves around the holidays. The weather is still mild in much of the country during mid-autumn, so there’s really no rush to purchase bulkier clothing now. Instead, wait it out a bit to save big bucks. Buy: Outdoor gear As the weather cools down and people head indoors, prices on all things outdoor will start dropping. This includes patio furniture, gardening tools, grills, camping gear and so much more. Check out online retailers, like Wayfair and Overstock, and look for markdowns at brick-and-mortar locations, like Lowe’s and Home Depot. Keep your new outdoor items wrapped well and safely stored away indoors so they’re good as new and ready for use at the first sign of spring next year. Skip: Cleaning supplies Are you in the market for a new vacuum cleaner? Looking to score a deal on a robot sweeper? You’re best off waiting a bit longer, until Black Friday. On the biggest shopping day of the year, big-ticket cleaning items will see steep discounts. Buy: Halloween costumes and décor As with any holiday, the closer the calendar gets to Halloween, the steeper discounts you’ll see on related paraphernalia. This includes party décor, costumes, yard decorations, candy and more. If you don’t mind a last-minute costume, you’ll save a ton by shopping for Halloween in October. You can also get a head-start on next year’s costume by shopping the Halloween clearance sales which start on Nov 1. Skip: Electronics If you’ve been patiently holding out on buying new electronics, wait just a bit longer to make your purchase. TVs, gaming consoles, laptops, tablets and more will start dropping in price next month at Black Friday sale events. You can expect to see these items discounted by as much as 30% at popular retailers around Thanksgiving. Buy: Autumn apparel You can pick up some in-between weather wear this October at super-hot prices. Retailers need to make space for the winter stock, and will be discounting all autumn wear. Take advantage of this by cashing in on fantastic sales. Skip: Appliances Don’t spring for a new oven, refrigerator or washing machine just yet! Being hot items at Black Friday sale events, you’re best off waiting a bit before dropping a load of money on new appliances. Start looking out for Black Friday sales as early as Nov. 1 to score the best deal. October’s got some great deals to offer the savvy shopper. Use this guide to find out what they are, and which items should be put on the wait-list this month. Your Turn: Have you picked up any great deals in October? Tell us about it in the comments.
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You’ve got mail! But beware, because this particular missive telling you that you’ve been preapproved for a large loan – maybe even a mortgage – may not be as it seems! The exciting news may be accompanied by a check that’s made out to you and even for the full loan amount! It’s a dream come true. Until, of course, it all turns into a living nightmare.
Here’s what you need to know about preapproval scams and how to stay safe. How the scams play out In a preapproval scam, a target receives a letter in the mail, an email or a text message informing them they’re preapproved, or “prescreened,” for a large loan. The letter is often accompanied by a live check, or an unsolicited check that can be cashed in by the named recipient – which is you. The letter may also be highly relevant to your life. For example, if you’re in the market for a new home, the offer may feature an alleged preapproved mortgage loan. If you’re looking for a new set of wheels, the letter will likely offer a bogus auto loan. More commonly, though, will be the offer of a personal, or unsecured loan, through a live check. When you go ahead and cash that check, you may be playing right into the hands of a scammer. The authentic-looking check cannot be cashed unless the recipient shares their personal information. Of course, this means providing a scammer, or a scam ring, with all the info they need to empty your accounts, commit identity theft or worse. In addition, the check may appear to clear but then bounce a few days later, leaving you to pick up the tab for any of the money you’ve spent. Finally, if you really do need to take out a large loan, the bogus offer can set you back significantly by hurting your credit score. Checklist for legitimate preapproval offers If you have a credit history, you’ve likely received these preapproval offers at least several times. Some of them are actually legitimate offers to cover a loan for a large amount. How, then, can you tell which of these offers are legitimate or scam? First, it’s important to know that, while some of these offers may be legit, that doesn’t mean they’re good for your financial health. If you cash that check and/or accept that loan offer, you’ll be bound by the loan terms, which you may not be truly aware of until the first repayment bill becomes due. Most of these preapproval offers will have exorbitant interest rates and may demand full repayment quicker than typical loans obtained from a bank or credit union. Now, let’s take a look at how you can determine whether one of these preapproval offers is legit. If you receive an offer as described, look for this information to verify the authenticity of the offer:
If you’ve been targeted If you’ve been targeted by a preapproval scam or a legitimate but shady offer, there are steps you can take to protect yourself from further harm and to stop the annoying letters from landing in your mailbox. First, let the Federal Trade Commission (FTC) know about the circulating scam. Next, it’s important to note that, under the Fair Credit Reporting Act, you have the right to opt-out of future loan offers for five years, or permanently. To opt-out for the next five years, call 1-888-5-OPTOUT (1-888-567-8688) or visit OptOutPrescreen. To opt-out forever, visit OptOutPreScreen to request a Permanent Opt-Out Election form. Return the signed form and you should be off the list of all preapproval offers. Finally, keep your online interactions safe from scams by using the strongest and most up-to-date security settings across your devices and being careful about the information you share online. Preapproval scams can be super-annoying and destructive, but you can outsmart them. Stay safe! Your Turn: Have you been targeted by a preapproval scam? Tell us about it in the comments. Looking for ways to up your productivity levels while at work? These innovative apps can help you stay on top of your game at the office, always.
Freedom Distractions can make it impossible to get any work done. With the Freedom app, though, your time is yours again. Block out all distractions, like promo emails, social media alerts you really don’t need to know about right now and more. You can choose to go offline completely, only block out social media or select which apps and/or websites you want to disable now. Choose your time block, too, and you’re ready to get to work! Sunrise This free calendar app makes your work schedule super smooth and simple. Input your tasks and meetings into the calendar, and it helps you get them done with innovative features, like automatically dialing into a conference call, importing photos of your contacts via their social media profiles and more. Todoist Get more done in less time with this super-convenient to-do list app. Share your lists with your co-workers, assign tasks to various team members and collaborate efficiently with the entire team on any project. No more waiting for updates on an assignment, fielding endless questions about your own progress on a task or wondering who can assist you with a project. Doodle Are you constantly getting caught up in long email chains when trying to find a date and time for a meeting that works with everyone? Save time and stress with the Doodle app, which allows you to suggest a date for a meeting within a single message, send it to participants through the app and then let them instantly vote on what works for them. Let the app do the rest of the work, confirming the date that works best for everyone. Slack Stop wasting half of your workdays on back-and-forth emails between yourself and your colleagues. Slack helps streamline your communications to be more effective and leave less room for misunderstandings. Set up different “channels” for select groups of team members, or even for specific projects so no relevant messages get lost in the shuffle. The app also allows for push notifications so you never miss an important update. Use these tech tools to stay on top of your game at work and bring your productivity to a new level. Your Turn: Which tech tools help you stay productive at work? Tell us about them in the comments. Get ready for savings on big-ticket items this month! Retailers are looking to bring the crowds back after the big back-to-school storm has passed, and bargain prices are always a great way to attract shoppers. They also need to clear shelves before the holiday season blows in with its shopping frenzy. Add in the Labor Day sales that kick off the month, and it means big savings during September – but not on everything. Here’s what to buy and what to skip in September.
Buy: Mattresses and bedding Mattress sales practically give Labor Day its awesome name, and for good reason. You can find crazy-deep discounts on mattresses this month at almost any retailer that sells them. Top off the deal with some bedding and bath supplies, which are also selling at bargain prices. Be sure to start comparison-shopping at least a week or two before Labor Day to snag the best deal. After all, if you snooze, you lose. Skip: Halloween costumes and décor Retailers might have you thinking Halloween is tomorrow, but you still have plenty of time to prep for Oct. 31. Though Halloween costumes and décor will hit the stores this month, it’s best to hold off on these purchases until October rolls around, as that’s the earliest you’ll start seeing scary-low discounts. Buy: Airfare Since the days are getting shorter, it’s time to think winter! The holidays will be here before you can blink, and if you’re looking to grab airline tickets at a great price, you may want to shop for them now. The best deals on plane tickets usually show up eight weeks before the travel date, and for Thanksgiving, that means you’ll need to buy tickets in September. Look out for deals on tickets at the end of the month to save big on your travel plans. Skip: Autumn wear It’s too early in the season for slashed prices on clothing. Pick up some essentials if you must, but you’re best off waiting until October or November to shop for your complete autumn wardrobe at sizzling-hot prices. Buy: Plants Hold onto summer a little bit longer with some vibrant greenery. All summer plants, trees and shrubs will be retailing at dirt-cheap prices this month as garden centers make room for autumn and holiday plants. This can be a terrific time to upgrade your property’s landscaping with some well-placed perennials. You can also find some fabulous deals on summer flowers, though you may not have much time left to enjoy them. Skip: Electronics Labor Day might bring some incredible deals on big-ticket items, but electronics aren’t among them. Instead, TVs, headphones, audio systems and more tend to see their lowest prices during Black Friday sale events. Wait just a little bit longer and you can snag a fantastic deal on an electronic item you’ve been eyeing for months. Buy: Denim Jeans are a hot item during back-to-school shopping. Come September, retailers will slash prices to unload their unsold inventory. Cash in on a great deal by shopping these sales for a new pair of denim jeans this month. Buy: Beauty and skincare products Early autumn is a great time to stock up on beauty and skincare products. As college students pack up to head back to the dorm and consumers pick up skincare routines, prices may have dropped over the summer. Look for price cuts on products like shampoo, body wash, moisturizer and all kinds of cosmetics from Labor Day and on. It’s back to school, back to work and back to savings this month! Use this guide to know what to buy and what to skip in September. Your Turn: Have you picked up any great bargains in September? Tell us about them in the comments. Just when you think they can’t possibly jump any higher, gas prices start rising again. They’ve long passed the $5 mark in much of the country, and in some areas they’ve even gone beyond $6 a gallon. This means it’ll cost the average American close to $100 just to fill a 16-gallon tank. With prices peaking on so many other goods, the pain at the pump is real. There isn’t much you can do about the cost of gas, but there are ways you can pay less at the pump. Here are six ways to save on the cost of gasoline.
Use cash Lots of gas stations offer a discount for cash payments, sometimes up to $0.20 per gallon. This can quickly add up when pumping a full tank. Just be careful to have the cash handy when you need it, as you don’t want to lose all those savings to ATM fees when using machines that are not connected to your credit union. Use a rewards program or credit card If you don’t like the idea of carrying around a lot of cash, but you still want to save at the pump, consider signing up for a rewards program or credit card. Tread carefully, though; not all of these programs actually benefit the consumer. Ask these questions about any rewards program or credit card you’re considering before signing up:
Check your tire pressure According to the US Department of Energy, a well-inflated tire can save you $0.15/gallon by boosting your gas mileage by 3%. Check your tires regularly to ensure they’re always inflated. To make this easier, consider springing for a tire pressure gauge that will automatically monitor the health of your tires. Use a gas-tracking app In 2022, there’s no need to search for the gas station offering the best-priced gas. There’s an app for that! Popular gas-tracking apps include GasBuddy, Upside and Waze. Using the gas station conveniently located right near your home or workplace might be easier, but taking the extra time to find one that sells fuel for less can save you a bundle. Buy gas at the right time of day Did you know there’s an ideal time of day to fill your tank? And no, we’re not talking about shorter lines, or even the time of day before prices will change yet again. You can get more bang for your buck if you buy your gas in the early morning or late evening hours, when it’s generally cooler out. If you pump gas during the midday hours, after the sun has been beating down on the gas reservoir all day, the gas has likely expanded. This means you’ll be paying the same price for a less-dense gasoline, which will not last as long. Pump when it’s cooler outside for the densest gas. It’s sticker shock at the pump these days, but there are still some ways you can save on gas costs. Use these tips to get started. Your Turn: How do you save at the gas pump? Share your best tips and hacks in the comments. Now that you know how to spend mindfully, pay it forward, and regularly set aside money for savings, you’re ready to learn how to indulge in the occasional expensive treat–responsibly.
Many people equate financial health with a life of deprivation, but this is far from the truth. In fact, living a life of true financial wellness means being happy with a lifestyle that is within your means, but does not leave you feeling like you are lacking. Like an overly restrictive diet, an overly tight budget is more likely to become broken. On the flip side, financial wellness means spending your money wisely and learning how to treat yourself for less – or for free. It means money choices are governed by discipline, and not by emotion. And sometimes, it means telling yourself no. How, then, do you strike a balance between the two? Here’s how to indulge responsibly. Live with a budget The first step to financial wellness is knowing where your money is going and how much you actually have to spend. The best way to always have this information is to create and stick to a budget. If you’ve been following all the steps to financial wellness until this point, you’ve already developed and live with a budget. So you know how to stick to it. Let’s take a quick review of this crucial money management tool. Create your budget by tracking your spending for three months. Make a list of all your expenses, including fixed, non-fixed and discretionary expenses, and list your income in a parallel column. Tally up your totals and assign a realistic dollar amount to each expense. Going forward, be sure to only spend within the allocated amount for each expense category each month. Leave room in your budget for “just for fun” purchases As you work on building and sticking to a budget, be sure to leave room in your spending plan for the occasional treat. The exact amount will vary by income level, lifestyle and personal choice. However, choose an amount you can easily afford without feeling deprived. To ensure you don’t overspend in this area, you can borrow an idea from the money-envelope system and withdraw the designated amount from your checking account at the beginning of the month. Place this cash in an envelope, and use it as necessary. When the money is gone, so is your “allowance” for pricey treats this month. It’s important to note that the indulgences referenced here are spontaneous buys, or small purchases that aren’t part of your normal budget. Large purchases you have planned for and saved toward for months, or even years, are in an entirely different category. Review your savings Before giving yourself permission to indulge, make sure you are setting aside a percentage of your monthly income to savings. Savings should be an item line on your budget, with short-term savings like an emergency fund in a savings account, holding enough to keep you afloat for 3-6 months if you have no source of income. Long-term savings should be sufficient to support your retirement and any long-term savings goal you may have, like saving for a house or a luxury vacation. Choose your “treats” Everyone’s got their personal vices and their guilty indulgences. Take a look at where your non-discretionary money went during the last month or two. Highlight the more expensive impulse buys and hold them up to these questions:
Lose the guilt Once you’ve decided how much you want to spend each month on indulgences you can afford, it’s time to let go of the guilt. If you’re spending responsibly and you’ve already fed your savings as well as your future, there’s no need to eat yourself up over an impulse buy you could have done without. As long as you’re keeping these just-for-fun purchases within your budget, and your choices fill you with happiness or positive energy, you can still maintain your financial wellness. Your Turn: How do you indulge responsibly? Share your best tips in the comments. If you’re under contract for a new home, you’ve likely had an inspection conducted on your
new home. This inspection is an important part of the home-buying process, and is generally required by the mortgage company. It can help you find any major defects in the home, such as a faulty roof or dying HVAC system, which may prompt you to walk away from the deal. Alternatively, the seller can choose to repair any areas needing major work before the closing. In addition, a home inspection often reveals other, smaller recommendations the seller is not required to fix. This can include a long list of items that need minor repairs or replacements, such as a leaky faucet, overstuffed gutter, or an insecure stair railing. Often, in the rush to close on the home and all the tasks that must be tended to before the big move, these repairs are forgotten about and never get fixed. Some homeowners mistakenly assume that it’s no big deal to leave some repairs on their newly purchased home unfixed. Unfortunately, though, nothing will fix itself. Instead, the longer you wait to make a repair, the more likely it is that you will need to make more extensive and expensive repairs or replace the faulty system, appliance or part. Consequently, it’s best to make any necessary repairs on your home as quickly as possible. Here’s what you need to know about following up on a home inspection. Hold onto the list of recommendations Most inspectors will leave the potential buyer with a list of items that need repairs. While some will require urgent attention, the less-important items on the list can be forgotten about and never tended to at all. You may not have the time or resources to fix everything on the inspector’s list before you move, but it’s a good idea to hold onto that list for future reference. File the list in a safe place so it won’t get lost during the move. You can also snap a photo and upload it to a digital storage space so you can always find it if the original document is misplaced. Categorize repairs according to urgency Once the dust has settled after your move and you’re ready to tackle the household repairs you haven’t yet gotten to, dig out your list and categorize repairs by urgency. Look for repairs that can cause extensive damage if left unfixed, such as a leaky pipe, faulty exterior drainage or the presence of mold or mildew. These should be tended to as soon as possible. Cosmetic repairs, on the other hand, can be delayed without major consequences. Create a new list with all the repairs written in order from most to least urgent. Identify what you can do on your own It’s almost always cheaper to do home repair projects on your own. However, there are some areas that are best left to the experts. In addition, if you will need to spend a lot of money on supplies you will use just for this one-time repair, it can actually be cheaper to call in the experts. Keeping these two factors in mind, look through your list carefully to see what you can realistically do yourself. Start working through your list Now that you’ve sorted your list according to urgency and you’ve identified which repairs you can do on your own, you’re ready to start tackling the repairs. Start with the most urgent repairs, and set aside time on weekends for the repairs you plan to do on your own. When hiring professionals, be sure to do your research carefully and to ask for references of past clients. Uphold general household maintenance It may be a while before your entire list of repairs is complete. To help prevent further damage, and to keep your home in the best condition at all times, follow these tips for general upkeep and maintenance:
Your Turn: Have you followed up on your home inspection recommendations? Tell us about it in the comments. Q: With inflation soaring, I want to spend my money in the best way possible. When paying for various everyday and occasional purchases, should I be using cash, credit or debit?
A: There’s a time and place for everything. Some purchases should be paid for with cash, some with a credit card, and others with a debit card. Your lifestyle and personality may influence this choice as well. Let’s take a closer look at each payment method and when they should be used. When should I use cash? Between P2P payment platforms, mobile payment wallets and the growth of cryptocurrency, the world of commerce is becoming increasingly cashless. In fact, some consumers barely touch cash at all. However, there can be times when you’d be better off using cash. First, some gas stations charge less per gallon when the driver pays in cash. The difference is usually modest, up to 10 cents a gallon, but with gas prices soaring, it can add up to substantial savings over the course of a month. Next, if you have trouble sticking to your budget when you shop, it can be helpful to take only the amount of cash you need and leave your cards at home. This way, you’ll be forced to stick to your budget. Finally, some small businesses, like food trucks or independently owned stores, only accept cash payments or offer discounts for paying cash. On the flip side, there are many disadvantages to using cash. First, cash provides no purchase protection. Consequently, it’s best not to use cash for very large purchases. Next, cash leaves no paper trail and it can make tracking expenses difficult. It’s best not to use cash if you’re trying to get a clear picture of where your money is going. Finally, cash always carries the risk of being lost or stolen. When should I use my credit card? Credit cards are the double-edged sword of personal finance. On the one hand, credit card debt is one of the leading causes of consumer debt in the country. On the other hand, owning credit cards and using them responsibly is a crucial part of one’s financial health. In addition to the impact to your credit score, responsibly used credit cards offer two primary advantages: rewards and purchase protection. Using a rewards card for purchases you’d need to make anyway, such as paying utility bills or subscription fees for a service, can help you earn cash back, airline miles or another reward. The second big advantage to using a credit card – the purchase protection it offers – makes it the ideal choice for paying for large purchases or when buying something from a newer retailer. Knowing you can always dispute the charge or even cancel it if the product turns out to be different than expected, can help you shop with confidence. In addition to these advantages, paying with a credit card and making on-time payments can help boost your credit score while making expense tracking easy. Ideally, credit cards should only be used to cover fixed or steady payments, such as monthly bills, and for purchases you know you can pay for in full when the bill becomes due. It’s never a good idea to swipe your card for a purchase you cannot pay for today or within the next few weeks. Use your cards responsibly to ensure a healthy credit score and to stay out of debt. When should I use my debit card? In many ways, debit cards offer the best of both worlds. You can always track your spending by reviewing your checking account statement, and you generally can only spend what you have. This helps minimize the risk of falling into debt. In addition, if your card is lost or stolen, you can cancel it and/or close the associated account. Debit cards can be a great choice for everyday purchases of any kind. However, since they typically don’t offer rewards or the same level of purchase protection as credit cards, they may not be the best choice for large purchases, or for paying for products from a new retailer. Life is expensive, and you want your money to go as far as possible. Use this guide to help you choose the right payment method in every situation. Your Turn: When do you use cash, credit and debit? Tell us about it in the comments. Now that you’re managing your money well and you’ve even learned to share the gifts you’ve been given, it’s time to start perfecting the art of saving.
“Pay yourself first” is a catchphrase that means prioritizing your personal savings above other expenses. Savings should not be an afterthought or an extra that only happens if there’s money left over at the end of the month. Putting aside money should be a fixed line on your budget that happens every month without fail. Here’s how to successfully pay yourself first. Review your spending Take a clear look at your spending. If you already have a budget, this will be as easy as reviewing the column that lists all of your expenses, including your discretionary spending. If you don’t already have a budget, track your spending over several months to identify your primary expenses and to find the average amount of money you spend monthly. A budgeting app, like Mint or YNAB, can make this step super-simple. Set short- and long-term saving goals Before you start setting aside money each month, you’ll want to have a clear picture of your saving goals. Short-term savings, or funds you want to be able to access in the near future if necessary, can be allocated to an emergency fund. Experts advise having three to six months’ worth of living expenses set aside in an emergency fund in case of a sudden, large expense and/or loss of employment. Some people also build a rainy-day fund, or a slush fund that can be used to pay for anything at all, such as a spontaneous vacation or a large discretionary purchase like a new phone. Long-term savings should include funds you can afford not to touch for several years or more. Your long-term saving goals can include funding your retirement, as well as a down payment on a home, a new car, a sabbatical from work or any other super-big expense. Narrow down your short- and long-term goals until you have a realistic picture, then attach a number to each savings category. Set a timeline for each savings goal Now that you have a number for the amount of funds you want to save, you’ll need to determine a realistic timeline for meeting those goals. You’ll want to give first priority to your emergency fund, but at the same time it’s best not to neglect your future and to start saving for retirement today. This allows time to let compound interest work its magic. To that end, you may want to allocate the bulk of your monthly savings to your emergency fund until you meet your goal. Once your emergency fund is full, you can divide your savings more evenly between your short-term savings and long-term savings. While you work through this step, you may want to reach out to an HR rep at your workplace and/or your accountant to discuss your options for a 401k, IRA or another retirement plan. Calculate how much you’ll need to save each month You’re ready to determine how much money you’ll need to put into savings each month to reach your goals by their deadlines. Take your total for each goal, and divide it by the number of months in your timeline. For example, if you’ve decided you want to have an emergency fund of $24,000 set up in four years’ time, you’ll divide $24,000 by 48 months to get $500 a month. This is the amount you’ll need to set aside each month to reach your goal in time. Do this for each of your goals. As you work through this step, don’t forget to account for any interest you’ll accrue for your long-term savings. Also, remember to prioritize your short-term savings for emergencies and adjust your savings allocation once your emergency fund is set up. Without the funds to get you through an emergency, your savings can be depleted as soon as any unexpected expense crops up. Automate your savings Once you’ve got your savings plan ready to go, it’s best to make it automatic. You can set up a monthly transfer from your credit union checking account to your credit union savings account [or share certificate]. This way, your savings will grow even when you forget to feed them. Think of this money like taxes – it’s not actually part of your take-home pay, because it gets skimmed off the top before it even hits your wallet. But unlike taxes, all of this money (and the dividends or interest it earns) will land in your pocket one day, with some extra, too! Monitor and tweak as necessary Life is dynamic, and your savings plan should be, too. If you find the system you’ve set in place is not working anymore, you can always tweak and come up with one that better meets your lifestyle. If you find that you’re short on the funds you need for paying yourself first, consider trimming your discretionary spending in a budget category or freelancing for extra cash before lowering your monthly savings goal. Congrats–you’ve mastered the art of paying yourself first! Your Turn: Do you pay yourself first? Share your best saving tips and advice with us in the comments. With so many schools now offering online learning options, college degree scams are more difficult to spot. Unfortunately, falling prey to one of these scams can mean losing out on valuable time and money, all while believing you’re moving ahead in securing your degree. Here’s what you need to know about college degree scams.
What’s a college degree scam? A college degree scam can take the form of a diploma mill, in which an alleged school will advertise heavily, promising a super-quick degree for almost no work. There are no classes, or very few of them, and there’s no need to take any exams or interact with a professor to earn your degree. Just pay the fee, fill out some forms and the degree is yours. The only catch? The degree is bogus, and no graduate school or reputable employer will honor it. In another variation of this scam, an accreditation mill will provide higher education accreditation than a diploma mill for a similar level of minimal effort. Unfortunately, the accreditation is illegitimate, as the “school” is not recognized by the U.S. Department of Education (USDE) or the Council on Higher Education Accreditation (CHEA). In yet another iteration, an alleged college will offer its “students” a degree for work experience alone. Of course, the degree is not worth the paper it’s printed on. Red flags When researching potential college choices online, look out for these red flags of bogus schools and degrees:
How can I verify if my degree program is legit? Is all this talk of illegitimate degree programs and colleges making you panic about your own school? No worries; you can easily check if your college is legit. Just hold it up against this checklist:
If you’ve been targeted If you believe you’ve gotten caught in a college scam, take immediate steps to mitigate the damage. First, report the scam to the FTC. Leave the program and be sure to mark any emails from the school as spam. If you’ve shared credit card or checking account information with the scammers, you may need to take additional steps to prevent further charges, like closing the associated accounts. Finally, let your friends know about what happened so they know to also be alert. Don’t get outsmarted by a college scam! Stay alert and stay safe. Your Turn: Have you been targeted by a college scam? Tell us about it in the comments. It’s back-to-school season, and that means you’ve got a list of stuff a mile long to buy. The good news is that you don’t need to break the budget during the second-biggest shopping season of the year. There are lots of ways to save, and if you plan your shopping well in advance instead of frantically rushing to get everything done at the last minute, you can save a lot of money. Below, we’ve compiled seven back-to-school shopping hacks to get you started.
Take inventory Don’t set foot in a single store without first checking to see what you have at home. You may have stocked up on lined paper in the spring, or maybe you bought some autumn wear for your child at the end-of-season sale last year and you’ve put it in storage until you’d need it. Keep a running list of everything you find so you know exactly what you have before you spend a dime on new supplies and clothing. Shop tax-free Many states offer a sales-tax holiday sometime during the summer, and if you use these days to shop for big-ticket items, like a new laptop or pair of school shoes, you can shave a significant amount of money off the final price. You can find a list of sales-tax holidays by state here. Shop with a list And we’re not talking about the list of required supplies your child’s school or teacher has sent home. When shopping for anything, especially with kids and teens, it’s best to start out with a clear goal of what you plan to buy. This way, you’ll be less likely to overspend and come home with bags of stuff you don’t really need, along with lots of buyer’s remorse. Make a list before hitting the mall, the school supplies store and even before shopping online. Divide and conquer The circulars are packed with specials on school supplies all summer long. The problem is that, while one store is offering a crazy-low deal on crayons this week, another store is running a super sale on pencils – and the stores are across town from each other. You don’t want to spend all weekend hunting down supplies, and you don’t want to lose all your savings to fill the tank of your car either. Keep your savings, and your sanity, by teaming up with another school mom. Divide the school supply list between the two of you, pooling costs and paying back as necessary. This way, while one of you can go pick up the crayons at half-price in Walmart, the other can load up on marked-down pencils in Staples. Let your kids choose some items on their own Teach your kids a lesson in budgeting by allowing them to shop for one or more of the costlier items they need now on their own. For example, you can have your middle-schooler choose and pay for their own backpack. Set a reasonable budget together, but let your child do the actual choosing and paying on their own. They’ll learn how to make responsible money choices and so much more. To encourage thriftiness, you can offer to allow your child to keep the change. Save some stuff for later Yes, your child will be starting school soon and they’ll need some supplies and clothing before the big first day. But the stores won’t be going anywhere, and there’s no need to purchase a complete autumn wardrobe before Labor Day. Waiting a bit for the mid-season sales will save you a ton of money. As a bonus, shopping without the pressure of having everything ready for the new school year will help you make better money choices. Scan receipts to get cash back Put more money back in your wallet by scanning or uploading your receipts to cash-back sites or apps. Some popular cash-back apps include Coupons.com, Dosh and Ibotta. It’s like getting paid to shop! It’s back-to-school shopping season, but that doesn’t mean you need to spend yourself broke! Cash in on savings with these hacks and get your shopping done without breaking your budget. Your Turn: How do you save on back-to-school shopping? Share your favorite hacks in the comments. A company culture describes the beliefs and values a business upholds. It generally includes the company’s long-term goals and visions, its mission statement, as well as various details about its work environment and company policies.
Establishing a positive company culture in your workplace can have several significant benefits, including:
Define your company’s valuesTake a moment to define your company’s core values and goals. Why did you launch your business? What is the single most important value to your business? In what way do you hope to improve the lives of your clients? What niche do you hope to fill in your industry? Turn your list into a simple, yet actionable, statement to help build the first component of a positive company culture. As you work through this step, it’s a good idea to look for ways you can improve your business practices and processes to better align them with your values and goals. Ask your employees Your employees can provide a unique perspective into your company. Send your employees a short survey to get feedback on various aspects of your business, including specific company policies, work processes and more. Here are some questions you can include in your survey:
Check out the competition Having trouble defining your company’s values and purpose into an actionable phrase? Check out the mission statements, branding and values of your competitors and peers, or of any business in your industry and beyond, for inspiration. Take note of what you like and don’t like in other companies, and use these notes to build your own company culture. Create a mission statement Now that you have defined your company’s values and goals, surveyed your employees and researched the competition, you’re ready to create a mission statement for your business. A mission statement is a concise message describing your company’s goals and products in a way the average person can understand. Your mission statement will incorporate your company values and goals, and serve as a foundation to your company culture. Put your company culture into writing You now have all the components you need to create a positive company culture for your business. Take the time to blend all the various parts of your culture, including the values, goals and mission statements of your business, as well as the work environment and employee behavior you hope to build. Implement and tweak as necessaryAfter you’ve created your company culture, you can work on sharing it with your employees and implementing it in your workplace. Build an action plan to help successfully implement your company culture. This will likely be a multi-step process taking several weeks, or even months. Be sure to incorporate your mission statement, vision, goals and values as you work through this process. When you’ve implemented your company culture successfully, every aspect of your company should reflect your defined company culture. Finally, be sure to review and tweak as necessary on a regular basis. A positive company culture can do wonders for increasing the level of productivity and employee retention at your company so you can better grow your business. Follow the tips outlined here to learn how to build a positive company culture. Now that you’ve started paying down debt, you and your partner have tackled big money issues, and you’ve mastered the art of spending mindfully, you’re now ready to think beyond your own needs by learning how to pay it forward.
Money management can sometimes feel inherently selfish. You’re earning, budgeting, saving and investing, all so you and those you love can enjoy a worry-free life on your own standards. But there is so much more you can do with the money you’ve been blessed with – as well as with your time, talents and possessions. Let’s explore five different ways you can make the world into a better place by paying it forward. 1. Donate funds to your favorite cause The classic way to pay it forward can also be the simplest. Find a charity or two that speaks to your heart and make a donation that fits your budget. Ideally, it is substantial enough to make a difference, but any amount you are able to responsibly commit adds value and is appreciated. Be sure to verify the authenticity of the organization on a charity-vetting site like, BBB Wise Giving Alliance, Charity Navigator or CharityWatch. Don’t forget to save your receipt so you can claim a charitable-giving deduction on your taxes. 2. Commit to do one random act of kindness each day Kindness doesn’t have to be big or loud to make a difference. It doesn’t even have to be costly. Small things that mean a lot can really make someone’s day. You can offer to make a coffee for your coworker, feed a parking meter that’s about to run out for a stranger’s car, remove a branch or rock from the middle of a busy thoroughfare or walking trail, or let someone go ahead of you at a checkout counter. There’s so much you can do when you look to give. 3. Write thank you letters When was the last time you thanked your child’s teacher for doing such a fantastic job on providing your child with an education? When was the last time you thanked your parents for giving you life, a happy childhood and their ongoing love and support? When was the last time you thanked your mailperson? Pick up a nice set of thank you cards and spend 20 minutes writing thank you cards to the people in your life; those who do so much for you, but aren’t always thanked for everything they do. Your letters will likely be cherished by the recipients for many months to come. 4. Donate your time Unfortunately, there are numerous people in this world who are suffering from sickness, poverty, loneliness, mental health challenges or other hardships. With just a small donation of your time, you can help alleviate some of their suffering. You can volunteer at a soup kitchen, help bring cheer to hospitals, offer to babysit for a couple who is going through hard times so they can have a night out to themselves or make a habit out of visiting a lonely person. You can brighten someone’s day with your presence alone! 5. Share what you haveAside from money and time, there are so many ways you can use what you have to bring cheer into someone else’s life. You can donate old clothing to Goodwill or gift a friend or neighbor with a full set of your child’s outgrown clothing if it’s still in great condition. Offer to lend out your books to your bookworm friends. Run a low-cost, or even no-cost, yard sale for all the toys, furniture and other items in your home that you don’t use any longer. Share your unused sports equipment with children who are less privileged than yours. There are so many ways to pay it forward and make the world into a better place. And when you give to others, you’re really giving to yourself by learning how to be a better, kinder person. Ahh…summer! The season of flip-flops and sunscreen, of lemonade and baseball games. What’s not to love about summer?
Unfortunately, though, summer is also the season of overspending for many. When the sun is blazing across a cloudless sky and the day stretches on with endless possibilities, purse strings are looser and cards are swiped with abandon. But nothing kills summer fun like a busted budget and a mountain of debt. So, how can you stay financially fit this summer? Keeping your finances intact throughout the summer is well within reach if you’re ready to plan ahead and make responsible choices. Here are four hacks for a summer of financial fitness. Prepare for a possible change in income If you’re a freelancer, business owner or you get paid per diem, you can expect to see a drop in income during the summer months. Business is notoriously slower across a wide range of industries during the summer, so it’s best to be prepared for this reality. To avoid dipping into savings or going into debt, you can trim your discretionary spending and use the extra funds to cover non-discretionary expenses. You can also choose to find a side hustle for the summer to cover the gap in your income. Get your budget ready for summer Your budget will see some changes in the summertime, and it’s a good idea to prepare in advance instead of being caught unaware. Here are some changes you can anticipate:
Create a vacation budget Aside from adjusting your monthly spending plan, you’ll want to build a workable budget for your summer getaway to avoid overspending. Money choices are nearly always better made in advance, so plan for every conceivable expense during your vacation. Attach a dollar amount for your hotel stay, car rental, food costs, transportation expenses, entertainment and outings, gifts, and any other cost you might have. Leave a bit of wiggle room for miscalculations, but try to keep your budget as close to the actual cost as possible. While on vacation, be careful not to go over budget and be open to a last-minute change of plans if some expenses end up being substantially higher than expected. Review and adjust as necessary Like going off a diet, blowing a budget is never an excuse to go all out and overspend without sparing a thought to the consequences. To avoid falling into this trap, resolve to review your budget and your overall spending on a regular basis throughout the summer. You can choose to do this weekly, or bi-weekly, but be sure to take a careful account of every dollar in and every dollar out. Being aware of the state of your finances in real-time instead of waking up after the damage has been done will make it easier to make responsible choices going forward. The temptation to overspend is especially strong during the summer. Follow these tips to keep your finances intact throughout the summer. Your Turn: How do you plan to stay financially fit this summer? Share your tips with us in the comments. Did you know that choosing to bring your own lunch to work each day can save up to $3,000 a year? Each takeout lunch can easily cost $12 more than a homemade meal. If you’d put that money into an index fund and contribute to it for 25 years, you can save $500,000!
Unfortunately, too many people end up buying out each workday because they don’t realize how much it costs them, or they simply fail to plan ahead. Others may think it would be too much of a hassle to shop for, prep and bring along lunch from home. You can use this handy calculator to determine how much you can personally save each year just by brown-bagging it to work each day. And, if you find the idea of prepping lunch five days a week a bit overwhelming, you can choose to bring lunch from home on specific days of the week. Here are some hacks for brown-bagging it to work with all the savings and none of the hassle. Plan your menu and shop for it early Don’t get stuck staring at the contents of your fridge and wondering what to take to work seven minutes before you need to leave in the morning. Plan your lunch menu early in the week and add whatever you’ll need to your grocery list. To save even more, shop the sales and the seasons, and then base your lunch menu around those items. Marathon-prep at the beginning of the week The thought of prepping lunch at the end of a long workday when all you want to do is veg out on the couch can be daunting. Instead, hold a marathon session at the beginning of the week to do as much labor-intensive lunch prep as you can. Slice and dice all your veggies for the week, split dressing into small containers, cook your pastas, wash fruit and tackle any other prep that can be done in advance. This way, you’ll only need to grab what you need each day from the fridge instead of facing an entire meal to prep and package. Partner up It’s never easy to be the odd one out, and if you set yourself up to be the only one pulling out a homemade lunch while the rest of the office packs out to pick up lunch or orders in, you can end up giving up and joining the crowd. Try to find a like-minded partner to brown-bag it with you on the days you choose to bring lunch from home. Eat your lunches together; the companionship will make it easier for both of you to stick to your convictions. Love your leftovers Save even more money, and make lunch prep easier, by bringing dinner leftovers with you for lunch. You can repurpose a leftover protein to serve as a salad-topper or sandwich-stuffer, bring along a container of soup to warm up in the office microwave, or beef up your work lunch with some leftover rice, quinoa or another side dish. Brown-bagging it to work when everyone else is ordering takeout isn’t easy, but by using the tips outlined here, you can save a boatload of money on work lunch without the hassle. Your Turn: Do you bring lunch to work each day? Share your tips with us in the comments. Creating a budget and deciding to stick to it is easy; it’s actually carrying through on your plan that’s the hard part. For too many people, financial responsibility ends at having good intentions and real life gets in the way of all well-laid plans. A large part of the discrepancy between what they want to do and what they actually do is caused by their failure to spend mindfully. When every indulgence and impulse buy is just a swipe away, it can be super-challenging to rein in that spending instinct – but it is possible. Here’s how to learn the art of mindful spending.
Find alternative ways to de-stress Too often, people claim they need “retail therapy” and use it as an excuse to practice mindless spending. But choosing to turn to shopping for alleviating stress, dealing with a challenging situation or just to escape real life for a bit makes it very difficult to make smart, responsible choices. In addition, the bills, or debt that will likely accumulate as a result will increase stress levels considerably. Instead, it’s best to find another way to lift a heavy mood. Find someone to talk to, take a long, hot bath, go for a jog while listening to your favorite pick-me-up playlist or take up a forgotten hobby again. Consider disabling the one-click feature for online shopping If you’re big into online shopping and often end up buying more than you’d planned, you may want to disable the one-click feature on sites like Amazon. You can also choose not to have your device “remember” your payment information so you have to input it whenever you shop. The more resistance or friction required to complete a purchase, the greater the chances of that purchase being a mindful choice and not a decision you’ll soon regret. Leave your cards and cash at home When you don’t plan on spending any money, don’t take any with you. For safety reasons, you may choose to carry a card with you, but it’s a good idea to keep it as out-of-reach as possible. If you make all your payments with your phone, keep it tucked away, too. Similarly, if you’re hitting the shops to pick up a specific item, bring just the amount you’ll need for the purchase and nothing more. Put large purchases on hold One of the best ways to avoid buyer’s remorse is to put all large purchases on hold. Set your own dollar amount for what you consider to be a large purchase and resolve to wait a while before completing any purchase in that amount or more. For example, you can decide to wait two weeks for every purchase of $50 or more. Delaying a large purchase will give you time to think it over and consider whether you really want to spend this money now. Of course, if you’ve been saving up for a large purchase for a while, you’ve already thought about the purchase and decided it’s worthwhile. Avoid temptation It’s hard to keep telling yourself no when temptation is constantly flashing across your screen. Opt out of social media accounts that get you to spend more than you should, and unsubscribe from email lists. Avoid browsing on brand sites that often trigger overspending and only visit when you need to make a purchase. You can do this in real life as well, being careful to avoid shops that provoke mindless spending. Similarly, when shopping for groceries, keep away from aisles and checkout counters that cause you to overspend and purchase more than you have on your list. Mindless spending can be the undoing of the most carefully-crafted budget. Follow these tips to learn how to spend mindfully. Your Turn: How do you practice mindful spending? Share your best tips and tricks in the comments. It’s an amazing employment opportunity – or is it?
Scammers often hijack the job market and ensnare hopeful job seekers into their schemes. If you’re job-hunting, it’s a good idea to review the way these scams play out and how you can avoid them. To help you out, we’ve put together a short primer on what you need to know to stay safe from job scams. How the scams play out There are several variations of job scams. Here are the most common ones:
How to spot a job scam Learning to identify the signs of a job scam can help you avoid them and find gainful employment. Here are some red flags to watch out for while job-hunting:
Job-hunting can be stressful, but getting caught in a job scam can bring that stress to a whole new level. Stay alert and stay safe by following the tips outlined here. Your Turn: Have you been targeted by a job scam? Tell us about it in the comments. Q: My adult child is going through some financial difficulties. I’d love to help them out of this tight spot, but I’m wondering if this is a wise choice. Should I offer financial support to my adult child?
A: In recent years, newly minted adults have become more dependent on their parents. According to a report by Merrill, more than three-quarters of parents in the U.S. provide financial support to their adult children. This includes allowing their kids to live at home, covering student loan bills, paying for their phone/data plans and more. This development is likely due to high amounts of student loan debt, low starting salaries and the increasing cost of housing. All of these factors, and more, make finances especially challenging for many young adults. Of course, parents will naturally want what’s best for their children, so they are often quick to offer financial assistance. However, as you mention, all this begs the question: Is offering financial assistance to adult children really in their best interest? There’s no one-size-fits-all answer to this loaded question. In fact, the answer will depend on several factors, as well as your relationship with your child. Before saying yes to a request for financial support from an adult child, ask yourself these questions: Is my own financial situation stable right now? Before offering substantial support to another person, even if that person is your child, you need to make sure your own needs are being met and that your future is secure. Are you finishing the month with money to spare, or barely making it to the next payday? Are you financially prepared for retirement? Do you have any outstanding debt? If you are comfortable enough to offer support without feeling pinched, dipping into savings or scrimping on the money you’d dedicate toward your own future security, you can afford to offer this assistance. However, if you stand to lose your own financial wellness by covering your child’s bills or student loan payments, you won’t be doing anyone a favor by offering to support your child. Is my child’s situation by default temporary? Life is dynamic, which means your child’s need for assistance today can change tomorrow by way of a fantastic job offer or another great opportunity. Or can it? At times, your adult kid might find themselves in a tight spot that is inherently temporary. For example, they may be completing a necessary, but unpaid, internship. Or, they may have gone back to school for additional training so they can increase their earning potential. Perhaps they’re currently undergoing medical treatment and have high medical bills to pay. Under these circumstances, you may want to consider offering a bit of support until the temporary tight spot is over. If, however, your child is asking for financial support because they are living a lifestyle that is beyond their means, you may want to think twice before acquiescing to their request. Will offering financial support hinder my child’s financial independence? One of the biggest drawbacks of offering monetary assistance to a grown child is the possibility that your child will come to depend on that money. If your child has not yet learned to manage their finances responsibly and continues to make poor money choices, offering financial assistance is likely not in their best interest. You won’t be around forever, and it’s best to let your child learn how to spend within their budget, save for the future and in general, to live responsibly. How will my financial support affect my relationship with this child? Giving breeds positive feelings, and many people believe that offering monetary support to their child will improve their relationship with him or her. However, it’s important to note that this is not always the case. First, the child may come to equate the relationship with the exchange of funds. Also, when you decide to stop offering support, this can create a point of tension between you and your child. Finally, if you can afford to give, but you know this giving will be accompanied by resentment on your part, it’s not fair to yourself, or to your child, to provide financial support. How will I structure my financial support? If you decide to go ahead and offer financial support to your child, it’s important to set clear guidelines for how you will be providing this assistance. Will you offer a set monthly amount, or adopt a give-as-needed approach? Will you expect your child to pay you back, even partially, when their financial situation improves? Finally, is there a date you plan to stop offering assistance or to reevaluate whether your child still needs this support? Setting clear parameters before offering support can help you avoid hurt feelings and uncomfortable situations down the line. Offering financial support to an adult child can be a lifeline–or it can be a way to enable detrimental habits. Be sure to ask yourself the questions listed above and to make an informed decision before offering monetary assistance to a grown child. Your Turn: Do you, or would you, offer financial support to your adult child(ren)? Tell us about it in the comments. You’ve tracked your spending, created a budget, worked on ridding yourself of debt, and are well on your way to a financially secure life.
Now you’re ready for step four, in which you’ll have the money talk with your partner. Talking finances with your partner may not be your idea of a shared romantic moment, but communicating openly about how you manage your money is a crucial part of having an honest and trusting relationship. It’s fairly common knowledge that arguing about money is the leading cause of divorce in the U.S., and no one wants to be the next statistic. Unfortunately, though, people often grow defensive when discussing the ways they choose to spend their money. How, then, can two partners have a calm, productive discussion about money? Here are six tips we’ve compiled to help guide you in this super-important conversation. 1. Plan the discussion in advance: It’s never a good idea to bring up a potentially explosive topic without warning. Instead, broach the topic to your partner a few days before you want to have the “Big Money Talk” and ask if you can have an open discussion about money sometime soon. This way, you’ll each have time to prepare the details you’d like to talk about, and you’ll both be ready to focus on the conversation without distractions. 2. Start with a vision: Instead of starting the conversation by bringing up a time your partner overspent or wondering aloud why your better half doesn’t seem to be saving enough for the future, start with a vision you can both share. For example, you can talk about how wonderful it would be to take a luxury vacation to the Cayman Islands, or how you’d love to start saving for a home. This way, you are communicating a shared dream and putting a positive spin on your money talk, which will set the tone for the rest of the conversation. 3. Listen carefully to your partner: You may be the more responsible, or the more detail-oriented partner, but it’s still important to listen carefully to what your partner has to say. Your partner will have their own ideas about money management, and you may be surprised at the insights they have to share into your own spending habits or expensive vices. 4. Talk openly about sharing expenses and savings: At a certain point in your relationship, you may decide to share expenses, split them evenly and have each partner cover different expenses, and/or to pool your savings. Whether you’ve already reached that level with your partner or you plan to bring up the topic now, be sure to talk openly about the way you feel so you have a better chance of avoiding future resentment. For example, if you earn more than your partner, should you be splitting expenses evenly? Can one partner take additional financial responsibilities, such as paying the bills, in lieu of contributing an equal amount of income to the pot? If one partner goes over budget, will they be responsible for patching up the difference by contributing more money? All of these questions, and more, are important to discuss up front to help prevent future blowups and/or hurt feelings. At this time, consider linking one of your accounts or opening a shared account at Ingersoll-Rand FCU. We’ve got convenient checking and saving accounts to suit every preference. Just stop by and ask how we can help. 5. Consider having a slush fund: Sharing expenses and a budget can be liberating in a partnership, but it can also feel constricting. Sometimes, you just want to splurge without having to explain the purchase to your partner. You may also want to spend money on a surprise gift for your partner without them knowing you’ve just dropped a large sum of money on an expensive purchase. Having a slush fund, or money set aside for your personal “just for fun” spending, can help you maintain a sense of independence and keep some of your purchases private. You can keep this fund in a separate checking account under your name at Ingersoll-Rand FCU. 6. Set up a weekly or bi-weekly time to talk money: No, you don’t need to have the Big Money Talk every week, but it is a good idea to touch base about finances once a week, or once every two weeks. You can talk about recent purchases, big expenses that are coming up soon, surprise bills and more. Setting aside time to talk about money will keep the stressful money arguments out of your everyday conversations. You did it! You had the money talk with your partner, and you are closer than ever. Be sure to stick to your commitments and to bring up any money issues that may arise during your regular money talks for continued harmonious collaboration about all financial matters. Your Turn: How did you bring up the big money issue with your partner? Share your tips with us in the comments. You’ve tracked your spending, designed a budget for your monthly expenses, and you’re well on your way to financial wellness. In this next step, you’ll create a plan for paying down your existing debt.
Consumer debt can be one of the biggest challenges to realizing good financial wellness. Credit card companies design their business model in a way that makes it easy to get stuck paying off debt for years. With some intentional action and commitment, reaching true financial wellness and being financially independent is possible. At the very least, seek to be on track for paying it off shortly. Below, we’ve outlined how to pay down debt in five simple steps, along with three debt-paying strategies to avoid. 1. Organize your debtBefore you get started, determine how much debt you must pay off. List every credit card you own that has an outstanding balance and jot down the amount owed to each. Next, list the interest rate of each card. Do this for any other fixed installment loan debt you have as well. These numbers will help you build a debt-payoff plan in the next two steps. You can also add up the amounts owed on each account to reach your total outstanding debt amount. 2. Choose your debt-crushing methodThere are two main approaches people utilize for getting rid of their debts:
Choose the method that makes the most sense for your personal and financial circumstances. 3. Maximize your paymentsOnce you’ve chosen your debt-crushing method, it’s time to find ways to maximize your monthly credit card payments. You can do this by trimming your spending in one budget category and channeling that money toward paying down your debt. You can also find ways to pad your pocket with extra cash for your payments, such as freelancing for hire or selling your creations on a platform, like Etsy, if you’re the crafty type. Once you’ve determined how much you can afford to pay each month, you can create a debt-payoff plan using the systems you’ve reached in Step 1. 4. Consider a debt consolidation loanFor some consumers, the most challenging part of paying down debt is managing multiple payments across several credit card accounts. With several monthly debt payments to make, it can be complicated to remember them all. It can also feel like the monthly payments are only going toward interest. A debt consolidation loan can change all that. When you consolidate debts to one low-interest loan, it’s a lot easier to manage the monthly payments. Plus, the savings on interest payments can be significant, especially if the new loan has a low interest rate. If this approach sounds favorable, consider taking out a personal loan from Ingersoll-Rand FCU. The loan will provide you with the funds you need to pay off your credit card bills and leave you with a single, low-interest monthly payment. 5. Negotiate with your creditorsMany credit card companies are willing to lower your interest rate once you prove you are serious about paying down debt. After kicking off your debt payment plan, it’s worthwhile to contact each credit card company to discuss your options. At the very least, see if you can get the company behind the first debt on your list to lower your rate. 3 Debt-Crushing strategies to avoid As you work toward paying down your debt, beware of these debt-crushing strategies, which may do more harm than good:
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