Moneyzine -
September 2008 Issue
Do You Have a Love/Hate Relationship with Your Credit Cards?
Welcome to the September Issue of Moneyzine - Do You Have a Love/Hate
Relationship with Your Credit Cards -  Transformyourmoney.com's monthly
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Take Care,
Melanie Fine, CPA
In this Issue
If you don't have time to read the whole newsletter, click on the topic that
interests you. This month you will find:
Thank you for reading the September Issue of Moneyzine. This month I chose
to write an article about the Love/Hate relationship that we have with our
credit cards. The roller coaster that we put ourselves on with our credit cards
can be the worst roller coaster to ride. However we do it to ourselves each
month. It doesn't have to be that way. Learn how to get control of your debt and
your credit cards in this month's
article.
Also check out our Funny of the
Month. It is an oldie but a goodie! And of course there are the new tips on
saving money with a bonus tip this month!
We are always looking for ways to improve the site. If you see any errors
or would like to contribute in any way, we invite you to contact us at the
Contact Us page.
Thanks for reading and enjoy this month's Moneyzine!
Till Next Month,
Melanie Fine, CPA
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In a funk? Finding that you aren't working towards your goals? Maybe you have
avoided them or had a setback. No worries! There is an easy solution.
Communication will get you out of your funk! I promise. Whether you talk to your
partner, family member, a friend or even a total stranger about whatever is
stopping you from reaching your goals. Just talking it out will take you out of
your head and onto the court. After all you can't reach your goals by playing in
your head. You will be amazed at how your funk will dissipate.
So get out there
into your community - even if you aren't in a funk!
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When George found out he was going to inherit a fortune when his ill father
died, he decided he needed a woman to enjoy it with. So one evening he went to a
singles club where he checked out the most beautiful woman he had ever seen.
Her natural beauty was astounding it took his breath away. "I may look like just
an ordinary man," he said as he walked up to her, "but in just a week or two my
father will die, and I'll inherit 15 million dollars."
Impressed, the woman went home with him that evening.
Three days later, she became his stepmother.
Do you have any great jokes about money, or money and
relationships? Submit them on our
Funny Money Page.
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Article
Do You Have Love/Hate Relationship with your Credit Cards?
5 Steps to Getting your Credit Cards Under Control.
Are you intimately related to your credit cards?
Do you love them when you really want to purchase something?
But hate them when the bill comes in?
You know the feeling – You see that perfect thing you just
have to have. Or you see the greatest sale in history at your favorite store!
You think to yourself “Nope I don’t have the money”. But wait – I have my trusty
old friend - my credit card. You pull it out of its snuggly safe place in your
wallet. Wake it up and hand it to the cashier. You think “It won’t ask me to pay
for it for at least a month.” It won’t tell me “No you shouldn’t buy that” – it
will just do its thing and come through for me. Then I get what I want now. I
don’t have to wait! YAY!
Then a month later that trusty credit card’s big brother
(the credit card company) sends you a statement in the mail. Ugg – your credit
card has been busy. It came through for you maybe one to many times. You think
“Wow how did the bill get that high? Oh Well I will pay the minimum balance and
worry next time.”
Then your friends ask you to join them on a vacation this
winter. You think “Do I have the money?” I don’t’ know – but that doesn’t matter
– I can take out that trusty credit card and worry about it later! So you book
the holiday.
Then the next statement comes in – Is it that time already?
That credit card has been busy again. The bill is even higher. You think – “but
I only paid for the deposit on the vacation.” But you didn’t pay for last months
purchases so the big brother added more to it. Interest! OK now you hate the
credit card company. How could the bill have gotten so high? Compound interest
– huh? You think “oh well – I will pay the minimum and worry about it next
month”.
This continues on for a few months and before you know it –
you are at your favorite restaurant with your best friends and you bring out
your trusty credit card to pay for dinner. The waiter returns and in what seems
like slow motion he says “I’m sorry your card has been declined – So you have
another way to pay?” You are humiliated and blame the credit card company! All
of a sudden that trusty little credit card hasn’t come through! You are maxed
out! Now you hate your credit card!
You get that next statement and “Yikes” – they were right.
You hit the max. Between your purchases and interest you are there. Again you
hate the credit card company!
Does this sound like you? Have you had similar scenarios
play out in your life? Are you tired of the roller coaster? It’s time to get
off!
5 Ways to get your Credit
Cards Under Control.
1) Cut
up or Hide your Cards
Stop using them immediately! – I know, you love that card, it is tucked away
nice and neatly in your wallet. However the only way to get your credit card
bills under control is to STOP using them altogether. In fact cut them up, or
get a family member to hide them for you. Whatever you do don’t use them!
2) Calculate
your Debt.
You can’t pay it off without knowing exactly how much you have to pay off.
Gather all of your latest statements together and add it up.
3) Prioritize
your Debts
Decide which ones you will pay off first. Pay the minimums on each card every
month and the rest goes to the top priority. Usually look for the ones that have
the highest interest rates.
4) Determine
How Much Can You Pay off Each Month
Determine how much of your monthly income you can put towards debt repayment.
Look at your income and expenses. Create a spending plan or budget and stick to
it!
5) Create
Your Plan and Follow Your Plan
Calculate how long it will take to pay down your debt. Build in rewards and
success celebrations.
The most important thing to remember is that you can do it.
Thousands of people do it every year. They do it with a plan and a goal in mind.
Once you have a plan it is an easy process. So avoid that humiliation or hearing
those words “Sorry but your card has been declined” and take control of your
credit cards!
For more information on how to get off the roller coaster
and take control of your finances and debt, check out
Getting out of Debt: Steps for Creating your “Getting Out of Debt” Plan
page.
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To find more Tips on saving money, or to add your ideas, please check out our
Best
Ways to Save Money Page.
When it's on Sale - Stock up.
If you find something that your household uses regularly on sale, buy as
much as you can. Just make sure it is something that you use regularly.
Travel Frugally
Plan to travel in off season or non crowded times. Research your
destination to see if there are events going on that will make it
uncharacteristically busy.
For more tips on traveling frugally - check out our
Frugal Travel Tips page.
Buy Quality
If you tend to go through clothes quickly - buy quality - Hopefully a $90 pair
of boots will last you through 2-3 seasons instead of just one. If you just must
have the "latest" type of boots then buy more frugally.
Bonus Tip:
Purchase at the end of the Season
Purchase clothing - especially seasonal clothing - at the end of the season.
Just the other day I was walking through Wal-Mart (in September) and they had
swimwear for $4-7 each with a tag price of $30!
Do you have any Money Saving Tips you would like to share?
Please
send them by filling out the form and we will publish them on the site.
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Thank you for reading the September Issue of Moneyzine. I hope you enjoyed it
as much as I enjoyed writing it. Please feel free to contact me with any
questions at
our
Contact us Page.
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Till next month,
Melanie Fine,
CPA
www.transformyourmoney.com
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