If It’s Broke, Fix It!

Posted on August 27, 2007

This is a sponsored post from FinWeb.com - The Independent Financial Portal.

Let’s talk for a moment about money, your money. Always a popular subject, right? Or is it? Are the two of you getting along, or do you see so little of your money anymore that you barely recognize it? If that’s the case, you’re not alone. Lot’s of people – and reportedly more and more every day – are becoming estranged from their money. It seems to be a worldwide epidemic!

Well, is there anything that you can do to put the relationship back together again? Of course there is. But be forewarned – it may take some real effort on your part. After all, it’s likely that you’re the one who started it. Money typically doesn’t just get up and leave on it’s own. There’s usually some impetus that causes cash to walk, run or fly away. So, you’ve got to place the responsibility where it belongs; you’ve got to take the bull squarely by the horns and get control of the situation. Here are a few tips that might help:

If you’re finding yourself with more month than money, you’ve got a grand total of two choices: 1) increase your income, or 2) decrease your spending. Any other options that you think you have – no matter how you attempt to slice them – fall somewhere into one of those two categories. But while you’re deciding (or implementing) what you’re going to do, a short-term pressure-relief valve could be a cash advance loan. However, please pay particular attention to the phrase “short-term;” these loans aren’t designed as a solution to your long-range money woes. If you’re sure that your cash flow worries will dissipate in the very-near future, a payday loan could be an effective quick fix.
If your credit’s been kicking you in the keester, you’ve got to decide that you’re going to turn the situation around! Instead of your credit cards (or more accurately, the banks that issue them) using you, it’s up to you to begin to efficiently use them. Minimize the interest and fees you’re paying by strictly limiting your credit card purchases, making more than the minimum payments due, and making all (yes, all!) of your monthly payments on time – whether it’s your home, car, phone, utilities, or your gym membership. And pay off your highest-interest credit card first, because it’s costing you the most money over the long haul.If you need to rebuild (or establish in the first place) your credit, consider applying for a bad-credit credit card. Yes, you’ll pay some up-front fees and the interest rates are higher, but if you use it wisely – in other words, make small monthly purchases and pay the entire bill off as soon as you get it – the interest rate won’t matter because you’ll never carry a balance. These cards should be used for one purpose alone: building credit. Just make sure that the card you get: 1) has a grace period, and 2) reports to the major credit bureaus.
If you’ve got a lot of debt that needs consolidating, there are a few avenues that you can explore. A personal loan is a possibility if your credit’s in good shape. But interest on unsecured personal loans can be a bit high. You could do a credit card balance transfer – but that interest rate may be even higher. A credit counseling company might help, but there are more bad ones than good so extreme care must be taken when choosing one of these.If you own a home (and you have no plans of moving in the next few years), refinancing your mortgage may still be the most prudent method available for debt consolidation. Not only will you lower your total monthly debt outlay (thus allowing you to see more of your money on a regular basis), but you’ll also – in almost all cases – convert the interest you’re paying from non-tax-deductible to deductible on April 15th. Not a bad fringe benefit.

Remember, there are always things you can do to make your money fall in love with you again and want to stay around. It might not always be easy and it may take a little time, but the rewards will be well worth your efforts. Financial Web is a one-stop library for all your personal financial needs, with pounds of valuable information and tips to help you keep your money relationships smooth and fulfilling. You’ll find in-depth expansion on the suggestions put forth here and much, much more. So get busy, swallow your pride, and do what you know you need to do. You and your money both deserve it!

This is a sponsored post from FinWeb.com - The Independent Financial Portal.

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