Tag Archives: Financial portfolio

7 Tips to Avoid These Costly Credit Card Mistakes

Credit cards can be friend or foe to your wallet or pocketbook, it all depends on how you utilize them and of course, manage them. So, what can you do to make certain you aren’t accidentally engaging in improper credit card habits? There are ways to avoid all of those spine crushing fees–specifically if you start making your monthly payment on time. And if you pay more than what is required you’ll be even better off.

It seems, that no matter how many times we read about critical credit card mistakes, they just keep happening. There’s no way to know for sure if it is just due to forgetfulness, or the inability to stay on task and meet goals. In this respect, we’ve put together a help list to possibly prevent new credit card holders from falling into the same tragedy so many others have.

Let’s see what we’ve come up with. And just remember, managing your credit card activity better can free up more money for you! It will ensure you have some kind of safety net without stress. Most certainly, you won’t need to look for high interest loans when you better manage your spending.

Don’t Let These Haunt Your FICO Score For Years

If you can avoid these costly mistakes you can protect your financial future. Unfortunately your FICO score has an impact in many areas of normal, everyday life. While it isn’t like this everywhere in the world–it is in Canada and the US. Because of this importance, you have to stay vigilant. You can repair poor credit when you think smart too!

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  • Don’t view your credit card as if it is free money: Nothing is free in this world and viewing a credit card as an easier way to have access to money is not wise. You have to pay it back, and you have to do it on time. Stay on budget, and don’t treat a credit card like a blank check for your entertainment.
  • Don’t live beyond your means and make senseless purchases: It can be easy to pick up that jacket you’ve been wanting all week, but can you really afford it? You have to be able to pay for what you charge, and too many get carried away. If you plan on paying of your purchases at the end of the month you’ll be fine. If you don’t and you over spend, then you have a real problem.
  • Don’t max out your credit cards: When you overspend you can easily max out your credit card. This is bad for your credit history and bad for your pocketbook. It shows you’re living on credit and not on income. Don’t do it! It is also expensive to pay back and you never know when you might not be able to pay.
  • Don’t apply for more credit for all the wrong reasons: Only apply for additional credit if you’re doing it to minimize current credit card costs. If you have an offer where fees are less, then it might be wise to transfer a balance over. Just don’t do this to spend more money.
  • Don’t not know your credit score: When you’re applying for credit cards don’t just blindly do so. You need to be aware of what your credit score is so you are aware of what offers suit you best. Applying to just anything actually can lower your credit score as you get too many inquiries on your credit report in a short time.
  • Don’t ignore the fine print on an offer: It is sad to apply for credit, receive an offer and then just blindly dive in. You need to read the fine print to be aware of fees and any rewards that might be available. Too many Canadians get overly excited for an offer and just take it. This is a big mistake. Take your time and know the creditor!
  • Of course you should never miss payments: Missing one payment isn’t a sin, but if you are constantly late on your payments and always in behind on what is owed, then this is bad. Creditors will not favor someone who can’t stay on top of their debt. Don’t get in over your head and always meet your payments like clockwork.

If you follow these tips then having a couple of credit cards can be great for a consumer. Stay on a budget and they can work even better. The more you use your credit and pay it off in full, the better your credit report will look. Go and overspend and not pay back in a timely manner and your credit report will suffer. Be smart and take advantage of a couple credit cards to prove your creditworthiness–not bury yourself in debt!

5 Simple Steps To Plan And Prepare For Your New Year Goals

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Procrastination is never a good thing, yet so many Canadians do exactly this.  You don’t have to put off what you can do today!  You’ve heard it before, right?  Getting goals in order and debt in balance can help ease a financial adjustment for the coming year.  While New Years goals and resolutions might make you cringe inside, planning ahead can ensure a happier, healthier and financially sound New Year!

Remember, whether it is related to health, diet and fitness, or your financial future–these 5 basic steps will help you get started in the right direction without regret, avoidance, guilt, or any negative emotion at all. Don’t let a busy life keep you from staying on track and keeping goals in the forefront of your mind!  This happens too many times.  Now, if you’re finally ready to see your goals flourish, set your eyes on the prize and follow these simple steps to ensure your happiness and success into the New Year!

5 Steps To Guarantee You Meet Your New Year Goals

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Have you started making plans for the New Year?  Do you know where you’d like to see yourself?  Before you get down to the nitty gritty and begin carving out future goals, you need to do a fact check–and be realistic with yourself.  Reviewing last year’s mistakes and educating yourself on where you made wrong decisions is wise.  This can help minimize those very same financial errors.  So, take account of the past and examine where you’ve been versus where you’d like to see yourself going. Whether the problems have arisen from your own procrastination, or your own misjudgments–you need to take heed and be accountable.  When you do this you’ll be able to progress in a positive manner, even reaching long-term goals!  Review the following 5 steps and try to implement these into your life if you want to finally cross the finish line to financial freedom!

Step 1:  Begin keeping up with monthly expenses and categorizing varying household expenses

You should start a plan by writing down every normal monthly bill and expense you might have–minus entertainment. It works better if you keep fixed cost items tallied so you know what to expect every month.  For those items that can vary, you need to keep track of these as well, but in a category where you can make necessary adjustments.  Once you begin to know what to expect–this is when you can begin to make the proper changes to live more securely.

Step 2:  Look back on the past and be ready to adjust to change

If you go back and review the previous year you’ll find your transgressions.  This is the smart thing to do before you simply pull out pen and paper and begin planning goals for the future.  Knowing your past mistakes and what led you to them makes a dramatic difference.  You can break the cycle and ensure your strategy for success stays intact all year long!  This applies to health and fitness goals as well as finances!  When you want to stay on track, looking at the past just might motivate you to succeed this New Year.

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Step 3:  Discipline yourself to stick to a plan

This is the wisest tip you’ll ever get!  If you boggle yourself down and set to high of a bar, you’re setting yourself up for failure, but you have to discipline yourself too.  It’s a challenge when it comes down to changing bad habits, but you can do it. Now, everyone has their own technique when it comes down to disciplining oneself to follow through on an action.  You want this to have an impact you won’t forget, so make the consequences for a poor decision make sense.

Step 4:  Minor setbacks are natural; don’t ever give up

We all make mistakes and some setbacks are certainly normal.  Now, beating yourself up over something minor is foolish. The best thing you can do is to never to allow a resolution relapse force you to call it quits.  Jus remember, sometimes change takes just a bit of a struggle to adjust to it properly–it’s 100% normal!

Step 5:  Negotiate with others to see those New Year goals make it to fruition

Reign in the support for motivation and encouragement.  It is hard to stick to a path you feel you’re walking alone, so supporters are always welcome!  When you have that extra bit of pizazz you become more assertive and conscious of your decisions.  If you’re married, team work is critical to meeting your goals for the New Year; be they financial or health related. Remember, two heads are always better than one!  At the end of it all you’ll be able to do a happy dance and brag about your determination and success!