Free Credit Tool to Help with Your Finances: Credit Sesame

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I’ve been using Credit Sesame for years.  To start with it’s free so there is really no loss in trying it. You can check your credit score at any time as often as you want and it won’t effect your credit score.  You can choose to get alerts either via email or app to let you know if there are changes to your credit either good or bad.

Credit Sesame has suggestions to help you try to fix your credit or maintain your good credit.

I had a divorce an bankruptcy decades ago in my history which is sort of the reason for my passion for saving money and getting my finances straight. I’ve come a long way since then.  Honestly Credit Sesame has been such an amazing tool for me in my journey to fix my credit.

There are no fees, no credit card required to join.

 


Avoid These Money Mistakes

Avoid these Money Mistakes

It doesn’t take an advanced finance degree or fancy high-rise office to understand how to manage your money. In fact, anyone can be financially savvy if they take the time to understand their own spending habits and needs. If you struggle with managing your finances, you shouldn’t get discouraged. Instead, read these common money mistakes people often make to help you avoid making similar errors in the future.

Neglecting Retirement

Many people have come to rely solely on Social Security to support them in retirement. However, what they don’t know is that Social Security only accounts for a small portion of your monthly income. Depending on what you made throughout your career, you may only be looking at 40% of your income being covered by Social Security. That likely won’t help you cover all your living expenses. Don’t use social systems such as Social Security as your retirement plan. You should put money away into a retirement account as soon as you can so you have enough money built up to sustain you in retirement. If you don’t, you could find yourself in financial trouble or unable to retire at all.

Overspending

Credit cards can be a hand tool. If you’re out of the country and have an emergency, for example, having a credit card available that works around the world can give you peace of mind and allow you to handle your emergency stress-free. However, if you’re using your card on shopping sprees and fancy luxuries, you may find yourself in more debt than you expected. Credit cards should be used sparingly and paid off as soon as possible to avoid interest charges.

Avoiding Savings

At some point in your life, you’ll likely run into an expensive emergency that needs taken care of right away. Perhaps you just bought a new home and the furnace breaks and needs replaced in the middle of winter, or you end up needing an emergency surgery that will leave you out of work for weeks without pay. If you don’t have money set aside to cover these types of emergencies, you may find yourself in hot water with your finances. Don’t let yourself be vulnerable to financial emergencies and set aside money from each paycheck to help you should something unexpected happen.

Being Uninsured

Insurance is a valuable tool, especially when used properly. If you have loved ones counting on you to support them, having insurance can provide peace of mind knowing they’ll be cared for if something comes up. Whether it’s fire, flood, a medical emergency, or even an unexpected death, having extra coverage in place to ensure they’re cared for can be priceless. Many people don’t purchase life insurance because they feel it’s too expensive, however, you can find excellent coverage for only a couple dollars a day that will give you and your loved ones the protection they need.

Keep up with the Joneses

If you’ve heard the expression about keeping up with the Joneses, then you understand that it can be a very expensive lifestyle to maintain. If you aren’t careful, your desire to keep up with the latest trends and fashions could land you in financial trouble. Instead, understand the values of investing in quality items that will retain their value and last years. You may even want to shift your line of thinking and place value on experiences over things. If you ask most people what they regret later in life, you won’t find it’s missing out on the latest gadget, but rather enjoying experiences with loved ones.

When you know what money mistakes to avoid, you can get on the right track towards being financially independent. The more you understand yours and your family’s needs, the better positioned you’ll be to make sound financial decisions that will benefit you and your loved ones.


Resource and Idea for Entrepreneurs

This post is sponsored by Diamondlinks.

Starting, owning, and running a small business is not for the faint of heart. It takes money, knowledge, proper resources, and lots of hard work.  Each type of small business or idea has it’s own obstacles to tackle.  For entrepreneurs, it can be  hard to figure out how to sell an idea or get investments in your idea.

You’ve seen the shows like Shark Tank where people present product idea in hopes of getting the “sharks” to invest in their products or idea.  But not everyone can get onto Shark Tank. So what resources do the rest of us have?

Rusty Tweed from Tweed financial services shares his journey to starting his company on ideamensch.  He is asked some interesting questions that I might not think to ask an entrepreneur myself.  Ideamensch is full of interviews that are both inspiring and full of ideas.  You can read Rusty Tweed interview and many others.

A friend, who is a mover and shaker in direct sales, had an awesome quote that made me think.  “If your mouth is shut your business is closed”.   She got to where she is in the company today because she believes in her products, she uses her products, she’s not afraid to talk to strangers about her products.  She inspires me in the realm of direct sales.  But there are inspirations out there for any type or business or idea.  The tactful way she can start conversations about her business…well I have a lot to learn.

Don’t be afraid to show people your product or talk about your business. Carry your business cards with you.  If you truly believe in your products or business potential customers will be able to tell.

 


A Personal Story: Bad Financial Advice and Debt Consolidation

This post is sponsored by Diamondlinks. Any opinions expressed are my own.

I’m going to tell you a personal story.  I’ve told some of my financial journey on this blog before. I wasn’t always so savvy with money. It took me learning the hard way then educating myself to fix it. I’m going to tell you a story about a piece of bad advice I once got from a realtor when we were trying to buy a house about 15 years or so ago.

It started off with me and my (now ex) husband living in a small apartment in SC with a new baby. My husband, of the time, had just got promoted but didn’t get as much of a raise as he thought he would get. I was trying to be a stay at home mom with my son.  Mostly because we had just moved to SC and I needed to get my OT license squared away in SC.  Long story short, we started getting behind on credit card and student loan payments. I talked to one of the credit card companies and they suggested I try credit counseling.  I was willing to give it a go and so was my husband.  So we did. It rolled everything together and made things much more manageable for us. Yes they did roll a fee into the payments but it made it better for us to budget and were were able to get back on track.

 

Fast forward a couple years and we want to build a house in Elgin, SC.  We were still paying on the debt consolidation and doing well with it. The our realtor, (who seemed  a bit uppity) kind of looked down on us for being in debt consolidation. She told us that we needed to get out of it because it was slowing our credit down and it wouldn’t look good on our mortgage application (even though we had already been paying on it for about 2 years and only had about a year or so to go.  Well we really wanted to buy a house and we figured she was probably the expert on this so we got out of the debt consolidation.

Well all that money we paid in then basically meant nothing after that. Creditors were calling us trying to get their money. We were overwhelmed everyone wanted all their money right now!  Hindsight being 20/20 we should have never bought a house anyway but we ended up being approved for a mortgage through Countrywide.  Yep the mortgage lender that ended up getting in all kinds of controversy now long after.  We were in over our heads.  Honestly I think that whole thing sealed our financial doom at the time. When I look back on it, I wish we would have stayed in the debt consolidation program, paid off our debt, and been denied for the mortgage and just stayed in an apartment. Especially, again with hindsight being 20/20, my ex and I ended getting a divorce not long after anyway. And NO it was NOT all financial related.

The reason I’m telling my story is that you have to find what works with you in your budget. Sometimes debt reduction can be just what a person need to get back on track.  You might pay a little longer but in more manageable payments or in some cases maybe help you erase some debt. Companies like Nationwide Debt Reduction Services even offer ways to  help with student loan debt.

Bottom line is, I don’t think there is a cookie cutter way to get out of debt. I think you need to do your research and decide what’s best for you.

 


Which Is Really Cheaper, Uber or Lyft?

Which Is Really Cheaper, Uber or Lyft?

As a mom trying to make each penny count, rideshare costs can be one area you can save some money. In fact, if you use ridesharing as a way to avoid the need for a second or third car you can drastically cut down on your monthly expenses.
Uber and Lyft have been in a heated rivalry for years now, and one of the ways they compete iswith price. That’s a good thing for us, and even though the prices in general may rise one day, currently they are cheaper than renting a car, taking a taxi, or in some cases driving your own car.

Uber and Lyft Pricing Comparison

Airport Trip – To see which service offers the best price we ran a comparison test with both
apps to see who could get us to the airport the cheapest. The trip would be almost 26 miles and take 28 minutes. The basic Lyft service would cost $39, while the UberX service would cost between $34 and $44.

The Results – That’s quite a range for the Uber estimate, and likely it would fall somewhere in
the middle, so very close to the $39 rate quoted by Lyft. In this case they are very comparable
and since one would get there in four minutes and the other would get there in three minutes
it’s almost a negligible difference. It is interesting to note that the same taxi ride was estimated at $65.70, so either way you’re saving quite a bit compared to a taxi.
Shorter Ride – Not satisfied with this longer ride example, we also calculated a shorter trip from the house to the grocery store to see if that made a difference. Again, there wasn’t much difference, with Uber saying it would cost between $6 and $8, and Lyft saying that they do it for $7.

Surge Pricing

Ridesharing is great during the day when there’s plenty of drivers available and prices are at
their lowest. Both Uber and Lyft have surge pricing, but Lyft’s is not as steep as Uber's so if you find yourself needing a ride after a girl’s night out, Lyft is most likely your best bet.
Cost vs. Riding Experience Much has been said about what it’s like to ride in an Uber versus riding in a Lyft. In this regard, Lyft seems to have the edge with more people rating their ride higher than with Uber. When you consider that the prices are so close to each other, it comes down to which ride will you enjoy more for the price.

Which Is the Best Value?

It may come down to which service works best in your local area and can pick you up the
fastest. Depending on which city you live in, or if you live in a more rural area, there may be
more Uber drivers or more Lyft drivers to be able to get to you more quickly.
With each app you can get an idea of how much the ride will cost and see which one will pick
you up the fastest to determine the best value in your town.