Many Americans struggle with credit card debt. There are over 630 million credit cards in this country. Most credit card companies profit is $700M-$800M per year. They make their money off the interest you pay when you make monthly payments on your card. With the average credit card debt per household is over $10,000 dollars, maybe it’s time to focus on this issue and use some tools to help eliminate, or at least reduce, that debt. A simple internet search for “credit card payment calculator” returns many helpful sites that can tell you things like how long it will take to pay off your card if you only make the minimum payment. If you are able to pay more than the minimum you can enter the amount you can afford and it will tell you how long to pay it off and the amount of interest you will pay over that period. That may be a motivator to pay a little more that the minimum if you can. Another tip you may want to use is look for cards with a very low or zero interest introductory rate. You can for a fee transfer your high interest rate card balance to one that for example charges zero interest for 12 months. If you are able you can pay that card off within that 12 months and pay no interest on that balance you were paying a large interest rate on.
Over the years of throwing parties, I have found that my Pico de Gallo recipe is liked by everyone and best of all it is quick, easy, and cheap. It serves 6-8 people.
The first of the five fundamentals and in my opinion, the most important is to focus on the “gap between what you earn and what you spend”. In order to have moneypower you must follow this simple rule. But why does this seem to be so difficult? It could very well be that you are living out of your means and your fixed expenses are more than you can afford. More likely it could be the fact that you do tend to overspend here and there on unnecessary things. Here are some ideas to think about when you are going about your everyday routine to help get you started on being conscientious of your spending habits and creating more moneypower.
I have been reading today and based on some of my research on my other blog posts, it sparked a question that I wanted to put up here for discussion:
I know a lot of us feel that some of our wants are in fact needs but what really drives you to know the difference? We had discussed about keeping a journal or diary of your spending for a month or two have you had any success?
Photo Credit: swanksalot
Feel free to comment, I am just trying to see how you stand with your financial goals!!
The first electric boat was designed in 1892. Since then many individuals and manufacturers have created their own designs for all types of boats. A regular gas or diesel powered vessel has several drawbacks. The engines are typically loud, they consume fuel which is costly, and they pollute the environment with their emmissions. Today there are companies that produce electric powered vessels from the size of a rowboat to a container ship. One company has a 20 foot boat the runs on 4 batteries that, when fully charged, can last 10 hours of use without a recharge. They also have another available option…solar panels. The panels go on top of the bimini and continuously charge the batteries so the vessel is completely self sustained. Once I attended a boat show and saw an oval shaped electric boat that had leather covered seating all the way around the inside of the boat. It also had a cover or top made of fiberglass that was held up with 4 or 6 stainless steel poles that, with the flip of a switch, lowered into the gunnels of the boat. The top provided shade for the passengers, had built in lights, and kept the boat dry and clean when not in use. Pretty cool.
Since the economy started doing so poorly, citizens like you and I started saving instead of spending. The actual numbers are that people were saving about 1% of disposable income and that jumped to 5%. Since the economy is returning it has slid to about 3% of income. This economic situation has made people aware of the need for savings. The important question is:
How many of you will only make this a goal for a short time until you feel comfortable with your job situation or the value of your house starts to climb back up?
Interested in hosting a MyMoney Power party, but not sure who to invite?
Mix It Up!
I love to travel but don’t like to pay a lot to do it. Every year I go on an annual trip to a new destination but never pay full price. Here are my tips on how to go on a budget vacation and still have a great time.
By now you have probably heard about the Going Green craze that has hit the public over the last couple years. Reducing your carbon foot print is certainly a noble cause, but what does it actually take to Go Green? Do I really have to trade in my car for hybrid? Do I have to go run out and buy new energy efficient appliances? While all those would certainly be considered Going Green, they are not practical solutions to get started on the green path. It does not take drastic lifestyle changes to go green and even simple changes in your day to day can result in a monumental environmental impact. Here are a few simple ways to Go Green that I implement everyday to help reduce my carbon footprint and save some money in the process.
Did you know that you could earn cash back and rewards when you go out to eat? Not many people know about dining rewards so I though I would share them with you. I have been using two free dining reward programs for a couple of years – http://www.opentable.com/ and www.rewardsnetwork.com. Open Table is a restaurant reservation website that you can earn reservation points that are in turn redeemable for restaurant gift certificates. Rewards Network is a program in which you choose your reward program such as cash back or airline miles and receive these rewards when you dine at participating restaurants.