How Periodically Checking Your Reoccurring Payment Plans Can Save You Money

Recently I went to my cell phone carrier because I was having issues with my phone. I went to the store to explore options to either fix my cell phone or get a new one. Right before I left the store, the associate asked me if I wanted to explore whether my plan fits my needs. Of course I was starting to run low on time and I assumed that he was going to try to upsell me on a plan that I didn’t want. However, I decided to give him some time and explain my options. I am glad that I did, because he saved me $25 per month.

I learned that my cell phone carrier had recently changed the plans to provide more savings for people who aren’t under contract. People who aren’t under contract do not have a new phone that is being subsidized by the carrier, therefore, the carrier decided to reduce the monthly cost and pass the savings along. Just by spending a few minutes of my time with the associate, I was able to secure a $25 reduction to my cell phone bill. After I secured this reduction I started to wonder, “how long I had been paying the higher bill when I could have been saving money?”

Many times we set our plans and forget. Therefore, we need to periodically check with our carriers to see what new deals are available to us or if our plan makes sense according to your consumption. For example, is your plan appropriate for your usage? Are you paying for more than you use, or you do you go over every month? Also, many times the best deals are for new customers, so I encourage you to do your research and be prepared to walk away from your current provider. However, don’t be afraid to leverage your loyalty with the provider to see what you can get. Companies know that it’s cheaper to keep you!

This week, in addition to reviewing your cell phone plan, take a look at all of your reoccurring payments and call the provider to ask if there are plans that could better fit your need or if there are current specials that they could apply to your account. Take this time to being proactive about going after your savings. Be sure to leave a comment to let me know how you did!

This Is How Debt Ruins Your Life

If you think that your little credit card purchases will not hurt you at all, think again. Most people in debt started with that one purchase and soon found themselves in some really serious financial crisis. Debt, especially credit card debt can accumulate faster than you can imagine and it can lead to the potential ruin of certain areas in your life.

What you need to realize is that debt teaches you one bad lesson – spending more than what you can actually afford. Once you get used to this lifestyle, it leads to all sorts of difficulties and problems. It can be an addicting habit to have. It gives you the false sense of wealth that you think you need to keep up with family and friends. But what you don’t know is that debt actually costs you more than you think.

Instead of just paying for a car that is worth $25,000 in cash, purchasing through a line of credit will add more than that amount. You will end up paying more because of the interest amount that lenders put on top of your principal debt. Instead of adding it to your personal wealth, you are contributing that to your creditor’s wealth.

And as you keep on incurring debt, you should know that you are actually hurting your future through the bad financial choices that you make today. Your future self would have to share their limited income with the debt payments of your purchases you made at present.

The debt that you incur today can seriously affect any financial plans that you have in the future. If you want to purchase a house or start your own business, getting financial aid may not be as easy as it should be because you have a balance to pay off. Until you have that under control and lowered it to an acceptable amount, you can say goodbye to your financial goals.

Another aspect of your life that can be ruined by debt is your health. Being in debt can put you in a very stressful situation – especially when you know that you cannot afford to make payments. When creditor and collectors start calling you, that can add to your stress significantly. Instead of being able to focus on growing your debt payments, you will be harassed, distracted, threatened and abused verbally as they try to get you to pay what you owe.

Lastly, debt is capable of ruining any personal relationship that you have. The mounting debt problem and your stressful self can prove to be too much for the people around you. Resentment can happen especially when you have to forced everyone into a frugal budget just to make ends meet.

Make sure debt will never have this effect on your life by not acquiring it in the first place. And if you already have them, prioritize reducing your debts. It always pays to be smart when it comes to your finances. At the very least, you will be ensuring that your future would be free from worries.

Great Supplemental Income Ideas to Grow Your Debt Payment Fund

Trying to get rid of debt is hard especially if your income is not enough to support that on top of your basic expenses. If you have no other way to decrease your spending, your only option is to find a way to help increase your current cash inflow.

This is where supplemental income comes into play. It simply refers to anything that you earn in addition to your monthly compensation. It is a great way to increase your debt payment fund so you can be debt free a lot faster.

Having two sources of income is one of the best ways to achieve financial security. Even if you lose one, you still get another source to support you and your family. Despite the fact that you are obviously looking into this to help pay your debts, you can continue with this even when you are debt free. It will certainly come in handy in the future. Besides, this is great for growing your emergency fund. It is best to be prepared for any emergency.

To get you started on your efforts to find the best supplemental income, here are a few ideas that may help you out. Take note that these are things that you can do in your free time. Choose one that you are most passionate about – or something that you can develop into a hobby. Best to pursue something that you love to do and earn from it. That way, it would not feel like work at all.

Stock Photography

This is probably one of the most effortless things that can serve as your supplemental income. Everyone can point and shoot. Spend an afternoon outside to take photos and select the best photos. You can have them uploaded online where they can be downloaded for a price. A lot of random images are needed for various articles so you are bound to make some extra money from this venture.

Blog about Relevant Stuff

If there is something about your life worth sharing, go ahead and do it. If there is a particular subject that you want to write about, you can actually monetize on that. There was one guy who blogged about how he planned to get rid of his 6-figure student loan debt. He simply wrote about how he saved, what he spent on for the day and other seemingly trivial stuff about how he lived a frugal life to pay of his debts. Despite being a diary of some sort, his blog gained prominence! People pitched in comments, exchanged ideas and were basically inspired by his quest. His simple blog became a go-to site for people who had debt. By placing ads on your blog, you can earn from the people coming into your site. It may not be a big amount but it is something that you can earn on the side. There are several opportunities online and all it takes is to start a blog.

Go into Affiliate Marketing

When your blog is gaining enough traffic, you can go into affiliate marketing. This is when you get companies to pay you whenever visitors from your site click on a link towards the company website. Some people have made a career out of this. You need to learn the rules though – like online promotion, SEO tactics and other affiliate marketing practices.

Tap into Hidden Talents

Do you have people complimenting the cookies that you baked or a portrait that you’ve created? This can be a source of income for you. Join the weekend market or sell your products online. There are several possibilities and ecommerce had never been easier to accomplish at this day and age.

A supplemental income should primarily be something that you love to do or a skill that you can good at. This will make it more of a fun hobby that you earn from instead of additional work.

How to Convert Your Retirement into Comfortable Wealth Years of Your Life

It’s quite sad how a lot of people view retirement age as a phase in their lives that they have to live simply and frugally so as not to completely use up their retirement pensions. This doesn’t have to be true in anyone’s case, and no matter how old you are now, it’s not too late to turn your life around and ensure that your retirement allows you to enjoy your wealth for the rest of the years of your life.

How to Convert Your Retirement into Comfortable Wealth Years of Your Life

HAVING A JOB IS NOT ENOUGH. No matter how much salary you’re earning or how much you love your job, your salary won’t be enough to build yourself a comfortable foundation of wealth for your retirement. It’s alright to stay in your job for the rest of your life, but it’s important that you invest the money you’re earning as well.

MAKE YOUR MONEY WORK FOR YOU. This is one of the essential maxims advocated by bestselling Rich Dad, Poor Dad author Robert Kiyosaki. If you want to have a comfortable retirement in the future, you should start making your money work for you right now. Investing in the stock market or buying and selling real estate are some of the best ways for making your money work for you.

To properly identify whether the opportunity makes your money work for you and not vice versa, ask yourself the following questions. Do you have to work or exert a lot of effort just to avail of the opportunity? Will the money you’re earning be a great deal more than what you feel you’ve worked for?

MAKE YOUR RETIREMENT GOALS SMART. Whatever you want to achieve for your future retirement, make sure it adheres to the following standards: specific, measurable, attainable, realistic, and time-bound.

For a goal to be specific, you must know exactly what you want. If you want to be rich, how rich do you want to be? How do you plan on attaining your goal? A goal must be measurable so that you’ll be able to know whether you’ve fully or partially achieved your goals. If you want to be rich, exactly how much are you aiming for? Thirdly, a goal must be attainable: you must have the means or resources to attain it. Fourthly, your goal must be realistic. It must not defy the odds of reality such as searching for a magiv plan to turn garbage into dollars. Lastly, your goal must be time-bound: if you want to be rich, exactly when do you plan to achieve your goal?

GET INSURANCE AND RETIREMENT PLANS. Insurance plans are a better way of using your money than just letting it remain in your bank. Choose the one that will give you maximum return depending on your initial payment and situation. As for your retirement plan, speak with your employer or review the company’s retirement plan procedures. Think of what you can do now to increase its returns.

START CUTTING COSTS. It’s never too early to start leading a practical lifestyle. And the good news is that more often than not, frugal alternatives are often the healthier alternatives as well. Quitting smoking, for instance, is not only good for your health but good for your pockets as well. The same goes for indulging in too many snacks and junk food.

EVALUATE AND MONITOR YOUR SUCCESS ANNUALLY. At year’s end, evaluate how well you’ve done or how far you’ve succeeded in attaining your goal. Has it been too easy or difficult for you? If so, make the necessary changes to ensure that you’ll do better the next year. Constant monitoring and evaluation will ensure that you won’t lose sight of your goal!

LEARN NEW SKILLS. If you know that your present job or business isn’t suitable for applicable for you when you reach retirement age, it’s best that you start learning now new skills that could give you a secondary source of income in the future. Your new set of skills may not just give you profitable returns but also serves as a means of entertaining yourself and giving your life purpose even if you’re retired.