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Personal Finance

I believe that Personal finance encompasses all the decisions a person might make when it comes to cash flow, budgeting, retirement, investments, multiple streams of income, and insurance protection. Every adult is bombarded with decisions to make when it comes to all these areas of life and I try to help with my thoughts and opinions on the various topics.

Personal Finance

Make 2020 the Last Year Year You’re Drowning in Debt!

by Evan

Do you have a credit card? Most Americans love a good credit card. American credit card debt was nearly $444 billion in 2019. And it’s no surprise because they have some of the most lucrative deals in terms of rewards in the world. With phone contracts, payday loans, and mortgages it’s all too easy to feel as if you’re drowning in debt. So what should you do?

Don’t despair, paying off debt is not that hard if you have an effective system in place and also the willpower to stick to it. Here’s what you need to know about how to pay off debt.

Slow and Steady Wins the Race

When you have a huge mountain of debt before you, it’s easy to feel overwhelmed. But don’t think about your debt in terms of one huge block you need to pay back. Consider the avalanche method for credit cards, paying off your biggest debt first.

Break down your weekly and monthly expenditure. If you don’t already have one make yourself a budget and see how much spare cash you have each week and how much you could afford to pay back. Be honest with yourself. Don’t try to pay back too much each week and burn yourself out or get away by paying back tiny sums that are insignificant either. You need a happy medium.

Remember slow and steady wins the race when it comes to debt and paying back a manageable sum each week or month will soon start to add up. Once you are debt-free, you should take steps to avoid being in debt again so that all your efforts don’t go in vain. 

Make Savings: Cut Back!

Want to know the best way to save money to pay off debt quickly without really feeling as if you are? Make savings in your weekly or monthly budget. And you can do this in all kinds of ways? Does your supermarket have a loyalty reward scheme? If not consider changing to one that does and use any free coupons and rewards that come with it.

Do you always buy a certain brand or food? Try using a cheaper brand instead and see if you can taste the difference. If you don’t notice then stick with that brand.

If you waste endless amounts of money on subscriptions to Netflix, Amazon Prime or other services ask yourself if you really need them in your life? Could you find a friend or family member to pair up with so you go halves on one subscription or one person pays one platform while you pay for the other?

Budgeting Apps

There are lots of small savings you can make without even realizing it that all add up. Be smart and savvy and see what a difference this can make. Then think about these 4 skills that will help you stay debt-free forever!

If you are struggling them be sure to use a budgeting app that can break down your expenses and bills in pie charts and spreadsheets.

Drowning in Debt? Don’t Despair Budget and Save

We’ve all been there. Feeling like our life is out of control and we are drowning in debt. But there’s no need to panic. Arrange a payment plan that works for you and pay back your debts little-by-little.

Complement this by evaluating your weekly and monthly spending habits and think carefully about how you can make savings and if you really need all of those subscription services you have?

If paying off debt is one of your new year’s resolutions then be sure to click here to see what my 2020 goals and objectives are.

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Personal Finance

Common Myths Associated With Bankruptcy

by Evan

Declaring bankruptcy is a decision that can have a lasting impact on your financial future. While most people understand this to a degree, a large number of individuals do not know exactly how bankruptcy will change their finances. This debt relief option has changed dramatically over the years. In order for you to know whether or not filing for Chapter 7 or Chapter 13 bankruptcy is a good decision for your future, you need to first have a more in-depth understanding of the process and how it will impact your life.

If you are thinking about filing for bankruptcy, now is the time to look over some of the more common myths associated with the financial solution. Look over the details and see whether or not this is the right fit for you.

Losing Your Possessions

One of the biggest concerns people tend to have about bankruptcy is the idea that they will lose everything ever filing. Assets like a home or car can be valuable to an individual’s life and the thought of losing them can be incredibly scary. While the fear makes sense to a degree, people do not usually lose all of their possessions after filing for bankruptcy. In fact, you are likely to keep what you own. This is because Chapter 7 bankruptcy is a no-asset process that does not require those filing for it to list all of their assets.

Chapter 13 bankruptcy also allows you to keep your possessions, but the value of each item will be deducted from the repayment checks you receive after the process finishes. Look into the details of both Chapter 7 and Chapter 13 to get a better idea of which makes sense for your needs.

Debts Are Gone Forever

Another common myth associated with bankruptcy is the assumption that all debt is canceled forever once the process has been completed. While this would be a dream scenario for almost everyone, it is far from the reality of the situation. In most cases, recent taxes and family expenses like child support will not be canceled. Student loans are usually not forgiven either, though most consumers are trying to change this. Student loans create unnecessary debt and hold future generations back from success, so a vast majority of people are pushing for forgiveness acts to get these loans canceled.

The debts that you can expect to be canceled are credit card debt, personal loans and medical bills for the most part. While other debts might be forgiven, these are what banks deem finances that are “out of your control” to repay. To get a better idea of what exactly will be forgiven, reach out to experts. The professionals at an organization like Frego Law will be able to give you a more in-depth understanding of what you can expect when all is said and done.

There Are Better Options

While bankruptcy is a good solution for some people, it is not practical for most people. The better option is to pay off your debts. The process of filing for bankruptcy is long and complicated. By the time you see approval, you could have taken the time to pay back some of your debts. Financial experts suggest that consumers think long and hard about making payments on debts that they owe rather than simply relying on services like declaring bankruptcy. This service should be reserved for extreme cases where repayment is not a practical solution.

Understanding your options when you are dealing with a lot of debt can be a great way to find the solution that you need. Declaring bankruptcy is a popular choice for some consumers, but there are many details you have to understand before you can determine if this is the best fit for you. Weigh out the pros and cons of each solution and see which decision is best.

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Personal Finance

What in the Hell is Up with the Cable TV Industry? Finally Cutting the Cord

by Evan

There is something fundamentally wrong with the cable tv industry as it is operating in 2020. After years of thinking about it, the ineptness and unnecessary fees finally got me to cut the cord.

My History with Verizon FIOS and Altice One (Cablevision)

In 2013 when I bought my second home, we went with Verizon FIOS and used them for the entire time 6 years we were there. We never had an issue with service, but like clockwork every 18 months I would have to call up and threaten to quit, and every, single time my price would come down to around what I was previous paying. It was extremely frustrating but felt like part of the process.

When we moved to the current home Verizon screwed up the move order so bad I may have lost my cool with a customer service rep., which I normally do not do. It was a disaster which could have cost my family a lot of money. We put in the move order, Verizon took down the wrong address, and on the day of the install despite being 1.5 miles away, the tech wouldn’t come here to install and then gave me an install date 4 or 5 days later. It was at this point I may have lost it and told them to “forget everything.” Those words apparently triggered their system to cancel the move order and the service (as opposed to just leaving me in limbo for a few days when I searched for a competitor). For most people, this wouldn’t be a problem. However, connected to that account was The Wife’s business phone number which she has had since 2005ish. Granted with e-mail it may not have been the end of the world, but nonetheless it could have caused a major problem.

So, I attempted to get them to give me just the phone service which they wouldn’t do because it was crossing area code lines (they perform that “courtesy” when the customer is also getting TV/internet). I had to scramble. I figured out that at one time in the past my parents had FIOS so I had a technician come out and install a phone line at my parents just so I could then send it to MagicJack. I did it and I was done with FIOS and was on Altice One’s double play (TV/Internet) with MagicJack controlling the home phone number.

This led to 5 months of MagicJack and Altice One. I was paying $125/mo for Altice One which included way too many channels that I didn’t care about and 200mbs internet service and $50 or so a year for Magic Jack. Notwithstanding the ease of everything being set up I was unhappy because the internet service was not living up to the speed that was being promised, and The Wife was unhappy because she missed Verizon’s interface. This led to a phone call with Verizon.

My Recent Experience with Verizon FIOS and Finally Cutting the Cord

I was told by the Verizon Rep that I would be getting approximately the same channels, I mentioned some of the main ones, and they said “of course.” The tech, who was very nice, spent about 3 hours wiring my entire house, and we were off. I quickly found out that the matched price wasn’t going to work because I needed to use their router for $15/mo if I was going to use DVR and On Demand – which of course I am since it is 2020! So now I quickly jumped from $125 to $140. Fine, not a massive deal I would be getting 1gb instead of 200mbps not that I am convinced it would matter but at this point, I decided I was in too deep. I am going to skip over the WiFi Password 1 hour on hold debacle that also occurred.

I went out that night and came home to find that I didn’t have some very basic channels like TBS, TNT and ESPN. Not amazing channels now that the NFL season is near end, but just weird to pay $1,680/yr not to have. This lead to a phone call that caused me to cut the cord. To get all the channels I had I needed to go up to $170/mo! What?! I was fine at $125 a week ago. But it was during that call I was finally able to verbalize my real problem with cable tv companies in 2020.

They are charging for unnecessary hardware. Why do I need to pay them $20/mo for a cable box? I just need the internet into my home and everything else can be handled on the cloud.

Verizon FIOS was charging me $20/mo for 2 boxes, and then another $20 for their DVR service and $15 for their router. That is $55/mo in charges that just don’t make sense in 2020! It was at this point I told them to shut down the TV service. They made the argument that their TV service was equal to Hulu’s in pricing, and they are correct until we add in the unnecessary hardware! It was that realization that made the jump easy.

My Current Television Set Up and The Costs Behind it

I am approximately 24 hours into this, so it is likely to change, but right now I am pretty happy writing this post.

First thing is that I picked up Hulu Live. I quickly chose that service over the others simply because my smart TV had a free one week trial so I figured why not? I actually signed up with this service while still on the phone with the CSR from Verizon. This week I’ll have to do a little deeper research on the right service for us (we already have NetFlix and Disney+ so that is sunk costs which was on the tab regardless). I think YouTubeTV may be something to look into.

The second move was to go from 1gig service back down to 200mbs service. We had it for the past 6 months with zero buffering issues. That may change as we go forward, but as long as I buy the right hardware (discussed below) increasing the bandwidth is a flick of the switch on Fios.

The internet service is $40/mo and Hulu is $55 – so I am going from $140/mo (or $125/mo or $170/mo depending on the number we use) down to $95. Life changing amount? Not at all, but I always felt like I was getting ripped off so even beyond the money this feels like a win.

The only thing I have left to figure out is the hardware. I think I am going to spend about $200 to $250 in hardware costs (figuring out Router w/modem vs Modem w/mesh) which will work for years without paying $15/mo for hardware costs. The crossover is pretty easy to figure out.

We’ll see where we land with this world, but I am excited to drop off their rip off boxes!

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Personal Finance

How to Treat Yourself and Stick to Your Budget

by Evan

We all need to stick to our monthly budgets no matter what. However, you should still leave room each month to treat yourself to an extra something. Here are some of the ways you can make sure that you stay on track while still allowing yourself your little extras.

Set Limits

One of the easiest ways to treat yourself and still stay on budget is to put a limit on what you can buy. For example, if you have a sweet tooth, you might decide that you are allowed to buy one box of chocolates for the month. If they run out, they run out and you can’t buy any more until the next month comes around.

You can even set these sorts of limits when you are playing games online. The right site like NetBet UK will be able to offer you controls over the amount you are depositing to play with. This means that you will never be able to lay down too much money and you can keep yourself and your spending on track.

Wait for Sales

If you have your eye on an expensive new item, you should always try to wait for a sale before you buy it. There is no better feeling than grabbing something at a fraction of its usual price. Make sure you do your research to find out exactly when the ideal time of year is; some shopping events like Black Friday do not always offer as good a deal as they might claim.

The advantage of waiting for a sale also gives you the chance to mull over the purchase. Will it be worthwhile or will it be something you use once and then put away in a cupboard? We live in a world where consumerism is frequently getting out of hand. If you know for a fact that you won’t get use out of the purchase, you should take a look for an alternative which you know you will use.

Compare Brands in the Supermarket

Food shopping can be one place where you can easily pick up some savings. Take a look at your current food shop and try to work out if there are any places where you could substitute a food product for something cheaper. For example, your favourite type of biscuit might be a lot cheaper if you decide to buy the supermarket own-brand over the named one.

You might even want to switch supermarket. Don’t be mistaken in thinking a more expensive supermarket means higher quality ingredients. You might be able to find the food you enjoy for the same quality and an even better price.

Treating yourself to the things you love the most while sticking to your budget might seem hard at first. However, with a little work, you should be able to get into a good routine of buying yourself cheap and cheerful treats so you can indulge in something extra without blowing the bank. Take a look at some places you could make cuts to your budget without sacrificing your current lifestyle.

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Personal Finance

How to Get Help during a Financial Emergency

by Evan

Everyone should be budgeting and planning their finances.  Within your planning and budgeting of your finances, you should create an financial emergency fund to help with any unexpected emergencies that arise in your life.  However, if you aren’t doing this, we have created this list of the best options that can help you, when you need help with a financial emergency!

The web can be a top place for financial help as a last resort, because of how big it is, and how many options there are on it.  As a last resort for short-term financial help there is the very popular cash advances online.   When using cash advances, make sure that they are only used as a last resort for financial help.  However, there are better options to try use before having to turn to cash advances on the web for emergency financial help!

There are good options that should be used if you are in need of emergency financial help!  This help can come from a few different sources that won’t break your bank account.  These options are cheaper than cash advances online or overdrafts from the bank, and that is why they are a good source for emergency financial help.  We have put together the best options to use when you are in need of financial help when an emergency has appeared!

Top Options to Use for Help during a Financial Emergency:

  • Ask a Family or Friend for a Loan – You should ask friends or family for help during a financial problem first. Typically, you can get financial help, and only have to pay back what you borrowed.  Sometimes you can even get money for free, and don’t ever have to pay anything back!  Finally, you might have to pay a much smaller fee than a cash advance on the web.
  • Use a Credit Card – Credit cards are typically cheaper than cash advances online, and give you a longer time to pay them back.
  • Crowd Funding – A new source for financial help is crowd funding which is cheaper and offer longer terms typically than cash advances online.
  • income tax early loans – Use your tax refund to help with any financial emergency that may arise.  You can get a tax refund advance to get the cash right away to help with any financial emergency.

These options above should be used as a first option when getting help for a financial emergency if you do not have an emergency fund set aside.  These options are the cheapest and best options to go with for quick financial help that won’t break your bank account and cause additional financial problems.  Budgeting & planning your finances including an emergency fund is the best way to get, however sometimes this doesn’t happen, and that is why we have created this list of the best options for getting help during a financial emergency. So if you have no other option during a financial crisis, and need help in the short-term, check out our list above for the best options to get help during a financial emergency when you have no emergency financial fund set aside!

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