Beyond The Bank » Save Money

Debt Crisis: Emergency Action Steps

T. L. Lindemood — Mon, 20 Feb 2012 16:23:34 +0000

Most Americans are used to living with a certain level of debt. Its an unfortunate, but all-too-common fact of life.

If asked, most people would say they’d like to get out from under the debt they have hanging over them. However, wanting to get rid of extra debt is not the same as being in a true “debt crisis.”

What is a “Debt Crisis?”

If you are in danger of (or are actually) losing your possessions or if you are on the verge of declaring bankruptcy – it’s time to take some emergency action steps to get yourself out of trouble.

The first, and most obvious, step is to drastically cut unneeded expenses.

Start by making a detailed budget for your spending. Be brutally honest here – understand in advance that your budget will probably add up to a lot more than you can afford. (You already know you need to start making cuts – so the more honest you can be with yourself at this stage, the better).

Look carefully at the items of your budget and decide whether you really need what you’re spending money on. When it comes to a crisis state, extras like cable and eating out are probably going to have to go.

Once you’ve removed all the items you don’t need, then cut down your bills on the things you have to maintain. Work on cutting your energy and grocery bills. You can also cut out unneeded parts of needed bills like extras on your phone plan.

Next, return things you can’t afford. Many people reach a budget crisis because they were living outside their means. Often, this can be somewhat reversed. If you’ve made recent purchases you don’t need, try to return them to the store. If you can’t return the things you don’t need, you can sell them in a garage sale or on Craigslist.

Contact credit card companies and other debtors and ask them to reduce your debt.

Many people consider this a futile effort. The debtor doesn’t care about your problems, so why would they work to make things easier on you?

It’s quite simple. Most creditors would rather receive part of something than all of nothing. While they may not be willing to lower your total debt, you may be able to negotiate a lower interest rate or even have them temporarily stop adding interest until your finances improve.

QUICK TIP: Before you pick up the phone to talk to credit card companies, BE PREPARED.

You can find all kinds of resources online for how to talk to creditors. They know what they’re doing – you don’t. If you’re uncomfortable talking to them yourself, there are agencies that can do this for you.

If you’ve worked out everything you can and still can’t make ends meet, you probably want to look into getting another job. Even if you don’t have a lot of free time, you can often find valid work on the Internet or pick up odd jobs for your neighbors.

When everything else fails, get help.

If you’ve tried everything above and nothing’s working, it’s time to get help. For whatever reason, many of us don’t want to see help from others, but when it comes down to being able to afford necessities like food and shelter, sometimes it’s your only option. Utility companies, charities, churches, and various other organizations are willing to help you if you ask for it.

Closer Look at Credit Card Debt Relief Solutions Almost all individuals in the U.S. are infected with the...

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Help with Utility Bills: Money Saving Tips

T. L. Lindemood — Fri, 20 Jan 2012 16:02:08 +0000

Save Money: Emergency Help with Utility Bills

Everyone can learn to save money on utility bills as they are directly related to your water, gas and electricity consumption.

For starters, there are many upgrades or alterations you can make to your appliances that will drastically reduce the amount of resources you consume. In addition, certain lifestyle changes (e.g., using less hot water) can also have a pronounced effect on your overall utility costs.

Changes You Can Make

For starters, assess the following in your home and determine where your potential trouble spots are:

Heating, Ventilation & Air Conditioning System (HVAC). Your HVAC system is the number one energy consumer in your entire home by leaps and bounds. The efficiency and effectiveness of this system is integral to maintaining an energy efficient home.
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The ducts in your system can be a major source of energy loss if not properly configured. Leaks and inefficient installation can cause airflow to drop as well as pour conditioned air into areas that do not need it — such as the attic or outdoors.
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Small,routine maintenance like changing air filters will also positively effect your system.If you have an older system, upgrading to a new one can quickly pay for itself thanks to the efficiency gains in the new equipment.

Insulation. Taking steps to save money on utility bills without learning the importance of insulation is a waste of time.Insulation is like clothing for your home – it helps to retain the cool air or warm air you want, resulting in an HVAC system which runs less. The comfort benefits should not be understated, either.
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Finally, the attic is widely considered the most cost-effective area of your home to insulate, so be sure to check that area first.

Water Heater.Heating your home’s water is the third most costly energy consumer in your home. Older systems especially operate in an extremely inefficient manner, purchasing a new system if your existing water heater is over 10 years old is often recommended.
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The default system setting that a unit is shipped with is often set much higher than need be; turning the unit down to 120 degrees should yield plenty of hot water for you and your loved ones at a substantially reduced hit to your utility bills.

Finding out how to save money on your utility bills does not have to be a mystery anymore. Evaluating how your home measures up in the three mentioned areas is great place to begin the steps to saving.

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An Easy Way to Find Affordable Health Care Coverage Online

T. L. Lindemood — Tue, 18 May 2010 15:24:44 +0000

I’ve been self-employed for several years and without question, one of the biggest challenges has been to find quality and affordable health care coverage. I currently have a policy in place, but I have my doubts regarding how comprehensive the coverage would be in the event of an actual medical emergency.

So I was pretty excited to find a promising website called HealthCompare.com that takes a lot of the guesswork out of finding the right health insurance plan for you or your family.

The HealthCompare site is very user-friendly and super easy to use:

First, you fill in your zip code so their system can locate appropriate plans available in your area.

Then, you are asked to select from 3 different coverage options: individual, family or children-only. In addition, you are also asked to clarify whether you are looking for permanent coverage (ideal for self-employed individuals like myself) or short-term coverage (for those temporarily out of work and looking for affordable alternatives to COBRA coverage).

Next, you are asked to fill in a very brief questionnaire re: your gender, date of birth, if you are a full-time student, whether or not you use tobacco, your current monthly premium amount and when you would like your new coverage to begin.

From there, simply hit “Show Me My Plans” and their system will return a number of plans available in your area that match your needs.

If you find one that seems like a good fit, you can start the application process online right away.

How quick and easy is that??

Ready to get started?

Simply follow this link and enter your zip code: Low Cost Health Insurance. Compare Blue Cross, Aetna & More. Plans From $50/month.

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Get Textbooks for Cheap Prices – and Help the Environment While You Are At It!

T. L. Lindemood — Wed, 17 Mar 2010 20:47:06 +0000

Yes, it really is possible to pick up college textbooks for cheap prices – but, check out this doubly cool concept:

We Plant a Tree Every Time You Rent

Chegg.com, the #1 college textbook rental company, plants a tree for every textbook you rent.

Talk about a win-win – you (or your student) can pick up those mandatory college textbooks for cheap prices (according to their web site, their average customer saves over $500 per year) AND you can feel good about helping the environment!

So check out this link (or share it with anyone you know who could benefit from saving money on college expenses):

We Plant a Tree Every Time You Rent

Let me know what you think!

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Downsizing: Confessions of an Infrequent (and Disorganized) Mover

T. L. Lindemood — Fri, 18 Sep 2009 04:00:27 +0000

Yesterday, I described how my new storage unit, I mean “apartment,” was piled floor-to-ceiling with boxes after I moved from my larger home into a smaller 6-month rental. The one-car garage that came with my apartment didn’t fare much better. It, too, was crammed full of stuff and I had no idea what was where – not that I would have been able to get to something even if I did know where it was.

Throw in 3 excited and nervous dogs – and the hottest week of the entire year – and you’ve got one miserable moving experience!

For days, I felt like I was bailing out the ocean with a thimble, but thank goodness my teenage niece and sister-in-law were there to help as we tried to create some sense of a functional and livable space. Fortunately, my new apartment was close to a Goodwill donation center, which made the process of freeing up space a little easier. Plus, my niece was about to move into her own apartment, so she laid claim to a bunch of stuff I was only too happy to get rid of at that point. (Nope. I’m not missing the irony that I paid to move all that stuff only to give it away days later). Even so, the next 6 months were pretty stressful as I tried to live around boxes and counted the days until my new place would be ready.

The worst part about this whole miserable, stressful and needlessly expensive process was that it could have been avoided – even though I had less than 10 days from closing on my former home until I had to vacate.

Hindsight being what it is – here is what I would do differently:

As soon as I got access to my new apartment, I would clean the kitchen and bathrooms so they were move-in ready. I would also measure each room in the rental and write down all the dimensions. Remember, if your items are in larger rooms in your current home, you might not realize how much space they need. Taking detailed notes of your new floor plan will be a huge help when deciding what furniture will comfortably fit in your new space. Trust me, too much furniture in too small a space is something you’ll want to avoid.

Rent a storage locker. I thought I was saving money by skipping this step. Wrong!

When evaluating what to put in storage (i.e., what could I absolutely live without for several months?), I would be more ruthless. I thought I had done this before moving – I really did – but considering the boxes and truck loads of stuff I gave away AFTER I paid to move it – I was wrong. Next time, unless an item has significant sentimental value (such as a gift from someone I love or a family memento), if it hasn’t been used (or thought of ) in the last 6 months to a year, I would donate it.

Before the movers arrived, I would rent a separate uHaul (or borrow a truck from a friend) and load up all the kitchen and bath items I would definitely use over the next 6 months and get those areas completely set up in advance. I would also stock up the refrigerator with snacks and beverages to make moving day more tolerable. I would also use this truck to make a trip to the storage locker for all items I wouldn’t need in the future and had survived the “should-it-stay-or-should-it-go” phase. No sense paying a mover to make two stops if you can find someone to help you get this stuff out of the way in advance.

Pack up valuable, breakable and other personal belongings I don’t want the movers to handle and move them myself the day of the move.

These simple steps might be intuitive to a lot of people, especially if they’ve moved frequently (or recently). However, as someone who hadn’t moved in a long time, I ended up paying a lot more than I should have in terms of time, frustration and money. Hopefully, you can learn from my mistakes and save yourself some time and money on your next move!

Til Next Time,

P.S. Do you have any great cost-saving moving tips? If so, please share them by clicking on the word “Comments” below!

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Downsizing to a Smaller Home – What Not To Do

T. L. Lindemood — Thu, 17 Sep 2009 13:21:28 +0000

I recently wrote about my good fortune when selling my home a couple years ago. I put it on the market on a Friday and had accepted a solid offer by the following Monday. No lengthy sales process with endless open houses or running around to get things in order for a last-minute showing.

That was the good news.

The bad news was that the new owner was in the process of an international move and needed to take possession in about 3 weeks. I had been expecting an 8-9 month sales process – and my new property wouldn’t be move-in ready for at least 6 months…

So, I was left with the unenviable task of finding a short-term rental location willing to take on a renter with 3 dogs – FAST. Because my needs were so specific – immediate occupancy, less than a year lease and open to accepting pets – the options available to me were limited and I was very grateful to find a nice location for a reasonable price that could accommodate those needs.

I did, however, make a couple of major mistakes in the process – and ended up pretty miserable for several months because of it. If you are considering downsizing from a home to a smaller rental property – do an honest appraisal of your belongings BEFORE moving day. I thought I had done this because I had diligently cleaned, organized, threw out and gave away unwanted belongings until I thought I had streamlined my material possessions to the bare minimum.

I was wrong.

Let me stress, I am not a pack rat by any stretch of the imagination. I prefer a simple design style without a lot of clutter or knick-nacky items. Still, I somehow completely underestimated how much stuff I had accumulated until the movers arrived with a very large truck – and still needed to make two trips. I ended up spending twice what I had been quoted for moving – and still had to rent my a uHaul truck to transport remaining items.

Even worse, I had way too much stuff to fit in my new location. After all, I was moving from a 3-bedroom house with a 2-car garage, separate office space and full basement into a 2-bedroom townhouse with no basement, no office space and a single car garage. Because I hadn’t moved in nearly a decade and things were so much more spread out in my former home, I miscalculated how much ‘stuff’ I had. The new apartment and garage looked like storage units when the movers left and I literally had to clear a path between boxes stacked higher than my head to get through the apartment.

Tomorrow, I will share how I was able to get that mess (somewhat) under control – and what I would do (much) differently next time to save a lot of time, frustration and money.

Til Then,

P.S. If you are about to start apartment hunting yourself, be sure to take a look at our new article, Money-Saving Apartment Hunting Tips in the Real Estate Guide.

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Register for the Upromise by Sallie Mae Cash-for-College Sweepstakes before Oct 15, 2009

T. L. Lindemood — Tue, 15 Sep 2009 19:57:48 +0000

In today’s economy, it is harder than ever to find money for college. That’s why Upromise by Sallie Mae® is giving away $25,000.

Details for the Cash-for-College Sweepstakes:

Register between Sept. 1 – Oct. 15, 2009 – 5 lucky winners will each get $5,000

You’ll be automatically entered when you join Upromise, a free college savings service, and install TurboSaver®, their online savings remainder by October 15,2009. This free tool alerts you to opportunities to earn Upromise savings when you’re online so you don’t miss out on available college savings.

For a chance to win $5,000, here is all you need do:

Join Upromise- a FREE service that helps you start saving automatically for college expenses with your every day purchases.
Install TurboSaver, the Upromise online savings reminder.

Important Note: Be sure to register a valid credit card, gas card, or grocery store card at the time of enrollment so you don’t miss out on any money-saving opportunities. (I used a grocery card, but you can register credit cards and gas cards for even greater savings).

Remember, Upromise can also help get money back every day. The Cash-for-College Sweepstakes is just one of many ways Upromise can help with money for college bills. You can also earn money doing everyday things—shopping online, eating out, traveling, filling your gas tank and lots, lots more.

So far, Upromise members have received more than half a billion dollars for college.

Til Next Time,

P.S. Don’t forget – joining and using the Upromise service is FREE! Sign up today and start earning money towards college expenses right away.

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