3 Ways to Keep Black Friday from Busting Your Budget

Depending upon your personality, you likely either look forward to the excitement of Black Friday with gleeful anticipation or you dread the Black Friday hype and plan to avoid it like the plague. If you are of the sect of people who loath Black Friday to its very core then this article is not for you. After all, if you have no interest in shopping on Black Friday then there is zero chance of Black Friday wrecking your budget to begin with, right?

However, if you get a kick out of the hustle and bustle and deal-seeking fun, you are exactly the person who needs to read this article. Check out the following Black Friday mistakes to avoid and you will still be able to enjoy your shopping experience without having any regrets about bad financial decisions in the morning!

1. When it comes to your shopping budget, deciding to “wing it” is a bad idea!

There is no faster way to start a money management disaster than to embark upon the busiest shopping day of the year without a solid plan in place. First, you should determine how much money you can afford to spend after your monthly bills have been paid. Once you have calculated what the number should be, determine to stick to it.

Some savvy shoppers will leave their credit cards at home and only bring along cash to ensure that there is no temptation to spend more than they had initially planned. Personally, I am not a huge fan of shopping with cash (if you lose your cash you are in big trouble where if you lose a credit card you can call the bank have a shiny new piece of plastic issued). So, if you believe you have the discipline, set a budget for yourself and shop with your card. (Plus, by using a rewards card or a cash back card, you might earn some extra bonuses this way as well.) However, if you don’t trust yourself not to overspend on a card then cash might be the best way to go.

2. Making your list…it’s more important than you think.

Once you have determined how much you can afford to spend on Black Friday, it’s time to write down everyone for whom you wish to buy a Christmas present during your shopping spree. Shopping without a list sets you up for failure.

Let’s say that you have a budget of $500 for Black Friday shopping. If you are shopping without a list you could potentially spend the $500 on 10 people, only to remember two more people you forgot to purchase a gift for after you get home. It is also a good idea to put yourself on your shopping list. Putting yourself on the list allows you to have a little self indulgent fun without going overboard on impulse purchases.

3. Thinking that you can find the best deals on your own is a mistake.

When it comes to Black Friday deal hunting, technology is your friend. There are countless blogs, articles, and apps which can help you find the best ways to stretch your holiday budget to the max. You can follow couponers and deal hunters on social media sites like Facebook, Twitter, and Instagram.

Don’t forget to check out the app store on your smart phone or tablet for even more money saving help. Apps like RedLaser and ShopSavvy can help you to compare prices on a particular item in order to make sure you are getting the best deal. Finally, don’t forget to check RetailMeNot.com and other similar sites before you step one foot outside of your front door on Black Friday to find coupons and special offers for all of your favorite stores.

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Michelle Black is an author and a credit expert with nearly 2 decades of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, and a regularly featured speaker at seminars on various credit and financial topics. She is an expert on improving credit scores, credit reporting, correcting credit errors, budgeting, and recovering from identity theft.  

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7 New Year's Resolutions to Improve Your Credit

Whether or not you are a believer in New Year's resolutions it is a smart idea to take an honest look at your credit from time to time in order to see how it can be improved. Good credit can help you to save tons of money, get approved for the loans you need, and can even help you to land a better job. It is 100% worth your time, energy, effort, and money to work towards achieving and maintaining the best credit possible.

Here are 7 steps that every single person can take to make steps toward having better credit this year.

1. Pay every bill on time.

The importance of paying your credit obligations on time, every time cannot be overstated. In FICO's credit scoring model a whopping 35% of a consumer's credit scores are assigned based upon factors included in the "Payment History" category of a consumer's credit reports. If late payments do occur you can bet the bank that they will have a very negative credit score impact.

2. Cut spending.

Overspending is perhaps the #1 cause of credit problems for most Americans. When consumers charge more than they can afford to pay off in any given month not only do they hurt their credit scores by doing so (yes, credit card debt can in fact lower credit scores even when payments are made on time), but they also set themselves up for financial problems and serious credit problems in the future. In fact, overspending can lead to late payments, collections, judgments, and even bankruptcy if the problem is left unchecked.  

3. Make a plan.

Failure to plan is the same as planning to fail. A well planned budget is a crucial step towards healthier credit. Smart consumers tell their money where to go instead of wondering where the money went after it has already been spent. CLICK HERE for a free copy of the HOPE4USA Basic Budgeting Worksheet to get started.

4. Establish credit.

Credit cards can be extremely useful tools in building or rebuilding better credit, as long as they are managed properly (on-time payments and never revolving a balance from month to month). Even consumers with credit issues can qualify for many secured credit cards. CLICK HERE for a list of credit cards to compare and see which ones might be a good fit for you.

5. Become familiar with your credit reports and scores.

Every consumer should be in the habit of checking all 3 of his credit reports often. The credit bureaus and your creditors are obligated by law to report accurate information on consumer credit reports. However, it is up to you and you alone to ensure that the information contained on your credit reports is actually correct.

You can access your 3 free credit reports each year at www.annualcreditreport.com (credit reports only, not scores). You can also access your credit scores for a fee or as part of a free trial offer from a credit monitoring service. CLICK HERE to compare credit monitoring services which may offer free or low cost credit scores as part of their introductory offer.

6. Correct errors.

Errors occur on credit reports all the time. In fact, in 2013 the Federal Trade Commission released a study which found over 40 million errors to be present on consumer credit reports. If you discover incorrect or suspicious information on your credit reports then you have the right to dispute that information according to the Fair Credit Reporting Act.

Disputes can be handled yourself or you also have the right to hire a professional credit expert like our HOPE4USA team to assist you. CLICK HERE to schedule a no-obligation credit analysis with a HOPE4USA credit expert to learn more about how our team can help you fight for the better credit you deserve. Fixing credit problems can certainly be a difficult job, but it is not a job that you have to do alone.

7. Establish goals.

The final tip is perhaps the first step that you should take as you set out on your journey toward better credit. Identify the reason why you want to achieve better credit. Do you desire to purchase a home for your family? Is your goal to have the strong credit you need to finance your education or the education of your children? Do you need better credit to start or build a business? Building better credit can be a long, hard journey (especially if you are working alone without professional help). Your "why" can help you to stay the course even if you feel frustrated or impatient at certain points within your journey. Your "why" is also the reason that all of your hard work will be worth it in the end. 

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Michelle Black is an author and a credit expert with over a decade of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, and  a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, credit reporting, correcting credit errors, budgeting, and recovering from identity theft. You can connect with Michelle on the HOPE4USA Facebook page by clicking here.

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Saying No-No-No to Holiday Overspending!

There are many holiday traditions which are beautiful, meaningful, and worth repeating year after year. However, the tradition of holiday overspending has become all too common among American consumers. Trust me, I understand the temptation to overspend during the holidays and I have heard every excuse in the book given to try to justify this bad habit. "I want to do something really special for my loved one this year because he/she has been going through a difficult time. I'm not worried about charging gifts on my credit cards because I will pay the balances off in a few months with my tax refund. Money is so tight during the rest of year so my family and I deserve to have a little fun during the holidays."

It is much easier for consumers to talk themselves into overspending during the holidays than at any other time of the year. Social pressure, pressure to please loved ones (whether the pressure is real or perceived), and incessant retail marketing can make it difficult for many consumers to stick with a spending budget they can actually afford. However, the truth is that consumers do not have to fall into the debt trap in order to have a happy and meaningful holiday season with their loved ones.

The Plan

The single most effective way for a consumer to swear off holiday overspending once and for all - and to actually achieve this goal - is to start with a plan. As a reader of the HOPE4USA Credit Blog you know that having a written budget to follow for your monthly expenses is essential to financial and credit success. (Need help creating a monthly budget? CLICK HERE for a free HOPE4USA Budgeting Guide.) However, with all of the extra expenses present during the holiday season it is also important to have a separate, written budget for holiday spending as well.

How It Works

When starting a holiday budget it is important to begin by listing the amount of money which is actually available for spending, not the expenses. Starting with the amount of money you can actually afford to spend (without going into debt or dipping into non-holiday savings) will help you to build the most effective budget possible.

Let's say that you determine your total available spending limit for the holidays should be $1,000 or less. The next step should be to divide those funds into spending categories such as charitable giving, Christmas presents, holiday treats and meals, decorations, and unplanned expenses. The funds can be allocated within the spending categories however you see fit. Here is a possible example:

·        Charitable Giving - $100 (10% of available funds)

·        Christmas Presents - $550 (55% of available funds)

·        Holiday Treats and Meals - $200 (20% of available funds)

·        Decorations - $50 (5% of available funds)

·        Unplanned Expenses - $100 (10% of available funds)

Once you have separated your available funds into separate spending categories you can move on to determining how much you will spend for each person on your Christmas gift list. One of my favorite strategies for budgeting Christmas gifts is to list each person for whom you wish to buy a gift in their order of importance. Next you can determine which percentage of funds you wish to spend on each person and calculate those percentages against your pre-set budget to find out your gift "allowance" for everyone on the list. Here is an example.

·        Spouse - 20% ($110 in the example budget above)

·        Child #1 - 15% ($82.50 in the example budget above)

·        Child #2 - 15% ($82.50 in the example budget above)

·        Grandchild #1 - 10% ($55 in the example budget above)

·        Grandchild #2 - 10% ($55 in the example budget above)

·        4 Friends - 5% each ($27.50 each in the example budget above)

·        Misc. Friends, Teachers, Neighbors, etc. - 1% each ($5.50 each in the example budget above)

Make the commitment to set a budget and stick to it and you will make the holiday immensely more enjoyable for yourself and your family this year. As a bonus you can give yourself and your family the gift of starting 2015 off on the right foot financially, without a Christmas overspending hangover.

Merry Christmas from HOPE4USA! Click the image to the left to download the HOPE4USA Basic Christmas Budget worksheet and set yourself up for a holiday season without regrets.

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Merry Christmas from HOPE4USA! Click the image to the left to download the HOPE4USA Basic Christmas Budget worksheet and set yourself up for a holiday season without regrets.

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Michelle Black is an author and a credit expert with over a decade of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, a contributor to the Wealth Section of Fort Mill Magazine, and  a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, credit reporting, correcting credit errors, budgeting, and recovering from identity theft. You can connect with Michelle on the HOPE4USA Facebook page by clicking here. 

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Kicking the Habit of Overspending

Does the arrival of your monthly credit card bill strike fear into your heart?  Have you ever discovered that your checking account is empty without knowing where your paycheck could have possible gone so quickly?  Do you have more new pairs of shoes in your closet than you can count?  If you answered yes to any of these questions then you may have a problem with overspending.

Overspending is one of the most common causes of poor credit scores and unbalanced budgets.  Of course, typically consumers do not set out to overspend; however, without a solid plan for spending it is easy to find yourself in the uncomfortable situation of having more bills than money over and over again.  When you find yourself short on cash that is when bills get paid late (or not at all) and credit scores begin to slip.

Keep in mind, over-spenders are not bad people!  Our team of credit experts at HOPE4USA has helped many, many people to overcome credit problems, a sizable percentage of whom arrived at those credit problems due to overspending. The good news is that if these clients were able to fix their overspending problems and turn their credit reports back around then it is possible for you to do the same.  Here are a few tips to get you started on kicking the habit of overspending:

1.) Write down every dollar you spend for the next 2 weeks.

Analyzing your spending habits is the first step to help you find out if you have an overspending problem and, if so, how severe the problem has become.  Wives and girlfriends, if you are asking your spouse or boyfriend to track their spending you may want to note that men are typically a little more resistant to doing so. My suggestion? Make it easy for them!  Give him a simple 3X5 card to keep in his wallet. Just ask him to jot down the amount spent and where he spent it if he does not want to save receipts. You will still get the basic information you need this way and he may be more likely to follow through with your request.

2.) Make a spending plan (in writing) and stick to it.

You may be wondering, “What exactly is a spending plan?”  A spending plan is a written list of your monthly income (paycheck, alimony, child support, etc.) and your monthly expenses (rent, utilities, car payment, etc.).  In other words – it is a budget.  You can even CLICK HERE to download a free copy of the HOPE4USA Basic Budgeting Worksheet - no strings attached. The key is to get started. (Note: if you are a current HOPE4USA client you can ask your case manager to review your completed budgeting worksheet offer advice and suggestions. Talk about a great membership perk!)

3.) Trim the fat from your spending plan.

Once you have reviewed your 2 week spending list and completed your budget worksheet, look for areas where spending can be cut.  Now, I’m not talking about sucking all the fun out of your life so be sure to resist the urge to respond negatively to this suggestion.  However, I am suggesting that you make a plan to get the things that you really want out of life (i.e. a new home, a new car, college education for children, family vacations, etc.) by figuring out what you can live without in the present. You may be able to find hundreds of extra dollars per month by reducing cable TV plans, cell phone plans, entertainment expenses, eating out expenses, or shopping.  Don’t be afraid to take an honest look at your spending habits and see if a change can and should be made.

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Michelle Black is an author and a credit expert with over a decade of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, a contributor to the Wealth Section of Fort Mill Magazine, and  a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, credit reporting, correcting credit errors, budgeting, and recovering from identity theft. You can connect with Michelle on the HOPE4USA Facebook page by clicking here. 

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Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

---

Credit Cards

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Credit Repair Tool Kit

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Fix Your Credit, Fix Your Life

Your first step towards the credit you deserve!

When Debt Collectors Attack!

Debt Collectors Do NOT Have the Right to Harass or Threaten You!

Don't let your creditors take advantage of you. The Fair Debt Collection Practices Act (FDCPA) is a law designed to protect you against unruly creditors and collection companies. YOU have a ton of rights under this act which will help stop harassing creditors and debt collectors in their tracks. Here are just a few of the things which debt collectors are not allowed to do:

• They are not allowed to tell others details about the consumer, including that they owe a debt.
• They cannot communicate with anyone other than the consumer more than once.
• They cannot communicate through post cards nor can they have ANY markings on the outside of their envelope indicating they might be a debt collector.
• They cannot use the fact that they are a debt collector to bully you into paying.
• They cannot identify themselves as a debt collector to your employer.
• They cannot send things in the mail to identity they are a debt collector with the intent of embarrassing or causing other hardship to you.
• They cannot call you before 8 a.m. and after 9 p.m.

Debt collectors are also required to immediately cease and desist contact with you if you are represented by an attorney, or if you notify them to do so in writing, or if you notify them that you refuse to pay the debt. Any violations of the FDCPA can be costly to the debt collector, especially in the civil and class action aspects. And, these are only a few of the aspects of how this law protects you.

Contact us today at 704.499.9696 to learn how you can have the exceptional credit you deserve or click here if you would like to schedule a personal credit analysis with a HOPE Credit Expert.