Stretching Your Holiday Budget

No matter the size of your holiday budget, finding ways to stretch your hard earned money is a smart idea. There is no shame in looking for ways to get the most bang for your Christmas buck. Here are 7 simple ways to help stretch your holiday budget to the max.

1. Sales 

Whether you are buying a turkey or a video game, stores are in the habit of offering big discounts during the holiday season in an effort to pull consumers into their stores. Without a doubt the most effective way to save money during the holidays is to shop smarter. Before you set out to buy anything take the time to do a quick internet search and see which stores are offering the best prices on the items you plan to purchase. Apps like ShopSavvy and Walmart Savings Catcher can make this process much easier as well. Don't forget that you can often save money shopping with reputable online retailers as well, especially when combining discounted online prices with free shipping offers.

2. Coupons

Another great way to save money during the holidays (or any time of the year for that matter) is to use coupons. Websites like www.retailmenot.com make it a breeze to check for available coupons for thousands of retail locations. Remember that many brick and mortar stores will honor the coupons of their competitors as well so it is often possible to combine the best sales prices available with a competitor's coupon for even bigger savings.

3. Price Matching

Many large retailers (i.e. Target, Walmart, Best Buy, etc.) will match the prices of sales from other stores. If you want to save a ton of money without driving all over town just take current sales papers from other stores with you. Some stores will even price match with online retailers such as Amazon.com. Wal-mart, for example, will match the sales prices of other retailers on everything from holiday foods to toys and video games.

4. DIY

Perhaps my favorite money saving idea for the holidays comes in the form of do-it-yourself gifts. DIY gift ideas can range anywhere from homemade holiday goodies to scrapbooks to hand painted ornaments with your children. If you are running short on crafty ideas websites like Pinterest.com can be a huge help. Plus, as a bonus, handmade gifts are often the most treasured and most remembered gifts received amongst a sea of store bought products.

5. Rewards

Christmas is a great time to cash in the rewards and bonuses you have been banking on your favorite rewards credit card. Rewards can often be redeemed for a variety of products and/or gift cards - all of which can make great presents for the loved ones on your Christmas list.

6. Give the Gift of Time

The idea that only "stuff" makes good Christmas gifts is completely false. Another great gift idea can be to do something for your loved one instead of giving them an item. For example, you could make a coupon (or even just a thoughtful Christmas card) which your loved one can cash in for a free month of house cleaning, baby sitting, tax preparation, car washing, a home cooked meal, etc. The possibilities are virtually endless.

7. Volunteer

It can be easy to get sucked into the social pressure to buy the biggest and best gifts for your family. Many consumers take out loans or rack up a small mountain of credit card debt in order to make these expensive purchases, often unknowingly compromising their financial health and credit scores in the process. There is no better way to remind yourself and your family of the true meaning of Christmas than through volunteering to help those less fortunate than yourselves. Whether you put together a gift for a child in a third world country (www.ambassadorstothenations.com) or volunteer at your local soup kitchen there is nothing like giving your valuable time to others to help put your priorities back in order.

Set yourself up for a much more enjoyable holiday season this year by following some of the tips above. Be sure to check back next week for tips from our HOPE4USA credit experts on how you can build the perfect holiday budget and you will be a holiday pro before you know it. 

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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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The Cost of Bad Credit

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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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3 Reasons You Should Work with a Realtor When Buying or Selling a Home

It should come as no surprise that the majority of the clients we work with at HOPE4USA are working toward achieving better credit reports so that they can ultimately purchase a home. In truth, nothing gives our team of credit experts a greater sense of fulfillment than when one of our clients completes the HOPE Program and has credit reports ready to qualify for a mortgage. Talk about a great feeling!

As credit experts and credit restoration professionals we have a very unique perspective of the home buying process. We have seen homebuyers and sellers try to struggle through the complicated process of buying or selling on their own and, while it is not impossible for the savvy consumer to buy or sell without a Realtor, it is certainly a much more difficult and time consuming endeavor. In fact, for the average person making the decision to buy or sell without a Realtor is usually a recipe for disaster. Here are 3 reasons why working with a Realtor is almost certainly going to be in your best interest.

1. DIY Vs Professional Help

Sometimes it truly pays to hire a professional. Of course you have the right to buy or sell a home on your own, but if you are being honest with yourself then you know that you really should not expect the results to be the same. For example, it is also your right to cut your own hair, pull your own teeth, fix your own credit, or repair your own car. However, unless you have extensive training in the aforementioned areas then your hair, teeth, credit, and car would all likely be in much better shape if you left them in expert hands instead. The concept of working with a Realtor is no different.

Experienced Realtors are involved in home buying/selling transactions hundreds of times throughout their careers. Even if you have purchased or sold a few homes on your own in the past you still do not have the same level of experience that even a new Realtor would have. Having an expert working on your behalf pays.

2. Someone In YOUR Corner

Whether you are selling a home, buying an existing home, or building a new home it can be extremely beneficial to have someone in your corner during the process. If you are selling a home your Realtor will work to ensure that you get the top possible dollar for your property. (After all, the more you make the more commission your Realtor earns so there is a big monetary motivation for your seller's agent to do a great job for you.) If you are purchasing a new or existing home your Realtor can help to make sure that you get the most house possible for your money. Plus, as a buyer, having a Realtor is a practically a no-brainer due to the fact that your Realtor's commission is being paid by the seller of the home in the majority of cases.

3. The Contract

Whether you are selling a home our purchasing a home the real estate contract can be a tricky proposition to navigate without professional assistance. Contracts can serve the purpose of protecting buyers and sellers alike - allowing either party to walk away from the offer if certain conditions are not met. In extreme circumstances failure to properly draw up a real estate contract could even leave you vulnerable to a lawsuit.

How It All Boils Down

Even if you are a self sufficient, internet savvy, and extremely bright individual having a qualified professional represent you during the home buying or selling process can still be very valuable. Unless you have the time to become a real estate professional yourself (a very tall order to try to squeeze into an already busy life) then it is probably best to hire someone to represent you. Buying or selling a home can be an emotional and complicated ordeal not to mention that it will probably be among the most expensive financial transactions you make over the course of your lifetime. Having a reputable and experienced real estate professional in your corner is simply a smart decision.

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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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5 Steps to Prepare for a New Auto Loan

Having good credit is an important goal for every adult to set, but it is never more important for a consumer to have good credit than when he is preparing to make a major purchase - such as a home or a vehicle. If you are planning to apply for a new auto loan in the near future then check out these 5 steps to make sure your credit reports and credit scores are ready before you ever submit your first application.

Step One: Don't Allow Impulse to Drive You.

Give yourself enough time to bring about actionable changes on your credit reports. Buying a car is often very impulsive, certainly more impulsive than purchasing a home. However, deciding to purchase a new vehicle on impulse may be a financial mistake. Trying to purchase a vehicle without making sure your credit is in tip top shape first can result in higher interest rates, less favorable terms, higher monthly payments, and even an outright denial for a loan.

Step Two: Check Your Credit Reports.

Checking credit reports several times a year is an important habit for every consumer to develop. The importance of checking your credit is only compounded further when you are preparing to apply for a loan. Thanks to the Fair and Accurate Credit Transactions Act (FACTA) everyone has the right to a free credit report from each of the 3 credit bureaus every year via www.annualcreditreport.com. Surprisingly, even though the right to access these free reports has been available since 2003, only 4% of the available free reports are claimed annually.

Unfortunately there is currently no law which grants consumers free access to their 3 credit scores. Still, there are several websites online which offer a free or $1 view of all 3 of a consumer's credit scores as part of a trial offer for their credit monitoring services. Greatcredit101.com offers a comparison between several of the most popular credit score offers.

Step Three: Correct Errors.

If you think that credit reporting errors are rare, think again. In fact the Federal Trade Commission conducted a study on credit reporting accuracy in 2013 which concluded that over 40 million mistakes could be found on the credit reports of American consumers. Errors happen, but thankfully you have the right to dispute errors when they occur. Consumers can dispute credit report errors on their own or with the help of a reputable credit repair professional. (CLICK HERE to schedule a no-obligation credit analysis with a HOPE4USA Credit Expert.)

It is worth noting that auto lenders will not be checking all 3 of your credit reports and scores like a mortgage lender would do. However, that does not mean that you should try to take a shortcut and focus on correcting the errors on only 1 of your 3 credit reports. Different auto lenders will use different credit reports in their application processes. In other words, if you apply for a loan with ABC Bank they may pull an Equifax report but if you apply with XYZ Bank they might pull a report from Experian instead. Take a tip from the Boy Scouts and "Be prepared!" so that regardless of which credit report is pulled you will not have to worry about any unpleasant surprises.

Step Four: Take a Long, Hard Look at Your Credit Card Balances.

Arguably the most actionable way for a consumer to see a credit score improvement within a relatively short period of time is to pay down his credit card balances. Credit card balances almost always have a negative credit score impact even when the monthly payments for the accounts are made on time. Believe it or not, a whopping 30% of a consumer's FICO credit scores are based in large part upon the amount of credit card debt he carries. The lower a consumer's credit card balances the better the impact will be upon his credit scores. (CLICK HERE to read The Ideal Credit Card Balance to Optimize Credit Scores.)

Step Five: Choose the Right Lender for Your Credit.

The last step to preparing for your auto loan is picking the right lender for your credit. Consumers with great credit are often best served by applying for financing with a "captive" lender. A captive lender is simply the financing option available through the manufacturer of the vehicle (i.e. Chrysler Financial). Captive lenders often offer financing at very low rates, sometimes even 0%, as an enticement for consumers with pristine credit to purchase their vehicle over a vehicle made by another auto manufacturer.

Consumers with good, but less than perfect credit should consider checking out the financing options available through their local bank or credit union. Finally, remember that it is smart to ask questions and to rate shop before settling on a lender as well. Purchasing a vehicle is one of the most expensive purchases that an average consumer makes. It pays to take the time to prepare for your best possible outcome ahead of time.

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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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What Is the Best Credit Card Option for Someone with Bad Credit?

It is important to understand that all plastic is not created equal. Because of this fact many consumers become very confused when trying to choose which type of credit card is best for them. Consumers with no credit or bad credit really only have 3 options to consider when deciding which credit card is best for them: the prepaid debit card, the unsecured subprime credit card, or the secured credit card. Here are a look at the pros and cons of all 3 card types.

Prepaid Debit Cards

When a consumer purchases a prepaid debit card she has the ability to load her own funds directly onto the card. The cards are relatively easy to find - they are available at gas stations, retail stores, and Western Union stores - and literally anyone can purchase them. A consumer does not fill out an application to receive a prepaid debit card, she simply buys it. Once the card is purchased and loaded with funds, it acts just like a gift card. A consumer can use all of the funds available on the card (minus any fees) and then either reload the card or trash it.

Although prepaid debit cards are easy to find and even easier to obtain, there are plenty of reasons to think twice before choosing to use a prepaid card. First, prepaid debit cards do not offer any credit building opportunities for consumers. Why not? The reason prepaid debit cards offer zero credit building opportunities is because prepaid credit cards are not included on credit reports. Ever. Period. If you have heard differently, you have heard wrong. Additionally, prepaid cards do not offer the same fraud protections available through traditional credit card accounts. If a consumer has a prepaid debit card stolen which was loaded with $200 then it is as if she just lost $200 in cash. Finally, although prepaid cards do not offer fraud protection or credit building opportunities, they can still be loaded with fees.

Unsecured Subprime Credit Cards

Another plastic option which is available to consumers with no credit or damaged credit is the unsecured subprime credit card. Unsecured credit cards are the most common type of credit cards. They must be applied for, an approval must be granted, and (if a consumer is approved) a credit limit is assigned to the account. Unlike prepaid debit cards, unsecured subprime credit cards do offer credit building opportunities since they typically report to all 3 of the major credit bureaus each month - Equifax, Trans Union, and Experian. Plus, if a consumer is approved for one of these accounts, she does not have to put down a large deposit in order to secure her new line of credit.

Unfortunately, the primary draw back when it comes to these types of credit cards is the fact that they are usually loaded with high interest rates and incredibly high fees. It is not uncommon for an applicant to be approved for an unsecured subprime credit card only to receive a card which is practically maxed out as soon as it is issued due to all of the initial fees associated with opening the account. CLICK HERE to read more about how high balances on credit card accounts are bad for credit scores.

Secured Credit Cards

The best option for consumers with bad credit or no credit is, without question, the secured credit card. Secured credit cards, like unsecured subprime credit cards, offer great credit building opportunities when managed properly. However, secured cards typically offer this credit building opportunity without the often astronomically high fees associated with unsecured subprime credit cards. They are actual credit cards, unlike prepaid debit cards, which usually report to all 3 credit bureaus.

When a consumer is approved for a secured credit card she is required to make a deposit with the issuing bank which will be equal to the credit limit on the card. For example, if a consumer makes a $300 deposit then she would receive a secured credit card with a limit of $300. The deposit, however, is not the same as loading funds onto a prepaid debit card. If the consumer charges $25 on her secured credit card then she is responsible to pay the funds to the bank as they are not merely deducted from her initial deposit. Secured credit cards also typically offer very easy qualification standards so it is relatively easy to qualify for a secured card even for consumers with no credit or damaged credit.

How to Choose

Regardless of which type of plastic you choose it is important to do your research first. Comparison sites like GreatCredit101.com allow consumers to view the rates and fees associated with multiple cards before they ever apply for an account. 

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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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