WREX.com – Rockford's News Leader10 ways to prepare for a personal financial ...
Don't invest in stocks or other higher-risk investments until you have several months' worth of cash in liquid accounts. How many months' worth of cash do you need? It depends on your financial obligations and your risk tolerance. If you have a major obligation, like a mortgage or a child's ongoing tuition payments, you might want to have more months' worth of expenses saved up than if you're single and renting an apartment. A three-month expense cushion is considered a bare minimum, but some folks like to keep six months or even up to two years' worth of expenses in liquid savings to guard against a long bout of unemployment. 2. Make a BudgetIf you don't know exactly how much money you have coming in and going out each month, you won't know how much money you need for your emergency fund . And if you aren't keeping a budget, you also have no idea whether you're currently living below your means or overextending yourself. A budget is not a parent -- it can't and won't force you to change your behavior -- but it is a useful tool that can help you decide if you're happy with where your money is going and with where you stand financially. (Do you have enough savings to cover the costs of unforeseen crises? Learn how to plan ahead in Build Yourself An Emergency Fund 3. Prepare to Minimize Your Monthly Bills
You might not have to do it now, but be ready to start cutting out anything that is not a necessity. If you can quickly get your recurring monthly expenses as low as they can be, you'll have less difficulty paying your bills when money is tight. Start by looking at your budget and see where you might currently be wasting money. For example, are you paying a monthly fee for your checking account? Explore how to switch to a bank that offers free checking. Are you paying $40 a month for a landline you never use? Learn how you might cancel it, or switch to a lower rate emergency-only plan if you needed to. You might find ways you can start cutting your costs now just to save money. For example, are you in the habit of letting the heater or air conditioner run when you're not home, or leaving lights on in rooms you aren't using? You may be able to trim your utility bills.
Evaluating Balance Transfer Offers on Credit Cards | Basic ...
When looking to get a new credit card, there are many things to watch out for. Whether this is your first card or you’re simply looking to transfer your balance of an old card onto a new one, there are many items you’ll want to beware of, including how long your 0% interest will be. One of the main issues of transferring your balance is what happens when you apply purchases onto the same credit card you transferred a balance on.
If you are in the market for a credit card to transfer a high-interest rate balance, there is one particular thing you’ll want to watch for. For example, a credit card company may claim to have a 0% interest rate for 6 months on a balance transferred from another card. This, in fact, is quite common. However, the catch is simple when explained. Use this card for any purchases and you’ll be paying an interest rate of approximately 16.9% interest on your purchases. The 0% interest does not apply to any purchases you normally use a credit card for and if you have your transferred balance on the card, as well as purchases, your repayments will go toward paying off the balance transfer first. Therefore, you’ll be accruing interest on the purchases and have no way to repay them unless you pay off the balance transfer first.
Unfortunately, this is why the majority of these companies offer cash backs and rewards. They want you to put purchases and increase your balance. In this particular case, they make a lot more money from you, while you spend years trying to pay it off.
Does this mean this is the death of the 0% balance transfer offer? No, it does not. To get around this, you’ve simply got to be aware of the fine print within each particular programme. If the offer states that it is 0% interest on balance transfers, cheque for how long it will remain 0% and what the interest rate will be once the time is up. You’ll also want to know and evaluate what the minimum transfer balance is. Most credit cards are approximately £100. You must decide at this point if you believe the balance will be paid by the time period is up and if not, can you handle the interest rate.
The next step is to keep this card only for this balance transfer. Do not put any purchases or draw any cash from this card, no matter what kind of offer they give you for rewards or cash back. If you can do this, the 0% balance transfer will be beneficial to you.
Another thing to watch out for on credit card offers is if there is a handling fee. There are some companies that will charge a one-off 2% fee for balance transfers and they also put a minimum charge of £2 and a maximum of £50. While there are still some offers that will not charge a handling fee, they are becoming rare.
No Balance Transfer Fee Credit Card Offers
Compare credit cards that offer low interest on balance transfers in addition to no balance transfer fees. Compare offers and apply online.
0% Balance Transfer Credit Cards | Smart Balance Transfers
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0% Balance Transfer Fee Cards
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List Of 0% Balance Transfer No Fee Credit Card Offers | Money ...
Updated List Of The Best No Fee, 0% Balance Transfer Card Offers Below Zero percent balance transfer cards are a particular selection of credit cards that