Let’s tackle debt first. It’s hard to save money if you’re in debt and even harder to figure out where to start. Which is the WORST way to tackle your debt?

A) Rank debt form highest interest rate to lowest interest rate and pay them off in that order.

B) Consolidate all credit card debt onto a low-interest rate card and pay off your debt during the introductory period of low rates.

C) Keep making those minimum payments – it make take you a while, but you’ll get there eventually.

D) Cut up up your credit card and close the accounts. Just keep one with the lowest interest rate.

Scroll to the bottom of the page for the correct answer

C) Is the correct answer. How long do you want to be in debt? Making minimum payments traps you in a cycle of debt that could take years to get out of.

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If you are able to purchase real estate remember this:

“Real Estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” – President Franklin D. Roosevelt

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24 Mistakes That Send Energy Bills Soaring

Implementing these fixes will save you cold, hard cash all year long. Heating your living space accounts for about 43% of a home’s energy bills on average, and air conditioning eats up another 8%. That’s according to the most recent Residential Energy Consumption Survey by the U.S. Energy Survey Information Administration.

Bills can vary greatly, of course, depending on your home, fuel type and weather in your part of the country. Your costs could be higher, especially if you are neglecting easy low-cost adjustment and maintenance tasks that can increase your energy bill. Here’s how to cut energy consumption on heating and air cooling:

1. Neglecting to program the thermostat
2. Forgetting to use cold water for laundry
3. Setting the water heater too high
4. Failing to clean outdoor air conditioning units
5. Ignoring cracks and leaks
6. Missing big gaps (that cause heat or air conditioning to escape) use caulk or foam to fill in spaces
7. Skipping insulation on the attic door
8. Failing to shrink wrap windows (especially in areas with extreme cold weather)
9. Leaving the damper open on your fireplace (warm air escapes outside instead of heating the inside)
10. Using a ceiling fan incorrectly (changing the direction the blades rotate – winter push warm air down – summer reverse it)
11. Not changing the furnace filter
12. Ignoring dirty air conditioner filters
13. Failing to insulate the water heater
14. Not insulating hot water pipes (insulation keeps heat in pipes – in cold temps the water cools in pipe)
15. Overlooking door sweeps
16. Skipping weather stripping
17. Not knowing how to use drapes correctly (reduce heat loss by keeping drapes closed at night & daytime open drapes to allow sun warmth)
18. Not sealing the heats ducts
19. Not insulating the basement
20. Overlooking electrical outlets (pre-made gaskets prevent heat loss)
21. Ignoring outside-facing baseboards
22. Forgetting air conditioner condensation lines (make sure lines are draining properly
23. Neglecting air conditioner fins (keep them clean so the air conditioner works properly)
24. Using older, inefficient light bulbs

https://www.moneytalksnews.com/slideshows/19-cheap-or-free-ways-to-cut-your-winter-energy-bills/

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While you’re thinking about how best to thank Mom this year, consider some ways she helped marshal the family resources and taught you to save and spend money.

As a tribute to mothers everywhere, Money Talks News hit the streets to find out the top financial lessons people learned from their mothers. Here’s what they found:

1. Spend less than you make
2. Borrow only as a last resort
3. Save for a rainy day
4. Graduate
5. Splurge after a job well-done
6. Practice gratitude
7. Stock up smartly
8. Stay cool
9. Never pay full price
10. Open an IRA and fund it regularly

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How the Coronavirus Could Ding Your Credit Score – part 2

As lenders slash credit card limits, any credit card user who isn’t careful might see his or her credit score suffer. With a lower limit, consumers are more likely to use a greater percentage of their available credit each month (or debt-to-income limit ratio), which has negative effects on their credit score and ability to borrow money.

In general, it is best to keep your debt-to-limit ratio, also known as a credit utilization rate, below 30%. That would mean that if your credit limit is $10,000, you should not let your credit card balance exceed $3,000.

But if your credit card company slashes your credit limit from $10,000 to $5,000, and you continue to let your balance reach $3,000, your credit utilization rate will jump from 30% to 60%. That could spell trouble for your credit score: Your credit utilization impacts both your FICO and VantageScore credit scores.

If you discover that your credit limit has gone down, call your lender and ask to have the limit bumped back up. Simply ask for a higher limit often works. Just be careful not to then increase your spending, as increasing both your credit limit and your credit card balance will not necessarily improve your utilization rate. See 7 Ways to Boost Your Credit Score Fast.

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How the Coronavirus Could Ding Your Credit Score – Part 1

Credit card companies are quietly making moves that can cause you unexpected trouble. If money is suddenly tight, you might turn to a credit card to finance your everyday needs or wants. But the amount you can put on your credit card might be a lot less than you expect. CNBC reports that credit card companies are slashing credit limits – sometimes without informing cardholders. This move comes as lenders are under financial pressure, thanks to the fallout from the coronavirus pandemic. Lenders suddenly have less cash in their coffers, and they are becoming increasingly worried that out-of-work cardholders might fall behind in their payments.

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Pay 0% Interest Until 2021 with These Cards

If you carry a balance on your credit card, make sure you’re using one of these cards that will charge no interest until 2021.

Now, is the time to transfer credit card balances with high interest rates to zero interest rate cards. This will allow you to pay down your credit card balance without incurring monthly interest rate charges. Taking this action will give you an opportunity to pay your credit card debt faster and make huge strides until 2021. In 2021, once the interest rate begins to be added, and you still have significant credit card debt, you may have to seek another zero interest rate credit card to continue this process. The key is to be diligent and when you can put large sums towards your balance to cut your debt in half or pay it in full. It can be done! Just give it a try!

For more information visit: https://www.cardratings.com/bestcards/0-apr-credit-cards.php

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Balance transfer credit cards

Experts typically suggest consolidating debt into a card that is offering a 0% interest rate for a set amount of time – or at least one with a very low rate. Some cards will offer no interest on balance transfers for six months to up to 21 months, so you can pay off debt without paying costly interest charges. However, balance transfers typically incur a 3% fee and may need to be transferred within the first 60 days from account opening to qualify for the interest-free period. Also, right now banks have gotten tighter, so it may be harder to get a 0% APR or a lower interest rate card. You’ll likely need a credit score of 700 or higher in order to succeed, as well as a steady income. We know during the pandemic – many rules have changed and are changing during these uncertain times.

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Why the Coronavirus Lockdown is Bad for Your Car – But there is GOOD NEWS!

You are probably driving less – and this might not be good for your car. Start your car every two or three days. Drive on the highway once a week. There are several things that happen to your car’s structure and chemistry when you let it sit for too long. Such things include gaskets and seals becoming brittle, flat and brittle tires, drained battery, gummed up fuel, rust, and engine oil deteriorating, which can be costly to repair.

All State and State Farm issued coronavirus refunds based on fewer driving hours for most drivers. 

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A Simple Way To Maximize Your Social Security

You can influence your eventual payout from this safe, dull old-age safety net to a surprising degree by making some adjustments and changes in your planning. As you approach retirement age, especially for couples, the potential strategies can be mind-numbing. Should you start claiming benefits at 62? 66? 70? Should you claim spousal benefits now, then wait to file under your own account later? Review the Social Security guidelines before applying for your benefits. Not only are the options complicated, they’re important. Optimal claiming strategies can boost the monthly checks you’ll receive by tens of thousands of dollars over a lifetime, especially for couples. Unfortunately, the Social Security Administration CANNOT counsel you on you specific situation. However, they can answer your specific and unique questions. Visit www.socialsecurity.gov to familiarize yourself with the criteria and information before applying for benefits – You will be glad you did!

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