How can i manage my money better so I can get credit cards paid for?

Question

How can i manage my money better so I can get credit cards paid for?

Answer 1

Check out http://www.mint.com

You hook up your savings and checking accounts and credit cards to the website so that you can see exactly where your money is going (via charts and graphs).

They also help you manage your spending -- and it's supposedly all free.

Reputable sources say they use http://www.mint.com but it seems kind of scary to me, putting all that personal information into one website account. But it can't hurt to check into it.

Answer 2

Stop spending.  Here's a web site that will help:

http://www.threerules.org/book.html

Answer 3

Track your expenses and follow a budget. Then check where your money goes and see if you can cut back on any of your expenses. There are many websites out there that help you set up a budget and  track your expenses. The link below is one one of them.

Answer 4

cancel the credit cards.

that way the temptation is gone

Answer 5

Until you get your debts paid off or to pay them off faster, seriously consider getting a temporary part-time job and use ALL of that paycheck to pay off your debt faster.  Have a garage sale or use Craig's List or EBay to sell that extra stuff that you have around the house and don't use/need.  It is better to have one "no fun/no time" year and be free of the quicksand of debt than to have a "no fun" decade and slowly drown in the quicksand of debt.  Stop using credit cards and pay CASH for everything!

1. Make a budget. Make the budget a week before you get paid.  A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc.  Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency.  If you can, set up a direct transfer to a savings account for your emergency fund.  That way it moves automatically and you don't even have to worry about it.

2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately.  Do not take on any more debt.  Make a list of all of your debts in order of highest interest rate to lowest interest.

3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

To start :

Debt #1 (highest interest): minimum payment+ extra payment

Debt #2 (middle interest): minimum payment

Debt #3(lowest interest): minimum payment

Debt #1: paid off

Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment

Debt #3: minimum payment

Debt #1: paid off

Debt #2: paid off

Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up.

5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.

5b. When you have you emergency fund in place, start saving for your retirement.  Join the 401(k) plan at work and contribute the maximum.  You employer probably matches at least part of your contribution so why give up free money. Open a Roth IRA and contribute the maximum on a monthly basis.  If you start saving for your retirement now, you will probably retire a millionaire.

Answer 6

there are tons of authors who talk talk talk.... I am right now using the Dave Ramsey method of personal finance. We have paid of over $5,000 in debt this year so far. Much more to go, though :(

It would work much better if we were better at our out-go!

Check out Dave Ramsey and The Total Money Make-over

Answer 7

Probably the most important thing you can do is to control where your money is going.  Get out of the habit of buying things on impulse, or you'll find that you've spent far more money than you meant to (or can afford.)  Make a budget and plot out where your money is going right now.  See what areas you can cut (maybe you can replace that weekly movie night at the theatre with renting a DVD, maybe you can drink tap water instead of bottled, or maybe you don't need that cable TV after all).  Slim down your budget as much as you can (although don't go crazy.  If you decide to live entirely off ramen for three months, odds are you won't stick to your budget at all.  Although you may have to make some sacrifices, try to make a budget you can live with.  Unless your financial situation is really a crisis, you can still have some luxuries and fun in your budget.)

Then, once you've slimmed down your budget, start putting your new savings towards your credit cards.  Pay off the cards with the highest interest rates first, and don't charge anything else on them until they're paid off.  Calculate how much money you're able to put towards them and how long it will take you to pay them off, and make sure you'll be able to pay them off in a reasonable amount of time.  You don't want to be making minimum payments for five years.

Also, stick to your budget as much as possible.  If you don't have the money for something in your budget, don't buy it.  You should have some "free money" put aside in your budget to allow you to make some impulse buys or have some fun, but if your "free money" for the month has been spent, don't spend any more.  Really.

The only exception is if some crisis comes up.  If your car breaks, you'll need to fix it ASAP, even if you have to break your budget to do it.  No big deal, just see if you can cut anything else out to make up for it, and get back on your budget as soon as possible.

It may also be useful for you to make an appointment with a financial consultant. They will be able to look at your entire situation and give you professional adviced tailored specifically to you.  If you're having trouble managing your money on your own, this will probably be your best bet.  It will cost you a little to hire them, but you will probably more than make the money back with the money they will help you save.

Also, read some of the guides on personal finance sites.  A good place to start is on MSN moneycentral's debt/savings site.  Check it out at: http://moneycentral.msn.com/smartbuy/hom...

Answer 8

Stop going to starbucks, and if you have trouble paying off your cards in full per month, cut them up and use cash.