Transcript

Be Debt Free in 2013

PAY CREDIT CARD BILLS ON TIME DON'T PAY FULL PRICE RE-EVALUATE YOUR CELL PHONE ... EVER 17 BE DEBT CARPOOL, TAKE PUBLIC FREE BROWN BAG IT AT LUNCH TRANSIT OR BIKE IN TO WORK 2013 REDUCE YOUR INTEREST RATES CUT BACK ON EXPENSIVE HOME ENTERTAINMENT LEAVE YOUR CREDIT CARDS AT HOME LEAVE YOUR CREDIT CARDS AT HOME Avoid impulse buying on credit WANT NEED USE CASH AS MUCH AS possible & layaway for big ticket items THE TYPICAL CREDIT CARD PURCHASE IS 112% higher than if using cash. EVALUATE ALL PURCHASES on a "want" or “need" basis. Minimize your "wants" until you are debt-free or can justify it by paying in cash. IF YOU NEED A CREDIT CARD, purchase a prepaid card CUT BACK ON EXPENSIVE HOME ENTERTAINMENT Pay-TV drives up your monthly costs & a waste if you pay for channels you rarely watch IN 2011, THE MONTHLY average cost was $86. Future estimates are: CANCEL PAY-TV & explore Take the $123 by 2015 • $200 y 2020 $1,476 yearly cost of pay-TV in 2015 & apply it your debt with the highest interest rate. Internet TV Libraries lend movies for FREE BROWN BAG IT AT LUNCH Save the cost of buying your lunch & stay away from lunchtime shopping IF AN AVERAGE New York NY NY lunch out is $15 a day INVEST THE COST of buying a daily New York & bringing lunch is $3, in 10 years you would save lunch at 2% over 10 years & and earn an additional AVERAGE AMERICANS spend almost 2 of their food budget on eating out $31,200 $3,308.11 RE-EVALUATE YOUR CELL PHONE Wireless companies bank on users upgrading hardware & signing up for services they may not need USE THE SAME SERVICE AS ASK TO SEE NO-CONTRACT THE AVERAGE CELL PHONE BILL ROSE phones & plans. Often they are better deals. S.. PLAN 1 FREE PLAN 2 FREE MINUTES friends & 10% family to talk & text for free FROM 2007-2011 MINUTES BUNDLE YOUR CELL phone with other home services for greater savings 17 PAY CREDIT CARD BILLS ON TIME Don't pay late fees or risk marring your credit score with chronic late payments. PAY BILLS ONLINE AS EARN BANK INTEREST on spent money. When you are debt-free see if you can use credit inter- est-free for up to 60 days. soon as they arrive. PAY BILLS LATE FEES RUN $15-$35 & if you are past 30 days late it will be reported to • Set up automatic payments from your bank. the credit bureau. Buy big ticket items with your credit card & pay the entire balance right before the interest-free > Ask for email or text reminders of due bills. period expires DON'T PAY FULL PRICE ... EVER A little time & effort can save more than you think. » CHECK UNIT PRICES craigslist to avoid being fooled $4.50 kijiji by packaging Buy generic drugs, canned food and Check for free stuff on AMERICANS SPENT Craigslist or Kijiji. You never know when someone will be giving away the exact thing GENERIC batteries $10.7 trillion > Comparison shop online SHOPPING IN 2011 DEALS you need Ask for deals O CARPOOL, TAKE PUBLIC TRANSIT OR BIKE TO WORK Cars ownership is expensive, more so if you drive to work every day. -CO2 THE AVERAGE ROUND USE A BICYCLE TO DRIVING TO WORK trip commute: 32 miles = 7 gallons of gas/week = around $1,300/year. Carpool with three other people & pay only $325 each/year commute: save every day means paying for gas & park- ing on top of insurance, repairs & depreciation of car value money, get fit & reduce your carbon footprint. Big cities (like Washington, DC) are instituting bike share SHIFT FROM CAR ownership programs in their downtown cores to to public transportation & save $9,242/year encourage ridership REDUCE YOUR INTEREST RATES There are no laws capping interest rates. Interest rates usually run 5-30%, with the average holder paying around 15% • Paying default rate due to late payment? Pay your CHIP AWAY AT YOUR balance by paying more than your monthly mini- mum. The fastest way to wipe it out: transfer your balance to a credit card with a long 0% introductory offer & pay 15 NOV. 2012, bills on time for 6 months & the credit company has to give back your pre-de- fault rate credit card interest 12 rates were: 14.02% (fixed) & 14.59% (variable), but one missed payment can jack your rates up significantly it off before the rate in- creases. > Call your company & ask for a better interest rate. If you aren't pleased, speak to management. % • Shop around. Other cards may have lower rates, but look out for bal- ance transfer fees or low 0% introductory periods that balloon after 6 months. Debt Consolidation.com SOURCES: www.progressiverelief.com/consumer-debt-statistics.html www.wisegeek.com/how-much-do-americans-spend-on-eating-out.htm business.time.com/2012/08/29/how-to-save-2500-a-year-on-lunch/ www.zerohedge.com/news/2012-09-26/inflation-americans-spend-less-food-movies-pay-soaring-cell-phone-obsession frugalliving.about.com/od/householdsavings/tp/Save_on_Cell_Bill.htm www.getrichslowly.org/blog/2011/08/02/how-to-save-on-your-cell-phone-plan-with-secret-no-contract-deals/ credit.about.com/od/billingandpayment/qt/Handle-An-Accidentally-Missed-Credit-Card-Payment.htm www.wisebread.com/how-to-get-rid-of-and-avoid-late-fees www.lovemoney.com/news/credit-cards-current-accounts-and-loans/credit-cards/851/five-ways-to-make-money-with-credit-cards www.wral.com/lifestyles/house_and_home/story/11068063/ www.thedailygreen.com/green-homes/latest/carpool-saving-money-tip#slide-2 green.autoblog.com/2010/01/20/bus-Vs-car-public-transit-can-save-riders-an-average-of-9-200/ dc.about.com/od/bicycling/a/Capital-Bikeshare-Washington-DC.htm finance.yahoo.com/news/credit-card-interest-rates-nov-080036697.html www.creditcardexpert.net/what-is-the-maximum-apr-a-credit-card-company-can-charge/#.U02VzHeOWy4 www.dailymarkets.com/creditcards/balance-transfer-card/ $2.50

Be Debt Free in 2013

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