Category Archives: Blog

Drowning In Credit Card Debt – It can be fixed and fast

 

How do you get on top of credit card debt and get ahead?

Our debt elimination plan will help. 

  • Pop all of your statements on the table and look at amount owing on each, if necessary do have a glass of wine to face them! It is freeing once you have.
  • Add up all your minimal monthly payments, thats how much you are paying now.
  • Look at ways to create or add an extra $200 a month to your income (thats only $50 a week ladies we can all generate that).
  • Look at your current spending choices how much can you save? What can you change to save a little more?
  • Ideally freeing up a total of $500 a month will make a massive difference very fast.
  • Have a look at the interest rate on each card (each card will usually be between 10 – 20%) and the total amount owing on each.
  • The extra money you have created and saved is now going to be used in full and added  along with your minimum monthly payment to the credit card with the lowest amount owing. You keep doing this every month until it is paid in full.
  • Then you take the minimum monthly spend you had on that card , add it to the $500 and apply both amounts to the card with the next lowest amount owing, in addition to the minimum monthly payment.
  • Then when that card is cleared you take both previous minimum monthly payments and apply them along with your $500 to the next lowest card and keep going until it is also cleared.

Are you getting the picture? Before you know it instead of compounded interest working against you, you will have compounded payments now working for you, it slices the debt fast and saves you so much interest and time. Plus it feels so good when you have knocked one over and see the reduction on your statements.

That is why we start with the lowest total amount owing not the card with the highest interest rate, it gives you quicker wins and is emotionally rewarding, so you will keep going!

Imagine how good it will feel to know you are now in control and on the way to clear this debt fast and save thousands. You can do it!

The hardest part is deciding and getting started, if you need support please shoot us a comment or give us a call.

We would love to hear from you!

 

 

 

Love Rats: Are You at Risk?

Being emotionally vulnerable is one thing, we need to to open to love don’t we? But we need to stop being financially vulnerable! Listen to this story and the ones of your girlfriends. Are you at risk of being a financial victim? If you are, let’s change that! Get Financially Fabulous, give us a call on 0412 696 093. We can help ensure you have the structures and support you need to win in love and in life. You are worth it!

Because love should not be expensive!

What to do when you are asked to be guarantor

Asked to Be A Guarantor? What You Need to Know Before You Sign!

 

Being a guarantor. It’s something every mother or father may face at some point throughout their life. The kids may hit you up to guarantor their loan, especially these days when property is almost out of reach for the younger generation.

The Problem

Many people don’t fully understand the commitment they are making when they sign the paperwork. Always remember: what ever you are going guarantor for, you are responsible for!

Whilst we never like to think of things going wrong, the reality is they may. We live in a world today where it seems like change is the only constant so we need to walk into these situations empowered and making smart decisions not just emotional ones.

What are you putting at risk if disaster strikes and your child gets ill and can’t work, or loses their job or for whatever reason can’t continue to make the mortgage payments? Are you in a position where this would be a disaster for you or do you have sufficient liquidity to sail through any such storm.

The reality is the mortgage company is making a smart decision they are protecting themselves by demanding a guarantor if they are to approve the loan, why are they worried?

Is the property overpriced and they are concerned it could drop in value, or is it that the deposit is so small that by the time costs are taken into account they couldn’t sell the property to repay the loan?

Buying a home is a big step and so is being a guarantor, do not walk in with your eyes closed and put yourself at risk.

Do the math, gather the intelligence and then analyse the situation, is this good for your child and are you in a position to assist without putting everything you have worked so hard for at risk.

Then and only then make your decision, don’t feel you are letting anyone down if you say No.  In fact you are certainly helping them by looking at the facts and making an informed decision and they should respect and learn from that.

Isn’t that what families are really about.

Know of a good or bad experience with being a guarantor please add to the conversation, together we will all benefit more.

Facing a CashFlow Crisis? 5 Tips for Immediate Financial Relief!

What can you do when things are tough?

  1. Consider a 0% interest rate credit card to avoid the 20% interest rates.
  2. Talking to your credit card provider. Be open, upfront and honest with them.
  3. Personal loan – try to get your debt into one manageable payment.
  4. Spending plans and budgets – now is the time! Where is the money going? What can be stopped?
  5. Part-time job. Look at extra ways to bring an income – online income, garage sale, cleaning, mowing the lawns.

That’s out top 5 tips to a speedy start to getting back in control of your money and your life. You can do this!

Cinderella didn't need to be a damsel in distress!

The Real Cinderella…Happily Ever After?/ Estate Planning and wills Who are your dependants!

 

You know how it goes…

Once upon a Time, there was a beautiful young girl named Cinderella, she lived alone with her father after her mother had died. He was a devoted father and loved his only daughter dearly, lavishing care, tenderness and kindness upon her. He did everything to make life luxurious and comfortable for Cinderella but still felt she was missing something. Anxious for his daughter to have a mother figure he married a woman of good standing who was widowed with 2 daughters of her own. They lived happily together until her father died. Blah Blah Blah…

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Love/hate Relationship with Money?

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If your cashflow seems like a YO-YO, constantly up and down, I can relate. Here is some insights from my journey. Maybe you have a dysfunctional love / hate relationship with money?

  • Do you love paying bills and feel grateful for the services they provide when the bill comes in?
  • Do you avoid making sure your finances and taxes are in order, because lets face it you are so busy busy busy?
  • Does being in seriously expensive establishments make you feel at home or like you don’t belong?
  • DO you know about the family finances and day to day budget but have no idea about your long term financial picture cos you leave it up to the man in your life?
  • Do you realise how valuable you are to your family, the world, your friends?
  • Have you let past mistakes shut you down instead of learning from them and feeling empowered to make new smarter choices?
  • Do you feel guilting if you shop for you?
  • Do you pay yourself first or are you living pay check to paycheck?
  • Can you easily talk money with your BFFS?

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