The best tactics to become financially fit

[Pinktiger]

Now that my bankruptcy is discharged and closed, and hopefully will remain so, I'm working on rebuilding my financial life. Actually, "rebuild" is the wrong word. I have never, ever, on my own, been financially sound. My husband has been, but my finances have always been problematic. I have difficulty working with credit cards, especially, so I wonder if I should even seek getting another credit card.

I have searched the web for information. I find there's a lot out there.
Quite a bit of the information is put out by people trying to make a buck off my misery. But some information is useful, and I want to share that with you. I will post sites on this thread as I surf, and try to bring up topics in this forum meant to help deal with issues that I am facing. Please feel free to bring up your own issues.

Here's a site that is free, but does offer a budget plan online that is rather expensive ($130 annually). There is a lot of free stuff here, though, and a forum, so you can get budget information absolutely free without paying anything:

https://www.personalfinancebudgeting.com

[Pinktiger]

Here's another free site, and this one has no products to sell:

http://moneycentral.msn.com/home.asp

[Pinktiger]

I was trying to remember the last time I had a savings account before now; I recently opened one through Emmigrant Direct, an Internet bank. The interest rate is 4.25 percent right now, which is more than anyone other than Paypal offers. My bank where I have my checking account is now 1.25 percent, and that is for $1,000 balance.
Anyway, I remember: it has been 35 years. I'm glad I've turned a new leaf, LOL.

[queerguy]

good advice

[mike9302]

I used to be really bad at financial decisions like you describe. There is a book by Dave Ramsey called The Total Money Makeover. It is something like 10.00 and if you dont want to buy it just sit in a book store over some coffee or a snack and read through the book for 15 or 20 minutes. That is what I did and wound up buying the book lol. The book contains all sorts of hints and tricks to help you save money and show you ways to cut costs. Also if your willing to spend 130 try buying his financial peace university kit which includes the book. Many people say he is arrogant but he tells it like it is. It helped me get through hard times. The kit includes 14 cd's that contain simple to understand tactics and you are never asked to buy anything else. But if your bad with finances credit cards are definetley something to stay away from. Credit cards will eventually get you into a debt cycle that you cant get out of.

[HRx]

Don't try to keep up with the Jones! And striving to not live beyond one's means is also critical. It definately sucks to go without some life's nice materialistic goodies...but if you save and invest the monies instead it will help out in the long run! There are several things that one can do that can/will increase their liquid assets in the long run.

[debtisbad]

I am learning to just laugh at the Jones'. Around here they are so arrogant. I live in the richest county in this state. I was driving with my husband one day and he says "how come we are the only ones at this intersection not in a lexus or benz?" Could be, because I own the vehicle free and clear, I suppose. Don't have anyone I need to impress. Unfortunately, the guy I married has not learned this yet!

[Minnymouth]

1. Do a budget and live within it
2. Set up a account to save for emergencies.
3. Set up a account to save for retirement.
4. Set up a account for "fun things".
5. Don't try to keep up with the Jones..... let them be in debt up too their necks....
6. Don't buy big ticket items till you think about it overnight..... often you will change your mind..
7. Shop wisely....... buy quality not just name brand.... get the best buck for your dollar.
8. Use those credit cards wisely...... not for everyday use. And always pay before due date.
9. Change your way of thinking about spending - In your head think "I need" - NOT "I want"..... and there's lots of things you won't buy.

AND PS.......

ALWAYS REMEMBER WHAT IT WAS LIKE WHEN YOU HAD TO CLAIM BK!!!!!!! AND ITS SOMETHING YOU NEVER WANT TO EXPERIENCE AGAIN........

[afterbankruptcy]

This is from "Dilbert and the Way of the Weasels." Notice its simple brilliance.

1. Make a will
2. Pay off your credit cards
3. Get term life insurance if you have a family to support
4. Fund your 401k to the maximum
5. Fund your IRA to the maximum
6. Buy a house if you want to live in a house and can afford it
7. Put six months worth of expenses in a money-market account
8. Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement
9. If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio