Filed under: Personal Finance, Lynnette Khalfani-Cox
Tired of being in debt and living paycheck to paycheck? Then it's time to knock out those credit card bills once and for all. I paid off $100,000 in credit card debt in just three years, so it is possible to become debt-free. For do-it-yourselfers who want debt elimination tips, read my New York Times bestseller, 'Zero Debt,' free of charge online at www.AskTheMoneyCoach.com. Just click the tab that says "Free Zero Debt." For those who want professional help getting out of debt, consult the National Foundation for Debt Management (www.NFDM.org), a reputable non-profit agency. 2. Improve your credit rating.
Having poor credit will hurt you in many ways. You'll pay more for loans, credit, and insurance. Plus, bad credit could prevent you from renting an apartment or getting a job. Go to www.AnnualCreditReport.com for a free copy of your credit reports. Check your credit scores too. If you haven't seen your credit scores lately, read this article on how to get your FICO credit score free. 3. Slowly set aside 3 months' savings.
If an emergency happens - from a job loss to a car breakdown - your savings cushion will protect you from resorting to credit cards. Get free wealth-building tips and pointers on how to save more at www.AmericaSaves.org.
The average adult American receives 41 pounds of junk mail - catalogs, credit-card come-ons and other assorted crap - every year. It wastes your time, millions of trees, billions of gallons of water, and tons of greenhouse-gas emissions. Sign up for online non-profit 41pounds.org's junk mail killer service, it costs $41 for five years' coverage, and they'll break the bad news to retailers and financial institutions for you. They'll also donate to the charity of your choice.
10 Ways Going Green Can Save You Green
Kill Your Junk Mail
The average adult American receives 41 pounds of junk mail - catalogs, credit-card come-ons and other assorted crap - every year. It wastes your time, millions of trees, billions of gallons of water, and tons of greenhouse-gas emissions. Sign up for online non-profit 41pounds.org's junk mail killer service, it costs $41 for five years' coverage, and they'll break the bad news to retailers and financial institutions for you. They'll also donate to the charity of your choice.
10 Ways Going Green Can Save You Green
Keep electronics out of the trash
Keep your cell phones, computers, and other electronics as long as possible. Donate or recycle them responsibly when the time comes. E-waste contains mercury and other toxins and is a growing environmental problem.
10 Ways Going Green Can Save You Green
Think about what you throw away
Often things that we throw away could be easily recycled which would help reduce otherwise wasted energy, water and natural resources. Start by checking with your trash removal service or your town/county to see if they offer recycling removal.
10 Ways Going Green Can Save You Green
Less gas = more money (and better health!)
Walk or bike to work. This saves on gas and parking costs while improving your cardiovascular health and reducing your risk of obesity.
10 Ways Going Green Can Save You Green
Shorten your showers
Showers account for two-thirds of all water heating costs. Shave a few minutes off your shower time and you will reduce the amount of energy and keep bills lower.
10 Ways Going Green Can Save You Green
Skip the bottled water
Use a water filter to purify tap water instead of buying bottled water. Not only is bottled water expensive, but it generates large amounts of container waste.
10 Ways Going Green Can Save You Green
Buy reusable shopping bags
Most supermarket chains offer reusable bags at the checkout counter now for a couple of bucks, and companies like Sage Green and Chico Bag offer them in several styles. Don't forget to take them with you to the supermarket!
10 Ways Going Green Can Save You Green
Eat Smart, Eat Green
If you eat meat, add one meatless meal a week. Meat costs a lot at the store-and it's even more expensive when you consider the related environmental and health costs.
10 Ways Going Green Can Save You Green
Save energy to save money
Set your thermostat a few degrees lower in the winter and a few degrees higher in the summer to save on heating and cooling costs.
10 Ways Going Green Can Save You Green
Wait to wash
Reduce your use of water and electricity by waiting to run your dishwasher and washing machine until you have a full load.
Get any tax form you need from the IRS at www.IRS.gov and file your taxes ASAP. You'll avoid the procrastination and stress, as well as the hassles and long lines, at the Post Office on April 15th. Early filers also get faster refunds. 5. Make a financial plan.
Start writing out your financial goals and what it will take to achieve them. Get help from the Financial Planning Association at www.FPAnet.org. 6. Create or update your will.
Nobody likes to think about his or her own death. But you can't ignore reality. Look at the earthquake in Haiti, Hurricane Katrina, 9/11 or the unfortunate, 150,000+ victims killed by the Tsunami that spread across Asia and Africa. Tomorrow isn't promised. For a low-cost will, visit www.buildawill.com or www.legalzoom.com. 7. Fund a retirement plan.
If you have a 401(k) or 403(b) plan at work, start contributing, or increase your contribution. Learn all about 401(k) plans at www.401k.org. No 401(k) plan or you're not eligible for it? Then open an Individual Retirement Account. 8. Ask for a raise.
List the ways you've contributed to your company's prosperity or your department's well being, and approach your boss for a raise. The Wall Street Journal's Careers section has tips for getting a pay hike at www.wsj.com. If you work for yourself, give yourself a raise by raising your prices or offering higher-end products and services. 9. Get proper insurance.
Get life insurance worth 5 to 10 times your salary, and adequate coverage for your valuables and property - home, car, etc. - too. If something goes wrong, you and your family will be so glad you did. Find quotes at www.insure.com. 10. Improve your financial record-keeping.
Get your paperwork in order, and keep good records all year round. This will save money in the long run and reduce your aggravation come tax time. For help, try the free online budgeting and record-keeping tools at www.mint.com. Here's wishing you a happy and financially prosperous New Year!
Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'
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