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Credit Cards - Pay the total balance each month

5/22/2014

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Do you know that there is a right way to use a credit card and a wrong way? However, many people have no idea. When you are given ‘things’ in life you usually get instructions. It is then up to you to actually read it. However when it comes to credit cards, we receive no directions on how to use it. In fact, most of us learn from trial and error or follow the pattern of our family. Here are some hints to help you get the best out of your credit card:

* Believe that you are good with money – If you do not feel confident in managing money, then you are setting yourself up to fail. Have faith in yourself and your ability to manage your money.

* Just because you did not like maths at school does not mean you are bad at managing money - Many people struggled with maths at school so believe that they are not able to manage money. They do not like to deal with ‘numbers’. Managing money does not require you to do a complicated algebra formula. If you can add and subtract (with a calculator) then you are great at managing money.

* Money is neither good nor bad- Some people believe that money is bad or evil and that to desire money is being selfish. Money is neutral; you can use it for good or bad. It depends on the person using the money and what their purpose is. Money can be used for donations such as caring for children in orphanages. It can be used to feed and provide shelter for the homeless. Religious institutions are constantly asking for financial assistance. Let go of any negative attitudes you may have towards money.

* Affirm that you are good at managing money – affirmations help you change your internal thoughts. Tell yourself whenever you remember that you are good at managing money. Swap any negative thoughts with positive ‘self-talk’ about money.

* Love yourself and your needs first – You may think it is a strange concept to have under money. Loving yourself has everything to do with you having a good relationship with money. If you do not look after yourself and learn to take
care of your emotional needs, you will be left feeling empty on the inside. You may then be tempted to use ‘shopping’ or ‘eating’ as a substitute to feel good. Both involve you spending money unnecessarily. When you feel good on the
inside, there is no need to buy ‘things’ to feel better. I have met many people who are in debt because they have no self-esteem and believe that they do not deserve any financial ‘happiness’. Examine how you feel about yourself and then
make the changes so that you are a happier person.

* Surround yourself with supportive people – The people in your life need to make you feel safe and loved. I have met many people who are in unhappy relationships and surprise, surprise they are in credit card debt. If there are people who put you down so that you start to feel worthless, then it is time to reassess the relationship. Fearing anyone in your life means that it is an unhealthy relationship. You then have to decide how much you want to fight for your happiness.

* Pay off the total balance of your credit card by the monthly due date – Some people buy ‘stuff’ on their credit card and then only pay the minimum or part of the total amount due each month. If you do this, you will start to pay interest on your card. Overtime your credit card debt will grow and you will be paying significant interest. So whenever you make a purchase, ensure that you are able to pay off the full amount by the due date.

For instance, you receive your monthly statement which states that your total credit card balance is $500 and that your minimum payment is $20. You have to pay the $500, nothing less. If you cannot afford to pay off the total balance, then reduce your spending.

* Have a practical budget – if you have a habit of losing track of your spending, set up a budget. A budget will help you only spend the money that you have.

* Save your money – Instead of using your credit card to make big purchases such as holidays, save your money first. Set up a separate savings account which is hard for you to access. Then every pay day put aside a portion of your salary into
the account. You will be surprised how $20 a week can add up to $200 after 10 weeks and $1,040 after a year. So when you decide to go on a holiday or buy that dress, you can initially put it on your credit card and then, use some of the
money from your savings, to pay off your credit card by the due date.

For instance, Jill bought a dress for $120 with her credit card. She had saved up $2,200 in her savings account. When it came time to pay off her credit card, her credit card balance was $220. She used $120 from her savings account and $100 from her everyday banking account.

* Use automatic repayments to pay off any credit card debt – There are people who are already in credit card debt and feel lost and helpless. Here are some suggestions to help you get out of debt.

                1. Visit a bank and get a personal loan to pay off all your credit cards. 
                2. Set up an automatic payment system where each pay day, a set amount is taken out of your everyday account and pays off your loan. 
                3. Cut up all your credit cards except for one.
                4. Reduce the credit limit of your one card so that you know you can pay it off each month.
                5. Only put items on your card if you know you can pay off the total balance each month.
                6. Forget about your debt and focus on enjoying life.

I was inspired to write this blog as I have heard of many people who are living with significant credit card debt. They are depressed and miserable about the situation they are in. My hope is this blog will help you feel more confident about managing your money, so that you can lead a happier life.

Take care and remember, you are great at managing your own finances.

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Gratitude

5/7/2014

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Gratitude is the quality of feeling grateful or thankful. The opposite of gratitude is to complain. You have a choice in life as to what attitude you have but only one will make you happy. Research is showing that feeling grateful regularly will help you lead a happier and healthier life. It is so easy to go through life complaining about everything that happens. You probably even know someone like that. Just look at their attitude and whether they are enjoying their life.

There are people who appear to have the perfect life with a beautiful family, nice house and car, yet they are always complaining about all the things that they do not have. They choose to live in misery. Chances are if they received everything that their heart’s desired, they would still not be satisfied.

The alternative is to feel thankful for what you do have in your life. It is really a choice you have to make about which attitude you want… be happy and pleased or …complain and remain unsatisfied.

If you have shelter, running water, electricity and a safe place to sleep you are lucky and have a lot to be grateful for. You might think that these are small things, but there are people out there who are dreaming about your life. They would gladly trade places with you. Some souls in this world live with the sounds of bombs raining around them. They live in fear, and do not know if they or their families will live to see the next day. There are multitudes, dying from hunger and thirst and are struggling to stay alive. You have a lot to be grateful for.

Start by feeling thankful for what you have in your life right now. It is as simple as getting up in the morning and being thankful for your spouse, children, friends, and family. Let us face it; you would be lost without them. Why not tell them that you love them and that you are grateful that they are in your life? Other areas you can be thankful for are your house, the electricity that powers your house and your supply of running water. You can go through the day and make the effort to feel grateful for all the little things that happen.

Feeling grateful helps you change your focus, so that you feel more content.

You do not have to take my word for it. Try it for yourself and see what happens. Give it a few weeks and see if you can live without complaining. Keep it up and in the long term you will lead a happier and healthier life.

Until next time, be safe and keep smiling.
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Help is all around us.

5/1/2014

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Have you ever been worried about something ? Or thinking about a solution to a problem? Then you over hear someone else's conversation, which actually answers your issue. Or you read something in the paper or watch something on TV that resolves your question. Is this a coincidence or not ? Does it matter either way ? You received a little help, so just be grateful and go with it.
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    Karen Fernandez is a mother, accountant, property investor and writer who likes to motivate others to find happiness by reaching their full potential.
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