Financial Power

Posted By FP on August 29, 2010

• It's Friday and for some this is the time when you need one more push. Finish what you started Mobday to enjoy your weekend without worrying #
• Why is Important to Pay Your Credit Card Balance in Full? http://bit.ly/9pIWDh you can receive the benefits the credit cards offer, yet you #
• Starting on September 1,2010 a more detailed credit card statement will be available to help you understand better… http://fb.me/uZ1Twydt #
• How much is your royalty cost really worth? http://fb.me/yQH8Vjod #
• 8 Steps to Start Your Day Right http://bit.ly/bzoUid starting your day right is important to have a successful day. Check out these 8 steps #
• The begining of any great accomplishment is recognizing the problem. This recoqnition combinedwith clear objective and creativity can #
• Start your day right by being thankful for your present. Meditate on your dreams and plan on how to reach them. Ask for guidence when you #
• Self control and self discipline is needed to build strong character and reach your goals and dreams. #
• Never forget that your actions talk lauder then your words. You are always watched by someone, even when you don't realize it. #

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Posted By FP on August 25, 2010

I often find my clients paying the minimum on their credit card balances. Some of these people are in a situation where they can not afford to pay more, but some would be able to pay the full balance, but they choose not to because they don’t really understand how accumulated debt works.

Why is it important to pay your credit card balance in full?

If you can pay your credit card balance in full each month, you can benefit from the card’s advantages without having to pay interest charges. Paying your credit card balance in full is also the best way to avoid accumulating debt.

If you can’t pay the entire balance, you should at least make the minimum payment. Failing to make the minimum payment can have an impact on your credit rating and lead to a higher interest rate.

Can you afford to pay more then the minimum payment? Then do it! If you only intend to make a partial payment, be sure to do it as soon as possible before the date indicated in your statement. This will reduce your daily balance faster and allow you to save on interest charges.

More complete credit statements help you plan ahead. Starting on September 1, 2010, federally regulated financial institutions must disclose new information on statements sent to consumers.

In the new credit card statement you will see, among other things:

• An advanced notice indicating any change in your interest rate, and the reason for the change, such as the end of a promotional offer or missed payments
• An estimate of the length of time it would take to pay off the balance in full if you paid only the minimum amount required each month and did not make any new purchases. For example, if you had a balance of $1,000, the annual interest rate on your credit card was 18% and you only made the minimum payment (3 percent) each month, it would take you 10 years to repay the balance!!!

To learn more how much you can save by paying your credit card balance faster, talk with your financial planner who will be able to help you understand your financial statements and have a plan to eliminate your debt.

Category: Financial Knowledge, Money Management | 2 Comments »
Tags: Credit Cards, Debt Elimination, Manage Debt, Personal Finance

Posted By FP on August 20, 2010

Loyalty is really important to me, but when it comes to car insurance the question remains:

How much is your loyalty discount really worth?

If you are like most consumers, you might worry that switching insurance companies means losing your “loyalty discount”. The truth is that switching insurance companies may cause you to lose your loyalty discount (IF you had one in the first place), but that doesn’t necessarily mean you’ll pay more for car insurance or that you can’t save a bundle in the end. Remember: multi car (two or more cars) and multi category (home and car) discount is NOT loyalty discount.

The fact is some insurance companies may provide a small discount on your premium if you’ve been with them for a long time, but that small discount can quickly become irrelevant if another car insurance company has a rate for you that is significantly less that what you’re paying. After all, what good is a 5% off of an annual rate of $1,500 (a $75 annual saving) if you could pay $1,150 (a $350 annual saving) with another company?

When it comes to car insurance we have to consider the annual premium we pay and how can we save on our annual premium.

How Much Do Rates Really Differ Across Car Insurance Companies? [Read More…]

Category: Car Insurance | Speak Your Mind »
Tags: Financial Knowledge, Personal Finance

Posted By FP on August 12, 2010

I hosted a baby shower lately and as we talked about the excitement of having a baby, I mentioned to the “mom to be” friend how the arival of a baby changes everything, including your financial lifestyle and spending habits too. Whatever you considered a “normal” life before now is over.

Of course, reading books and magazines as well as speaking to people about parenting are great ways to get useful tips and advice. However, every baby and family situation is different, so there will be a few surprises once you bring your newborn home.

While you lay out plans and start collecting those must-have items, be prepared to be flexible and patient with yourselves — and with each other.

And while becoming new parents is joyful and exciting, it’s also a time to plan for changes in your finances, relationship, and your lifestyle.

Your finances

A new baby can cause stress because family life is suddenly so different. And since strained finances can add to that stress, it’s best to take a look at your budget before the baby arrives and how it will change.

To help keep financial surprises — and the stress they bring — down to a minimum, consider these steps: [Read More…]

Category: RESP, Raising Children | Speak Your Mind »
Tags: Financial Plan, Term Life Insurance, The cost of raising a child

Posted By FP on August 7, 2010

Cheap Summer Fun With Kids

If you follow my blog, you already know that I’m a mom of three never stopping boys. If I had half of their energy it would be great. My boys just couldn’t waith for the Summer break and now after a month of keeping them busy if your kids are anything like mine they looking for fun things to do.

With the prices of just about everything up and rising, cheap – fun summer activities like those below, mixed in with amusement park trips and movie nights, can help keep your budget on track and your kids happy.

1. Get sporty.
Aside from organized team sports, your child can also get moving by hiking, biking, or simply walking with you. If your neighborhood is not conducive to any of these, try to find a free park nearby. Pack a picnic lunch and spend the day in nature. Make it educational before you leave, look up interesting facts on some of the plants, trees, and animals you might come across.

2. Get earthy.
Introduce your child to the joy of gardening by planting seeds in small containers or get your child interested in recycling by going around the neighborhood collecting cans, bottles, and papers and taking them to the local recycling center together. Volunteering at the center is another idea.

3. Get arsty.
Sidewalk chalk is a classic children’s favorite, but if you’d like art that lasts a bit longer, a roll of butcher paper, crayons, markers, finger paint, and interesting props like pasta strainers, sponges, and old shoes can go a long way. Making puppets with socks and craft items from around the house is another idea; you can even end the summer with a show.

I already shared and article Inexpensive summer fun for kids about a month ago, but as we move forward alone I find it more and more difficult to keep them busy. We have a great summer. The kids have endless sleepovers and fun times. I’m glad that we live in a neighboorhood with lot’s of kids and they have a great time together.

What are your kids favorite things to do in Summer break? Do you find it hard to keep your kids busy and entertrained while they enjoy their summer?

Category: Summer and Kids | 2 Comments »
Tags: Cheap Summer Activities, Children

Posted By FP on August 5, 2010

In my field, I  find it interesting how couples don’t talk about money, or when they do, they fight about it. Money is a necessity and its part of our daily lives, so we like it or not couples have to talk about money and have an open communication about how they spend it.

Money talk is often a source of tension between couples. It’s important to express your concern and wish, but you have to have an open ear to your partner.

I grew up in a family where my dad was controlling the money. I wouldn’t say he was in charge of our family finances; he was just controlling and abusing my mom how to spend it. My dad is an abusive control freak and I understand that he went through a really rough time as a teen when the communist regime took over and his dad lost everything they possessed when they had to “surrender” (they were forced to give up everything or they would be dead) their land and belongings. [Read More…]

Category: Money Talk | 2 Comments »
Tags: Money, Money Talk