A Straight Talk on Debt

When Saving Seems Impossible While Paying off Debt

2013-05-25T12:00:00Z

Saving for emergencies was so hard to do when I was trying to pay off my debt.

It seemed like every time I had money saved up just in case an emergency would arise, it did. However, if I hadn't saved for that possible emergency I wouldn't have had the funds to handle it. That would have added to my stress of trying to get out of debt.

Having money set aside for an emergency was one of the best skills I learned on my plan with CareOne!

When I was in debt, I could only save a small amount each month. I am thankful that no big emergencies came up. Now that I am out of credit card debt, I am looking at the bigger picture.

What if I get laid off?

What if there is a medical emergency?

I had to have neck surgery while I was on the plan, which was not a pretty picture once the bills started coming in.

They charged me over $300 just for someone to come in for ten minutes to teach me how to put on my shoes. The charges are all done separately so all of a sudden you have over 10 different bills for one procedure. It can be very overwhelming.

Not to mention all of the follow-up visits! Two years of follow-up and physical therapy, too! YIKES!

Now my emergency fund is building so that if something like this should arise again, I am more prepared. Probably not completely prepared, but I am in a better position now than I have ever been. I am also lucky enough to not get sick very often, so my sick leave balances through my employer are such that I could take over six weeks off and still have a full paycheck. Just another way to be prepared in case there is a medical emergency.

In my experience, if you can save up even $20 a month towards an emergency, you will be more prepared than someone who doesn't have anything.

It may not be enough if an emergency does arise, but at least you have something to help you out.

Do you have money set aside for that rainy day? If not, start small and build from there.

Getting out of debt is stressful enough, there's no reason to add to that stress. Good luck!

Monica Davis

Monica is no stranger to the CareOne Community. As a debt management plan customer (DMP), Monica engaged in our community forums regularly, helping others with questions about the plans. Now that Monica has completed her DMP in just three years, Monica continues to share what made her successful in the forums and now through our blogs. Monica is accustomed to providing support and works as a Communications Officer for an emergency dispatch center in Washington State. Follow Monica as she shares her tips and insight in the My Journey out of Debt and A Straight Talk on Debt blogs. Compensated CareOne Debt Relief Services Blogger.

Yes, You DO Need a Plan For Your Future

2013-05-24T12:00:00Z

When I started my first "real" job almost 20 years ago, the concept of taking money out of my paycheck and putting it into a 401K account seemed absolutely ridiculous to me.

My 21- year-old mindset was that I wanted every bit of the money that I had earned. Why should I even bother thinking about retirement at such a young age? If only I had taken the time to understand what I could have accumulated if I started out saving for retirement at 21 instead of 30+.

I wasted over nine years of savings!

It makes my stomach hurt to think about. Add in the fact that when I finally "got" the concept of a 401K and started to make the contributions, I did the absolute worst thing ever. When I switched jobs, I decided that there wasn't that much in my account to make a difference, so I just took the money instead of rolling it over to my next job. Ugh. Forget the fact that they tax the crap out of you when you do that, but once again, I have no idea where that money went and now, that "little" bit could have been sitting and accumulating and could have been "a lot a bit" right now.

Once again, another lesson learned.

I can now say that I am on the right path of rolling over my 401K plans and contributing as much as possible. I am a long way off from being able to retire the good life, but at least there is something building toward that now.

It can be a little bit overwhelming thinking about the money you will need to retire comfortably, but ignoring it doesn't make it any easier. Having a solid plan in place keeps you on the right track and as you get closer to making decisions about retirement, with a solid plan in place, it isn't so scary.

Unfortunately, you hear more often about situations where people didn't plan for their retirement. These folks thought they had an income level where they would always "have" money but, due to the economy, the money they are used to isn't coming in anymore and suddenly at 60 years old they are starting all over again.

Sad, but a reality.

So let this blog serve as a warning for people of any age. Whether you are just starting out in your career or have started to think about retirement, you need a plan.

Have a Plan A and a Plan B when it comes to saving for your future.

Research and understand the retirement plan that your company offers and how you can take advantage of it. If your company doesn't have a retirement plan, find out what other options there are out there. And there are a lot of options...

Do the research and make it happen sooner rather than later-your future depends on it!

Related Posts:

Retired and Loving it

Retirement What Comes Next

How Retirement Has Changed

Katie Lupo

Katie is a VERY recent graduate from the CareOne Debt Relief Services Debt Management Plan (DMP). You can read more about Katie's experience in the My Journey out of Debt and A Straight Talk on Debt blogs. In her blog, Katie explores life without credit cards, living on a 'real' budget and making the adjustment from spender to saver. Katie has been blogging about her DMP since she started and has over four years of experience on the plan. Katie lives just outside of Charlotte North Carolina with her husband and rescue dogs. Compensated Blogger for CareOne Debt Relief Services.

Are you Throwing Away Money? The -No Garbage- Experiment

2013-05-23T12:00:00Z

Is the garbage we generate related to the money we spend? In this financial experiment, we'll determine just how much money you're actually throwing away.

The Premise

Reducing our waste output - and this includes reducing items that are recycled - is inarguably a good thing to do, at the very least from an environmental perspective.

And after I lived in an environmentally sustainable way in Hawaii for a few months, I discovered, much to my surprise, that producing less waste saves money too!

Want to see for yourself?

The No Garbage Experiment - Step 1: Get to it

For one month, do everything you possibly can to eliminate waste - even recycling. Here are a few ways to do this:

Pay attention to packaging on everything you buy. Look for packaging that can be creatively reused.
Don't buy coffee, drinks, and snacks or meals on the go; they're huge waste culprits - and often responsible for rogue budgets. (If you need that cup o' joe, bring a travel mug).
Cancel newspaper and magazine subscriptions; go digital.
Reuse stuff. A plastic soda bottle can breathe new life into an insect trap, mismatched socks can become draft dodgers, and you'd be surprised at what you can do with random things like corks (including making some extra cash).
Compost organic waste.
Replace disposable paper towels with cloth napkins and rags.
Consolidate household products and cleaners. All-purpose products like vinegar, baking soda, and even mouthwash can conquer many grimy surfaces. Ditch disposable cleaning sponges and use old t-shirts instead.
Wrap gifts creatively with reused (and reusable) products.
Look at alternative ways to recycle - and make money. There are all kinds of unusual ways to sell your stuff while keeping it out of the garbage bin.

Step 2: Compare

After a month on the No Garbage Experiment, take a step back and compare your expenses - because you do track your expenses, right? - between the month prior and the month of "no garbage".

Is there a difference?

You might actually find you spent more money during the No Garbage Experiment. If you bought a reusable travel mug, compost bin, or other permanent alternatives to disposable items, it might take a few months to break even. And sadly, you might also discover that over-packaged items are cheaper.

In other cases, you might immediately save money, for example in not buying lunch and drinks on the go. Many digital subscriptions are free - or at least cheaper than paper ones. And breathing new life into old items saves a trip to the store to buy a new doo-hickey.

Some of your garbage-reducing actions will pay dividends in the future, and in multiple ways; for example, composting will save you buying soil for your window garden, which in turn saves you from buying fresh herbs.

If you examine your spending trends, and even continue the No Garbage Experiment past one month, hopefully you'll find you can save money whilst saving the planet from unnecessary garbage too.

What's your best suggestion for reducing waste - in a way that might save money too?

Ways to Make Money by Recycling

Easy Ways to Track Your Expenses

Financial Experiment: "Minimalist Vacation"

Nora Dunn

Nora Dunn is The Professional Hobo: a full-time traveler and freelance writer. She is a contributing writer under the CareOne Debt Relief Services A Straight Talk on Debt blog. Having sold her business and belongings to travel, she has been on the road since 2007. She travels in a financially sustainable manner, taking advantage of creative volunteering positions. As a former certified Financial Planner, she is financially responsible for her actions along the way. She believes there is a fine balance between planning for tomorrow, and living for today. Compensated Blogger for CareOne Debt Relief Services.

To follow Nora on Twitter click here!

To connect with Nora Dunn on Google + please click Nora Dunn

Counting the Months to DMP Graduation!

2013-05-22T12:00:00Z

I've celebrated many milestones of my debt management plan, including each anniversary year, and being halfway done.

Recognizing those accomplishments is one source of motivation that helps keep me and my wife moving forward.

In March, we reached the point of having one year left of our plan. Reaching that mark put a smile on my face, but I really had my eyes set on this month, because after this month we will only have ten payments left. What's special about ten?

Having ten payments left is significant, because I can count them with my fingers.

I'm a visual person, and being able to hold up my hands and physically display how many payments remain until our mountain of $109,000 of credit is gone is an indescribable feeling.

Getting out from under the weight of credit card debt has been the hardest thing I have ever done. Having only ten months left, the countdown is officially on. With each passing month I can think about the life events that happen and know that next year, it will be just a little bit easier to plan and pay for them.

We've been doing things on the small scale for almost four years now, and while I'm never going back to my old out of control spending ways, it will be nice to be able to splurge just a little bit on those special events and know that we're still living within our means.

June: I can't wait to be able to spoil and pamper the most important woman in my life for our anniversary.

July: More of making Vonnie feel like the appreciated wife, mother, and friend that she is for her birthday.

August: Dare I hope that in 2014 we may be able to take a family summer vacation?

September: How awesome will it be to get the kids ready for school, without having to worry about whether we'll be able to afford everything they need?

October: A month without any event is rare and is to be enjoyed!

November: I would love to be able to host Thanksgiving dinner without having to plan for and save for weeks or months ahead of time.

December: Christmas is hands down the most stressful time of year for a family on a tight budget. We will NOT go overboard on gifts, but without the financial stress that comes with being in debt, I have a feeling that Christmas 2014 will be much more enjoyable.

January: Just once I'd like to not use the excuse that it was just Christmas for skimping on my son's birthday celebration.

February: I love being creative for Valentine's Day, but I look forward to being able to give my wife an actual gift.

March: I'll need some extra money to stockpile the tissues needed for the waterworks that will accompany making our last payment. I'm going to bawl like a newborn, guaranteed.

All that's left is eight fingers and two thumbs. How much longer do you have left?

Related Links:

And In 3...2...1

Halfway Home!

Reflection on a year in the Debt Management Plan

Travis Pizel

Travis is a contributing writer for the My Journey out of Debt and A Straight Talk on Debt blogs. He is also a very active member of the CareOne community forums. Travis is currently enrolled in a CareOne Debt Management Plan (DMP). Travis candidly shares his personal journey to pay off his debt and the tips he's learned along the way. As a father and husband he provides a unique perspective on balancing debt, finances, and family in Minnesota. You can also read more from Travis on the Enemy of Debt blog, where he is a featured blogger. Compensated Blogger for CareOne Debt Relief Services.

To connect with Travis on Google+ click Travis Pizel

You can follow Travis on Twitter @DebtChronicles

Keeping Fit into Your Ripe Old Age

2013-05-21T12:00:00Z

Okay, so maybe I'm not quite qualified for "ripe old age" yet -- though I am on the north side of my 40th birthday now. My real point in this post is that you can keep yourself fit at any age . . . and it's worth it!

Be Consistent

When you're younger, you can afford to slack off, or alternate periods of sloth with bursts of energy. Remember the days when you could pull an all-nighter for school, then go nonstop the next day? At my age, even the thought of doing that makes me tired.

When you're older, you have to replace that youthful energy with the fruits of experience -- and one of the main ones is consistency. If you're going to go to the gym . . . GO. If you say you'll walk the dog every day . . . DO IT.

If you commit to eating right . . . STICK WITH IT.

If for some reason you can't -- say you're traveling for work -- then find a good alternative. Can't go to the gym? Walk the stairs in your hotel. Nothing healthy on the menu? Pick the healthiest thing they have at the restaurant. It's not about being perfect, but about making the best of what's available, and doing it consistently.

Evolve Your Approach

It's the same with how you exercise. You can use your experience to guide you toward the right athletic goals, even if they're quite different from what you used to do. Maybe once upon a time you wanted to prove how macho you were on the bench press, or how good you looked in the tiniest swimsuit. And, hey, if you can still pull off those goals at 40 or 50 or whatever, go for it -- you do NOT need to give into advancing age without a fight.

Meanwhile, though, you can exercise your intelligence to find the best approaches to get you to your goals. As you get older, it may not be about how fast you can run, how much you can lift, or getting back to what you weighed at age 18. But it can be about how well you're performing at the physical endeavors that matter to you.

Challenge Yourself

And while you're at it, focus on endeavors that push your boundaries. Make that effort, rather than going through the motions of showing up at the gym and doing the same old routine.

One thing that has pained me, in my many years at the gym, is seeing people who settle into a tepid routine and never alter it -- never push themselves to any higher level. I'm not saying we should all be aspiring to compete in the Olympics, but in my experience it doesn't work simply to maintain a level of fitness. You're either trying to get better . . . or you're letting yourself slide back.

Don't let yourself slide! Make the commitment to being as fit as you can be at THIS point in your life.

What are you doing to keep yourself fit today?

How fit will you be a year from now?
Don't just work out: TRAIN.
You ARE an Athlete

Tim Walker

Tim is a writer, marketer, and social media pro living in Austin, Texas. He joined CareOne's blogging team as a contributing writer in 2009. As a blogger who has personally overcome debt challenges, he draws from his own experience to provide tips on living a balanced life and keeping fit. You can read more of his thoughts (on fitness and everything else) at his personal blog, What I've Learned So Far. You can read Tim's CareOne blogs in A Straight Talk on Debt. Compensated Blogger for CareOne Debt Relief Services.

To connect with Tim on Google+ click Tim Walker

To follow Tim on Twitter click here!

Timeshare Invitations: Great Mini-vacations?

2013-05-20T12:00:00Z

Have you ever received an invitation to visit a timeshare vacation resort? They usually include two nights and three days at a luxury destination you would probably never visit otherwise and the cost to take this "mini" vacation is close to "dirt cheap."

Well, we receive timeshare invitations quite often either by mail or phone.

I remember the first timeshare invitation phone call I answered; I felt everything being offered was just too good to be true. I knew there just had to be a catch somewhere, and after listening to the sales pitch, I curtly said, "No, thank you," and hung up. Later, I shared the details of the phone call and everything they offered with my husband. He, on the other hand, looked at this invitation as a great way to take a mini-vacation for next to nothing. Basically, the major expense would be getting there and the return trip home. He could see no problem with this and felt we should say "yes" if we ever got one of these invitations again.

The thing that made me most uncomfortable was that, upon accepting the invitation, you were obligated to a 90-minute sales presentation.

I had a mental image of the two of us sitting at a table under bright lights in a small room with a high-pressure salesman; finally, at the end of the 90-minute sales presentation, both my husband and I, with bloodshot eyes, suffering from severe fatigue, as well as feeling cornered, knew the only way out would be to say "YES, where do we sign?"

My husband seemed to have the mini-vacation "itch" and told me not to worry about being pressured to buy a timeshare. After all, if you think about it, the big names in timeshares are also the big names in hotels.

How smart would it be for the likes of Hyatt, Weston, Hilton, and Marriott to intimidate the same people who are their lucrative hotel customers?

Some time later, I accepted an invitation to a timeshare in Branson, Missouri. Although the sales person on the other end of the telephone assured me there would be no pressure to buy during our 90-minute sales presentation, we were pressured. First, we listened to 90 minutes from our "personal sales agent" and we told him absolutely "no" at the end. He then got his supervisor who could make the offer even more inviting and that was another 30 minutes; again, at the end, we told him "no."

So, just to be sure we knew exactly what we were turning down, we were given a 30-minute tour of one of the units and, again, we said "no." So, they were finally convinced that we would not budge and we were driven back to the visitor center where we were given a certificate to pick up a special gift (my husband chose a watch) and we were then free to enjoy the rest of our time.

I should mention that our lodging was not at the timeshare but at a very upscale hotel in Branson.

They had already been given our names and information and knew we were guests of the timeshare, so there was no hassle for money, etc. We did enjoy the hotel and the amenities. It was very centrally located to downtown Branson and the many attractions.

In addition to the free lodging, we received complimentary passes for two meals at a Steakhouse and two tickets to our choice of several Branson shows. We thoroughly enjoyed our free steak dinner and loved the show we chose-Shoji Tabuchi. (I learned adult tickets to this show were being sold for $46 to $49.)

All in all, we loved our time in Branson.

Not only did we enjoy the "freebies" from the timeshare invitation, we were able to take in three more shows (we paid for them) and did quite a bit of site-seeing. One of those shows was a dinner show on the Branson Belle Paddle Boat. What a great time!

Both my husband and I tremendously enjoyed our timeshare invitation vacation; but, would we do it again? After a lot of discussion, we concluded that if we received another invitation to some place we really wanted to visit, definitely YES! Even though we now know in advance that there will be the 90-minute plus sales presentation and quite probably a high-pressure salesman, we know we can take the pressure and the rest of the trip would be well worth a half day of sitting in uncomfortable chairs at a table covered with papers filled with facts and figures to back up the sales pitch.

If you receive a timeshare invitation, here's what to expect:

First, you sign in at a reception area; afterward, a sales agent takes you for a brief tour of the facility. Next, your sales agent leads you to a small table where you are seated and he proceeds to ask you a series of questions designed to gain information about your travel habits and vacation preferences. Your answers to the questions help the representative design a custom, best-case scenario, showing how timeshare ownership will exceed your vacation expectations.

In exchange for the opportunity to pitch their programs, the timeshare companies provide potential buyers with inexpensive getaways at superior resorts in highly-desirable locations. It's a win-win, with the big prize going to the operators who make a sale.

Through the sales interview and presentation, the timeshare organization hopes to demonstrate that buying today will save you many vacation dollars now, and especially in the years to come. You may find the math makes sense for your situation, as quite a few people do. We were told that about nine million folks have found timeshares to be right for their lifestyle. If the offering turns out not to be your cup of tea, you will have enjoyed two nights and three days of elegant living at a most reasonable price. The Branson timeshare invitation was good for a full year so we were able to choose a date that was convenient for us, just as long as it was within a year of the date the invitation was accepted. That is another plus, as well.

So, there you have it. These timeshare invitation vacations could be great for some folks and absolutely horrible for others. I'm glad we accepted the Branson invitation and feel that we did get a good deal even though we had to endure the 90-minute plus sales presentation. Besides, had we not accepted, we probably would never have gone to Branson!

If the telephone rings and you are offered a timeshare mini-vacation, I say give it a try! I'm waiting for our next call, and when it comes, I hope it is an invitation to someplace in Tennessee!

Kimberly Johns

Kimberly is enrolled on the CareOne Debt Management Plan (DMP). Kimberly is very active in the Community Forums, some of you may recognize her Community user name; Tiquie. Recently retired, Kim shares how she and her husband manage the financial challenges of living on a fixed income in their home state of Illinois. The John's have found some really creative and fun ways to offset the limitations of a retirement income. Kimberly generously shares smart and tested tips in her My Journey out of Debt and A Straight Talk on Debt blogs! Compensated Blogger for CareOne Debt Relief Services.

Checking and Savings and Money Markets…Oh My!

2013-05-19T12:00:00Z

I have taken advantage of opening up as many free accounts that my bank will allow me to. As it stands today, I have a primary checking account, a joint checking account, my husband's checking account, a primary savings account, a vacation savings account, an "extras" savings account.

I guess I better include the emergency account that is in our safe and the, "down to our last dollar" savings account in my office.

Why so many accounts?

I have learned that when we get paid, if I immediately transfer money into these accounts before I start paying bills or buying our household necessities, I actually can save better. It is the "out of sight out of mind" concept.

I have even turned them "off" on my on-line banking so I really don't even see some of them. If I don't see them, I won't come to expect money to be there.

They should all be pretty much self-explanatory, but really the goal is to have a backup to our back up plans.

For example, our primary checking is what we live out of day to day - bills, necessities, etc. The joint checking is where I put money into when we want to save for something fun. This is our backup account for quick needs that come up that are unprepared for. If we have to take money out of this account, it isn't a big deal.

Our vacation savings account is just that....we may not be planning anything, but knowing that there is some money building in that account makes it nice when we do start to plan our time away.

The "extras" account is geared toward emergency type needs. The emergency account in our safe is when we need quick access to cash for something. Finally, the down to the last dollar account is a big glass canister where all our spare change and dollar bills go at the end of the week. We only cash in if we are literally down to our last dollar!

Whew - that is exhausting just describing it all....but it works for us.

Having more than one option means you can dip into one account and still have other avenues. Case in point, the transmission went on one of our cars this week (Grrrrrrr....cars make me so mad) so we used the cash from our emergency account and the remaining balance came from our "extras" account and we were good.

We still have money in other accounts and no credit cards have been used.

I'm not talking about transferring huge amounts of money - you would be surprised at what $20.00 a week adds up to.

My method may seem a little like madness to you, but hey, if it means no credit cards - I'm all in!

Savings, What Savings?

Utilize Your Savings Account

13 Tips For Using Online Savings Account Effectively

Katie Lupo

Carrots for CareOne

2013-05-18T12:00:00Z

Imagine two carrots in the ground. One has a big beautiful green top but under the soil is a very small withered carrot.

The other carrot has a small top but under the soil lays a great big juicy carrot.

Those carrots represent people and their money.

The top of the carrot is the show of money. Each big green leaf stands in place of a car, a house, the latest electronic gadget, vacations, clothing, jewelry, etc. The bottom of the carrot, the part in the ground, is true wealth. It's an emergency fund, 401(k) s, IRAs, being debt free, having your bills paid on time.

The carrot with the big top is someone who spends a lot of money.

People who look to impress others with their lifestyle. They have a fancy house and an expensive car. They wear the latest fashions and enjoy exotic vacations. But often times, because they spend so much of their resources building the top of their carrot the bottom of their carrot suffers.

They have debt and unpaid bills. They aren't preparing for the future or emergencies.

The carrot with the little top is someone who lives modestly.

They have a small house and drive a clunker. Their clothes are from last year, at best, and their vacations consist of "a trip up North". Because they keep their living expenses to a minimum they can use their resources to grow their carrot.

They can save for emergencies, retirement, and big purchases.

Now, again, put these two carrots in your mind. One with a big top and small carrot, and one with a small top and a big carrot. Now imagine a very strong wind blowing across the field. This wind is an emergency. It comes from seemingly nowhere and is totally outside of our control. What happens to our two carrots?

Which carrot gets blown away?

Does the carrot with strong roots and small leaves get blown away? No. It's the carrot with big leaves that will catch the wind and no solid hold of the ground. That's the carrot that gets blown away! Those big leaves, the expensive lifestyle, become sails that allow the wind, life's emergencies, to push that carrot around.

And when the carrot tells the story about the wind it says "I was just minding my own business and the wind came and blew me away. I never even had a chance to build my roots! I was going to but you know how hard it is. I just can't catch a break. That other carrot, man, he got out easy. I wish I was that lucky."

But is it the wind's fault that the carrot got blown away? No. The winds of life will blow.

No one escapes; just some of us are more prepared.

You make a choice where to put your resources. You can build your lifestyle or you can build your security.

The choice is yours, but the wind will blow and when it does we see who has carrot and who was all leaves.

Ashley Barnett

As a budget coach and financial author from Arizona, Ashley Barnett spends her days (and nights!) giving everyday families the tools they need to succeed with their money. Her passion for budgeting is fueled by watching people gain control of their money and turn their financial lives around.

5 Reasons to Check Your Credit Score

2013-05-17T12:00:00Z

Your credit report is a representation of your financial habits.

Many people argue that using your credit history isn't always fair -- especially when it's used for non-loan purposes. Fair or not, though, your credit history is your financial reputation, and you need to protect it.

Here are 5 reasons to check your credit report:

1. Fix Errors

In some cases, errors on a credit report can lead to an adverse action. A mistake in your payment history can drag down your credit score, and mean higher insurance premiums, or higher interest rates on a loan.

Check your credit report regularly, and you can catch mistakes that might lead financial service providers and others to assume that you aren't as responsible as you are. Once you identify the errors, go through the dispute process and make sure they are corrected.

2. Catch Identity Theft

If someone is using your identity to open new lines of credit, it's going to show up on your credit report. Regularly checking your credit report can help you catch identity theft somewhat early on. You can identify fraudulent accounts, and have them closed.

You might need to freeze your credit at this point to prevent further fraudulent account openings. But, in some cases, you'll never know if you are compromised if you don't check your credit report. Your credit report can be the first indication that something is wrong.

3. Avoid Unpleasant Surprises

One of the recurring issues on my credit report is the fact that some of my student loans, and some of my husband's student loans, are double-reported. Even though we've both consolidated our student debt, sometimes a loan that has, technically, been paid off resurfaces on the credit report. This is frustrating because when our debt-to-income ratio is figured, it looks as though we have more debt -- and higher payments -- than we actually do.

Check your credit report ahead of time so that you can avoid unpleasant surprises while you are actually speaking with the loan officer. You want to be able to take care of these problems ahead of time, so that they don't slow down your loan process.

4. Improve Your Finances

Your credit report can offer you a way to track your financial progress. Taking a look at your credit report can show you where you need to improve, as well as help you see how far you've gone. There's something about actually seeing it right there in front of you that can help you make improvements.

If you see that you have been missing credit card payments quite a bit, you can make adjustments to automate your payments or arrange to send in your payment earlier to avoid the disappointing payment record. You can also see how far you come as you watch dwindling balances, and see other signs of financial improvement.

5. See Who's Been Checking Up On You

Your credit report also includes the names of companies that have been looking at your history. Even if you don't apply for credit, it's possible for companies to make a "soft inquiry" into your credit to see if you "qualify" for certain offers. If you do, they might send you marketing materials.

Checking your report can allow you to see who's been checking up on you, and it's possible to contact these companies to be removed from their lists.

Bottom Line

Your credit report contains plenty of information about you and your finances. Others are looking at it, so you should make it a point to know what's in there as well.

What other things can you learn from your credit report?

Miranda Marquit

Miranda lives in Utah and is a freelance writer and professional blogger, specializing in topics related to personal finance and business. Her work has appeared in, and been linked to from, a variety of publications, online and offline. Miranda blogs for a number of web sites, and has her own personal finance blog, Planting Money Seeds.

At the Expense of Your Health

2013-05-16T12:00:00Z

Health is expensive. Healthy food is expensive, gym memberships are expensive, doctors are expensive . . . you name it, it's expensive.

So where does this leave someone like me (and presumably you if you're reading this)?

Typically when we think of health, we think of some kind of physical well-being (or lack thereof). We might consider some major life stresses that knock our immune systems down, but I'm not sure how often we really connect our health with our financial life. Over the last few years, those two things have been annoyingly connected in my life, and at times probably create a vicious cycle with each other.

Let me explain.

As someone who is rather high strung to begin with, something as simple as paying a credit card bill or getting cash from the ATM can be anxiety provoking (am I over drafting my bank account?!?). Now, those are small things. A couple years ago I was diagnosed with the gastrointestinal disorder Crohn's disease and that turns out to be a rather expensive disease.

Oh and it can be made worse with stress.

So being pestered to pay hundreds of dollars at a time for this procedure or that can be overwhelming to say the least. Needless to say, if I flare up with stress, I end up with more bills. What do I do with them? I ignore them. Sometimes they're as "low" as $75, but sometimes they can be hundreds of dollars, or more. When I can barely cover all my regular bills, these bills appearing in my mailbox really throw me for a loop. Eventually (after months) I get around to paying them . . . I'm lucky they never seem to rack up late fees.

But I have to do it all over again the next time I get sick.

Let's add to this other healthy purchases. How I am I supposed to keep my bank account and my well-being afloat?

This brings me back to a familiar theme in my life - one that I seem to keep struggling with. I need to plan ahead. I'm coming to realize that these bills are no longer surprises or one-off events. They need to find a spot in my budget, even if that means I have to give up something else. If I want to get food that's better for me and better for my digestive system, then I need to make room for the fact that those things will usually cost a little more.

Health and finances are definitely linked, and one can easily cause problems with the other.

I haven't mastered breaking this cycle yet, but at least now I've figured out that it exists. Now I can start to deal with it and find ways to keep it from being such a big problem.

Sarah Pack

Sarah recently enrolled in the CareOne Debt Management Plan (DMP). Sarah currently lives in Virginia with her dachshund-beagle mix. In her blog, Sarah shares her experience as she just starts out on the DMP, managing her own expenses and spending, and working towards becoming a better saver. You can read more about Sarah's experience in the A Straight Talk on Debt blog. Compensated Blogger for CareOne Debt Relief Services.