If you’re reading this article, you’re probably feeling not-so-great about your current financial state. Maybe you just went bankrupt, maybe you’re really close to going bankrupt (or close enough). Whatever your situation, I’m here to offer my financial help.
It’s my passion to help women get back on track. I’m no stranger to financial hardships and I got myself together, so I look forward to helping YOU turn yours around.
First things first, if you want to get on the road to financial freedom you have to change your Money Mindset.
I have 3 free resources to help you do just that! http://thebudgetnista.com/free-stuff. The second resource, The Richest Man in Babylon book, will transform your financial thinking if you let it. I would begin there. You can even make it a family affair and read the book and discuss it together.
Secondly, work together with your family to create a budget. Use my 3rd gift via the link to help you. It’s Day 1 of my book, The One Week Budget. Budgets are necessary, financial tools for success. A budget should be simple and placed somewhere, where the whole family can see it. You want to make sure everyone is on board.
Lastly, begin working on rebuilding your credit. Here are some tips to help you:
1) Get a secured credit card: Use bankrate.com to help you find the best-secured card for you: http://bit.ly/11FjixR. A secured card is one of the best ways to begin rebuilding your credit. Make sure that:
- You’re cautious of anyone that asks you for outrageous start-up fees (some places try to charge up to $200) or for you to call a 1-900 number that will charge you money.
- You’re sure to ask if your transactions will be reported to all three major credit bureaus. You want them to see that you’re paying off your debts so your score can begin to improve.
- You understand that some banks might force you to wait for a year after you’ve filed bankruptcy to get a secured card. If that’s the case, focus on building up your savings in the meantime.
- You get a secured card at a bank you want to continue to use for a while. You’ll eventually want to ask if you can switch to an unsecured card with the same bank, so choose wisely.
- You automate the use of the card. Do this by placing a small automatic payment on the card each month (ie: magazine subscription, gym membership, phone bill). That bill should be the ONLY thing your secured card is used for. Then, sign-up for automatic, bill-pay at your bank (this is a free service), and instruct the bank to send the full payment of your bill, from your checking account to your secured card every month. This will create a payment loop effect that eliminates the flawed human element….you. I suggest you leave your secured card at home and allow the loop to work for you without interference.
2) Pay off your balance every month: Something magically happens when you pay a debt off in full each month. Your credit score does a happy-dance and jumps up. It doesn’t matter if the debt you paid off was $5000 or $5, same happy dance occurs. You can encourage your credit score to do a happy dance 12 times a year, by paying off your secured credit card in full every month. See step 1.5 above, to help you to do so automatically.
3) Pay all of your bills on time: 35% of your credit score is payment history. If you pay what your creditors ask and when they ask, you’ll make a significant change to your score.
I know that this is a lot of info sis-star, but I hope it helps. If you need more hands-on help and live in the NY/NJ area, I always have a bunch of free workshops. You can see what and when they are here: http://thebudgetnista.com/workshops–seminars
JOIN us and LIVE RICHER,