Sherry Tingley

How To Choose Christmas Gifts For Teens

December 7, 2014 By Sherry Tingley

Choosing gifts for teens can be challenging.

Shopping For Teens Can Be Tough

Teens, bless them, can be a challenge when it comes to buying gifts. They tend to have extensive gift lists that change as often as their minds. They want the newest, trendiest items and what’s at the top of the lists may be changed from day to day.

Electronics

You can bet, though, that electronics of all kinds will be at the top of many lists. Your teen is likely into phones, accessories, video games, fashion accessories, active-wear and other items that say “let me be me.” The smartphone is far and away the most frequently sought in this age group. If you got the phone last year, try for accessories this season.

Gift Cards

Gift cards may have earned their reputation as quick and thoughtless, but they don’t lose popularity in the teen crowd. They beat a clothing, makeup or handbag gift that the particular recipient does not like. Those are items best left to the individual to select, and if the gift card fits . . . Even better is cash, that has no limits as to where it can be used.

Cash, gift cards or electronics, say the experts. And one larger gift card for one store beats a pile of smaller cards that fall short of price of a teen-coveted item. Mix-and-match. Match a gift card for iTunes, for instance, with new earbuds. A Darth Vader flash drive or a purse-size cellphone charger/flashlight might be the stocking stuffer of choice for many a teen.

Food

A gift of food can never be far wrong for the majority of teens. Candy, cookies, soft drinks, chips, etc., in a basket will keep the holiday alive, at least for a day or two. And again, a gift card to a local eatery will let them order for themselves.

Find Out Likes On Social Media Sites

With modern technology, it is possible to check out a teen’s social networks to learn if they have special interests in music, sports or hobbies. An item of clothing, say a winter hat, sporting the favorite team’s logo, is a good choice for the sports nuts.

Clothing

Teens are looking for items that set them apart as an individual. When you look for clothing items, take their personal choices into account. In active wear, sizing is easier if you stick with relaxed-fit items like jogger pants.

Providing the wherewithal for a teen to have a new experience such as flying in a jet pack or taking a hot air balloon ride may be the answer for the youth who has everything, or seems to have.

5 Steps To Get Out Of Debt

December 5, 2014 By Sherry Tingley

Your debt load is not insurmountable. Make a plan to whittle it down to zero.

Conquering The Debt Monster

The first step to getting out of debt is breaking it down into manageable portions and creating solutions a step at a time.

Allowing the problem to overwhelm you to the point of inaction assures that it will continue unabated.

ReadyForZero, a company that creates answers for people who are in debt, advises that a full understanding of your own finances is the key to getting a handle on debt. The company’s advice includes:

1. Know where your money goes.

Replace fear with facts. Be minutely aware of how much money comes into your household each month and where it goes.

If you make most of your purchases with a debit or credit card, log into your online account and do a detailed study of your purchase history. Divide it into categories such as Groceries, Entertainment, Rent, Utilities, Transportation, etc. If you use cash, track spending for a month to develop this data.

2. Don’t Spend Too Much

Are you spending too much? Debt is inevitable if your outgo exceeds your income. Resisting the ubiquitous advertising that surrounds us is a conscious choice that must be made. New electronic gadgets, clothing or cars seldom lead to real happiness if you can’t afford them and they shackle you with debt. Examine your spending behavior and start to change your mental processes. Remove the triggers that encourage you to overspend. Learn to distinguish between real needs and simple desires.

Get rid of your credit cards. Use only debit cards, cash or checks. These modes won’t allow you to overspend as credit cards do. If you are addicted to spending, find new way to gain pleasure and happiness. There are things you can do in almost any community that don’t cost money.

3. Focus On One Debt With The Highest Interest Rates

Pay off debts that carry the highest interest rates first. Add just a few dollars to each payment, more if possible. Some lenders will agree to a lower interest rate. If they will not, look for a transfer option that will give you a better rate. Consider a consolidation loan, but only if the interest savings are real. A small reduction in the interest rate can translate into a big savings.

4. Change Your Motivation

Your motivations have to change. And that isn’t easy. Find inspiration in your family, your life goals or meeting some kind of challenge. Make visible reminders, such a family photos and written ultimate objectives, that are constant reminders if the family is your focus. Write down goals, such as buying a house, retiring early or otherwise meeting life goals and put them where you see them daily. Set a specific date when you hope to be debt free and circle it on a calendar that you can’t ignore.

5. Increase Your Income

If low income is at the root of your indebtedness, try to resolve it. Look for a source of income outside your regular job. Sites such as Elance.com and oDesk.com offer short-term freelance jobs you can do at home. There are jobs in writing, designing, transcribing, organizing and other specialties that are listed online. If it is possible, try to increase your earnings at the job you have. If you can, upgrade your skills to make yourself more valuable to your employer. Research what other people in your job category make and, if necessary, try to match their earnings.

These steps will all make little inroads into your debt load. But none of them will make a difference if you don’t take that first step: the conviction that you can do it. Let fear and inertia drop to the side and begin.

What Is A Good Credit Score?

December 4, 2014 By Sherry Tingley

Good credit can save you money when applying for a loan.

It’s not one of those things that demand your attention. But knowing your credit score can be a real benefit when it comes to borrowing money – and getting a good interest rate when you do.

But determining a “good” credit score can be tricky. Several agencies have different ways of scoring and there are more than one schools of thought on the subject. Fortunately, you can check your own credit score and it won’t adversely affect that score.

Each lender develops its own credit score range. Knowing that is important when you want to know what your numbers mean. Among the various scoring models and the range they use are:

FICO Score, 300-850; VantageScore, 300-850; VantageScore scale (versions 1.0 and 2.0)m 501-990; PLUS Score, 330-830; TransRisk Score, 100-900; Equifax Credit Score, 280-850.

With all of these scores, the lower the number you have, the higher the risk to a lender. Those with the higher figures are more likely to obtain loans, get discounts on insurance and other financial advantages. For instance, if your FICO score is 840, you are near the top of the range and your credit is considered “superprime.” In essence, if the range is 301 to 850, the following categories would emerge. Excellent credit, 750-plus; Good Credit, 700-749; Fair Credit, 650-699; Poor Credit, 600-649 and below.

Within this range, however, lenders have their own definitions of what they will accept. Some who want to qualify a larger number of borrowers may be willing to look at a credit score of 680 or higher, while one that wants to be more selective may up the minimum score to 750 or higher. Some lenders will raise the interest rate for borrowers below a score of 700.

You can get a free Credit.com account simply by applying. It includes the score and a personalized action plan to improve it. It is free and updated every 30 days.

The only way to assure that your credit score is good is to check. Having paid bills consistently and on time does not fully guarantee a good score. Requesting a score once a month provides you with a breakdown of the factors that affect your score.

In general, the score factors in payment history, debt levels and the age of credit accounts. The objective is to predict how new and existing customers will handle credit.

A good score will facilitate your purchase of a home or car, opening new credit accounts and getting the best interest rates. Over time, you will pay less for the use of lent money. Bad credit could add as much as $90,000 to a home, for instance.

It pays to know where you stand credit-wise and to work to improve your score if needed.

Black Friday, Cyber Monday – And the Rest

November 28, 2014 By Sherry Tingley

Wal-Mart said Thursday, Nov. 28, 2014 was its second-highest online sales day ever after last year's Cyber Monday, which is the Monday following Thanksgiving when online retailers promote bargains. — Wal-Mart said Thursday, Nov. 28, 2014 was its second-highest online sales day ever after last year’s Cyber Monday, which is the Monday following Thanksgiving when online retailers promote bargains.

For years, the commonly accepted wisdom for shoppers is that Black Friday is THE day for holiday deals. Not necessarily true.

While that Friday and its electronics copycat Cyber Monday are packed with bargains, experience shows that there are even greater opportunities on both sides of those days. For instance, thousands of shoppers take time out from turkey on Thanksgiving Day to hit the stores, jam-packed tummies notwithstanding. One survey conducted by DealNews showed that the price breaks on Thanksgiving were better than those on the following day. In a month already noted for sales, it stuck out

Not only that, but the stores offered deals on more of the most-wanted items likely to be on holiday shopping lists, the analysts found.

The advice of experts is to begin looking for deals before the turkey is thawed. Like, say, right now. The holiday shopping period long outgrew single days. All of November is dedicated to the best deals of the year.

DealNews found that Cyber Monday sales last year lagged Thanksgiving by 16 percent, but that it offers more top-shelf bargains than stores that don’t deal primarily in e-commerce items. The research organization suggests that those looking for e-commerce deals also begin shopping the ads before the traditional days.

The circulars will soon be flooding homes. Peruse the ads and if you spot a wanted item that fits your budget, don’t wait for a better deal. DealNews editors and other market-watchers post sales critiques as the annual frenzy begins.

6 Tips For LIving On One Income

November 18, 2014 By Sherry Tingley

Determine a good budget to use and make sure you stick to it.

One Income? Make It Enough

Two-income families have become almost the norm in the United States, but some families, for whatever reasons, can and do get by on the earnings of just one breadwinner.

It requires planning and commitment, but it is possible.

Analyze Your Budget

Start with an honest and thorough review of your current financial picture. How much do you spend? How much of the spending is for necessities and how much for luxuries you could do without? Think of ways you could cut back, such as eating more meals at home rather than out. Use the analysis to make a realistic new one-income budget.

Plan Your Spending

Get over some old habits, such as whipping out the credit card whenever you see something you might like to have, but don’t really need. Based on your new realities, give first priority to the expenses of running a household. Plan for some savings and then limit spending for other things to what is left.

Six Month Emergency Fund

Experts advise a six-month cushion in case of emergencies. That protects against financial disaster when the breadwinner is laid off, becomes ill or injured – any of the multiple disasters large or small that life sometimes dishes up.

Experiment Before Losing The Second Income

Try out a single-income existence before plunging headlong into it permanently. While you still have two incomes, put one into savings for several months or a year to test how it would work in reality. The cached money could become part of the cushion just mentioned.

Ask Tax Adviser For Advice

Talk to a tax professional who can tell you what moving to a single income might do to your tax liability. Moving into a lower tax bracket may offset some of the loss you experience from reducing your income. But have the facts in hand before you take the leap.

Cut Down Living Costs

Search for ways to reduce your costs. Many two-salary households may find they have accumulated a number of trivial items that could easily be sacrificed in the name of the new one-salary mode of living. Cut down the number of channels you carry on cable. Assess your insurance policies to see if they are more than adequate or if you can save by bundling. Each household budget is different, but engage everyone in your group in setting priorities and trimming excess. It will be worth some sacrifice if circumstances now call for a one-salary approach to living.