Nocita Carter's Blog

Should I Have My Credit Frozen?

This is better known as having a security freeze on your credit report to assist in detouring and hopefully eliminating individuals from using your credit information without your permission or knowledge.  A security freeze can also assist in the prevention of identity theft. 

The cost of having a security freeze placed on your credit report is minimal compared to the overall identity theft protection products that are currently available to the consumer.  In many instances you may be paying as much as $15 per month for identity theft protection that may not be effective in preventing your identity from being stolen.

The cost of placing a security freeze on your credit report with each credit bureau is approximately $10 if you are under the age 65.    If you are age 65 or older, the cost of placing a security freeze on your credit report with each credit bureau is approximately $5.  The overall cost to have a security freeze placed on your credit report file would depend on the laws of the state where you reside.

In many states, if you are a victim of identity theft there is no cost to place a security freeze on your credit report file with each credit bureau. A security freeze to protect your credit file is available to all consumers in the United States and U.S. territories. 

You may be wondering, how do I add a security freeze to my credit reports? Well, you can start by contacting each of the following credit bureaus directly to start the process:  TransUnion, Equifax, and Experian. 

So, having a security freeze on your credit report file may be something you may want to consider.  By having a security freeze with each credit bureau, this may aid you in protecting yourself against identity theft.  In addition, if you have already been a victim of identity theft, freezing your credit report file, may help eliminate further problems with your credit information. You may want to visit the following websites for each of the credit bureaus to get started with obtaining your security freeze for each of your credit reports: 

TransUnion

Equifax

Experian

How Do I Manage My Money As A College Student?

 

Many college students face this question on a daily basis.  There are many college students that are on a tight budget and are unsure of how they will be able to make their money spread to cover their expenses while their attending school. 

 

So, you’re probably wondering how can I manage my money as a college student? Well, you can consider using some of these tips to help you manage your money while you’re attending college:

 

Tip One:

Consider setting up a budget that includes all of your income such as:  college scholarships, grants, student loans, monies received from parents, relatives, friends; earnings you may receive from a job, etc…. 

You will also want to add all of your expenses to your budget which may include the following:  tuition, housing fees, college book expenses, utility bills, internet and phone expenses, food, laundry, etc… Try to break down your budget based on how you attend college on either a semester or quarterly basis.

 

Tip Two:

Track your spending.  It’s important to stay abreast of how you’re spending your money to make any adjustments you may need to make along the way.  Remember those lattes, pizzas, extra snacks and miscellaneous expenses could really add up over time.

 

Tip Three:

Monitor and watch the spending on your credit cards if you have any.  Use credit cards and credit sparingly.  Keep in mind you don’t need to max out your credit lines just because you can.  It’s probably a good idea when you use your credit card to be prepared to pay it off as soon as possible after incurring the expense to your credit.

 

Tip Four:

Consider purchasing your college books online instead of your college bookstore.  That’s right, compare prices.  You may find that it is much cheaper purchasing your text books online.  Check to see if your college textbooks are available at Amazon, Ebay’s Half.com or other college textbook online store websites.  Just make sure you have secured the title of your college  textbook, author name and edition you will be using for your college classes.

 

You may want to consider looking at purchasing used college textbooks to save you money as well while you’re going to school.  In many cases you can find college textbooks that are used and in great condition that may save you lots of money in the long run instead of purchasing a brand new book. There may also be an option for you to rent your college textbooks as well.  This is becoming a new avenue for college students these days, so consider checking into this online or via your school.  Just be sure to determine whether or not it will be cheaper for you to rent your book or just purchase a used college textbook that you can either keep or sale back via your school or the online textbook store you purchased your book from or elsewhere.

 

Tip Five: 

Keep an emergency fund by saving your change.  Yes by saving your change this can assist you with having an emergency fund if something important comes up and you need extra money.  The easiest way to have an emergency fund on a tight college budget is by saving your change. 

 

Tip Six:

Pay your bills timely and consider setting up a payment calendar to notate when your bills are due.  By paying your bills timely this will assist you in building and maintaining your credit while you’re attending college.  You will probably find that by having a payment calendar this may provide you with visual reinforcement of when your bills are due.  Consider using either a paper or electronic calendar.

 

Tip Seven:

Be sure to use your student id to get all the discounts you’re entitled to as a college student.  You will be surprised at the amount of money you can save as a student.  By the way, don’t be afraid to ask if a student discount is offered at the places you go.

 

Tip Eight:

If you’re having difficulty meeting your college expenses don’t be afraid to ask for help from your parents, relatives, friends or your college financial aid department.  It’s better to ask for help then not to ask.  You will never know what help may be available to you if you don’t ask for it. 

 

Tip Nine:

Make sure to add into your budget a little room for some fun money.  That’s right, everyone needs to have a little fun and enjoy themselves sometime by taking in a movie, dinner, concert, etc… I think you get the picture, just have some fun.

 

These are some of the ways you can consider managing your money as a college student. So, go ahead and get started today with managing your college money, you will probably be glad you did in the long run.

How Do I Go About Lowering The Cost Of My Utility Bills?

Lowering the cost of your utility bills is really not a difficult task once you get started.  It seems that each and every day there are extra costs added to our living expenses that are simply out of our control.  Unfortunately we have to make up for these added expenditures out of our income.  Therefore, it is important that we reduce expenses any way we can.  A good place to start is by working on lowering the cost of your utility bills.  You’re probably wondering how do I go about doing this?  Well, you can start learning how to reduce your utility costs  by using some or all of the following tips:

Tip One:

Change your light bulbs to energy saving compact fluorescent light bulbs if you have not already done this.  You will be glad you decided to use energy saving compact fluorescent light bulbs because they use less electricity than your old light bulbs and last much longer. So, the sooner you replace your old light bulbs to energy saving bulbs the sooner you can start to see a savings in your electricity bill.

Tip Two:

How about during the day when it is cooler let the natural sunlight shine into your home. If it’s nice outside you may want to even open your windows if you can. You can adjust the amount of natural sunlight coming into your home with your window coverings and drapes.  If you’re looking to keep cool in your home keep your drapes and blinds closed.  However, if you want some warmth from the outside let the natural sunlight shine inside your windows.

Tip Three:

Consider replacing your regular thermostat to a programmable thermostat if you don’t have one already.  The programmable thermostat  can be set to automatically adjust the temperature in your home while you’re away from your home and while you’re sleeping.

Tip Four:

Turn off the lights in your home that are not being used.  You may want to also consider unplugging your appliances and cell phone chargers that are also not being used.

Tip Five: 

Check, clean or replace the air filter in your heating and air conditioning system on a regular basis.  You may want to consider checking your air filter every six months. 

Tip Six:   

Open or close your air vents when you want to maintain the coolness or heat in your home.

Tip Seven:

Maintain your refrigerator by adjusting the temperature based on the manufacturer’s recommendation.  If you have an older refrigerator that is not energy efficient you may want to consider replacing it if this fits into your budget. Keep in mind that refrigerators use lots of energy and the more energy efficient your refrigerator is the less money you will spend on your electric bill.  You may be able to get a rebate for purchasing your energy efficient refrigerator from the manufacturer or via your electric company.

Tip Eight:

Consider using fans as much as possible throughout your home to reduce your utility costs.

By using some or all of these tips you should have a good idea of what you can do to start working on reducing your utility bills. So go ahead, get started today on lowering the cost  of your utility bills you’ll be glad you did. 

Should I Consolidate My Credit Cards Into One Payment?

 

Consolidating my credit cards, what does this really mean? Credit card consolidation is merging together multiple credit card bills to make one single monthly payment.  The idea behind consolidating your credit cards into one payment is to obtain a lower interest rate that is more affordable and comfortable for you to pay towards your credit card balances monthly as a single payment.

 

You may want to consider consolidating your credit cards  into one payment if you’re having difficulty with the following:  keeping up with the payments on your credit cards; the interest rates on some or all of your credit cards are too high; and, you’re unable to save money.

 

If consolidating your credit cards is the route you believe you should take then you may want to consider these tips to assist you along the way:

 

Tip One:

Consider moving your high interest rate credit card balances to a lower interest credit card.  If you currently have a credit card with a low interest rate then you may want to transfer your high interest rate credit card balances to your lower interest credit card.  However, if you do not have a lower interest rate credit card you may want to apply for a credit card with a lower interest rate that you can transfer your high interest rate credit card balances to this new credit card.

 

Tip Two:

Make sure you read the fine print when deciding to make a balance transfer to a low interest rate credit card.  That’s right, this is real important for you to do. You will want to make sure you understand all of the fees you may be paying if you decide to transfer your credit card balance to a lower interest rate credit card. It’s important that you really understand what you’re getting yourself into before you decide to make that leap.

 

Tip Three:

Utilizing a home equity line of credit otherwise known as HELOC may be an option for you to consolidate your credit cards.  By using a HELOC a homeowner takes advantage of the equity they have built up over the years in their home.  In most cases by taking out a HELOC you are able to secure a low interest rate to pay off your credit cards and end up with a single payment that you will be making on your home equity line of credit. However, just keep in mind that if you decide to go the route of using a HELOC, it is tied to your home and if you stop making your payments on this line of credit you could be at risk of loosing your home.

 

Tip Four:

You can also consider obtaining a low interest personal loan from a bank, relative or friend to pay off your credit card debt.  If you are able to secure a personal loan to pay off your credit cards, this would enable you to make a single loan payment on your personal loan.

 

Tip Five:

If your credit is poor and you’re having problems meeting your credit card payments or perhaps other bills you may want to consider contacting a consumer credit counseling service to assist you in negotiating lower interest rates and payments with your credit card companies.

 

Overall consolidating your  credit cards  can be a very effective way to lower your interest rate, reduce and eventually eliminate your credit card debt.  Credit card consolidation can give you a peace of mind and empower you to regain control over your spending habits.

Should I Let My Adult Child Move Back Home?

You are possibly thinking maybe yes or maybe no to this question.  This question is sometimes a difficult question to answer at times it can be a dilemma on what you should do.  As a parent you may want to help your adult child, but, you really want your child to become independent of you in most cases.  You want your adult child to spread their wings and find their own space.  This may be more difficult to do at this time due to the high cost of housing and the enormous unemployment rate in some areas.

It may take your adult child more time to save up for their first apartment or home especially if they just started or finished college and may have student loans and other expenses that they will need to pay.  So, if you’re thinking about helping your adult child by possibly letting them live with you, consider some of the following tips:

Tip One: 

Consider charging your adult child rent while they are staying with you once they have secured a job.  This will teach your adult child responsibility and how to manage their personal finances. They will need this experience in the future when they have their own apartment or home to pay for.

Tip Two: 

You say you do not want to charge your adult child rent, consider having them pay part or all of a particular utility bill such as electric, gas, etc…  I think you get the picture.

Tip Three: 

If your adult child wants to use your telephone make sure they have their own telephone line or cell phone wherein they are responsible for paying their own bill.  This will eliminate future headaches for you later on.  You would not want your own personal telephone bill to increase to an enormous amount if your adult child is living in your home with you.

Tip Four: 

You may want to consider having your adult child purchase their own food or contribute to the overall food purchase for your household.  You may find that your food bill may increase substantially when your adult child moves back home.  So, in order to alleviate problems with this potential added cost, have your adult child contribute to this expense. 

Tip Five: 

Set ground rules for your adult child prior to them moving back into your home.  Remember the bottom line is that this is your home and you want to be comfortable while your adult child is living with you. 

Make sure you make it clear whether or not your adult child can have a boyfriend or girlfriend stay overnight in your home, their responsibility for certain household chores and any additional ground rules you may want to discuss with your adult child.  By doing this, you may be able to alleviate problems in the future by being up front with your adult child on these issues.

Tip Six: 

If the amount of time your adult child will be living with you is important, consider discussing a time frame with them concerning how long they will be living with you.  By doing this, your adult child will continue to learn responsibility and full independence by eventually getting a place of their own to live. 

It’s okay to help your adult child by letting them live with you.  However, you don’t want them to be dependant on you forever.  You want your adult child to be financially secure, independent and self sufficient enabling them to take care of themselves without your assistance and if you are no longer able to do this for them. After all you raised them to carry their own torch and to be the best they can be!