Unleash the Power of your Wallet

 

In the spirit of Madison Monroe & Associates' commitment to ethical, moral, and honest money-saving solutions, let's dive into a lighter, yet equally important aspect of managing finances—having fun while doing it! Achieving financial freedom doesn't have to be a journey paved with nothing but sacrifices and cutbacks. In fact, sprinkling a bit of creativity and enjoyment into the process can make the path to financial wellness both effective and entertaining.

1. Turn Budgeting into a Game

Who said budgeting has to be a chore? Transform it into a game! Create a monthly "Budget Bingo" where each square represents a financial goal or task, such as "No Spend Day," "Cook at Home," or "Invest $20 in a Savings Account." Every time you complete a task, mark off a square. Aim for a bingo or even a blackout, and reward yourself with a budget-friendly prize, like a movie night at home or a scenic hike.

2. Embark on a Thrift Store Treasure Hunt

Embrace the thrill of thrift shopping as a way to save money while uncovering unique finds. Set a small budget, choose a category (clothes, books, home decor), and see who can snag the best deal or the most unique item. This adventure not only saves money but also promotes sustainable living by giving second life to pre-loved items.

3. Host a "Finance Fiesta"

Gather friends or family who also aspire to improve their financial situations and host a "Finance Fiesta." Make it fun with themed decorations and snacks. During the fiesta, share tips, goals, and resources on topics like debt settlement, student loan consolidation, and credit repair. Learning from each other in a relaxed setting can demystify financial management and foster a supportive community.

4. Challenge Yourself with a "Frugal Fortnight"

Twice a year, embark on a "Frugal Fortnight" challenge where you significantly cut back on discretionary spending for two weeks. Plan free activities, cook all meals at home, and use only what you already have. Document the journey through photos or a diary to reflect on the experience. The money saved can be allocated towards debt reduction, savings, or investing in a future financial goal.

5. Create a Vision Board for Your Financial Dreams

A vision board is a powerful tool for setting and achieving goals. Gather magazines, old photos, and any other materials that inspire you. Cut out images and phrases that represent your financial aspirations, such as a debt-free life, a dream home, or travel. Place your board somewhere you'll see it daily as a motivational reminder of your journey towards financial freedom.

Madison Monroe & Associates believes in the power of taking control of your financial destiny without the burden of upfront fees, ensuring you see results first. By injecting fun and creativity into your financial strategies, you can make the journey towards financial independence not just rewarding, but enjoyable too.

Remember, achieving financial freedom isn't about depriving yourself of all pleasures; it's about finding smarter, more enjoyable ways to reach your goals. So why not start today? Your wallet—and your future self—will thank you!

Two Healthy Credit Habits to Begin

Whether your credit score is low because you have not maintained good credit or simply because you have never established credit, maintaining a good credit score is an important aspect of financial health. Below are two healthy credit habits you can employ now to establish a good credit ranking.

Use Less than 30% of Available Credit:

The amount of credit you utilize accounts for 30% of your total credit report. This number, however, only applies to credit cards, which have a total limit for credit.

Credit bureaus note consumers who use more than 30% of their available credit. Using too much makes the bureau think you rely too heavily on cards to fund your lifestyle. Even if you pay that balance off every month, the utilization is still reported to credit bureaus.

To avoid using more than 30% of your available credit, keep a close eye on your account to check the balance and divide that balance by your available credit. This calculation will generate the percentage of available credit you are using.

If you do go over 30% every month, pay half of your credit card bill before the billing cycle closes! This will help cut down your utilization ratio by the time it is reported.

Carefully Open New Accounts:

You can easily tank your credit score if you open too many new credit accounts. Credit bureaus ding customers that open too many credit card or loan accounts in a short period of time as it may be viewed as a sign of financial instability. This component makes up about 10% of your credit score.

Opening too many new accounts also brings down the average age of your credit history, a component that accounts for 15% of your credit score. Lenders look for borrowers with the highest credit history age possible so avoid opening too many accounts.

When you do open a new account, consider whether it is worth negatively impacting your credit score.

Thank You for taking the time to read our Blogs. 

Mr. Rafael Ulloa 

8 Strategies for Building a Successful Career by Rafael Ulloa

Improving your earnings potential is one of the best ways to take control of your financial life. Here are eight tips that can help you build a successful and rewarding career:

 

1. Consider your goals. Some dream of running Fortune 500 companies, getting into the Senate, or being professional athletes -- others are happy to work a day job that leaves them plenty of time to share with family, pursue hobbies, and enjoy the small things in life. There are no rights or wrong answers in life, but considering your goals before planning your career will help you find the right path for you.

 

2. Make a plan. Some careers require lots of advanced education to even begin -- but even if your career can be started after high school, you can likely gain benefits by opting to travel, to take a class, or to volunteer for special duties. Research career paths in your chosen field, and make a plan that will get you where you want to go.

 

3. Manage money wisely. If you are living paycheck to paycheck, it will be difficult to plan ahead and get where you want to go in the long term. It will also be difficult to make investments in your career, such as going back to school or taking a sabbatical year. Employers can even deny you a job if they find that you have bad credit! So smart money management is crucial to professional success.

 

4. Be a learner. Acquiring useful knowledge and new skills will put you one step ahead of the competition. So whether it is in a formal academic setting or on the job, you should always have your mind focused on learning as much as possible.

 

5. Make connections. We've all heard the old saying -- it's not what you know, it's who you know. This old adage proves true more often than not, which is why professional networking is such a crucial part of almost any career.

 

7. Don't be afraid to ask. Perhaps your employer is willing to give you a raise and/or considering you for a promotion. Perhaps your employer's competitor would gladly double your salary to have you working for their team. If you don't ask, you will never know.

 

8. Have an exit plan. Without a plan, retirement will be a struggle. Invest in your future by making a concrete retirement plan and contributing regularly to a retirement fund.

 

For more tips on earning, saving, and staying out of debt, visit Madison Monroe and Associates online today!

 

 

 

 

How To Help Your Teen Cope With Moving

WHAT IF YOU’RE TEENAGER DOESN’T WANT TO MOVE TO A NEW CITY?

You've got a new job offer across the country and you are planning to pack your things, buy or rent a new home and make the big move. However, when you tell your 17 year old daughter your plans, she lets out a mournful wail and cries that it is not fair. How can you possibly take her away from all of her friends, her favorite hangout spots and the cute boy she just started seeing?

Moving house is a difficult transition and it is even more traumatic for teenagers. The teenage years are an important stage where young adults establish their individuality and independence and during this time their social circle is extremely important to them. Being removed from that against their will can make any teen feel sad, confused, angry and resentful. Also, fitting into a new social scene in a different location can be a challenge for a teen that might be singled out as the “new kid".

How can you help your teen during this transition so that the experience will be easier on them?

Here are some tips that will make the experience of moving cities a little bit easier on your teenager:

Give them as much notice as possible so that they have time to adjust to the idea of moving. They will feel like they have enough time to say goodbye to their friends and close a chapter of their lives.

Try to schedule the move around the school calendar, as moving in the summer is much less disruptive to your teen's life than relocating in the middle of the school year.

Make sure that they have ample time to spend with their close friends before they leave and once you arrive, understand that they might go through a grieving process of missing their old pals.

When you get to your new home, make sure that your teen has plenty of ways to keep in touch with their old friends, such as an internet connection and a cell phone plan.

Encourage your teen to get involved in the community of your new hometown, such as joining sports clubs or attending events. This can help them to make new friends

Can they stay behind? Only recommended for kids 18 and over

In some situations, the better option might be to let your teenager stay behind. If they are in their older teens, they will have finished high school, maybe have a job and be independent people of their own. Perhaps they could stay with a family member or parents of a friend for a while until they are old enough to move out on their own. This might make them a lot happier in the long run, rather than taking them along with you if they really don't want to move.

Below are some links to help you with the transition:

How to talk to an angry teen: http://everydaylife.globalpost.com/talk-angry-teen-5913.html

Make new friends: http://www.lifehack.org/articles/communication/how-to-make-a-bunch-of-new-friends-in-any-new-city.html

Have a job: http://www.youngupstarts.com/2012/09/13/12-compelling-reasons-your-teen-should-work/