Ways to Save Money

8 Pain-Free Ways to Save Money

 

       Looking to get your finances under control? Follow these 8 pain-free tips!

 

1. Plan Your Meals. Eating out is one of the biggest expenses for most households. There’s nothing wrong with treating yourself every now and then -- but avoid going to restaurants merely for convenience’s sake by planning your meals ahead of time.
    
2. Buy Staples in Bulk. Take advantage of lower prices by buying frequently used items in bulk.
    
3. Go Green. Installing energy efficient lights, unplugging items you aren’t using and making other green choices is an easy way to save on your bills.
    
4. De-Clutter. Selling and donating your unused items can bring in some extra income and/or offer tax benefits. Moreover, it will make your home a more comfortable place, helping you spend more time at home rather than going out and spending.
    
5. Shop Smart. Make the effort to drive to the most affordable store in town and print out coupons beforehand and you are sure to save money. Making a list beforehand will help you avoid impulse purchases while guaranteeing that your don’t have to make a return trip.
    
6. Keep a Refillable Water Bottle or Two in the Fridge. Contrary to popular belief, bottled water is not held to a higher standard of quality than the water that comes from your tap -- but bottled water is marked up by as much as 280,000 percent compared to the price of tap water. The one real advantage that bottled water offers is convenience, so why not keep a couple of cold bottles in your fridge and save the need less expense?
    
7. Devote A Bit Of Time and Money to Maintenance Each Week. A penny saved is a penny earned -- and performing regular maintenance on your car, your home, and your appliances can save you a large chunk of change over time.
    
8. Take Advantage of Community Services. Libraries, parks, public pools, and a plethora of local services can help you save money and have a blast without spending a cent. You already pay for them with your tax dollars, so why not take advantage!

 

      If you have any questions or need further assistance please give us a call at

      877-346-2797 we are here to help you.

4 Finance Tips for Young Adults

Managing your finances might seem overwhelming. Money management is not exactly a required course in schools. Yet as soon as you’re out of high school, you’re expected to manage student loans and take on large financial commitments such as rent. All of this can seem daunting, but by building good habits now, you can create huge returns in the future and come out miles ahead of your peers.

 

1. Start Saving Now. A retirement fund is important, even at this stage in your life. Compounding interest means the investments you make now could give you a big payout further down the road. The sooner you start, the less you will have to worry when retirement is around the corner. Saving a bit of your income for an emergency fund isn’t a bad idea either. You never know when you might need it.
2. Practice Self-Control. Start the good habits now. Spending money on fast food and expensive coffee is okay occasionally, but if you’re not indulging with care, bad habits will start to form. When you’re 30, 40, 50 years old, you’ll find it harder to break those habits and harder to make up what you’ve lost. Stay mindful and vigilant when you spend.
3. Understand Taxes. Taxes can be complicated and daunting. Yet they are another fundamental part of life that schools neglect to teach. Learning how to calculate your taxes based on your income will help to determine your budget and will save you trouble in the long run.
4. Start Building Credit. Avoiding overwhelming debt is a no-brainer, but that doesn’t mean young people should shy away from credit completely: now is the time to begin building the credit reputation that will help you make big purchases down the road.

 

Have debt and bad financial choices taken over your life? Madison Monroe and Associates can help by negotiating away as much as half of your debts. Visit us online today to learn more! www.madisonandmonroe.com or give us a call at 877-346-2797 and speak with one of our counselors.

Escape the Cycle of Payday loans

Each and every year, more than 12 million Americans borrow money from payday lenders. Sadly, the majority of people who resort to these types of loans are already in financial trouble of some sort--causing a disturbingly large portion of these borrowers to end up in a downward of spiral after being unable to make the payment on these loans. With annual interest rates of oftentimes averaging more than 400%, it’s easy to see how these debts can destroy lives and create seemingly inescapable financial sinkholes.

 

All that being said, and in spite of the clear danger that these types of loans pose, it’s not difficult to see why they’re tempting, either. Most payday loan borrowers are completely unable to afford other forms of credit due to previous financial hardships--and these loans are typically used to make necessary payments such as rent, groceries, or bills. Unfortunately, taking out debt to pay debt is not a sustainable strategy.

 

So if you’ve fallen victim to the vicious cycle of payday loans, you may be feeling frustrated or even hopeless. Relax. There are solutions out there--and, with wise financial management and a strong partner such as Madison Monroe and Associates, it is possible to regain control over your life.

 

Madison Monroe and Associates is not a debt consolidation service that charges top dollar just to reduce your ARP by a marginal amount and arrange one monthly payment. Though such services may be helpful to some, they are not enough to facilitate escape from most payday loan debts. What you need is an aggressive strategy aimed at dramatically decreasing the amount that you owe. This is what we can offer here at Madison and Monroe. For more information, we highly recommend that you visit our website or get in touch with a Madison and Monroe representative today. www.madisonandmonroe.com 877-346-2797

 

Are Minimum Payments an Effective Debt-Relief Strategy?

If you have found yourself deep in debt, you know what a destructive force excessive debt can be in life. It can limit your opportunities for receiving financing, it can affect your job search, and, of course, it can cost you a significant portion of your income. And this does not even begin to address the feelings frustration and stigmatization that come along with such situations. Many people believe that the only way out of debt is the option right in front of them: making the minimum payments and waiting for the debt to be paid off in whole. In this article, we will address that concept, and we will discuss why it may not be the best option for you.

 

Making minimum payments is the most conservative approach to paying off debts, and as long as you do not feel that your debts are having a negative impact on your life you may wish to go this route. However, you should be aware that you will end up paying nearly 50% of your balance in interest alone over the first three years, and that, if your rates are over 25%, it is almost a mathematical impossibility to pay off your debt through minimum payments. Repayment through this method can sometimes take 20 years or more, and if you stop making repayments at any time (regardless of the reason) you will be destroying your credit while doing nothing to help your situation.

 

Taking a more aggressive approach can get you out of debt faster, allowing you to move on with your life. Though it is true that not all debt relief programs are created equal, you owe it to yourself to look into debt settlement. Debt settlement is not a bank-managed program like debt consolidation, and it does not carry the ten-year stigma associated with bankruptcy. Rather, it is a way of negotiating and lowering debt on the friendliest terms possible. Debt settlement has helped countless people get back on track financially: could it be right for you? Visit Madison Monroe and Associates online today to learn more. www.madisonandmonroe.com or simply give us a call 877-346-2797 we are here to help.

 

5 Concrete Ways That Your Credit Score Impacts Your Life

 

There are so many exciting reasons to get out of debt: for example, it can help you free up your personal income, it can reduce stress, and it can help you plan for a more stable future. One benefit of debt freedom that many people don’t even consider until they have gotten out of debt is the impact on their credit score. Though this seemingly abstract number might not always seem like the biggest priority when you are struggling to put food on the table and make ends meet, the truth is that your credit score plays a huge role in many important aspects of your life. Here are 5 concrete reasons that you should care about your credit score:

 

1. Land the dream job. Although not everyone realizes it, employers are legally entitled to view your credit score as part of their pre-employment background check--and many do. Having a low credit score could make you look unstable (or, worse, untrustworthy) which is why having a good score is very important.
2. Buy the car. If you’re hoping to finance the purchase of a car, you are going to need a solid credit score. If not, you could be stuck driving a beater--or even taking the bus.
3. Own your own house. As you can probably imagine, if a low credit score is enough to stop you from buying a car, it can also stop you from buying a home. Even renting an apartment generally requires a credit check!
4. Start a business. One final category of financing that many people seek at some point or another during their lives: business funding. Without a good credit score, it is going to be very difficult to get that new idea off the ground.
5. Pay less interest. If you do manage to get approved for a car, house, or business loan, the amount of interest you pay will be contingent on your credit score.

 

Ready to get out of debt and begin rebuilding your credit score and your life? Visit Madison Monroe and Associates online today to learn how! www.madisonandmonroe.com or simply give us a call 877-346-2797 we are here to help.  

 

The Student Debt Crisis

According to an article published recently in MarketWatch, nearly 70% of bachelor’s degree recipients leave school with debt. The student debt grand total? $1.2 trillion dollars, the average indebted college student between the ages of 20 and 30 now makes a monthly payment of roughly $350; and the average debt that students graduate with continues to rise. In the recent graduating class of 2016, the average student owed over 37,000 dollars.

 

Negative impact

The prevalence of student debt is having enormous impact on thousands of individual lives and our society as a whole. As the aforementioned MarketWatch report points out: “student loan debt may be preventing Americans from making the kinds of big purchases that drive economic growth, like house and cars, and reaching other milestones, such as having the ability to save for retirement or move out of mom and dad’s basement.”  If these words sound painfully close to your own reality, then it may be time to take action and take control of your life.

 

What can be done?

Ask a hundred people what can be done on a political or society-wide level about this problem, and you’re likely to get a hundred different answers. However, on an individual level, the answers are a bit more clear, though still far from simple or easy. First of all, students should take every possible step to reduce the amount of debt that they take on over the course of their studies--this means applying to scholarships, considering beginning at a community college, and possibly living with parents or relatives until their degree is earned. For students who find themselves currently in debt, the key is to pay this debt as quickly as possible before interest piles up and drastically increases their amount owed. This must be accomplished through a combination of careful financial management, aggressive debt payment, and, if necessary, a debt reduction service such as Madison Monroe and Associates. Visit us online today for more information www.madisonandmonroe.com or simply give us a call (877) 346-2797 we are here to help.

How to Handle Phone Calls from Debt Collectors

Receiving unsolicited phone calls from debt collectors can be intimidating--but it’s not the end of the world. If you are being contacted by debt collectors, then we highly recommend following these simple tips in order to keep yourself in the best possible position both financially and legally.

 

• Don’t make promises.  Debt collectors are calling you to pressure you: any agreement that you make should be made after careful consideration, and after taking the time to consult with your lawyer and with other people you trust. Never make a spur of the moment promise, as this can complicate your situation.
• Avoid “good faith” payments. One of the oldest tricks in the debt collector book is guilting debtors into making small “good faith” payments. This extends the statute of limitations for your debt, thus robbing you of one of your biggest bargaining chips!
• Don’t hide. It can be tempting to simply ignore calls from debtors, but this is a big mistake: it can lead them to call your employer or your relatives. (More about this later!)
• Keep a call log. Note the time of each call you receive, as well as the exact nature of the debt you are being contacted about.
• Don’t get angry. If your case goes to court, transcripts may come to light, and any outburst on your part will only make you look bad and hurt your case.
• Tell your collector if you believe that the debt is not valid. If you do, they are legally obligated to prove the debt’s validity before contacting you again. If you are right, the odds are good that they will simply give up and focus on more productive cases.
• Tell the collector not to contact 3rd parties. They are obligated to listen to you, and this can save you a great deal of personal and/or professional embarrassment. If you’d like, you can even request that you not be contacted anymore--although this may make it more difficult to keep track of your debt.

 

If debt has taken over your life, you don’t need to suffer. Contact Madison Monroe and Associates today to retake control. (877) 346-2797 or visit our website www.madisonandmonroe.com