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Time To Budget has joined Wesabe – Social Network for Personal Finance Issues

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I have been wanting to create a community for Time To Budget but I think I am still very far off of from that goal. Today I read an email that was sent to me by the CEO of Wesabe and thought that this site would be a good way for Time To Budget to acquire a following and for existing readers to have a place to discuss money issues.

Since Wesabe is already an established social network there is a lot of discussion already going on. I did however create a group for Time To Budget readers on Wesabe. My goal is that this group will be a place to discuss issues related to gaining financial freedom.

Wesabe is a free social network that allows you to join groups, follow and contribute tips, make goals and upload accounts for better management (you do not have to upload accounts). I just joined yesterday so I am still testing the system but I do this it’s a useful network and worth joining.

The new group I created for Time To Budget is called It’s Time To Budget. I hope you will join the network and our new group.

Check out my other blog iwebis and follow

the changing web.

October 30, 2007 | Filed Under Financial Freedom Journey Pep Talk, Financial Peace Baby Steps, The Community | Leave a Comment 

Family and Friends Are More Important Than Money

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I think that even though we may understand that family is more important than money our actions don’t always show that we believe it. If we live a life that is focussed on money and don’t recognize that our families are really much more important than money, we might live a life that is unfulfilled. Chasing the dollar is not a reason for living.

The importance of money varies from household to household but for the most part I think most can say that money is not what brings happiness. It is true that some families are truly suffering because of the lack of money but I don’t think that the money itself is what should be sought. Our families and friends can bring us much more fulfillment than money could ever. God did not design us to find long term satisfaction in anything other than Him but I think relationships with people are a close second.

Money and power give temparary comfort and satisfaction. This is why so many people with money and/or power strive to get more. There is never enough money or power for those that seek it. Relationships however are lasting. A good friend, a child, a mother or a sibling can give your life meaning and satisfaction.

I for one don’t want to let my money troubles take the focus off of what really matters in life which is my family and friendship. I hope you don’t either ;)

October 27, 2007 | Filed Under Financial Freedom Journey Pep Talk, Life Goals, Money Management Tips | 2 Comments 

Should You Keep Credit Cards Open To Keep Good Credit?

If you have read this blog at all you know that I hate credit cards. I really, really hate credit cards. If my husband and I would have learned about how much credit cards can ruin your life way back when we were newly weds things would be so much different for us now. Since we have decided not to borrow money anymore why should we keep credit cards open?

What I am about to say is not something I think Dave Ramsey would not agree with but I find it the only way I can keep from letting my existing credit card debt take over my life. Despite Dave Ramsey’s suggestion of canceling all credit cards we had decided to leave some open.

The reason we have decided to do this is because banks are cleaver and will find any way they can to get as much money from you as they can. Most credit cards now offer some great interest rates that are worth taking advantage of if the purpose is to transfer an existing balance. However if you happen to be late just one time that great interest rate will no longer exist. Not only will it not exist you will have to live with the high interests rates that are in the 20 percent range.

So what happens when your interest rate is now in the 20 percent range? Your payments jump to 2 to 3 times (maybe more) larger than they were before. Guess what happens when you go from a $200 a month payment to a $400 a month payment? If you are like us there is no way you can make the payment which means the cycle of becoming delinquent starts. The high payments making it impossible for you to pay the entire amount as well as the late fees and overdraft fees you can’t afford to pay either. If you become delinquent on the credit card then you risk getting bad credit scores as well.

At this point any hopes of snowballing your debt becomes almost an impossibility. You are struggling just to make the minimum payment that will never pay your debt down with the high interest rate. So what if you had kept a few credit cards open so that if this scenario where to happen you would be able to transfer your debt to lower interest rate card? If you keep your credit good then you are likely to get a good rate on another card or cards.

We are all human and from it’s possible that one month we forgot to make a payment on time. It’s unfortunate that credit card companies penalize you so heavily for just having one late payment but they do. They do this because they want to get as much money out of you as they can. We can keep from becoming delinquent or paying high interests rates just by playing them at there own game. If you can avoid it don’t let your credit scores get bad so that you can opt to transfer balances when needed.

Now, I am not a personal finance counselor or professional so take my advice with that understanding. I have just found this works for my family. I am not interested in paying the highest interests rates possible on my credit card debt so by keep a few cards open and maintaining good credit I am eliminating that potential.

Remember this is not a “keep credit cards in case of an emergency” situation. We have not used credit cards for purchases in two years and don’t plan on ever doing so. If you are using your credit cards for purchases then STOP. You don’t need credit cards anymore. You need to change the way you are handling your money. But if you keep a few cards open don’t hesitate to get the best interest rate possible so that you can pay that debt off.

October 25, 2007 | Filed Under Credit Card Use, Financial Advice, Financial Freedom Journey Pep Talk | 1 Comment 

Are You Planning For Christmas?

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Christmas is just around the corner and if you don’t already have a budget for gifts then I suggest you get started. Spend a little less the next few months and stash some money away for Christmas gifts.

My husband and I are trying to do this and it’s a bit difficult to do when other financial issues come up. A broke down car is one of the issues we are dealing with right now. We have been working around borrowing cars and getting rides with friends but we did not borrow money to get our car fixed.

If we had a emergency fund we would have been able to get the car fixed by now but unfortunately that fund was depleted some time again because of another emergency. Because of a recent job change my husband will not be getting the Christmas bonus he used to get. So now we will be using any extra money to buy Christmas presents. We are not extravagant gift givers so it’s not that much money that we have to save but we do want our kids to get some gifts for Christmas.

I am finding that I am going to have to do some major reevaluating very soon. Things don’t seem to have changed much for us financially and that has to do with slacking on a few things. I think we are just loosing focus and not staying on top of things like we used to but I don’t plan on giving up ;) .

October 24, 2007 | Filed Under Savings | 1 Comment 

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