Handling the money that we make can sometimes be the hardest thing to do.  There is impulse buying, things that need to be replaced, and a retirement that needs to be planned for.  Although there are several distractions that keep us in the way of obtaining our goals, saving money and handling well is possible.

Most of America handles their money poorly, and continues to make the same mistakes which lead them farther away from their goals.  Are you guilty of these common money mistakes?

My money keeps vanishing - Somehow our money keeps vanishing.  We don’t know where it goes, or how it happens but when it does, it leaves us with hardly any money left to save, if any at all.  Does this sound like you?  If so, you really need to consider making a budget at the beginning of each money.  This will help keep track of where your money goes, what you’re buying, and will help you save enough to put away.

My children’s budget keeps growing – So your child first needs diapers, formula, a place to stay, all new clothes, baby items, etc.  Now, they are begging you for the latest toys that come out, a new car, and are hinting at you to save for their college education.  When you have all this coming at you, you will realize that your child’s budget keeps growing.  Instead of saving money for yourself, you’re spending it on your children.  Keep things basic for them, buy used, and have them start saving for their future.

I have a checking account, and somewhat of a savings – So, you have a checking account and a savings account at the same bank.  This may sound good and convenient but most likely you have it at a typical bank collecting hardly any interest.  The best way to make money is off of your money.  What’s better than making money while you sleep, and while you’re doing nothing?  Start taking advantage of these interest rates you can qualify for!

I use my credit card for just about everything – It’s okay to use your credit card.  In fact, I encourage you to.  It helps raise your credit score, and you will find that you get rewards, rewards that you wouldn’t get with using cash.  Although are you responsible with your credit card?  Do you pay the full balance off each month?  If so, good for you!  If not, you already know you need to work on this.  If you can’t use a credit card wisely, you will need to consider a secured credit card!

Spending and saving money can be the hardest thing to do.  We have so many things we need to save up for, but knowing you can buy what you want without even having the money to pay for it is tempting.  Stop making these money mistakes, and start planning for the things that really matter in life!

A lot of people are against using credit cards for many reasons.  Some of them being “they are what got them into debt”, it’s easier to spend more, etc.  Yes, a credit card can be dangerous if you’re not responsible, but if you are you should have no problem using them.  Actually, if you use them responsibility there are several benefits to them.

Although, we’re not going to talk about your average credit card, but secured cards instead.  Are you new to the secured credit card world?  If so, you may want to inform yourself on how helpful they can be.

What is a secured credit card? –

First of all, lets begin with what a secured credit card is.  It is a card that allows you to put a certain amount of money on it whenever you want.  The point of having these is so that you don’t go over your limit.  What you put in ahead of time is how much you’ll be able to spend.  Think of it as a gift card.  You can’t use it unless there is money on it.  This is a safe way for banks to know that they’ll get your money.  Simply because you can’t use it unless you give it to them first.

So why should you consider getting a secured credit card?

Getting a secured credit card has several benefits to it.  Some of them being:

• It will help you keep track of how much money you’re spending.
• You won’t be able to buy things unless you have the money ahead of time.
• It is used like a gift card, therefore if there is no money, you can’t spend money.
• These will help keep you out of debt because you pay up front, not later.
• You will only be able to spend what you can afford.
• If you use it you will be able to improve your credit score if it is currently low.  Simply because you’re showing the banks you can pay off what you’re buying.
• They are very easy to use!

As you can see, there are a lot of great benefits to using a secured credit card.  If you want to help keep track of your spendings, only spend what you can afford, and get rid of credit card debt for good, consider getting a secured credit card today!  You can do so by signing up at Findsecuredcards.com.

So, you’ve decided that enough is enough, and you’re ready for the road to filing bankruptcy.  If there’s nothing that you can do about your debts, this may be the only road you can take.  Let’s just hope that you can learn from your mistakes in the past, and can turn it around in the future.

Before you file for bankruptcy, you’ll want to make sure that you need to file.  Be sure to read our recent post on “Should I file for bankruptcy?”

STEP ONE:  Make sure this is the right choice

Bankruptcy isn’t the only option when it comes to filing.  There are so many other things that you can do to avoid this.  If you’re only a few thousand dollars in debt, it doesn’t make sense to file.   Instead, you’ll want to make sure that you know what you’re getting yourself into.  Bankruptcy will stay on your credit report for at least 7 years, and can prevent you from getting a mortgage, as well as a loan.

STEP TWO: What kind of bankruptcy are you going to do?

There are a few types of bankruptcies.  The most common types are Chapter 7, as well as Chapter 13.  A Chapter 7 bankruptcy is a straight forward bankruptcy, where you won’t owe anyone anything.  A Chapter 13 bankruptcy is when you can work out some sort of credit plan with your creditors.

STEP THREE:  Get a lawyer

I can’t stress this enough, and you will hear horror stories about this.  If you don’t get a lawyer that specializes in bankruptcies, you’re going to find that you’re going to be going down a dangerous path.  Make sure that you get a lawyer that can assist you with your process.  It will make it a lot easier for you, trust me.

STEP FOUR:  Price compare your lawyer

Now that you decided to get a lawyer, you’ll want to price compare at least 3-5 lawyers.  Get their fee, and price schedule to know what you’re going to pay.  If it helps, make sure you get a reference as well.  You won’t want to deal with someone that doesn’t know what they are doing, or talking about.

STEP FIVE:  Prepare for your lawyer

The next thing that you want to do is gather up all of your debts.  You’ll want to gather your most recent statements, so that your lawyer can contact them, and let them know what’s going on.  This is one of the main reasons you want a lawyer to do this job is because you will no longer receive the pesky phone calls, and other things that relate to your debts.

STEP SIX:  Wait out the process

As you wait for time to go by, your lawyer is going to do all the dirty work with the creditors, and such.  If any creditor wants to come back, and sue you during this time, they can.  This is why it’s important to have all of your ducks in a row with your creditors.  Once everything gets situated, your lawyer will most likely file, and it may take months for your process to claim, depending on the courts.

Obviously bankruptcy is a little more complex than this, but this should give you a good idea on where you will stand.  I can’t stress to you enough to get a lawyer for business like this.  As long as you think you should file, I would do so, and consult with a professional.

Once we find out that we’re about to loose our job, the time is unexplainable.  We’re thinking about how we’re going to pay the bills, support the family, and where we’re going to get a new job.  Although these are the most common things to think about, it is important to think about how you’re going to manage your money once you’re unemployed.  For tips on managing your money once you loose your job, continue reading below.

Cut back: First of all, you probably realize that you’re going to need to cut back on everything.  This means start eating at home more, consider store brand names to save, cut back on your cable bills, etc.

Sell: If you have anything at your house that you don’t really use, sell it!  It will help clear up your clutter, while gaining some extra money.

COBRA: Did you have a good job with good health insurance coverage?  If so, don’t worry there are options out there for you even when you’re unemployed.  There is a plan called COBRA that you may want to look into.  It will cover your health insurance temporarily until you find a new job.

Retirement funds: We hate to even think about tapping into our savings or retirement funds, but if we have to we have to.  Don’t feel guilty about this, but instead use this as motivation for saving even more once you find another job.

Secured credit card: Put away your credit cards for now, and consider getting a secured credit card.  These are great because it is a card with money that you put it on it already so you don’t have to worry about racking up more debt.  Credit cards are something you definitely want to stay away from at this point.

Knowing that you’re about to loose your job or that you’ve lost it already is a scary feeling.  Although, you’re not the only one it’s happened to.  The most you can do is prepare for the down turn as much as you can, and consider a few of these tips listed above!

Preparing for your child’s college fund is a great thing to do if you have some extra money to set aside.  Making small contributions can add up to thousands of dollars when they’re ready to start.  The only thing you need to take into consideration is whether or not you can afford to save for their future.  The most important thing in this situation is you.  You always need to take care of yourself before others.  So, only if you have the money to contribute, should you continue reading below.

How to Prepare for Your Child’s College Fund:

Each week – The easiest way to save money is to deposite just a little bit each week.  If you deposited $10 each week for 20 years, you’d already have about $10,500.  Obviously the more you deposite each week the more you’ll have, but that’s just how easy it is to save money.

Direct Deposite – If you forget to deposite and save money each week, you can easily set up direct deposite.  This will transfer your funds into a new account automatically each month.  You just pick the date and time, and you’ll have money being saved that easy.

529 Plans – It is a good idea to look into 529 plans.  These are state-operated plans and are usually known to be attractive to families.  These are great because there is at least one plan per state, and there are several great benefits to them.  For example,  it is easy to save for college because anyone can open one, the money that you deposit can grow tax-free, and it can then be withdrawn to cover college costs without being taxed.

Saving money for your child’s college education is very simple to do if you have the money.  All it takes are small contributions each week or month, and you will see the savings pile up to make sure your child has a great future ahead of themselves.