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The No-Spend Challenge: Can You Go 30 Days Without Unnecessary Spending?

Rali — Sat, 15 Mar 2025 23:22:13 +0000

Imagine if, for an entire month, you didn’t spend a single extra dollar beyond the absolute essentials. No morning coffee runs, no impulse Amazon purchases, and no dining out “just because.” Sounds challenging, right? Could you do it?

The No-Spend Challenge is a powerful way to reset your finances, become more mindful of your spending habits, and build discipline. You can even save a surprising amount of money in just 30 days. If you’ve ever felt like money just vanishes from your bank account, this challenge could be a game-changer for you.

In this post, I’ll break down exactly how to take on the No-Spend Challenge, provide practical strategies to make it through the 30 days, and discuss how you can use this experiment to transform your long-term financial health.

What is the No-Spend Challenge?

The No-Spend Challenge is a personal finance experiment where you commit to not spending any money on non-essential items for a set period—typically 30 days. Essentials like rent, utilities, groceries, medical expenses, and transportation costs are allowed, but everything else is off-limits.

This challenge helps you:

Identify spending triggers and bad habits.
Learn to differentiate between wants and needs.
Boost your savings quickly.
Cultivate a minimalist mindset.

The goal isn’t just to save money but to develop awareness about your spending habits and make more intentional financial decisions.

Why Take the No-Spend Challenge?

1. Break the Cycle of Impulse Spending

Many of us spend mindlessly, picking up items on a whim that we don’t truly need. This challenge forces you to pause and reflect before making any purchases.

2. Save More Money Than You Think

You’ll be amazed at how much you can save by eliminating unnecessary expenses. Even small, daily purchases add up over a month.

3. Develop Better Financial Habits

A no-spend month can reset your approach to money, making it easier to prioritize savings, investments, or debt repayment in the long run.

4. Reduce Financial Stress

By curbing unnecessary spending, you free up money for emergencies, future goals, or even just peace of mind.

How to Prepare for a No-Spend Challenge

1. Set Clear Rules

Decide what constitutes “necessary” spending versus “non-essential.” Essentials typically include:

Rent/mortgage
Utilities
Groceries (no luxury items!)
Gas or transportation
Insurance and medical expenses

Everything else—eating out, entertainment, online shopping, and subscription services—is off-limits for 30 days.

2. Tell Friends & Family

Accountability helps! Letting others know about your challenge can prevent temptation and encourage support. You might even find a friend willing to join you!

3. Remove Temptations

Unsubscribe from marketing emails, delete shopping apps, and avoid browsing online stores during downtime.

4. Plan for Social Situations

Find free or low-cost activities to enjoy with friends and family. Hiking, game nights, and potlucks can replace costly outings.

Tips for Success During the Challenge

A month without unnecessary spending can be tough, but these strategies will help you stay on track:

1. Set a Strong “Why”

Your motivation matters! Are you saving for a vacation? Paying off debt? Building an emergency fund? Write down your reason and keep it visible to remind yourself why you’re doing this.

2. Create a Spending Plan

Plan ahead for necessary expenses like groceries and gas. Allocate a budget for essentials and stick to it.

3. Use a “Wish List” Instead of Buying

When you feel tempted to buy something, add it to a wish list and revisit it after the challenge. You may find you no longer want it!

4. Find Free Alternatives

Instead of a gym membership, try home workouts or outdoor activities.
Visit free museums or parks.
Use free online courses instead of paid learning platforms.
Have movie nights at home.
Read e-books from the library instead of buying new books.

5. Use What You Have

Before heading to the store, check your pantry, freezer, and fridge. Challenge yourself to get creative with what you already own.

6. Cook at Home

Eating out is one of the biggest budget busters. Plan meals, prep ingredients, and try new recipes to stay motivated.

7. Track Your Progress

Use a journal or app to record your daily spending (or lack thereof) to stay accountable. Seeing your success will motivate you to keep going!

8. Redirect Your Savings

Take the money you would have spent and move it to a savings account or put it toward debt repayment. Seeing the impact will keep you motivated!

What to Do With the Money You Save

At the end of the 30 days, you’ll likely have saved a significant amount of money. Instead of spending it on unnecessary purchases, consider:

Paying off credit card debt
Building or boosting an emergency fund
Investing for your future
Making an extra mortgage payment
Saving for a big goal like a vacation or home renovation

Overcoming Common Challenges

“What if an emergency comes up?”
Stick to essentials, but be flexible. If a real emergency arises (like a medical issue), handle it and continue the challenge as best you can.

“What if I slip up?”
Don’t beat yourself up! Reflect on what triggered the spending, learn from it, and keep going.

“What if I have a social event?”
Get creative! Suggest free activities like a potluck, game night, or outdoor picnic instead of expensive outings.

What to Expect After the Challenge

After 30 days, you’ll have a fresh perspective on your spending habits. You may:

Feel less reliant on impulse purchases.
Have a deeper appreciation for free and simple pleasures.
Be more intentional with your money going forward.

Final Thoughts: Is the No-Spend Challenge Worth It?

Absolutely! The No-Spend Challenge isn’t about deprivation—it’s about empowerment. It’s a reset button for your finances, giving you the chance to break free from unnecessary spending and build a healthier financial future.

Even if you don’t complete the full 30 days perfectly, you’ll still gain valuable insights into your spending habits and likely save more money than usual. More importantly, you’ll develop a more mindful approach to money, which can lead to lasting financial freedom.

By implementing this challenge and these tips, you’ll be on your way to a stronger financial future—one intentional decision at a time!

So, are you up for the challenge? Let us know in the comments if you’re taking on the No-Spend Challenge, and share your best money-saving tips!

The post The No-Spend Challenge: Can You Go 30 Days Without Unnecessary Spending? appeared first on Wealth Creators Hub.

How to Build Credit with a Secured Credit Card

Rali — Sun, 03 Dec 2023 10:00:00 +0000

Building credit with a secured credit card is a common and effective method, especially for individuals who are just starting to build their credit or have a limited credit history. Here’s a step-by-step guide on how to build credit with a secured credit card:

Understand Secured Credit Cards

Secured credit cards require a cash deposit, which typically becomes your credit limit. For example, if you deposit $300, your credit limit will be $300. This deposit protects the card issuer if you fail to make payments.

Research and Choose a Secured Credit Card

Look for reputable banks or credit card issuers that offer secured credit cards. Compare terms, fees, and interest rates. Choose a card with reasonable fees and a reporting policy to all three major credit bureaus.

Apply for the Secured Credit Card

Complete the application process, providing the necessary information, including your social security number, income details, and the security deposit. The deposit amount often determines your credit limit.

Make a Security Deposit

After approval, you’ll need to make a security deposit. The deposit amount usually determines your credit limit. Some secured cards may allow you to add to the deposit later to increase your credit limit.

Use Your Secured Card Responsibly

Treat your secured credit card like any other credit card. Make small purchases that you can comfortably pay off each month. By using the card responsibly, you will see an improvement in your credit score as your activity is reported to the credit bureaus. This helps build a positive credit history.

Ensure Your Credit Utilization is Low

Never max out your credit card. Ideally, use no more than 30% of your credit limit. This shows lenders that you can manage credit responsibly.

Make On-Time Payments

Pay your credit card bill on time every month. Payment history is a crucial factor in your credit score, and consistent on-time payments contribute positively to your credit history. If possible, don’t wait for the statement cycle before making payments.

Pay Your Balance in Full Every Month

It’s important to pay your balance in full to show responsible credit usage. I particularly like this because it helps you avoid interest charges.

Keeping your credit utilization low will make it easier to pay off your balances.

Monitor Your Credit Score

Keep an eye on your credit score to track your progress. Also, regularly review your credit report for accuracy.

Some credit card issuers provide free access to your FICO score. Alternatively, you can use free credit monitoring services or obtain your credit report from the major credit bureaus.

Be Patient and Persistent

Building credit is a gradual process. It takes time for your credit history to reflect positively on your credit report. Be patient, stay disciplined, and continue practicing responsible credit habits.

Upgrade to Unsecured Credit Card

Once your credit is looking good, you can choose to close the secured card account or see if the issuer will upgrade it to an unsecured card. Closing an account may affect your credit score, so consider the impact on your credit history.

Avoid Opening Multiple Accounts

While building credit, it’s generally advisable to avoid opening multiple credit accounts simultaneously. Each credit inquiry can have a small negative impact on your credit score.

Keep Educating Yourself

Continuously educate yourself about credit management. Understanding the factors that affect your credit score and adopting good financial habits will contribute to your long-term financial well-being.

Remember that the key to building credit is being financially responsible and consistent. By demonstrating good credit behavior, you can establish a positive credit history over time.

Are there other ways you have used to build your credit? Share with us in the comment section below.

I hope you find this post helpful.

All the best!

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How to Build Credit for the First Time

Rali — Thu, 16 Nov 2023 20:57:00 +0000

Building a credit for the first time may seem daunting and intimidating, but it doesn’t have to be. Perhaps you’re young and just started thinking about credit, or maybe you moved to the U.S. from a cash-based society and don’t know, or understand, how to build credit. With these tips, you can get started building your credit with confidence.

Why Do you Need to Build Your Credit?

Good credit is crucial for financial success. It opens up numerous opportunities and provides options that would not be available otherwise. A good credit places you in a position of power. In addition, good credit can affect things like your ability to rent (or buy) a home, the kind of car you can lease, getting better interest rates, and even having access to utilities!

In a nutshell, maintaining good credit is an investment in oneself, and it is worth the time and effort that is required to learn how to build credit.

The good news is that building good credit is possible, and can lead to greater financial opportunities down the road. So, let’s take a look at how you can build your credit!

Steps to Building Your Credit

1. Learn About the Topic.

Before you dive headfirst into something, it’s always a good idea to do a little bit of homework first, just like you’re doing right now. So, good job! Having some background knowledge will always go a long way in making your journey smoother, so take the time to educate yourself on this topic.

Research and understand the basics about credit scores, how they are calculated, and what impacts your credit etc.

2. Get a Secured Credit Card

A secured credit card is a great way to start building your credit score! You simply put down a deposit, which serves as collateral for your credit card. You’ll be granted credit only up to the amount of your deposit.

It is advisable to compare different secured credit card options. Look for cards with reasonable fees and interest rates. Some secured cards also offer rewards programs.
Another great thing about secured credit cards is that they’re typically inexpensive and many banks allow you to start with as little as $200! My husband and I started building our credit scores individually through secured credit cards and it significantly helped.

3. Be An Authorized User

This option is particularly great for teens, college students and young adults that have no regular income.

All you need is someone with good credit who is willing to add you to their credit card as an “Authorized User”.

Another nice thing about this is the fact that many banks makes this process very easy. They often don’t need your social security number. In my experience, all they requested was the name, date of birth and address. The card owner simply call the bank and add you to their account; or add you themselves online.

This is a great way parents can help their teens or young adult kids build a good credit.

4. Use Your Monthly Rent and Utility Payments

There are various service providers that can help report your monthly payments to credit bureaus.

Experian Boost is one of such services. It simply scans your bank account for utilities, rent and video streaming payments, and reports these on your credit report.

Other similar services are ExtraCredit, SimpleBills, Rental Kharma, Credit Rent Boost, and RentReporters. Some of these charge a fee for their service.

5. Take Advantage Retail Interest-Free Offers

Some retailers offer interest-free credits/loans on purchases you make from them. These are interest-free usually for a short period, so bear that in mind, and try paying before the offer period ends. That way, you avoid paying interests. Your payments on these accounts are reported to the credit bureaus, which helps build your credit.

Whatever option you eventually choose, be careful to make sure you use your credit wisely. Mismanaging your credit can have adverse effects, so continue to educate yourself on how best to not just build, but also improve your credit.

All the best!

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How to Improve Your Financial Health

Rali — Sat, 23 Sep 2023 16:48:53 +0000

Just as it is crucial for your physical health to get a regular checkups, checking your financial health from time to time is equally important. That way you can quickly identify weaknesses and find ways to improve it.

A healthy financial life provides you with a solid foundation for financial freedom and wealth creation.

What is financial health?

Financial health refers to the state of your overall financial well-being. It measures how well you manage your finances, meet your financial goals, and maintain stability in your financial life.

This transcends having a large income; but rather considers how effectively you manage your money and resources. In addition, it measures how you handle debt, plan for the future, and navigate unexpected challenges. The decisions you make now will determine your long-term stability and well-being.

Achieving and maintaining financial health often requires continuous effort, learning, and adapting to changing circumstances.

No matter how healthy you are financially, there will always be ways to improve your financial health. Fortunately, there are many tools available to help you measure and improve your financial health.

Here are some ways to help you on your financial health journey:

Savings and Emergency Fund: Develop a savings habit and maintain an emergency fund to cover unexpected expenses. This prevents you from going into debt when faced with unexpected situations.
Budgeting and Spending Control: Create and stick to a budget, tracking income and expenses to ensure you’re living within your means.
Low Debt Levels: Manage and reduce debt responsibly, avoiding high-interest debts and making regular payments.
Good Credit Score: Maintain a healthy credit score through responsible credit management and on-time payments.
Investment and Retirement Planning: Invest wisely for the future, contributing to retirement accounts and taking advantage of investment opportunities. If your company matches your 401K contributions, be sure to take full advantage of it.
Financial Goals: Set clear financial goals and work towards achieving them. It could be short-term (like paying off debt) or long-term (like buying a home or retiring comfortably).
Insurance Coverage: Have appropriate insurance coverage (health, auto, home, etc.) to protect yourself from unforeseen events.
Stable Income: Work to ensure a stable income stream and possibly look for ways to have multiple streams of income.
Minimal Stress: Practicing effective financial planning and management help you experience reduced financial stress.
Lifestyle Alignment: Align your lifestyle with your financial means, avoiding excessive spending beyond your capabilities.
Regular Review: Periodically review and adjust your financial strategies based on life changes, economic conditions, and progress towards goals.
Financial Literacy: Endeavor to understand basic financial concepts, investment options, taxes, and personal finance strategies.
Long-Term Sustainability: Plan for the long term, ensuring you can maintain your standard of living even after retirement.
Generational Wealth: Consider, and plan towards creating wealth that can benefit, not just you, but future generations.

As you can see, financial health is about building financial resilience, making informed decisions, and achieving a balance between immediate needs and future goals.

Having good financial health will typically make you feel less stressed about your finances; as you are more prepared to handle unforeseen financial challenges. Poor financial health, on the other hand, can lead to a lot of stress, limited choices in life, and potential long-term hardships.

Periodically assess your financial health, just as you would your physical health. This will ensure you’re on the right track and you can make adjustments as needed.

Which of the above do you currently adopt, or have a goal to start? Let us know in the comment section below.

All the best

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7 Simple Steps to Start a Budget

Rali — Wed, 01 Mar 2023 18:19:01 +0000

Starting a budget may seem intimidating, especially if it’s your first time. Use these 7 simple steps to start a budget today. Whether you are a beginner, or have tried budgeting in the past, and had to quit, following these steps will help you create a functional budget.

But first things first! Your perception and mindset are very crucial to having a working budget. Many people when they first hear about budgeting, think about “restrictions”; this is why having a healthy understanding of budgeting is key.

What has Mindset Got to do with it?

Having a mindset that views budgeting as a ladder to achieving your financial goals, rather than seeing it as a pain to be avoided, is very important.

Budgeting is simply giving every single one of your dollars (money) an assignment. In other words, you are taking charge, and dictating to your money what it should do each time. This is being in control of your money, and ultimately, your financial future!

In other words, you are sending your money on errands, so your mind can be at rest. Your money is being set up to serve you, and not you serving your money.

I say “serving your money” because that is what happens when you lose control of your money, and let the advertisements, or uncurbed desires drive your spending. Through budgeting, you align your money with your goals, thereby putting yourself in check.

At first, it may appear a difficult task, but by the time you have put some systems in place, and practiced this for a few months, you will become more confident and comfortable budgeting.

When you are in control and dictate where your money goes, your confidence will get a boost. You begin to enjoy some satisfaction that is better experienced than described.

Another thing to always have in mind is that your budget should be unique to you. Even if you decide to start with templates, make sure whatever you do realistically represents your finances.

Now, let’s discuss the 7 simple steps you can use to start your own budget today.

How you can start a budget as a beginner

1. Determine your income:

Start by knowing how much money you bring in every month from all sources, including salary, freelance or side gig income, government benefits, or business income.

If you are on a salary, a good place to start is your paystub. This will give you an overview of how much you have after taxes and other deductions have been taken from your salary.

For side hustles, and freelance work, how do you get paid? If you receive payments via an online channel like Paypal, or use apps like Venmo, cash apps etc, check there. Make sure you keep good records of your payments, and collate the numbers to get a sum of your monthly income.

2. List your expenses:

Make a list of all your monthly expenses, including necessities (like rent, utilities, food, transportation) and non-essentials (like entertainment, shopping).

3. Categorize your expenses:

Group similar expenses together, such as housing, food, transportation, entertainment, etc.

4. Track your spending:

Maintain a record of how much you spend each day for a few weeks. This will give you an accurate picture of where your money is going. In other words, write down all of your expenses, including bills, groceries, entertainment, etc., for at least one month.

5. Compare income and expenses:

Compare the amount of money you bring in to the amount you spend. If your expenses are higher than your income, find ways to reduce them. You may not be able to quickly get more income stream, but more likely than not, you can make some adjustments to your spendings.

What expenses can you cut off completely, or at least reduce? Do you have subscriptions or memberships you barely use, but pay for? Could you find less costly alternatives for some of these expenses? For example, can you cut down on eating out, and cook more at home, or take lunch to work more often? There are so many other ways you can cut down your expenses.

6. Set spending limits:

In simple terms, this means you create a budget that allocates money for necessities, savings, and discretionary spending, based on your expenses and income.

Decide how much you can afford to spend on each category of expenses. Be realistic and stick to the limits you set (aka “stick to your budget“). Great discipline is required here, especially if you are a natural “spender”. But believe me, this is doable.

Once you get into the habit of staying within the limits you set for yourself, it starts to become second nature. Of course, you must continue to maintain the discipline by surrounding yourself with the right people, and motivation, so as not to relapse.

7. Regularly review and adjust:

Regularly review your budget to make sure you’re sticking to it and make adjustments as needed. At least once a year, reevaluate your budget to make sure it still aligns with your current financial situation and goals.

As you can see, starting a budget can be easy and straightforward. There are several free budgeting templates and apps available that you can take advantage of as well. Let me know in the comment if you have found this helpful. I am routing for you. You can do this!

All the best

Click here for more helpful resources on this topic

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How to Pay Yourself First

Rali — Thu, 11 Aug 2022 20:57:43 +0000

You may have heard the term “Pay Yourself First”, and wondered what it means or how to pay yourself first?

While this is a great concept, it requires discipline and dedication on your part. It probably will also involve sacrifices, like letting go of certain pleasures, and spendings. In the long run, the result you get from this discipline will be well worth it.

An African adage says “you don’t eat with all your ten fingers”. This is speaking figuratively, of course In other words, don’t spend all your earnings. This is why “paying yourself first” is essential. It helps you develop the discipline of putting something aside for the future.

This blog post teaches what “paying yourself first” means, the benefits, and how to get started.

What is paying yourself first:

Simply put, this is a way of saving or investing part of every income you earn. It is a way to prioritize putting aside some of your income, before other expenses, and spendings. In order words, before you spend on anything, or anyone else, you first put something away, just for you!

There are varieties of options you can use to pay yourself first. Some are using cash savings account, or you may decide to have the funds moved to your retirement account such as a 401K. You can also send it directly to an investment account, and have it auto-invested. Whatever you do will depend largely on you financial goals.

Benefits of paying yourself first:

It enables you to save or invest consistently, especially if you struggle with saving/investing.
You always “remember” to save/invest, since it is often automated
It enables you to be more careful in managing your resources. Simply put, you become more frugal as you have less income available for spending.
You are able to grow your savings and/or investments.
You can steadily build your emergency fund, and have money saved for emergency spending.
If you have a major expense coming (like wedding, new house, car etc), this is a great way to save for down payments on a house, or even to pay off the car!
You get some peace of mind. Knowing you have some savings gives you some level of confidence and peace.

How do you Pay Yourself first?

First decide how much you can afford to put aside from every paycheck/income. This may be tricky. Thinking you cannot afford to put away any amount? Then, check your budget to see what expense you can cut down on, or even eliminate.
Decide where you want this percentage of your income to be saved or invested. It may mean opening a new account just for this.
Make a decision on how much, or what percentage of your payroll check you plan to save or invest.
Set up automatic deposits be paid into a savings (or investment) account, depending on your financial goals and objectives.
If you are self-employed, have a pre-decided amount automatically moved to your personal savings or investment account on certain dates of the month.
Send some percentage of your paycheck consistently into an IRA or 401K account. Make sure it is automated, so you never forget each time.

Make a commitment to start paying yourself first, no matter how little. You can gradually increase that amount as your situation changes. In addition, this should not replace other ways you have been investing, or saving. Rather, let this complement what you’re already doing.

A word of caution though! If you have high interest credit card debts, it is advisable to take care of those first.

In what ways have you been paying yourself? If you are yet to start, which of these ways appeal to you? Let’s know your thoughts

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30 Sites to Get FREE Stock Photos

Rali — Tue, 01 Feb 2022 21:12:20 +0000

“A picture is worth a thousand words” is a popular saying that truer now than ever before. This is why if you’re a content creator, you’ll most likely need FREE stock photos at one time or the other.

Yes, there’s the option to buy, but stock photos can be pricey, especially if you need more than just a few.

Fortunately, there are several places you can legitimately get FREE stock photos. These FREE stock photos can be used on your website, blog, social media posts, and other contents.

Whether you are a Self-Published Author, or a business owner; stock photos help make your message more engaging.

In addition, many sites also offer stock videos, icons, vectors, templates, fonts and much more, for free.

I have listed some of such websites below. You can use these stock photos commercially and with no attribution required. However, some require attribution.

Please read and abide by their requirements. Remember to include the necessary photo credits in your work/blog.

I will be adding more from time to time, as I discover new places. So feel free to check back often. If you know of other places too, please share in the comments below.

Hope you find these helpful.

List of Places with FREE Stock Photos

1. Pixabay:http://pixabay.com/

2. Stocksnap: https://stocksnap.io

3. Image Free: http://www.imagefree.com/

4. PicSpree:https://picspree.com/en

5. KaboomPics: https://kaboompics.com/

6. Dreamstime: http://www.dreamstime.com/free-photos

7. Free Image:http://www.freeimages.com/

8. Picography: https://picography.co/

9. Reshot:https://www.reshot.com/free-stock-photos/

10. Skitter Photo: https://skitterphoto.com/

11. Public Domain Pictures: http://www.publicdomainpictures.net/

12. Free Range: http://www.freerangestock.com/

13. Pexels: http://www.pexels.com/

14. Stock Vault: https://www.stockvault.net/

15. Raw Pixel: https://www.rawpixel.com/free-images

16. Free Pik: https://www.freepik.com

17. Free Stocks: https://freestocks.org

18. Pic Jumbo: https://picjumbo.com

19. Life of Pix: https://www.lifeofpix.com/

20. Vecteezy: https://www.vecteezy.com/free-photos

21. Dry Icons: http://www.dryicons.com/

22. Little Vituals: https://littlevisuals.co/

23. Pic Wizard: https://pikwizard.com/

24. Morgue File: https://morguefile.com/

25. ISO Republic: https://isorepublic.com/

26. New Old Stock: https://nos.twnsnd.co/

27. Foca Stock: https://focastock.com/

28. Gratisography: https://gratisography.com/

29. Burst: https://burst.shopify.com/

30. Unsplash: https://unsplash.com/

31. Google Images Advance Search is another avenue for free stock photos. Watch out for my post on how to use this tool.

Need Stock Photos for specific content types? Then check these out:

32. Styled Stock: This is specifically geared towards “FEMININE styled images: https://styledstock.co/

33. Foodies Feed: These are specifically free food photos: https://www.foodiesfeed.com/

Are you an aspiring Author? Check out my book on Writing Your Non-Fiction Book in 30 Days or Less

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5 Steps to Improve Credit Score In 30 Days

Rali — Sun, 12 Jan 2020 02:02:43 +0000

How do you improve your credit score in 30days? I did not think that was possible until I experienced it myself.

I am sharing the steps that helped improve my credit score from 595 to over 743 in 30 days after a foreclosure! And how I continued to raise my credit score to 793 by the next month and beyond. I hope you find one or two helpful nuggets to help you achieve your credit increase goals as well.

Set A Debt Payoff Goal

One of the things that greatly helped improve my credit score was setting goals, with deadlines for reaching those goals. You probably have heard of SMART goals, what this simply means is you want to set goals that will work for YOU! When it comes to setting goals for your personal life, not one size fits all!

For your goals to be attainable, make sure that are SMART:

Specific: What is your goal? What are you setting off to achieve? What will you do?
Measurable: How much debt do you want to pay off?
Attainable/Achievable: Is this goal reasonable considering your current situation?
Relevant: Is it going to fulfill the purpose why you set the goals in the first place? Will it positively impact your immediate and future goals?
Timely: Have you set your deadline? By when will you have achieved this goal? Set a specific date.

First, I used a spreadsheet to analyze what my different credit card debts were, who I was owing and how much owed to each company.

Make A Debt Payoff Plan

Next, I found an app for planning. Simply search the app store on your phone, and check the reviews and number of downloads to ensure you won’t be wasting your time downloading it. Otherwise, you can install it and test it out. If it doesn’t work, uninstall, and look for a better one.

I found one that worked for me from the google play store. It’s called “Debt Payoff Planner“. It’s a FREE app and it worked well for me. I was able to add my different debts, set a deadline and it helped me calculate what I need to pay every time depending on my set schedule (monthly, biweekly… you get it). It also factored in the APRs, so that was really helpful for me.

I also have a FREE Debt PayOff Planner Pack available for download. It’s part of my “IF YOU BELIEVE YOU CAN, YOU WILL” Bundle. If you will like to have the FREE printables, click here.

Stopped Using The Cards

Since I was looking to pay off the credit cards, I stopped using the cards. In fact, I left them in a safe, that way I don’t have them when I go out and cannot be tempted to use them.

Became An Authorized User

I discussed this and other helpful ways to improve your credit score in my prior post. In my case, I was added to my husband’s credit card, and as we continued to be current on his card, my credit started to improve.

Paid Off Credit Cards In Full

Because I enjoyed the comfort of seeing substantial funds in my account, I only paid a little over the minimum on my credit cards every month.

However, I realized this was costing me more than the “interest” I was making on the savings account. As a matter of fact, I earned just a few cents on the “savings account”, but paid high dollar amounts in interest charges on my credit cards.

So I had to analyze what I had saved, what I could afford to use towards the credit card, and what I needed for my emergency funds. It is important to not use ALL of your available cash to pay off your credit because that may lead you back to worse debt if you have an emergency.

With the help of the FREE app – “Debt Payoff Planner” mentioned above, I planned my debt payoff goals. Seeing the debt decrease with each payment was very thrilling and motivating, starting first with the smallest debt paid off, and then moved on to the next one.

I saw the big jump when I eventually used a chunk of my savings to pay off the rest of the debt., as you’ll see in the screenshot below. Besides, it was so fulfilling and so relieving to see the debts go to zero.

Increase Credit Scores in 30 Days

Few Things I Learned NOT TO DO In The Process

After becoming an authorized user I started to see my credit score rise slightly. I got so excited, I decided to close some credit cards – A WRONG MOVE! This actually caused a decline in my credit score as you can see in the chart above. I later researched and discovered closing an older account actually will hurt you.

Here is why. Your credit history is very important and it accounts for about 15% of your credit score. This shows how long you have had credit. So when you close your older cards, you are making the length of your credit history shorter. In other words, you have removed that frame of time you had, and used, that card from your credit history.

The longer you’ve had a particular credit, the better it helps your credit score look good. There is a better way you can close those old accounts you never use without lowering your scores. I will discuss these in my next post.

I hope these tips have been useful to you and wish you the best as you improve your credit score. I will like to read your thoughts on what other ways you know to raise credit scores, in the comment section below.

See you next time!

The post 5 Steps to Improve Credit Score In 30 Days appeared first on Wealth Creators Hub.

How To Increase Credit Score Quickly

Rali — Tue, 07 Jan 2020 23:37:14 +0000

Credit scores drop for many reasons, some of which may be beyond your control, such as when a person loses their job, go through foreclosures, or adverse medical conditions. For most people, it becomes very difficult to keep their bills current during such trying times. Whatever may have caused your bad credit, the good news is you can increase your credit score again.

Or perhaps you’re just building your credit and wondering how you can increase your credit scores? I hope these tips right here will provide you with useful ways to boost your credit score. I will be sharing some of my experiences as well on how I went from a poor credit to an excellent one in record time! While our circumstances and situations may be different, I believe you will find one or two tips here to help you get a high credit score.

What Is A Credit Score

A Credit Score is a measure of your credit-worthiness. In other words, this is what lenders look at to determine if it’s safe to lend to you and at what cost they should lend to you. Creditors want to make sure that they are able to get back their money as scheduled, on time and with interest! They rely heavily on your credit score to make this determination.

A credit score is a number, typically anywhere from 300 (Poor) to 850 (Excellent). These categories are usually a range of numbers and vary slightly among the major 3 credit bureaus – Experian, Transunion, and Equifax.

What Is A Good Credit

Typically, a good credit starts from around 670 depending on the credit bureau. However, a good credit generally may depend on the purpose you need it for, and the industry you are lending from. But overall, the higher your credit score, the better and more favorable for you regardless of who you are doing business with.

Why Is Good Credit Important?

The higher your score, the better your chances of getting credit at better terms and rates. In other words, poor credit is very costly as you pay more in interest over time. This is because poor credit gets less favorable credit terms and conditions. Not having good credit can deprive you of essentials of life, like the ability to rent a place to stay, for example. It has even deprived some of their dream jobs! Yes, it is that serious.

How To Check Your Credit Score

Checking your credit score is very easy. You can check credit score free once a year (at anytime during the year). I typically run my free credit reports every January. For several years now I personally have used AnnualCreditReport.com. I’m not affiliated with them, but just sharing what I have used to check my credit report, and my husband’s, for several years. Through them, I am able to get FREE credit reports once a year from all 3 credit bureaus – Experian, Equifax, and Transunion. Seeing all 3 is good, so you can easily see and investigate any discrepancies. The process is simple, easy and fast for me. You get your credit reports in about 10 minutes or less!

Apart from getting your annual free report, you can also pay any of the credit bureaus to get your reports generated. There are also other companies that offer free credit reports, like Credit Karma, and Credit Sesame. You can get your Transunion and Equifax reports through them. You can check out the different options available. But be careful to make sure they are legit. As long as it is you pulling your credit, and not anyone else, it will not have a negative effect on your credit, no matter how many times you run it.

Some banks, like Chase bank, now offer free credit scores to their customers. If you have a credit card with them, you can access your credit scores through their “Credit Journey” website. They not only update the scores weekly but also give you some credit report “summary.” They will also send you email alerts on changes in your scores, new accounts opened under your name, new inquiries, etc. It is indeed a very useful FREE service, so if you have a Chase Card, contact them if you are not already using this free service.

Tips on How To Increase Credit Score

Here are some ways to raise credit scores quickly. Again, note that depending on past disciplines and conditions, the span of time will vary per individual.

Start Paying Bills On Time.

If you have been missing payments in the past, do all you can to pay at least the minimum going forward. If you can do more than minimum, by all means, do that. The more you can pay, the better. Avoid late payments or not paying at all. These can lead to collections and all of these are what negatively impact your credit score.

Automating your payments can also help if you often forget to make payments when due. Set up automatic payments from your bank (or other means) well ahead of the due dates.,

If You Can, Pay Off Your Credit Cards.

For many years I had the money I could use to pay off some of my credit cards but didn’t. Because it felt good to see money in a savings account, I was reluctant to pay off the cards. But it absolutely made no sense. I was paying much more in interest charges on the cards than what I was getting as interest on the “savings” account. Thankfully, a time came when I decided I had wasted enough money on credit card interest payments, and took the leap to pay off the cards.

A note of warning here though. This works well only if you have other money saved for your emergencies (emergency funds). If you opt to do this, make sure you have some other funds you can fall back on if needed. Otherwise, you may fall right back into more debt if an emergency arises and you have no immediate funds to tackle it.

Once you clear your card debts, avoid getting back to the same previous situation. Use more cash, if possible. But don’t stop using your credit cards completely, because you need them to build your credit still. However, use credit cards now only for what you will pay off in full each statement cycle.

Check Your Credit Report For Errors

Doing this regularly can help you catch a problem before it’s too late. If you find a discrepancy, open up a dispute with the credit report bureaus to iron it out, and remove every inaccuracy.

Don’t Open New Credit Accounts

Except it is absolutely necessary, don’t open new credit cards, store credits, or anything that may result in your credit reports being pulled. Each time your credit report is pulled for credit purposes, you stand the chance of losing anywhere from 8 to 30 points. So say a firm “NO” to those “30% of today when you open a credit card” store offers! Frequent hard inquiries are red flags on your credit report as it may indicate you have financial problems.

Watch Your Credit Card Utilization – Don’t Use Up Your Credit

Be careful and very mindful not to max out your credit limit. That, to creditors, is a serious sign of financial difficulties and negatively impact credit scores. About 10% of credit utilization, or less, is what you want to aim for. Actually, the lower, the better. If at all you exceed this, try not to go beyond 30% credit utilization. This is one of the factors used to calculate your credit score. It is simply measuring how much of your credit you have used up on your credit lines. If for example you have a credit card with $100, and you owe $50 on that, you have used 50%, and that will hurt your credit score, even if you have other credit cards with zero utilization.

Be An Authorized User

Find someone who is diligent in paying their credit bills on time, and ask to be an authorized user on their credit card. You don’t need to have access to their card. If you’re included on their account, you benefit from them paying their bills on time. Each time the credit card company reports activities on the card, it is recorded on your report as well. That way, you are seen as being consistent in paying your bills. This is particularly helpful if you have poor credit.

Keep Your Oldest Accounts Open

Sometimes in the bid to increase scores, people start to close their credit accounts. This may actually hurt your credit. The older a credit account, the better for calculating how long you have been actively using credit. This can make your credit score better as it is one of the factors driving credit scores. When you close older accounts, your credit history becomes shorter. It is far better to cancel the newer ones than older accounts.

Be Disciplined, Determined and Patient

Certain past occurrences like bankruptcy, foreclosures, tax lien, late payments, judgments, etc may have statutory expiration dates. In such cases, you must be disciplined and keep maintaining good credit habits and history while you wait for these to expire. If after the due dates, they are still on your reports, then you should contact the credit agencies to get such corrected, as getting them off will boost your credit score.

How Long Does It Take To Increase Credit Score?

The truth is there is no way to calculate specifically the time needed to increase credit score. This is because credit scores for each person can be said to be “customized” to each individual. It is possible to improve credit score in 30 days, or it may take longer. Each person’s credit history, terms, conditions, situations, and circumstances differ and will affect the time it takes to see the increase desired.

However, with careful planning and dedication, you can get your credit straightened in the shortest amount of time for your particular situation. In my case, I saw a very steep increase in credit score between January 2019 and February 2019. I went from a score of 595 to over 743 within 30 days, and 793 by March 2019! (see the screenshot below) I was shocked, to say the least! Again, your particular situation will determine the length of time it takes you. Conditions like recurring default, for example, may prolong your own process to raise your credit score immediately, the bottom line is once you set your mind to it and get a plan in place, it is doable.

I have a FREE Debt PayOff Planner Pack available for download, that can help you with your debt payoff goals. It’s part of my “IF YOU BELIEVE YOU CAN, YOU WILL” Bundle. If you will like to have the FREE printables, click here.

I am sharing exactly how I achieved this in this other post. Click the image below to go to that post.

Quick Increase in Credit Score – Jan to March 2019

What ways have you used personally to increase your credit score in the past? Share with us in the comment section. Also if you have found this post informative, please PIN it, share it with your family and friends on social media…and don’t forget to share your thoughts below.

Till next time!

The post How To Increase Credit Score Quickly appeared first on Wealth Creators Hub.

15 Ways to Save Money and Spend Wisely

Rali — Fri, 03 Jan 2020 00:00:09 +0000

The best thing is to “plan before you spend”, especially if you have a family to care for. Personally, I strongly believe that God is not wasteful. He is abundant, but not wasteful, and this verse confirms it to me: ‘”When they had all had enough to eat, he said to his disciples, “Gather the pieces that are leftover. Let nothing be wasted’ -John 6:12 (NIV). So what do we do? How do we keep within our means and reasonably put our money to the best use?

The first step is to analyze what we ordinarily spend our money on, and identify the excesses and areas of waste. We also need to categorize our expenses in order to take charge of our spending habits. A good question to ask ourselves as we make our purchases is “Do I really need this, or is it just a want”. Now, of course, there will be times when it will be okay to indulge our “wants”, but when such times become too frequent, and our needs begin to suffer as a result, then we need to caution ourselves.

Once we identify our genuine needs, the next step is to look for ways we can make the most of every dollar we spend.

Below are some ideas that can save you money in the long run.

1. Plan Ahead

Plan your shopping ahead of time. Make a list prior to shopping and stick to it. This helps you guide against buying what you don’t need. Impulse buying is one of the main ways we waste money. Develop a habit of noting things you need around the house, for example. That way, when you go to the stores, you have a list to keep you in check.

2. Buy On Clearance When Possible

Buy items like clothing and shoes on clearance at offseason. This is when the items are anywhere from 60%-90% off. This works so well if you have young children. Simply buying a size ahead for the kids not only gets me ready for the following year, but I also won’t be paying the new seasonal high prices! Also buying from stores that sell name brand items at reasonable prices (like TJ Maxx, Marshalls etc) will save you money…why pay more for what you can get at a lesser price?

3. Buy In Bulk

For items you regularly use, buy these in bulk, or when on sale, and store. Just make sure these are items you either need now or will need in the near future. For expecting moms, a good money saver is buying diapers and other basic baby essentials on sale even before you have the baby. This will greatly reduce the financial burden and stress when the baby finally arrives.

4. Get Cash Back When You Shop Online and In-Store

If you shop online, Rakuten (formerly Ebates) or Mr. Rebates are great at giving you coupons and cash backs on items you buy through these sites. I love using these sites and never buy online without first checking if the company is registered with them. You can use the company’s coupons, and still, get cash back on your purchases! That’s double savings right there, especially for big-ticket items!

Rakuten and Mr.Rebates have a wide range of companies registered with them offering you coupons, sales, and cash backs. Some of these companies include Amazon, Walmart, Bestbuy, Target and a host of others.

Simply Log in, search for the company name, and click on it. It will open up the company’s website, but you will still earn your cash back on purchases.

You can also use Rakuten in stores by linking the store’s cash back offers to the credit or debit cards you will be using in the participating stores. When you go shop in-store, and use your registered cards, you get cash back on every purchase.

If you use the Google Chrome browser, you can install the Rakuten Cash Back Button on your computer after you register with Rakuten. This is a Chrome Extension that automatically brings up coupons and cashback offers anytime you’re shopping online if the company is registered with Rakuten. That way you will never forget to activate cashback on your purchases.

5. Use Coupons When Shopping

Another way to save money is to use coupons, both online and in-store. Search online for coupons from stores you intend to buy from. You can find printable coupons online to use in the stores. Many times, stores will also send coupons to your email or house if you sign up with them for email sale alerts, coupons and freebies. I love to shop with Bath and Body Works, and the email alerts and coupons save me tons of dollars each time! Most stores have a free rewards program and will send you coupons or reward points in your mailbox and inbox from time to time that you can use online or in-store.

6. Search Groupon For Deals

I absolutely love using Groupon and have saved so much, on things like spa services, entertainment, and fun activities for the family and much more. You can use Groupons for a variety of purchases such as vacation packages, restaurant visits, and general purchase of goods and services that offer Groupons. You can even use Rakuten cashback when shopping on Groupon, that way you will be saving even more.

7. Shop Lower Prices

PriceBlink is a great browser add-on that searches and suggests lower prices to you when you shop online for an item. This is equally good for in-store shopping in that you can see if stores around you have better pricing for an item, and just go get it. PriceBrink gives you “instant automatic price comparison”, and also gives you alerts on money-saving coupons available for the item you are shopping.

8. Reduce Your “Eating Out” Spendings

Avoid, or at least minimize, your visits to the vending machines. Take your lunch to work (and breakfast too) – also your drinks and snacks. You’ll be amazed at how much you can save over time by buying your drinks and snacks in bulk and either keeping some at work for your lunch or snack time or simply taking them to work every day.

Minimize eating out. You will most likely spend less when you cook your own food and eat in…and it’s more healthy and hygienic too! If getting to the stores is a challenge, places like Amazon Fresh and Peapod make it easy to buy your Groceries and Gourmet Food online

9. Save on Your Entertainment

If you need movies to watch at home, your local libraries carry movies you can borrow. It’s way better than buying movies and even cheaper than renting.

10. Check “Raise” for Discount Gift Cards

You can buy discounted Gift Cards for stores you shop regularly at. Most of these cards range from 10% to 50% off their value and will be good savings for stores you always visit. The good thing about these cards is that on sites like Raise, Gift Card Granny, and even Paypal Digital Cards, you can do an instant download of these cards when purchased and use right away. You can also find discounted cards on eBay, and Craigslist Ads.

11. Cancel Unused Subscriptions

Are you subscribed to any services or memberships you don’t use often? Cancel them. These can be money wasters if they are not needed or being utilized. Check your current subscriptions, and re-determine if these are serving you as intended. If they are not, then stop wasting money, cancel them.

12. Pay Your Bills On Time

Pay your bills on time. Late fees and charges can eat deep into your finances. And if for whatever reasons, you get charged a late fee, call the company. Many companies will usually waive these fees if you ask them, provided you are not habitually late. Some may not, but there’s no harm in trying. Sending yourself reminders on your phone, emails, etc may help you avoid late fees and charges in the future; or you can set up auto-payments if you’re comfortable doing that.

13. Reduce Your Auto Insurance Bill

A simple phone call can sometimes save you a lot on your auto insurance. Calling them and asking for a review of your auto insurance bill may lead to a reduced monthly payment. Also, you can shop around for cheaper insurance rates. Your current auto insurance company may be willing to match the cost or negotiate a lower payment with you.

14. Start and Stick to A Budget

Budgeting can save you lots of money over time. When you know where your money goes, it is easier for you to identify and cut off areas of waste. Having and sticking to a budget will also help you in developing the discipline to expend only on what is necessary, and also to pay off debts, or at least start a plan towards debt payment.

15. Live Within Your Means

The next point is simple, but many don’t abide by it: Live within your means! Don’t try to impress or compete with anyone. Be content with what you have. “So be content with who you are, and don’t put on airs. God’s strong hand is on you; he’ll promote you at the right time. Live carefree before God; he is most careful with you.” -1 Peter 5:6-7 (MSG)

In conclusion, there are several ways to live within our means. Start by being disciplined enough to stop impulse buying. Be more alert, and pay attention to everyday money-saving opportunities around you.

I’ll like to know what ways you have saved money in the past? Share them with us in the comment session below :)Th

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