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A National 501(c)(3) Non-Profit Organization
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CACC Moneywise Monthly Budgeting & Savings News You Can Bank On
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August 2013
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5 Ways to get out of debt
When getting out of debt is a priority, there are several things you can do to eliminate that debt entirely. AARP.org shares tips and strategies to get you started on a debt-free life.
1. Bump up your debt repayment percentage. Putting at least 15 percent of your paycheck - or income from Social Security or pensions - toward credit card debt and loans will help you pay down those obligations much more quickly because most credit card companies only ask you to pay about 2 percent of the outstanding balance each month.
2. Use savings to pay down larger debts. Don't be afraid to use a portion of your savings to pay down high-interest rate debts. Using cash reserves for debt repayment is a smart decision because you will stop accruing interest on those large balances.
3. Negotiate for a lower interest rate. Call your creditors to negotiate a lower interest rate. You'll be surprised how many creditors will be willing to reduce your interest rate based on your payment history and account standing.
4. Use your tax refund check to pay down debt. Consider the value of reducing your monthly payments with a single lump sum debt payoff strategy. You'll enjoy the benefits of a lighter debt load over the entire year and for years to come, instead of enjoying the short-term satisfaction of a purchase.
5. Sell items for cash. Put together a list of items that you could sell on eBay, Craigslist, or at a garage sale. Drumming up some extra cash by selling items you no longer need or are ready to part with - and using the proceeds to pay down debt - can help you rapidly lighten your debt load.
TAKE ACTION: Decide to get out of debt and start doing the things that will help you reach your goal. Start today! You have nothing to lose but your debt!
Change your money management style for free with the Money Smart program developed by the FDIC? It's the smart way to improve your fiscal fitness! |
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Last minute Labor Day vacation savings
by Andrea Warroch
With one last, long weekend to say farewell to summer, there's not much time to plan your labor Day getaway. Though spontaneous trips are full of excitement, little planning leaves a lot of room for expensive travel hiccups. This is especially true when 34.1 million Americans are expected to travel during Labor Day, according to AAA Travel.
This means busy roads, crowded airports, overbooked hotels and high prices on everything from entertainment to accommodations. If you want to plan a last-minute getaway for the three-day weekend, follow these thrifty travel tips.
1. Hit the Road
Since airlines are notorious for raising prices during holiday weekends, your best bet is to travel by car. Research vacation spots within driving distance and take in the sites along the road. Use the helpful planning tool Roadtrippers.com to find fun and interesting stops along your route like hiking trails, historical landmarks and amusement parks.
2. Get Cheaper Gas
Though fuel prices typically surge before a popular holiday, there's been a noticeable drop in gas costs recently. However, just because you saw cheaper gas in town, prices can still spike along popular freeways and interstates. Research where to find the least expensive price-per-gallon by using GasBuddy.com. They also offer a smartphone app to help you find the cheapest fuel prices based on your current location.
3. Find Free Things to Do
Once you reach your final destination, find as many free things to do as possible to save on activity expenses. You might be amazed by what towns and cities have to offer for no cost.
4. Go Camping
A great way to celebrate the last warm days of summer is to take your clan camping. All you need is a tent, some sleeping bags and a flashlight to enjoy a really cheap night under the stars. Some campsites require reservations while some are first-come- first-serve, so do you research before hitting the road. Go to ReserveAmerica.com for information on sites, pricing and reservation policies.
5. Look for Hotel Steals
If camping is out of the question, there are other ways to save on accommodations. Check vacation rentals online to find less expensive places to rest your head. Bed and Breakfast-type accommodations are usually cheaper than hotels and offer complimentary breakfast to help you save on food costs. Otherwise, download the HotelTonight app to find last-minute savings on unsold rooms with discounts of up to 70-percent off.
6. Dig Up a Daily Deal
If you don't have a specific destination in mind, look for daily deals in surrounding cities to find last-minute getaways for less. Groupon Getaways and LivingSocial Escapes are great sites to check, but don't forget about TravelZoo's Top 20.
7. Tap into Food Savings
Check in to various dining establishments with Foursquare to discover discounts on entrees, or even score free appetizers or drinks. Check the Coupon Sherpa mobile app for popular restaurant coupons like 50-percent of a deep-dish pizza from BJ's Restaurants or $8 off two entrees from Outback Steakhouse.
Andrea Woroch is a nationally-recognized consumer and money-saving expert. Follow her on Twitter
To order your free credit reports, visit annualcreditreport.com or call 1-877-322-8228.
** Do you need help creating your family budget? Talk to a CACC Credit Counselor toll-free 1-800-763-1874 or visit www.caccdebt.org. |
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Stretching the College food budget
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In 2011, college students spent an average of $765 eating off-campus. Despite the frugality of Ramen and the convenience of on-campus dining, most students like to try the local cuisine or have a fast-food habit to feed. Regardless of the reason, dining out can take a serious toll on lean college budgets.
Since avoiding the restaurant scene in a college town is out of the question, consider these easy ways to save on dining out.
1. Set a Limit
Each week, determine when you want to eat out and how much you want to spend, and withdraw that money in cash. Then, stock up on at-home meals from the grocery store so you have plenty of alternatives once the greenbacks disappear.
2. Use Coupons
If you failed to grab the college coupon book during your first week of class, no worries. This stuff is digital now! Download the free Coupon Sherpa mobile app for coupons to restaurants like Baja Fresh, BJ's Brewhouse, Domino's Pizza and more.
3. Play the Student Card
Don't leave home without your student ID. Many franchise restaurants offer a student discount, but the savings vary by location.
4. Order for Leftovers
According to the Center for Disease Control, the average meal at a restaurant is four times larger than it was during the 1950s. Keep the freshman 15 at bay by only eating half of what's served to you, and request a to-go bag for tomorrow's lunch or dinner.
5. Get Chummy with Happy Hour
True to its namesake, happy hour is a college student's best friend. Half-price drinks and appetizers can easily satisfy your dinnertime cravings. Macaroni Grill, for example, currently offers three of their $10 artisan pizzas for just $5, along with $3 drafts and house wines.
6. Watch for Specials
Chain restaurants like Applebee's and Olive Garden offer periodic specials that yield a whole lot of food for less than individual prices. For example, Olive Garden's Never Ending Pasta Bowl is available through Sept. 29, offering bottomless salad, breadsticks and pasta for $9.99.
7. Peruse Daily Deals
Groupon and LivingSocial can be great money-saving tools when used responsibly. Though an all-inclusive trip to Fiji may be appealing, stick to daily deals for local food and save 50-percent or more off your meal.
8. Stick to the Entree
A surefire way to leave a restaurant with a $50 charge is to treat yourself to multiple courses and beverages. Opt for water over soda or alcohol, and skip pricey appetizers and desserts in favor of a single entree.
9. Sign Up for Savings
Create a new email account and use it to sign up for restaurant newsletters. In exchange, restaurants will send you new-member coupons as well as subsequent announcements and offers which you can peruse before heading out to eat.
If you have the desire and the ability to make extra payments towards your DMP, contact CACC Customer Service to coordinate making the extra payment. Since your DMP is set up to pay a certain amount each month changes must be handled properly to make sure you do not get removed from the Creditors DMP.
CACC Customer Service: 1-800-763-1874
Do you know someone who would benefit from money management strategies and information?
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Give Yourself Credit
WHEN TO ADD A SECURITY FREEZE
If you are very concerned about becoming a victim of fraud or identity theft, a Security Freeze might be right for you.
Placing a freeze on your credit report will prevent lenders and others from accessing your Credit Report entirely, which will prevent them from extending credit. With a Security Freeze in place, even you will need to take special steps when you wish to apply for any type of credit.
Because of more stringent security features, you will need to place a Security Freeze separately with each of the three major credit reporting companies if you want the freeze on all of your credit files. A Security Freeze remains on your credit file until you remove it or choose to lift it temporarily when applying for credit or credit-dependent services.
There is usually a charge to add and remove a security freeze to your account. Fees will vary depending on your state and range from no cost up to $20. In some cases, if you suspect fraud or theft, you may be able to add a security freeze to your credit report at no cost. Please also note that some states have reduced rates for those who are over 65, and all states allow previous victims of identity theft to freeze their reports for free!
Thank you for choosing Consumer Advocates Credit Counselors. We welcome your comments and suggestions for future issues. Please email education@caccdebt.org with your ideas. |
Do you have to be a Renaissance Person in today's economy?
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Deteriorating Job Conditions Affecting More U.S. Adults;
Brushes with poverty, extended periods of joblessness and a reliance on welfare is part of the "new normal" for the average American worker, according to new data reported from The Associated Press.
Economic security isn't what it used to be before the economic crash of 2008; survey data points to the loss of manufacturing jobs, the globalized economy and a widening gap between rich and poor as reasons for why 4 in 5 workers in the United States will experience economic hardship in their lifetime.
"I certainly don't envy what the average worker will likely endure throughout his or her career, but as an ambitious woman coming up through the ranks of corporate culture - the boy's club - many decades ago, I know the hardship of sustaining the career of your dreams," says 75-year-old Darlene Quinn, author of Unpredictable Webs, (www.darlenequinn.net), the newest in her stand-alone series of suspense-filled dramatic novels which are now in development for a major TV series.
Quinn is a former senior executive with the Bullocks Wilshire department store chain who went on to pursue an award-winning career in fiction writing. She started by earning a bachelor's at San Jose State University and she became a schoolteacher, later climbing her way up the corporate retail ladder during a time of tremendous upheaval in the fashion industry.
"Change is natural; change is life, and you don't have to be afraid of it," she says.
Quinn, a family woman who has also been proactive in managing beauty pageants, volunteering for charity and corporate training, offers the following career advice to struggling professionals:
* Parlay your strengths; experience and education isn't everything.
Unfortunately, many workers are finding this out. Nowadays, even advanced college degrees are no guarantee of job security. It's not uncommon to find holders of master's degrees working in low-paying jobs. While a degree is still needed to get your foot in the door of most professional job openings, consider that which you most excel.
As a professional, you may not be perfect in every aspect of your career, but there are activities in a job that you probably do regardless of work. Perhaps that's managing groups of people, writing or designing websites. What is your strength, and how does that translate to a more promising field?
* Shoot for the top! Of course, you don't have to be in a state of economic hardship to consider switching fields. The Internet is allowing us to be more connected than ever and permanently altering the employment landscape. Perhaps you see an opportunity in online education and, as an administrator on a college campus you know the weaknesses of today's traditional university system. If you take well to new software, are available beyond the usual 9-to-5 hours and have a stable work history, then why not make more than a lateral move?
* Is it time to trade in that necktie or pantsuit for your passion? After having accomplished so much in the corporate world, Quinn decided it was time for a new direction, so she pursued her passion for writing and has done very well, winning multiple awards. Perhaps it's time to take what you already love doing so well at home and apply it to a career. If you love cooking, for example, and others love what you create, you may want to consider a new career.
Darlene Quinn is an author and journalist from Long Beach, Calif.
Have a money saving idea that you'd like to share?
Send it to us for possible publication in this newsletter!
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A written income plan for Retirement is a must!
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Think You Have Your Golden Years Covered? - Get it in Writing!
"Age 85 is a bad time to go broke," says expert retirement planner Jeff Gorton. Personal savings, various investments and, yes, Social Security may prove to be short of what you'd expected.
"Budgeting how you spend money before retirement can often be a misleading measurement of how you'll actually spend it during retirement," says Gorton, a veteran Certified Public Accountant and Certified Financial Planner™, and head of Gorton Financial Group (www.gortonfinancialgroup.com).
"Spending 40 hours a week at work not only earns you a paycheck, it also keeps you from spending money on more vacations, matinee screenings at the movie theater, extra trips to the mall or shopping online. You need to be exceedingly realistic in your planning, and the five years before retirement are actually the most crucial in solidifying post-employment stability."
To prevent a rude awakening during retirement, Gorton makes certain his clients start with a written income plan (WIP). He reviews the benefits and importance of this "living document":
* A comprehensive list of life expenses paints a clearer picture. For a 65-year-old married couple today, there is a 72 percent chance that at least one spouse will live to age 85; a 45 percent chance that one will live to age 90, and an 18 percent chance that one will reach age 95, according a recent study from the CDC National Center for Health Statistics. You may not think of listing things like pet care, yard maintenance, and regular visits to salons or spas. But if you enjoy those services now, you may want them during retirement, and you might find that you underestimated the real cost of maintaining your desired lifestyle. And, that's not including gifts to children and grandchildren!
* The forecast of a two-legged stool. A WIP helps you appreciate the reliability of retirement income. What sources of income do you anticipate having? Traditionally, retirement funding has been viewed as a "three-legged stool," implying a balance between Social Security, retirement plans and savings/investments. As the baby boom generation ages, Social Security benefits may decrease - and the age at which an individual can collect benefits may increase. Changes in employment may affect retirement plans. As a result, the third leg of the stool, savings/investments, may become even more important.
* Who is authoring your WIP? As with all written documents, you must always consider the source. What you may not realize is that a financial planner is liable to have a stake in selling you a financial product. Just like a retailer may have an incentive to move certain brands of products, many planners are incentivized to have you invest in specific financial vehicles from major institutions. What plan works best for you? Seek advice from an expert who isn't trying to sell you something, such as an independent firm.
"If you don't have a written income plan, then you're just hoping things will work out," Gorton says.
Jeff Gorton is a Certified Public Accountant and a Certified Financial Planner™ specializing in individual tax and retirement planning.
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Countdown to Healthcare Reform
Quick Facts about Healthcare Reform
the Whitehouse website provides the following facts:
*More than 105 million Americans no longer have lifetime dollar limits on their coverage:
Under the new health care law, insurers can no longer impose lifetime dollar limits on care and annual limits are being phased out by 2014.
*More Americans have access to free preventive services:
In 2011, approximately 54 million Americans had their prevention coverage improve in their private health insurance plans. And an estimated 32.5 million people with Medicare have received one or more free preventive service.
*Seniors with Medicare are paying less for prescription drugs:
More than 5.1 million people on Medicare have saved over $3.1 billion on prescription drugs, including a one-time $250 rebate check to seniors who fell into the prescription coverage gap or "donut hole" in 2010, and a 50 percent discount on brand-name drugs worth an average of $604 per person in 2011.
Learn more about the Affordable Care Act requirements and your State's Health Insurance Marketplace at:
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Your friends and neighbors are suffering with money problems!
They need your Help! CACC is a non-profit, IRS approved 501(c)3 educational and counseling organization. Our expenses and operations are supported through generous contributions from corporations and individuals like you. Will you please consider providing some financial support so that we can continue our mission? The donation you make today will help fund debt relief programs, education and client services while providing help and hope to thousands. Won't you help us give the gift of Debt Relief?
YES, I'd like to help fund CACC's Debt Relief and Education efforts with a contribution of:
( ) $25 ( ) $50 ( ) Other $___________.
Please Mail your Donation to:
CACC Education Development
23123 U.S. 441, Suite 107
Boca Raton, FL 33428
Thank you for your generosity! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Support CACC while you save up to 85% on your favorite Magazines! Now that's a Win-Win!
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Free Workshops and Seminars 
As a non-profit Credit Counseling and Financial Education organization, CACC is dedicated to reaching out to the community. CACC provides financial education seminars and workshops at community centers, local organizations, and companies.
Popular Topics Include:
- Managing Money in Tough Times
- Creating and Using a Spending Plan
- Managing Debt
- Fighting Identity Theft and Financial Fraud
- Understanding Your Credit Report and Boosting Your Credit Score
- Creative Ways to Teach Kids About Money
- How to Get Out of Debt
Ask about customized seminars for your group, staff, congregation, organization, or club!
Call 1-800-763-1874 or e-Mail: education@caccdebt.org
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Consumer Advocates Credit Counselors, Inc. is a 501 (c)3 non-profit credit counseling organization providing credit counseling, financial education, and debt management services. Please visit our website at: www.caccdebt.org
Additional consumer resources:
Free Birthday Gifts
Stay Safe On-Line
US General Services Administration Federal Citizen Information Center
National Drug Abuse Hotline 1-800-622-HELP
National Domestic Violence Hotline 1-800-799-SAFE
Suicide & Depression Hotline 1-800-999-9999
National Council on Problem Gambling 1-800-522-4700
Fair Debt Collection Practices Act
Homeowners Hope Hotline for Mortgage Counseling and Assistance 1-888-995-4673
Benefits.gov
Learn about a variety of Government Benefits, how to qualify and how to apply.
Supplemental Nutrition Assistance Program (SNAP)
SNAP is the new name for the federal Food Stamp Program.
Temporary Assistance for Needy Families (TANF)
TANF is designed to help needy families achieve self-sufficiency. States receive a block grant to design and operate their programs to accomplish the purposes of TANF. These are:
-assist needy families so that children can be cared for in their own homes
-reduce dependency of needy parents by promoting job preparation, work and marriage
-preventing out-of-wedlock pregnancies
-encouraging the formation and maintenance of two-parent families.
Medicaid
Medicaid is health insurance that helps many people who can't afford medical care pay for some or all of their medical bills.
Good health is important to everyone. If you can't afford to pay for medical care right now, Medicaid can make it possible for you to get the care that you need so that you can get healthy and stay healthy.
Supplemental Security Income (SSI)
is a Federal income supplement program designed to help aged, blind, and disabled people, who have little or no income.
It provides cash to meet basic needs for food, clothing, and shelter.
Low Income Home Energy Assistance Program (LIHEAP)
If you can't afford to pay your home energy bill, your home may not be safe, and you may be at risk of serious illness or injury. The LIHEAP may be able to help keep you and your family safe and healthy.
National School Lunch Free Lunch Program (NSLP)
Established in 1946, The National School Lunch Program (NSLP) is a federally assisted meal program operating in public and nonprofit private schools and residential child care institutions. It provides nutritionally balanced, low-cost or free lunches to children each school day.
Federal Housing Assistance/Section 8 (FPHA)
Public housing assistance was established to provide decent and safe rental housing for eligible low-income families, the elderly, and persons with disabilities. Public housing comes in all sizes and types, from scattered single family houses to high rise apartments for elderly families.
Home Affordable Modification Program (HAMP)
888-995-HOPE
If you are struggling with your monthly mortgage payments or have already missed a payment, now is the time to take action.
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Contact Us:
phone: 1-800-763-1874
CACC Money Wise Monthly Editor in Chief:
Mike Schiano, "The DebtBuster"
'Til Next Month, Consumer Advocates Credit Counselors, Inc.
This newsletter is designed to provide accurate and authoritative information with regard to the subject matter covered. This information is given with the understanding that neither CACC nor the Editor and Writers are engaged in rendering legal, accounting, or other professional advice. Since the details of your situation are fact dependent you should always seek the services of a competent professional before making any financial decisions.
Copyright©Consumer Advocates Credit Counselors, Inc. 2013. All Rights Reserved.
Use of all or part of this newsletter is allowed with proper attribution and link: Source: Consumer Advocates Credit Counselors, Inc. www.caccdebt.org
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