mypfvoyage.org

On November 11, 2007, I decided that it would be a great idea to start to track my credit score again. My credit score has been declining over the past few years while my liabilities have been going up. So on that day I registered up with www.myfico.com for access to my credit report and scores. I signed up for the Equifax Score Watch which is $8.95 per month. My Equifax score was 645 at the time. I have since started managing my account properly not letting any late payments hit my account and recently paying off one revolving account. Read the rest of this entry »

The month of January was a very busy time for me. I was able to start to improve on my personal financial goals. In addition to my financial goals I was able to pursue some career goals. The lack of posts reflects this busy period. I signed up to track my finances with Mint.com. I also signed up with NCNnetwork.com to track my credit card debt and NetworthIQ.com to track my net worth.

There has been some improvement in the ability to start reducing my overall debt and in general my credit card debt. I will soon have figures and maybe graphs available on the site to visual show my progress. At the end of January my net worth was negative number which did not surprised me. However, it was not too bad. My January net worth was (10,120). The amount that I owe for my credit card debts was $3800 and that came down from $4000 in December. I am happy with my progress so far and hope to continue.

One of my goals for this year was to start a budget and still to it. I just wanted to share some of the reasons why budgeting just make good fiscal sense.

Knowledge of your Finances
When you set up your budget and develop a spending plan; this will help to determine where you money is going. Once you know where your money will be distributed on a monthly basis you know when and where to distribute your funds. Having the ability to know what’s going on with your finances is always empowering.

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Online banks are the way to go for people who are looking for a better return on their savings accounts. Here are some of the current rates that are available today.

WTDirect is offering a 4.90% APY with at $10K Minimum Deposit.
Emigrant Direct is offering a 4.65% APY with no fees and no minimums.
ING Direct is offering a 4.10% APY with no fees and no minimums.

These are just of the few choices that are available. For more information on additional savings rate just visit Bankrate.

I just wanted to share some debt reduction methods. Most of these are common sense, however, common sense doesn’t seem to be all that common. The hardest thing do when trying to reach a goal is starting. So here are a few rules that will guide you along the way.

Get Out of Debt Faster List:

1. Stop using you credit cards.
This is the first step to get out of debt faster. Just remove your cards from your wallet or purses. Without this temptation in your possession the likelihood to go further into debt will be reduced.

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