Tips On Spending Money

Spending Tips Stores provide lots of spending tips:

• Save 30% only until Thursday.
• Sale ends Sunday at 4 PM.
• You only go around once in life.
• You'll be happy with your purchase.
• You'll look good in this new model.
• Watch their happy faces when you give the very best.

But, unless you have your own spending tips, you'll spend too much. You need to have your own spending tips always on your mind as you shop. Here are some useful tips:

• Spending Tip 1:

  Simply ask yourself, "Why am I buying this?" Reflect on your own thoughts. What motivates you into buying this item? Is there a real need for the product or is an advertising slogan going through your mind?

• Spending Tip 2:

  Before you buy something, think "Wait a week." Except for food and gas, this really helps. During the next week you can reevaluate your desire for what you thought you couldn't live without. If you still believe you need it, purchase it only when you have enough cash to pay cash or pay off your credit card in the next billing cycle.

• Spending Tip 3:

  Look over your budget plans and ask, "Is this in the budget?" Every successful business has a budget. Think of yourself as a business that is trying to make more money than it spends. Sometimes you delay buying something because it's not in the current budget.

• Spending Tip 4:

  Consider "Will there be a long term benefit or simply a short term moment of happiness?" A business buys an item because it helps the business to prosper over a period of time. You should see a long term benefit from the purchase for you and your family.

• Spending Tip 5:

  Finally, consider "What are both the benefits and disadvantages of buying this item today?" Think about the good things the item will produce in your life. Then think of the less pleasant side effects. Really think about these effects and decide if the item is in your best interests. Consider the benefits and disadvantages from both a short term and long term perspective.

Credit Report Scores - Computing Then

Your credit report scores are based on factors that appear in your credit reports:

• Bill payment history (Good: on time and for the full amount)
• Total outstanding debt (Good: non-mortgage loan payments less than 5% of gross income)
• Types of debt (Good: mortgage, car loans, Bad: high credit card debt)
• Length of credit history (Good: 3 or more years of on time payments)
• Credit inqueries (Bad: many rejected applications)

The Equal Credit Opportunity Act (ECOA) prohibits certain factors from being used in determining your credit report score:

• Personal details such as sex, marital status, age, race, national origin, or because you receive public assistance income
• Sources of income such as regular alimony, child support, or separate maintenance payments

The Equal Credit Opportunity Act provides actions for you to take if suspect unauthorized factors are being used to deny you credit.

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