Credit Repair - The Final Word
The financial benefits of good credit are significant. Perfect credit, of course, doesn't mean that you won't have to get up and go to work every day. But it will mean that you won't have to work as hard to cover your monthly bills. Poor credit can easily mean that you will pay twice as much for every dollar that you borrow as you would if your credit were perfect. When you stop to add up the numbers including your mortgage, your auto payments, and all of your credit cards, you will realize that poor credit can easily cost hundreds of extra dollars each month. The effort that you make to improve your credit is the best single thing that you can do to improve the quality of your life.
Achieving Perfect Credit
You can achieve perfect credit. The goal is within everyone's reach. But there is effort involved and in the final analysis it requires a sincere look at your own life. There are many powerful credit repair strategies that can have a quick and significant impact on your credit scores, but today I would like to offer some creative and effective tips on budgeting, which in the long run may be the most important ingredient in maintaining your great credit.
Your Budget
I'm guessing that a discussion about your budget is not on the top of your list of fun things to do. But bear with me. These methods are extremely effective, personally rewarding, and might even turn out to be fun. I run a Florida mortgage company and a credit repair and restoration business. I've done this since 1989. I can't begin to tell you how many people I have spoken with about their money and their credit over the years. These ideas have translated into major financial benefits for many people. You should consider the possibilities for yourself.
Grab a Pen and Paper
Sit down with a pen and paper. I want you to make a list of every single thing that you spend money on. Start with daily expenses. Don't leave anything out. Bus fare, gas money, kids allowances, newspapers, lunch. Everything counts. Now move on to weekly expenses. Do you go out bowling on Monday night? Is Saturday your date night? Think hard. Move on to your monthly expenses; your rent or mortgage, your car, your credit card bills, etc. How about annual expenses? Do you go on vacation every year? Estimate how much you spend.
Add it Up
Now add it all up. This can be an eye opener. Figure out how much you spend each day, week, month, and year. How does it compare with your net after tax income? How about that vacation? Are you saving enough money each month to pay for your vacation? Vacation should never be an excuse to run up your credit card bills in the hope that you will be able to pay the balances down in the future. In my role as a Florida mortgage broker I see far too many people that pay a high price for those lingering credit card balances.
Pay Yourself
There is one more budget item that I want you to add to the list. You work hard to pay everyone else. Now it's time to pay yourself. I suggest that you take ten percent of your monthly income and put it into a savings account. Being in the credit repair business this is a subject that comes up in my conversations with customers. You can't achieve great credit without having a savings account. Without a savings account a single emergency can result in a string of late payments. Savings will turn out to be the best habit that you can establish. A growing savings account will eliminate a lot of the stress that you feel about your financial affairs. When it comes time to pay your bills put yourself on the list.
Luxury versus Necessity
The truth is that you must find a way to balance your budget. Figure out what you can give up to live within your means. Keep in mind that as your credit score goes up the cost of your borrowing will go down. If you have to give up something to live within your means, and that sacrifice results in better credit, you will end up paying far less on your bills. As hard as you work for your money you deserve the rewards of good credit. There is effort involved, but the results can have a profound impact on your life. In the final analysis you will discover that any sacrifice you make to balance your budget will be rewarded ten times over.
Related Tags: money, credit repair, debt, self improvement, personal finance, budget, credit scores, home finance
Jim Kemish is the president and founder of Power Mortgage, a Florida mortgage company based in Delray Beach, Florida. Power Mortgage Corp was established in 1989 and serves the states of Florida, Georgia, Massachusetts, and Virginia. Jim is also the President of Sky Blue Credit, a national credit repair business. For great mortgage and credit tips visit the Florida Mortgage Mortgage Blog.
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- What's In Your Credit Report?
IdentificationYour name, address, social security number, birthdate and previous and current employm - Pros And Cons Of Low Purchase Rate Credit Cards
Low interest credit cards are outstanding until the time period runs out. Most of these offers promo - Bad Credit Loan Scams
There are several bad credit loan scams out there. These are usually aimed at those that don't have - Successful Credit Repair Methods
If you bad credit, you are not alone. Fact of the matter is there are tens of thousands in the count - Auto Loans Bad Credit: Bad Credit Is Not An Obstacle Now
Now a days, people want their own Cars. Though there are Public Transport Systems, they do not watch - Credit Card Services For Your Business
Co Branded Credit cards can be very beneficial for you if you have a business. These cards are onlin - Will The Actual Natural Motion Endure Large Food? -- Horizon Milk
The natural food business may be going through major work day in energy in the past 10 years. Becaus - Prices Of Dlp Lamp Alternative Parts - Dlp Bulbs
Since you will have to purchase a DLP> lamp each and every few years, it might be useful to know the - Dlp Bulbs -- Facts About Dlp Lamp Replacement
With regards to technical breakthroughs there aren't many things that are more popular than tvs and - Ways Which Anybody May Restore Their Very Own Credit Rating Easily - Credit Repair For Dummies
If you listen to a lot of the actual ads which are available regarding credit>, more than likely you
Most viewed articles in this category:
- Credit - Repair
To make the life more comfortable people purchase lots of things from clothing to cars and homes tha - Helpful Tips For Using Low Interest Rate Credit Cards
People with good credit ratings often receive offers for low interest rate credit cards. A credit ca - Benefits to Businesses Accepting Credit Cards
Many business owners report a sharp increase in profit when they begin accepting credit cards as a m - How To Remove A Bankruptcy From Your Credit Report
Credit report repair can be a long, tedious process and one of the hardest items to get removed is a - Putting Low Interest Rate Credit Cards To Work
If you have a solid credit rating, then you may receive offers for low interest rate credit cards. Y - Buying A Car With A Personal Contract Purchase Loan
If you are looking to buy a car but are unsure whether or not a new car is worthwhile, then you shou - Credit Repair - Tips And Tricks That Work
When you apply for credit, your lender will request a credit report from a credit reporting agency. - Bad Credit Debt Consolidation
No doubt there are numerous bad credit personal loans but hunting for a secured loan for bad credit - Before You Buy
Check out the market in the area you want to buy. Find out what price houses are going for and - Top 10 Keys To Creating A Good Credit Score
We know it can be unfair but credit is used for everything these days. Utility companies are even us