If you get one, if your like a dude, get one to victoria secret or some store you shop at like once or twice a year, it will keep your cost low, and prevent you from getting tempted and going ‘all in on that TV’ or something.
- :bluu:
ummm I’m a dude and I’ve NEVER shopped there… 
Just live within your means and you’ll be fine. From what I’ve ‘heard’ it’s actually better to have a balance and pay it off each month. It shows that you can be responsible and pay your bills on time. I mean unless you run up a HUGE bill at vicky’s and pay that off each month…
If you’re worried about spending too much then definitely look into a secured card at your bank.
Chicks dig that pearberry lotion they sell there.
No but seriously, our society is really focused on the whole credit scoring system, and what’s a lot better to have is the means to pay your bills. You don’t have to get sucked up into the game if you know how to play without it.
What I know a lot of people do is tend to raise their expenses to the level of money they earn, and that’s why everyone is broke and has to use credit/borrow money. It’s better to look for ways to reduce your costs, set something aside for yourself first, add a little money every paycheck, and then invest that money so that you can get a good but safe return on it.
Always remember the first rule of gold: If you want a fat wallet, first you have to put money into it.
I’m not worried about overspending. I’m worried about getting turned down (again).
Currently I’m a junior in college and saved up enough money to finish school without actually ever going into debt. That said I still have no credit (for future stuff) which which was why I asked.
Overspending is not the big problem for folks. It’s undersaving. It looks like you’re about to hit a situation where you run out of cash after school, and you want to borrow to have things afterwards. Unless I read that wrong.
Anyways, big kudos to you for not carrying student loans. That really kills a lot of grads.
Well, kinda lol. I’m still working part time now to cover myself then.
Know of any good ‘finances guides’ or something? Personally, when it comes to this type of stuff I don’t know shit.
There’s a couple of smart books out there. I liked “The richest man in babylon” a lot. But really, it boils down to not increasing your expenses to match your earnings. Every time you get paid, set something aside for yourself, (10% is a good rule of thumb) let that money get a good, but safe return on it, and then don’t spend the money it’s earning right away. It’s akin to eating your children. It takes time and patience.
Benjamin Graham’s “The Intelligent Investor” is the best guide to finding a safe return I’ve found. We’ve got some fans of “A Random Walk down Wall street” here as well. Regardless, if you make it a habit to grow your savings every month no matter what you are buying for yourself, then you will be well off. Soon you’ll be earning so much in dividends that you could live quite comfortably and not spend it all.
Book is hella old, but its a good read for anyone starting out.
been missing this thread, so decided to bump it with a question of mine, so I’m finally looking at starting my savings account, but I still owe back credit card debt, I’ve been worrying about if the credit card comps could plunder my savings? Getting into paying them off as well, but I want to do it in smaller payments, not them taking my savings, so what can they do really?
:X
Because it’s been bumped, I’ve decided to check up on my EmigrantDirect savings account that I opened up in the first couple pages in this thread.
Just broke five digits! :wow:
…now that I’ve seen it, I could really use some of that money to pay off my big credit card. Got about $1500 that I really want to pay off within six months. …temptation to withdraw from my big savings to pay this CC off and cut it up. Should I jump?
^If you can, I would probably go ahead and do it mm, getting those cc hooks out of your side should give you some much relief, and better to get rid of that asap from what I’ve been told
What percent interest are you getting from that account?
What percent interest are you paying on your credit cards?
Pretty much answers itself, doesn’t it?
The ED account rate will never accumulate more in interest than the cc. Just pay off the cc and get it over with, or you could also set up automatic withdrawls and set up a monthly payment to the card. Point is, get it pad off soon cause im sure the interest rate on the cc is high.
Figured as much. Thanks, homies.
Anyone able to answer my question about cc’s and savings? >.>
Unless it is the IRS, no one is going to plunder your savings account with out your permission. Okay here is the issues with Savings and having debt.
Ask yourself. Is the debt already a bad debt that is in the hands of the collectors. If so, they do no charge interest and you can pay them off as little as you want. If you send them .25 cents every month in the form of a check and they credit your account, they are legally bound to begin accepting .25 cents from you every month. If they begin to call and harras you, call a lawyer and he will help clear everything up.
Now if the debt is active cc debt, you have to look at the interest the cc’s are charging you and pay them off first before you begin any form of savings. Save a few hundred for random emergency but put the money where you can not touch it unless you have the emergency. Once you saved those few hundred, do not save anymore until you clear your debt. You lose more in the interest paid to the cc’s then any small amount you collect in interest if you are beginning. It would be a different case if you had thousands in savings and you could use the interest off of that to pay off the cc’s.
My suggestion is if you want to pay off the cc’s, set up automatic withdrawls and budget the rest of the money your money for your cost of living needs. When reducing debt, sacrifice is the name of the game.
^Thanks for the tips AkumaTX :tup:
I was thinking about opening a savings account just so I can get rid of my CC bill, and maybe some other things down the road. Sounds like a good idea to me if that’s what you want to do with your money.
Depends on how aggressively they want that payment. If it’s worth it to them, they can sue you and if nothing else, garnish your wages. I owe debt myself, and I have been through some of this. A lot of people will say it should be a simple decision to pay off your debts before investing, but that requires a very disciplined mindset. My guess is if you were so disciplined you’d never have taken on all that debt in the first place.
So here’s what I learned the hard way. Here’s my solution- Every month, make it a strict habit to do one of two things. Either increase your income by buying dividend paying investments, or you work to reduce your expenses in some way. Sooner or later the debt problem will solve itself, and you will learn good investing habits too. Knowing what to do with money you’ve saved is an important part of saving.
If you have talked to the credit card people, and they are asking for too much, or otherwise being unreasonable, do make sure to let them know. If you offer to pay at least something, most times they will want to work with you. It is not in their best interest to go straight to court, because they know that backs you into a corner, and that could force you to declare bankruptcy. Everyone loses.
Stated above, they’ll try to come get your income. There may be legal ways that they can seize your assets too. Probably best meant for an attorney to answer.
I guess the question is how much debt we are talking about here. I dont want him to answer but just stating it. If the debt is huge, then yes they will come but if it is low, they will just bug you.