GO PARTY ON DEMAND INCORPORATED 501(C)3
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Credit repair is the process of identifying
negative information pertaining to the credit
report of an individual and eliminating or
fixing any mistakes that may have
led to a bad credit rating.
The process by which a person or business
improves their ability to borrow money,
for example, by correcting wrong information
in their credit report or reducing their
amount of debt more quickly.
It is the act of restoring or correcting
a poor credit score.
Before you can begin to understand
the importance of credit repair, you first
must know what your credit report looks like.
You can start by requesting a copy of your
credit report through one of many free credit
reporting services online, search google
“free annual credit report” and then
make your selection.
Now that you have acquired your credit report,
review the information listed to see if everything
is accurate and that all items belong to you.
Note…. any items that do not belong to you,
whether name, address, or account you have the
option to dispute it and once investigated the item
can be removed from your credit report.
After you have identified the items to be disputed
you can see who and how much you owe.
Knowing who and what you owe is important
so that you can see firsthand what is needed
to begin your credit repair process.
Make a list of the creditors you owe,
include the name of the company, phone number
and date the accounts were opened according to
the credit report. Now you can call to see what
options are available to resolve the account.
Usually, the creditor will allow you to make
payments and or even make settlement offers
that will clear the account and once paid
in full, will be reported to the credit agency
to show the account has been satisfied.
Before you commit to any payment arrangement
or make a settlement offer, be sure to review
your current budget (income and expenses) to
determine an amount you can afford to pay
monthly or in lump sum...
LOWER YOUR INTEREST RATE
If you are concerned about a high interest
rate on your credit card and not really able to
save money, you can ask for a lower interest rate.
A lot of credit card issuers have variable
interest rates available.
1. Come prepared to negotiate. Know your
credit score, due date, current balance, credit
history and your current credit card terms.
2. Work on your credit health if it isn't
where it should be.
(Get utilization under 30% and make payments on time.)
3. Shop around, know your options.
You can use this as leverage when negotiating.
Your card issuer needs to stay competitive
with what they are offering.
4. Start with the credit card you have had the
longest or the card with the highest interest rate.
5. Call to make your request.
Remember if the answer is no, try again
in a few months. Try to maintain on time
payments, it helps.
INCREASE YOUR CREDIT LIMIT
A credit limit is the maximum you can
charge on a single credit account.
To increase your credit limit, simply call your card
issuer and ask for a credit line increase.
(Be sure that the issuer has your current salary information.)
Some card issuers allow you to make the
request online or on their app.
With a higher credit limit, you give yourself more spending power
and keep your utilization rate low.
Both of these things have a huge impact
on your credit score.
Keep in mind, that if you are approved, it may take several
days or weeks to appear on your credit reports.
Your potential credit scores increase will shift depending
on how much your credit utilization has decreased.
Place Limits on Spending
When looking to place limits on spending,
you can first start by asking your credit card
company if setting a cap on the amount of
purchases and cash advances are
allowed on your account.
If so, remember to do the same for
ANY authorized users.
At the very least, you should set your cash
advance limit to $0 to avoid higher
fees and interest rates.
It is best if you keep your credit utilization
rate at a comfortable level.
Generally, experts recommend that you keep
the ratio between your balance owed and
credit limit below 30% because credit card
utilization is an important factor in
CREDIT CARD DUE DATE
Your credit card due date is the date your payment
must be paid every month.
Most credit card issuers allow you to change that
date to a different date in the month.
You should take a look at your paydays and when your
other bills are due to select
a better date if needed.
For example, some people set up an
automatic payment in order to have all their
bills come out at once, so they don't
forget to pay on time.
In other instances, some people like to pay
their bills immediately according
to their payday.
You can call your credit card issuer to
have the due date changed.
Please remember that this usually takes one
bill cycle to take effect.
Make sure to confirm the change on your next billing
cycle and update your calendar with the new date.
How To Prepare For A Rainy Day!
A rainy-day savings account is an account set up to cover
those unexpected expenses that you may incur.
For example, if your car breaks down or you need to make
some minor repairs around the house.
Anything could happen at any time, so a rainy-day account
helps to handle the expense at a moment's notice.
Here are some easy steps to take to set up
a rainy-day savings fund.
1. You can open a saving account and begin to
deposit as little as $5.00 a week to start.
2. If possible, your rainy-day savings account should
be opened at a different bank from your checking account.
You should also decline a debit card or cut it up for
that savings account. This makes it a little more difficult
to use the money, if you HAVE to go to the bank
to make withdrawals.
3. If it's not possible to open the account at a different bank,
keep your savings and checking account deposits separate.
You can keep better track of the savings, and if the money is in the
checking account, you might mistake it for extra cash.
4. When creating your budget be sure to include
your rainy-day amount so that you don't forget about it.
5. You can also set up direct deposit for the weekly,
bi-weekly or monthly deposits to your savings
account so you will not see it.
(When it’s out of sight it’s out of mind.)
6.The amount of money in your rainy-day account
varies from person to person. You should set an amount to
reach that could cover your highest unexpected
expense and work to have that amount in your account.
(For example, $1,000 may be able to cover minor home
or car repairs or medical expenses that you didn't expect.)
So now that you have an idea of where to start, let’s
get the umbrellas open so we can be covered on a rainy day!
HOW TO KEEP DEBT AT BAY!!
Start by paying off the little debts, so that
you can have the confidence to
conquer the high ones.
It is recommended to pay off the debt with
the higher interest rate first.
Making weekly or bi-weekly payments to pay off your credit
card balances every month can help you earn credit card rewards.
This also keeps you from being charged extra interest.
No extra debt....
We know you have that one family member or
friend who wants you to co-sign on a loan.
DONT DO IT!
If they miss a payment your credit will be affected,
and you will be stuck paying the bill.
Having cash on hand keeps you from overspending.
Once the cash is gone, go on a ‘cash diet'
this helps you stay on budget.
These are just a few tips to help you
KEEP DEBT AT BAY!
ROAD TO SAVINGS:
Now that you have started reducing your expenses
let's put this into practice for at least 2 months.
For every dollar saved by making those cuts,
deposit the money in to your... (wait for it) COOKIE JAR.
Yes, that's right find a jar, a box or even a piggy bank.
Anything that can hold all the money you are saving.
(Be sure to keep it out of sight...you know out of sight out of mind.)
For every dollar or coin added, write it down on a pad.
Keep a tally of all the money going in. Nothing should be coming out.
At the end of 2 or 3 months count how much you
have saved... you will be surprised.
When depositing money into your jar, be sure to round to
the nearest dollar. If you have spent $2.75 round up to $3.00.
(This makes it easier to track.)
Depositing money into your savings jar provides
two ways of saving at one time. You are able to make cuts to
household expenses and curve your spending habits.
So now that you have all the facts,
ARE YOU READY TO GET STARTED?
Trust it! It works, I did it and so can you.
CREDIT CARD REWARDS
Credit card rewards are any perks
(monetary or non-monetary)
that credit cards offer to consumers who uses the card.
Would you believe your credit card can also earn you money?
There are a lot of credit cards that can earn you cash back.
If and only if you can pay off the balance every month,
you should use your credit card at every chance.
Shop around for the best rewards and cash back
percentages to earn money while you spend.
You can potentially earn hundreds of dollars at the end
of the year by signing up for a cash back card.
Next, make purchases to accrue rewards then redeem the
rewards through your card issuer.
Put your spending money to work, for you!
Saving Money At The Grocery Store
*You can do this by taking the average amount of money
you spend on your monthly groceries and dividing
that between future store runs.
*Imagine your average allowance for groceries is $600 every month.
* You typically go shopping every 10 days (3 times a month).
*Divide that $600 into 3 and get $200 budget for groceries.
2. Make a shopping list and stick to it
*You should not go to the store without your list.
*As you find what you need cross it off.
*Do not add any new items to your list while you are shopping.
3. Use cash
*It is harder to go over budget if all you can spend is
the money in your pocket.
(The amount budgeted for your groceries.)
4. Choose shopping partners
*Someone to help you stick to your list.
*Remember choose wisely, you don't want a shopping
partner who just buys anything without checking the prices.
5. Compare prices
*You can always compare the prices of the items
on your list, as well as the stores to purchase your items.
*Comparison shopping is a crucial habit to develop if you
want to save money on your purchases.
*Check the circulars of your local stores for the best prices.
You can even find an app to compare shopping options on your phone.
6. Use Coupons & Promo Codes
The difference between coupons and promo codes are:
*Coupons are physical pieces of paper that have the deal written on them.
*Promo codes are simply numbers or letters that
you can obtain from anywhere and then input into an online form
to receive your discount.
7. Shopping while hungry
*People who shop when they are hungry typically make unhealthy
choices and end up overspending.
*You can aim to spend 10-20 percent less of your monthly
grocery budget to save money.
Let's curve our food budget, starting today!!!!
Beneficiary simple put is a person who gains a profit or
an advantage from something.
When you hear beneficiary, most people immediately think of life
insurances, retirement plans and wills.
It is crucial to have a beneficiary for these documents, and if you don't...
I strongly suggest you fix that ASAP!
If you already have a beneficiary set up, check to make sure it is up to date.
(Are you newly married, recently divorced or have you lost a loved one?)
Let's make sure your assets are going to the right person.
Have you thought about a beneficiary for your bank accounts?
A beneficiary on your bank account allows your loved one's
immediate access to the funds left behind when you are deceased.
(With proper identification and a death certificate)
This is called a POD (payable on death) account.
People who have a POD account keep their money out of probate.
(The legal process that manages assets and liabilities left by a deceased person).
The money and account are yours. Your beneficiary does not have
access to the money or account until you are deceased.
*A last will and testament cannot/will not affect the person named as
the beneficiary on a pod account. A named beneficiary supersedes a will*.
Now is the time to start saving for your future, that's right
planning for your retirement.
What does that mean, glad you asked?
Retirement is the action of leaving one's job and
ceasing to work.
So, let’s start saving money!
There are several ways to save money and plan for your retirement.
Here are some examples of retirement benefits that maybe
offered by your employer IRA, TSP, or 401k
just to name a few.
An IRA is an Individual Retirement Account
This type of account allows you to save money for retirement in a
tax-reduced, tax deferred, or tax-free way.
A TSP is a Thrift Savings Plan account.
This type of account is offered to Federal employees and members
of the uniformed services, including Ready Reserves.
This is a retirement savings and investment plan account.
A 401(k), is plan where the employees receive a tax break.
A method of reduction of the tax liability of the taxpayer,
on the money they pay into the account.
Contributions are automatically withdrawn from employee paychecks and
invested in funds of the employee's choosing.
(From a list of available offerings).
These are just a few things to think about.
Ready to make a difference in your future, let's start
saving for your retirement!!!!!!
Start by setting a goal of how much you want to
save for retirement and stick to it.
Saving is a rewarding habit!
It is recommended that you will need at least 70to 90 percent of
your pre-retirement salary to maintain your standard of living
when you stop working.
If you have any of the retirement plans listed above, contribute as
much money into it as possible.
You can also look into other basic investment plans to save money.
This will allow you to diversify your funds and can improve
your return and reduce the risk.
Do not touch your retirement savings accounts.
It may be tempting but it may cause you to lose your principal,
interest or your tax benefits.
You can do on it!
Let’s start saving today for your tomorrow!
CREATING A WILL
Millionaire or not, you should consider getting a will.
A will is a legal document that represents how you want your assets to be distributed.
* Creating a will does not have to break the bank.
*You can appoint a guardian for your minor children.
*You can be specific about your funeral arrangements.
*A will is public record.
*Wills do not avoid probate.
(Probate is the judicial determination of the validity of a will)
* Can be subject to federal estate taxes and income taxes.
Not preparing a will usually leads to a judge or state official
making the decision about your estate.
Now that you have created a budget and can see how
your money is being spent... begin cutting your expenses.
This is called debt reduction.
Review your household expenses.
Are you paying too much for cable? Leaving lights on when
no one is home? Eating out more than you are cooking?
Buying more than you need?
Well, if this is you, it's time to make some changes.
Utilize comparison shopping before making purchases, this
includes cable, cell phone plans and even buying food.
Don't waste electricity, unplug appliances when not in use.
STICK TO THE BUDGET!
These are just a few ways to cut expenses and reduce your debt.
One way to save money, stay on budget or keep money in your pocket,
is by looking over your policies to see if you are paying too much into
your life and disability insurance plans.
▪ Far too often many people are talked
into buying more insurance than they may need.
Start by reviewing your existing plans for the benefits offered and
compare with the options that may be available to determine which
plan best fits your needs and your budget.
▪ If you have life insurance but no dependents or anyone to leave
your benefits to, then consider only taking out enough life insurance
to cover what you need to take care of yourself.
You can also take a moment to look into other types of insurance
that may benefit you in the long run, such as short-or-long
▪ Short term disability insurance can cover if you are unable to work
for a few weeks, a month, three months or even up to a year.
This benefit can help to ease your worries about how you will meet your
needs and financial obligations.
▪ Long term disability insurance can help you pay your bills if you are
injured or suffer with a long-term illness.
You never know what can happen, so be prepared, so that you are able to
take care of the things you need to handle!
Tired of living check to check?
Now is the time to get the most from your money...
First, let's start by creating a budget:
*Write down the money you receive every month
*Then create a list of your expenses,
everything you pay each month.
(Be sure to include any miscellaneous items)
*Once you have created each list, you will be able to
see how much you earn and how much you spend on a monthly basis.
*Review these lists to see where you can begin to make cuts...
YES, even if it means cutting back on the coffee
and bagel 5 times a week.
*Seeing where to make cuts will show you what you need
and what you can do without.
*Your penny-pinching list will serve as a guide to decreasing your
expenses, one step at a time.
*Now that you see what you can live without,
you can begin saving money.
*Place nickels, dimes, pennies, and yes even dollars
that you would have spent into a jar or separate account and watch it grow.
*Challenge yourself by setting a timeline to see how
much you can save in a specific period of time...
2 weeks, a month, 3 months, or even a year
*You will be surprised at how well you will do once
you apply yourself!