Daily Financial Challenge – Day 1

This is a question I get time and again – “How do I save money?” While how to go about saving money seems intuitive to some people, there is a large group out there that just doesn’t seem to know how. For those seeking the answer on how to save, I usually point them toward a number of the articles I have written to get them started and let them go from there. I do this because I don’t think that there is a single “correct” way to save money. I think individuals need to look at their specific circumstances and learn what motivates them. They can then use that to encourage themselves to save money. That being said, it seems many people want a step by s

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22 Responses to Daily Financial Challenge – Day 1

  1. Zorro's Steno says:

    Is this going to be the same daily challenge from the e-mails at SavingAdvice.com? I was hoping they’d come back some time.

  2. pfadvice says:

    Yes, although it will be structured a bit different – the goal will be to get your finances in order and save money in a short period of time on a daily basis.

  3. acezz4e_tish says:

    i dont have any credit cards. are all of the challanges based on this type of situation?

  4. Janet says:

    It’s good to see you back. I really missed your daily money saving challenge. I hope to get back on track with your great challenges.

  5. fern says:

    ok, jeffrey, be sure to really challenge us.

  6. flash says:

    No debt to pay off, but did this task in November. Changed to lower rates, no fees, and cash rewards instead of catalog of stuff rewards.

    The rate for the 5% cash back “dividend” cards we transferred to are slightly higher than the “rewards” cards, but we didn’t need “stuff”, we wanted the cash. We (DH and I) committed to always pay off the credit before the interest was applied.

    I wasn’t comfortable paying for groceries, meds, and gas by credit card, but we’ve set it up electronically, and the 5% cash back, added on to all the other reward/benefit/rebates has already added up nicely.

  7. Pattie says:

    Hell. I’m in! Bring it on Jeffrey!

  8. pfadvice says:

    i dont have any credit cards. are all of the challanges based on this type of situation?

    You can skip the first week of challenges, but it will move beyond credit cards. I’m starting at the beginning and for many, credit cards are the beginning. Over the year, however, we will touch on all aspects of personal finance so I think it will be worth sticking around.

  9. mahanda says:

    so glad to see this back, helps me to keep on track. cannot get a lower rate at this time, but working on getting the balances down to zero and start paying off some other large loans.

  10. Renee says:

    I too, have no credit card balances. However, I really want to encourage everyone to give this site a try. Nothing is worse than being in debt. I’m looking forward to finding out how I can improve my bank accounts and welcome all the help I can get.

  11. liveandchi says:

    I have credit card debt and my credit is not good. I called all my credit card companies (6 of them) and only one would lower the rate. The other 5 wouldn’t. Is it worth calling back again? Is there something that I can say when talking that will make it more likely that I can get the rate reduced?

    I also need help in not becoming discouraged. Being rejected time and again just weighs down on me. If the one card hadn’t lowered the rate, I think I would have givne up from day one. How can I over come this?

  12. Amy says:

    Flash

    What dividend card do you have the earns 5% back? That sounds like a good deal. TIA!!

  13. pfadvice says:

    “Is there something that I can say when talking that will make it more likely that I can get the rate reduced?”

    There are a couple of things that you can do.

    1. Have a competing offer in hand. If you don’t currently have one, keep an eye out for one you can use in the future.

    2. If the first person you talk with isn’t being cooperative, ask to speak with a manager. Managers often have more flexibility in reducing interest rates.

    3. If it is a situation where if you can’t get your interest rates lowered, you may default on the payments, be honest and explain that is the case. Be sure to mention that those who are willing to help will get first priority when you make payments.

    4. Don’t bother getting upset if they aren’t being helpful. If they aren’t being helpful, it is likely it is corporate policy and not the individual’s fault.

    5. Don’t threaten to leave unless you are truly ready to do so. It’s much better to approach it as a “you are considering other offers” than to make threats.

    Hope this helps a bit.

  14. Bren says:

    So I also have already asked for lower rates just last week, didn’t get too far, Discover said to call again. Other one just said nothing avaiable at this time. So I plan to keep trying, we’ve never been late or missed a payment, the balance is pretty high so I’m sure thats why. Also, we do get those 0% transfers but is it good to keep trying to get those when you have debt, and they give it to you with a 500.00 limit and that won’t pay off any of the larger cards. Then we’ll have even more credit out there and it will look like we’re just applying for cards all over the place?? Help

  15. pfadvice says:

    “So I also have already asked for lower rates just last week, didn’t get too far, Discover said to call again. Other one just said nothing available at this time. So I plan to keep trying, we’ve never been late or missed a payment, the balance is pretty high so I’m sure that’s why.”

    I will be sending out reminders in the series to call to try and lower rates on a regular basis. It definitely pays to call again as a different customer service rep can be more helpful.

    !Also, we do get those 0% transfers but is it good to keep trying to get those when you have debt, and they give it to you with a 500.00 limit and that won’t pay off any of the larger cards. Then we’ll have even more credit out there and it will look like we’re just applying for cards all over the place?? Help”

    There are a lot of traps you need to be very careful of when doing transfers which I will be writing about much later in the series. If you’re looking for a quicker answer, place this questions in the forums and I’m sure that many of the members will give you a lot of opinions and issues to look out for.

  16. Dee says:

    I pay my credit card off every month, therefore no finance charge. I charge everything I can to Discover and my bank pays that bill for me each month. Is there a credit card better than any other for this kind of spending?

  17. Frugal Momma says:

    Jeffrey
    Glad to see the challenge back

    Theresa :)

  18. Gloria says:

    iIve done this in the past. It does help. Discover card usually helps me out but Capitol One usually turns me down. I don’t like Capitol Ones customer service either. They are terrible. I plan to try this again this week and see what happens.

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  20. Joshua K says:

    The yearly fee can also be anther negotiating point. I wanted the yearly fee prevented or lowered on my HSBC. At $60/yr, it was twice what two of my other cards were. They offered to lower my interest rate, but with a $0 balance, that didn’t help me much. I accepted that and pressed on the yearly fee. They said to call back after I receive the charge for the yearly fee and they would remove it in order to prevent me from cancelling it. They explained they couldn’t credit something that hadn’t been charged. I called back afterwards, and they acted like I was never told that. They offered half of it, and I told them they should reconsider. I explained I had my car loan with them too. Still no budging, so since they weren’t willing to honor what they previously told me, I had them refund the full amount of the yearly fee, to cancel it and advised them I’d never do business with them again. They did. I still haven’t switched my car loan, but it costs fees for for the switch, so it probably works out for me. My next car loan won’t be with them though.

  21. Pingback: Wealth Today » Lower rate on CapitalOne Credit Card

  22. Pingback: Mapgirl’s Fiscal Challenge / Daily Financial Challenges

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