Comments on: Daily Financial Challenge - Day 2 http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/ Bridging the gap between saving money and investing Mon, 01 Dec 2008 22:42:17 +0000 http://wordpress.org/?v=2.6.1 By: everySecondPaycheck.com » Personal Finance Blogs http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-1683 everySecondPaycheck.com » Personal Finance Blogs Sun, 07 May 2006 18:20:45 +0000 http://www.pfadvice.com/?p=348#comment-1683 [...] Been having a leisurely afternoon searching for other Personal Finance blogs and looking for ideas on how to organise my finances. A lot of what I found was very US centric and didn’t really apply to me, for instance the PFAdvice.com Daily Financial Challenges. Excellent site all the same. [...] [...] Been having a leisurely afternoon searching for other Personal Finance blogs and looking for ideas on how to organise my finances. A lot of what I found was very US centric and didn’t really apply to me, for instance the PFAdvice.com Daily Financial Challenges. Excellent site all the same. [...]

]]> By: poundwise http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-1666 poundwise Fri, 05 May 2006 15:04:51 +0000 http://www.pfadvice.com/?p=348#comment-1666 Great advice and love the idea of this series. It should prove very beneficial. One caveat when paying the minimums, make sure that the minimum amount due is greater than, or at least equal to, the interest charged for the cycle. I have one card that routinely asks for a minimum payment that doesn't even cover the interest. Great advice and love the idea of this series. It should prove very beneficial.

One caveat when paying the minimums, make sure that the minimum amount due is greater than, or at least equal to, the interest charged for the cycle. I have one card that routinely asks for a minimum payment that doesn’t even cover the interest.

]]> By: Bill Halpin http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-902 Bill Halpin Fri, 24 Feb 2006 01:09:59 +0000 http://www.pfadvice.com/?p=348#comment-902 Hello. I like your site. I wanted to add one thing to your advice above. Most people who have balances are their credit cards continue to make new purchases on their cards. If the card they use has a balance, they are charged interest not only on the money they previously owed but also their new purchases. This is a avoidable rip-off. It is important that the new purchase are made on a card without a balance. (which of course is paid in full every month....) This avoids paying interest on your monthly purchases. Hello. I like your site. I wanted to add one thing to your advice above. Most people who have balances are their credit cards continue to make new purchases on their cards. If the card they use has a balance, they are charged interest not only on the money they previously owed but also their new purchases. This is a avoidable rip-off.

It is important that the new purchase are made on a card without a balance. (which of course is paid in full every month….)

This avoids paying interest on your monthly purchases.

]]> By: pfadvice http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-735 pfadvice Wed, 08 Feb 2006 00:05:09 +0000 http://www.pfadvice.com/?p=348#comment-735 <b><i>"I have one little 300 dollar limit credit card. I’ve learned my lesson and got rid of the rest of them. Is this series going to be about how to pay my credit card debt down?</b></i> Nope, it's goingto be about all aspects of personal finances which happens to include credit cards “I have one little 300 dollar limit credit card. I’ve learned my lesson and got rid of the rest of them. Is this series going to be about how to pay my credit card debt down?

Nope, it’s goingto be about all aspects of personal finances which happens to include credit cards

]]> By: Angelpix24 http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-732 Angelpix24 Tue, 07 Feb 2006 18:04:14 +0000 http://www.pfadvice.com/?p=348#comment-732 I have one little 300 dollar limit credit card. I've learned my lesson and got rid of the rest of them. Is this series going to be about how to pay my credit card debt down? I have one little 300 dollar limit credit card. I’ve learned my lesson and got rid of the rest of them. Is this series going to be about how to pay my credit card debt down?

]]> By: Unknown Professor http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-614 Unknown Professor Tue, 24 Jan 2006 15:04:16 +0000 http://www.pfadvice.com/?p=348#comment-614 You've actually UNDERSTATED the benefits of paying off your credit cards. Interest on credit cards is paid in after-tax dollars. So, avoiding a 12% credit card interest by paying down you balance is equivalent to earning a risk-free 12% return AFTER TAX. You’ve actually UNDERSTATED the benefits of paying off your credit cards. Interest on credit cards is paid in after-tax dollars. So, avoiding a 12% credit card interest by paying down you balance is equivalent to earning a risk-free 12% return AFTER TAX.

]]> By: Blueprint for Financial Prosperity http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-592 Blueprint for Financial Prosperity Mon, 23 Jan 2006 02:09:07 +0000 http://www.pfadvice.com/?p=348#comment-592 <strong>Carnival of Investing #6</strong> I have the pleasure of presenting to you the Sixth Carnival of Investing. Without further ado or unnecessary fanfare, here is this week’s investing highlights: FMF at Free Money Finance presents 4 Rules for Asset Allocation nickel at fivecentni... Carnival of Investing #6

I have the pleasure of presenting to you the Sixth Carnival of Investing. Without further ado or unnecessary fanfare, here is this week’s investing highlights:

FMF at Free Money Finance presents 4 Rules for Asset Allocation
nickel at fivecentni…

]]> By: pfadvice http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-563 pfadvice Sat, 21 Jan 2006 00:25:31 +0000 http://www.pfadvice.com/?p=348#comment-563 <b><i>"This system seems like it will work but it also seems a bit complicated. My plan is to pay triple the amount I owe on each card a month. This will be easier now that I am earning more income and that I only have 3 credit cards. This plan has always worked for me and gotten me out of debt.</b></i> No doubt that it will work - it will just take a bit longer for you to get out of debt and you'll pay a bit more to the credit card companies. As with all things in personal finances and saving money, you know yourself best and what motivates you to keep going. If that system is the one that will get you out of debt - even is it is slightly slower - it is still far better than doing nothing at all. “This system seems like it will work but it also seems a bit complicated. My plan is to pay triple the amount I owe on each card a month. This will be easier now that I am earning more income and that I only have 3 credit cards. This plan has always worked for me and gotten me out of debt.

No doubt that it will work - it will just take a bit longer for you to get out of debt and you’ll pay a bit more to the credit card companies. As with all things in personal finances and saving money, you know yourself best and what motivates you to keep going. If that system is the one that will get you out of debt - even is it is slightly slower - it is still far better than doing nothing at all.

]]> By: Gloria http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-554 Gloria Fri, 20 Jan 2006 19:09:22 +0000 http://www.pfadvice.com/?p=348#comment-554 This system seems like it will work but it also seems a bit complicated. My plan is to pay triple the amount I owe on each card a month. This will be easier now that I am earning more income and that I only have 3 credit cards. This plan has always worked for me and gotten me out of debt. This system seems like it will work but it also seems a bit complicated. My plan is to pay triple the amount I owe on each card a month. This will be easier now that I am earning more income and that I only have 3 credit cards. This plan has always worked for me and gotten me out of debt.

]]> By: pfadvice http://www.pfadvice.com/2006/01/18/daily-financial-challenge-day-2/#comment-546 pfadvice Fri, 20 Jan 2006 09:41:17 +0000 http://www.pfadvice.com/?p=348#comment-546 <b><i>"Is this good if your bills are so old they no longer have interest rates attached to them, only balances."</i></b> I don't know your exact situation with the balances with no interest, but just going on that I would pay off all the balances with interest first. While you can actually make more money by then placing the amount into savings and earning 4+%, you do have an obligation to pay back the debts if possible. Therefore I would begin paying them off on a monthly schedule just like above with those 0% accounts placed at the bottom of the list. “Is this good if your bills are so old they no longer have interest rates attached to them, only balances.”

I don’t know your exact situation with the balances with no interest, but just going on that I would pay off all the balances with interest first. While you can actually make more money by then placing the amount into savings and earning 4+%, you do have an obligation to pay back the debts if possible. Therefore I would begin paying them off on a monthly schedule just like above with those 0% accounts placed at the bottom of the list.

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