The Intricate Voyage

Over the years, I have heard several different debt reduction strategies from many different people from varying backgrounds. In examination of each of them, it became rather daunting at times as some stated to focus on the higher interest rates while others advised that the focus should be on the lower balances. Some would swear by taking extra dollars and spreading it out over all debt, while others insist upon piling all of the extra money onto one specific debt and pay it down.

You have finished school and gotten your first job. You have been working diligently for a few months, yet for some reason, you are consistently reaching for financial straws to make ends meet each month. What do you do?

The answer to this question is simple; you must start budgeting your money. Although this is something that is easier said than done, once you have successfully created your first budget, you will have a lot better control on your financial situation.

When someone is in debt, the first thing he or she needs to do before digging out is to admit there is a problem. The next thing someone should do is have a plan. The plan should cover such things as the current debt situation, acknowledgement of any mistakes made in hopes of not repeating them, and then finally, goals to work toward. To give a bit of an example, here is my personal debt situation.

Last weekend in Parade Magazine, Gary Weiss wrote an interesting article about credit cards called . First he discusses some facts of credit card usage ranging from the rise of household credit card debt (a $6,874 rise in 17 years) to the amount of money credit card companies make by charging fees ($18.1 billion in 2007 alone). Weiss then discusses five things to watch out for all credit card owners.

"Your rates are raised without warning"

You don’t balance your checkbook. The only reason you know your bank balance is because you look at the amount listed on your ATM slips right before you crumple them up and toss them in the trash. There is a pile of unopened statements hiding in a shoebox somewhere in your house, right next to the pile of credit card statements that are only open in order to retrieve the payment coupon. You cross your fingers when you mail in checks and hope that they clear. If this sounds like you, then my guess is that you’re financially impaired.

Are you young and starting to look for savings accounts? Looking for a certificate of deposit as a gift or as a saving mechanism? Normally, shopping for one of these two financial products consists of visiting your local bank branch for information or by heading to Bankrate.com. But now you are able to take your business to an active bidding marketplace at MoneyAisle. Located at www.moneyaisle.com, the free auction gives consumers the ability to have various banks compete for their business.

People with more advanced financial knowledge have been known to go to great (and to some, rather strange) lengths to try to extend the value of their dollars. One way they accomplish this is through taking advantage of credit card interest rate specials to try and earn interest on their own credit limits. In the interest of simplicity, I will offer an example that explains this concept.

Apparently, TransUnion has been a bad boy. According to an article written by Kimberly Lankford at Kiplinger’s, the credit reporting company is in a bit of hot water after selling individuals’ personal information to marketing companies. The result is a class action law suit against TransUnion for a violation of the Fair Credit Reporting Act. So, what does this mean for you?

A few weeks ago, I was making my usual travels through the internet and found several different recipes for homemade wipes. As I am always looking for a way to shave costs here and there, I thought it would be a good idea to try one of these out for myself to see whether wipes is a viable item to make at home or whether it is better left to the experts. So, without further adieu, my experiment in frugality #1, wipes.

What Was Needed