Friday, October 31, 2008

Do You REALLY Need It or Just Want It?!?

As the economy continues to struggle and we look ahead to uncertain financial times, asking yourself if you really need something or just want it before you make a purchase becomes more and more important. If you find that you are buying a bunch of things that you truly don't need then you've just found an extra source of money that you can put into an emergency savings account by holding off on making the purchase.


Wednesday, October 15, 2008

markets, jobs and credit histories

I saw today that commodity prices were down (gas, steel) -- good news for consumers. But it also means that industry is using less of these things. In some industries, the cutting back may mean job losses. For instance, I also heard that here in Wyoming the gas companies are doing less investing. Thay may not mean job losses -- perhaps it just means fewer new jobs. In any case, no matter our job situation we have to deal with building strong credit. And a strong credit report is an excellent thing to have should things tighten up. Here are a few insights on indications of strong and weak credit.

Indications of a solid credit history:
• Some, but not extensive borrowing.
• Prompt payment of monthly bills.
• Paying down balances over time.
• Steady employment.

Items that can hurt your credit report:
• Filing for bankruptcy.
• Too many credit cards.
• Too many applications for credit.
• Late payments.
• Increasing credit card balances.
• Several credit cards with balances close to their limits.

Wednesday, October 8, 2008

Calling all ostriches including me

The financial news is definately troubling and the markets are all over the place but that is what makes this the ideal time to evaluate your finances and where you want to go. Depending on your goals, you might be able to find some good deals out there in the stock market. Confidence in the market is so low that even companies with good fundamentals are selling at bargain prices. However, before you go bargain shopping be sure you do your research and know what you are buying. As volatile as the market is right now, you might want to hold off until the market stabilizes, even if you don't get rock bottom prices.

Let me know what you're thinking.