Figure It Out

Guest post of the week by Brittany Booker

I wanted to figure out how to help save electricity around the house because man, our bills had gotten so high. I started turning off lights left and right AND I’ve become that person who unplugs all her appliances when she’s not using them – that’s the type of responsible citizen I want to be. Who am I kidding, I didn’t start doing this out of any eco-concious breakthrough, I just didn’t want to have to break the bank paying my utilities each month! A friend told me about a website where I could get fixed rate energy and I jumped on that chance…it really helped me narrow down my options and save some money right off the bat. It’s still up to me though to try and curb my usage which is hard in this huge old house – the electricity seems to just leak right out of the walls or something. I’m going to keep doing what I can though and we’ll see how that ultimately works out for me.

I Am Gazelle Intense!

For those of you who listen to the Dave Ramsey radio show, you know the phrase "gazelle intent."  Dave encourages his listeners to be gazelle intent in getting rid of debt, using the metaphor of the gazelle as its intent on running away from lions and tigers on the savannah in Africa. He wants you to be that focused on it.

I feel as if I have truly been gazelle intent in the last several months. I am working at my regular job, doing a little legal work part time, doing freelance writing, and mystery shopping. Whew--that is a lot of work. I do feel like I am working all of the time. I am making great progress in paying off my debt, even though it is not as fast as Dave would like. I still have a nasty little habit of meeting friends for dinner too much and blowing my budget. But I am working on scaling that back. And I need to stop overdrafting. I still do that from time to time, and that sets me back and runs counter to my goal of being debt free.

Sometimes I feel like I am working too much, and that has me worried. Like, I am not exercising as much, or sleeping enough, or stressing too much on all the work I have to do. And yes, people have made fun of me being on my computer so much. I have tried to tell them that part of the reason I am on the computer a lot is because of my internet businesses. But they don't get it.

I think within a year and a half, I will have my debt paid off and will be able to slow down. But also what I would like is for my internet businesses to take off, and I could make more money with less work. A dual goal. I am gazelle intent.

Yes, You Can Stop Collection Calls

I am the first to admit I have not been smart about my money. Right after college, I ran up some debt and never really worked at paying it off until recently. I should be debt free within 15 months. So excited!

But I remember when the days were dark for me. When I thought I might have to declare bankruptcy. Luckily, I didn't. I remember the darkest days when American Express kept calling my office at my previous job. Some chick who was a bully kept calling my office and harassing me. Literally harassing me. I had gone to Europe and a few months later got an AE bill that I could not pay off in a month. I never knew what happened. I might have been charged for items I didn't buy or overbilled, but I never investigated. But I tried to work out a payment plan with American Express. Poor naive me. 

The bully kept calling me and calling me and being so hateful. I am glad I had a private office with a door back then. I would shut the door and swing back at the woman. I fought hard. She was so snarky. This went on and on for days. I was in tears most of the time. I needed to stop collection calls! And the sad part is, I knew better than to get so enraged. I know how to stop collection calls, but even I got so rattled, I couldn't think. 

Eventually, I was able to make a payment plan, and that did stop collection calls. But not before it took a real toll on me. I think that was what started my bouts with high blood pressure. These collectors can be rotten people. I did get the last laugh, however. I reported them to the Better Business Bureau, and I got a letter some months later saying they had been found to be wrong and were chastised. And like Dave Ramsey, I will never have another American Express card. They do bad business. 

When Is My Credit Score Going To Improve?

I have been very good with credit the last few years. I have not used any credit cards and have been paying off my balances. So much so that the balances are now under my credit limits. But my credit score is still poor and not improving. I used to check it every once in a while with one of the free credit score  sites and saw no improvement. I then decided to get serious and got a  FreeScore membership and now check my credit score and report every month. But I still see no improvement. What gives?

I think I read somewhere that it is harder to have a good credit score now. Not sure of the details of the why or how, but that the numbers have been tweaked. What used to be a good score is now just a fair score. So maybe that is why mine is still in the toilet? I did have one collections item added to my report--when I switched from comcast to ATT, there was a balance with comcast I forgot to pay off.  That must be the problem. Maybe if I go ahead and pay that off, it would go up.

I know Dave Ramsey says not to worry about credit scores or reports. That you shouldn't rely on credit anyway, so a bad score doesn't really matter. That is good in theory, but not so much in reality. I want to buy a house in a couple years, so I am concerned about it. Maybe it will be better by then.

You Win A Lawsuit, But Where Is Your Money?

You get injured or otherwise have damages coming to you from a lawsuit. You have been through the wringer just to get to the point of the lawsuit and then the trial. And then you win and have been awarded a large judgment. That is wonderful! But what is not so wonderful is that it takes forever to actually see the money, or it comes to you in small increments. Meanwhile, you have had to pay for all kinds of doctors bills or repairs and maybe you can't even work. You are out of money! What do you do?

You could try to take out a loan or borrow from friends or family. But you may not have that option.  There are companies that give lawsuit cash advances--they go ahead and pay you and then they get reimbursed when your money finally comes in. I don't know the details about such transactions, and what the associated fees may be. I don't even know if it is a good idea to get one of these advances--I just know they exist.

The companies that offer  lawsuit cash advances advertise on TV and such, appealing to those who may not have savings. Can you imagine going through an accident or a medical malpractice injury, and then being on the verge of losing your house or otherwise  being destitute? I guess a fair number of people find themselves in similar situaitons.

I know I worry about having enough money, and I haven't had a serious injury or accident. If something like that happened to me, I might check into one of the lawsuit cash advances just to find out the details.  The stress of worrying about money and getting by would add stress to whatever negative situation you are in. I hope to never be in such a situation. But accidents and injuries do happen unfortunately.

Tools For Managing Business Finances

I have challenges managing my personal finances, so probably would have a hard time with business finances too. I don't know for sure, because I haven't had to manage any business finances yet. But I  may be taking over a company at some point in the future,  so I worry about how I would manage. I can't overdraft my business checking account, that is for sure!

Lucky for me there are some ways around my limitations. I have mentioned I am not good at math or money or some operations, and people have said there are some tools I can use. People have mentioned that there are some online accounting and bookkeeping software options out there that I should check into. And I could always hire an accountant or bookkeeper. I could also buy some estimating and planning software to help me out in those areas.

So I guess I won't despair. There are tools that can help me. In the meantime, I continue working on being better with my money.