Your Financial Makeover
Are you sick and tired of living paycheck to paycheck? Break the cycle with Bank On. New classes beginning April. All free. No sales. No strings attached. Just all the education, support and encouragement you need to get a fresh financial start. SIGN UP TODAY.
This 10 month program is designed to help you build a financial plan bit by bit as you complete the financial challeges each month.
It is time to break the cycle and reach your goals!
Great Neck Library
1251Bayne Dr.
Third Saturday of each month
9:30 a.m. - 11:00 a.m.
Starts April 18, 2015
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LifeCents and BankOn
Bank On has now partnered with LifeCents your online resource for building your financial knowledge and connecting to great local help! Check us out at https://bankonhr.mylifecents.com and complete a badge today!
Money Crisis: Bypass High Cost Lending
Provided Courtesy of Melissa Norwood, SunTrust
It is a week until payday, your last paycheck covered all of your major monthly expenses but little was left behind in case of an emergency. And then it happens: the car breaks down on your way to work. It will only cost you a few hundred dollars for the repair, but your credit cards are maxed and you barely have enough money in your checking account to live off of, let alone fix the car. Many people face this same scenario, and in their desperation they begin to look at alternative financing to cover this immediate need, including:
· Payday Lenders
· Car Title Lenders
· Pawn Shops
It is a week until payday, your last paycheck covered all of your major monthly expenses but little was left behind in case of an emergency. And then it happens: the car breaks down on your way to work. It will only cost you a few hundred dollars for the repair, but your credit cards are maxed and you barely have enough money in your checking account to live off of, let alone fix the car. Many people face this same scenario, and in their desperation they begin to look at alternative financing to cover this immediate need, including:
· Payday Lenders
· Car Title Lenders
· Pawn Shops
While these nonbank lenders may offer quick and easy
access to cash, there is a steep price attached. For instance, a Payday Loan
where you receive $200 and have 2 weeks to repay would charge a $30 fee. This
is the equivalent of paying 391% interest on a loan or credit card.
So what are the alternatives?
1. Obtain
a small loan from a local credit union or bank to
consolidate the debts that are spreading you thin each month. This could potentially
lower the amount of interest you are paying to creditors and offer flexible
repayment options.
2. Negotiate
with your creditors. Contact your credit card or utility
companies and request an extension until your next payday. Often they are
willing to work with you if you simply ask for help, and if you do not wait
until the bill is past due.
3. Borrow
from yourself. The best way to avoid the stress created
when you have unexpected expenses is to prepare for them. Begin to set money
aside into an emergency savings account that you use to pay for the unexpected.
This could be something as simple as setting aside a small amount from each
paycheck to deposit to your savings, or having it direct deposited there from
your paycheck so this occurs automatically. Another suggestion is to take a
portion of your tax refund and set it aside to fund this emergency account.
If
you do need to borrow money, it pays to comparison shop. Take the time to sit
down with a representative at a bank or credit union to review the options
available to you and the costs associated with the options before making a
decision. Doing so could very well save you a tremendous amount of interest,
money and also alleviate the stress that comes along with financial
emergencies.
Build Your Business Workshop
Focuss Group, 4176 S. Plaza Trail is hosting small business workshops every month on the 4th Tuesday from 6:30 - 8:00 pm. Are you building your small business? Check out this FREE opportunity. To register call 631-1100.
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