Mary Lynne Gibbs

Overspending is easy to do with a credit card – way too easy – and can often lead to debt.Researchers have found that even for people who don’t carry a balance each month on their credit card, they overspend when using a credit card instead of cash. Credit cards can make people more willing to spend twice as much for something than they would when using cash.A simple solution can be to keep your credit cards out of your wallet or purse so that you don’t conveniently have them at hand when you’re shopping. But there are other ways to keep credit cards out of sight, and hopefully out of mind:

Freeze them, literally

Put your credit cards in a plastic, ziplock bag, and then put that bag in another bag. Put the bag into either a bowl of water or another ziplock bag full of water, and put it all in the freezer.To get your credit cards out, you’ll have to thaw the block of ice. That may give you enough time to reconsider your purchase.

Freeze usage

If putting your credit cards in a freezer is too extreme, consider freezing the usage of them through your credit card company.Some credit cards can be turned on and off, such as through an app, allowing you to turn access to them off when you don’t want to use them for a while. This can help deter thieves, but also requires you logging into your account to turn credit card access back on. Again, the point here is to create another step before you can use your credit card, giving you time to think about what you’re about to buy.

Set a budget and carry cash

Having a weekly or monthly budget can help keep spending in control, but not so much if you use a credit card. If you want to be faithful to your budget, try for a month to only buy things with the cash you have on hand.Go to your bank and withdraw the amount of cash you have budgeted to spend that week. Once that cash is gone, you’ll have to come up with creative ways to do things. Walk instead of taking a taxi. Empty out your refrigerator to make lunch instead of eating out.If you prefer not to walk around with a load of cash in your pocket, then put the money in a checking account and use a debit card to withdraw it as needed.Hope you found these tips helpful! Contact me for more insights and info.

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Improving your credit score can take a few months. So if you’re looking to get an auto or home loan, or want to apply for a new credit card, an early start can give you time to raise your credit score and then get a loan or new credit card at a better interest rate.Here are some ways to improve your credit within a few months:

Pay your bills on time

Payment history is the most important factor in FICO scores, accounting for up to 35 percent of a credit score. Paying your bills on time – from credit cards to utility bills – can help a lot. Late payments stay on a credit report for seven years. The longer ago they happened, the less they affect credit scores. If a bill goes unpaid long enough the debt can be sold to a collection agency, which will be reported to credit bureaus. Set up online alerts when a bill is due, look at your balances online and set automatic payments for a credit card.

Low credit utilization rate

Keeping a low balance lowers your credit utilization rate, which is the amount of credit you’re using. Also called credit usage, it is the second most important factor in credit scores and accounts for 30 percent of a score. It’s calculated by dividing the total of your balances by your total credit limits. Paying off the balances in full each month should keep the credit utilization rate low – preferably not more than 30 percent on any one card or in total.

Increase your credit limit

Another part of credit usage is how much your credit limit is. Increasing your credit limit just a little by getting a new credit card can lower your credit utilization rate by giving you more money to use. However, using that higher credit card limit could increase your credit usage, so you may want to use it rarely and pay it off in full each month.

Keep those old credit cards

If you’re thinking about cutting up some old credit cards that you don’t use anymore so that they won’t be tempting to use, forget it. Age of credit history has a 15 percent impact on a credit score. Creditors and lenders like to see an average account age of more than five years.

Few credit inquiries

Credit inquiries account for 10 percent of a credit score. To minimize the impact on your credit score, keep credit applications to within a one-month period when you need a new credit card or loan. So, if you’re going to apply for a new and better credit card, apply for all of them in the same month. I hope you enjoyed this article. Contact me today with your real estate questions!

Published with permission from RISMedia.

While no one ever wants to imagine their home filling with water, for many areas of the country, flooding is a scary reality for many homeowners. Whether a natural disaster is on the way or you simply want to be aware of how to protect your home when flash flood warnings sound, we have five steps to preparing your home for flooding.

Clear gutters.

If flooding is predicted in your area, help your home out by clearing all gutters, downspouts and drains so your home can battle the rising water.

Elevate outdoor electric units.

Outdoor generators, fuel tanks and air-conditioning units should not be left on ground level outdoors. Elevate them as best you can and securely anchor them so they don’t float away if flooding occurs.

Power down.

Shut off your electricity via your breaker panel to stay safe.

Move items upstairs.

When flooding is likely, take charge by moving items upstairs and further from the flood zone. Furniture, rugs, electronics and important paperwork should all be moved to the highest ground possible. Make copies of important paperwork and store them digitally so you don’t lose them.

Raise appliances. While you likely can’t lug your refrigerator upstairs, you can elevate your appliances on concrete blocks to minimize damage if only a few inches of water floods in.

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Fixing a few of your home’s most likely trouble spots can improve energy efficiency and save you a bundle on utility bills. Consumer editors at ThisOldHouse.com provide a starting point for your DIY energy audit:

Drafty WindowsOn a windy day, close all windows and exterior doors, as well as the chimney flue damper. Light a stick of incense, move it around the perimeter of each window and watch for air that stirs the rise of smoke. If you find a culprit, scrape out any cracked or dried caulk on the outside where the casing meets the siding. Apply a fresh bead of paintable acrylic latex, such as DAP’s Alex Plus. For doors, add new weather stripping. The work may shave off up to $20 from your annual bill for each window and door you weatherize.

Damaged Fireplace DamperUp to 20 percent of your home’s warmed air can be drawn up and out via your chimney flue. Check it by closing the damper and holding a lit candle inside the firebox. If it blows around or blows out, you are losing a lot of warm air. Hire a chimney sweep to give it a good cleaning and check the damper. The $100 or $200 service call may reduce your annual heating bill by as much as $500.

Old, Tank-Style Water Heater

Water heaters more than 10 years old are likely lined with fiberglass insulation, which is less effective at preventing heat loss than the foam used today. Check the age of yours on the printed label, then touch the tank. If it feels warm, it’s losing insulation. Wrapping it in a pre-cut blanket and fitting foam sleeves or insulating tape around the pipes can reduce annual water-heating bills by up to 9 percent.

An Over-Worked Fridge

The refrigerator gets no time off, and wear and tear over time will take a toll on the gasket. Check by closing the door on a sheet of paper. If you don’t feel resistance when you pull it out, the gasket seal is leaking cold air. Order a new one from the manufacturer for about $60 – $90. It’s relatively easy to remove the old one, and installing the new one following the manufacturer’s instructions will improve its performance by up to 25 percent.

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Somewhere on your credit card statement-or maybe even on the back of the card-is contact information for a credit card concierge. The service is usually free, and while it isn’t available on all credit cards, many travel rewards cards offer it as a way to have someone do some tasks for you. Requests can be made over the phone or by filling out an online form. Here are some of the best ways to use a concierge service offered through your credit card:

Sports Tickets

Is that hockey game you want to go to sold out? Is the game in two days and you really want to go? A credit card concierge can check resale markets for you, and should have a number of price ranges for you within a few hours.

Restaurant Reservations

If the OpenTable app or calling a restaurant directly doesn’t get you a dinner reservation at the time you want, try the concierge. They may be able to find availability that you can’t, getting you in to a popular restaurant.

Hotel

If you have a hotel rewards credit card, you may be better off calling the card’s customer service line for help. After all, hotels are their specialty, so they should be able to find you a great room at a great price.Otherwise, ask the credit card concierge for hotel recommendations. The hotel chain doesn’t have to be tied to your credit card, though that can’t hurt if it allows you to collect more rewards points from the trip. Just tell the concierge your travel dates, price range and location, and see what they can do.

Gifts

If you don’t like to shop for gifts, give your concierge a few ideas on what your friend likes-along with their age-and, chances are, they can find a few gift ideas for birthdays or other events that you may not find on your own. You can direct the concierge to charge them to your credit card, or you can go purchase them yourself online.If you’re pressed for time and don’t mind that you won’t be comparison-shopping yourself, a credit card concierge can be one of the best free services on your credit card.

Published with permission from RISMedia.