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Managing your finances can be a little overwhelming, especially when you're young. However, the sooner you start making a financial plan for yourself, the more time you have to create a bright future.

The smart money habits you make now can contribute to your long-term success. I'm not claiming to have all the answers since I'm still learning myself, but I am fortunate enough to not have any debt (nor have I been in debt before).

In order to pay for my graduate school and fund all my trip (in cash), I've had to make some sacrifices and set an appropriate budget for myself.

Being smart with your money involves more than just saving a portion of your paycheck each month. It also includes spending wisely (by making educated purchase decisions) and building wealth by investing the money you save in a fairly risk-free option.

Here are a few ways I've learned how to save, spend wisely, and build wealth in the last few years. When you make a strategic plan for yourself, your finances will grow and you'll continue to practice these smart habits going forward.
Related posts:
Here's how to be rich in your 20s:

1. Pay off your student loans (and credit card debt)

It's absolutely crucial to have a good repayment plan in place for your student loans. Letting your debt linger can hinder your financial success for years to come in the form of more interest payments and lower credit scores.

To get the best deal possible on your student loans, I recommend using . LendKey can help you save thousands of dollars by refinancing and consolidating your student loans into one manageable loan with a lower interest rate. Here are some of benefits of using LendKey:

A quick 2-minute rate check with NO impact on your credit score

You can reduce monthly payments up to 40% and save an average of $10,000

Over 275 not-for-profit and community lenders to choose from mean higher chances for approval and LOWER rates

How LendKey Works?

There are 5-easy steps to get started with LendKey. Each step only takes a couple minutes to complete, then you'll be on your way to saving a TON of money on your student loans.

1. Get Your Rate
LendKey will ask you to fill out aquick online form to see personal rates. This will only take a couple minutes to complete. Then LendKey will use a soft-pull of your credit to show you real rates. This WON'T impact your credit score.

2. Pick Your Loan
LendKey will show you the best rates from over 300+ community leaders. Then with just a simple click, you can select the right loan for you and your budget.

3. Upload Your Docs
You can easily upload files from your computer or photos from your phone for verification.

4. E-Sign & Click
You'll receive an email from LendKey letting you know that your documents have been verified. Then you just need to e-sign your loan agreement with DocuSign.

5. Loans Paid Off
LendKey will get to work paying off your existing loans immediately so you don't have to.Click here to learn more about how to get started with LendKey.

2. Increase your income

At the end of the day, there are only so many ways you can slice and dice your monthly budget without wanting to pull your hair out.

Instead, challenge yourself to increase your income. Here on Mint Notion, I love sharing ways to increase your earning power so you can get on track to reaching your financial goals.

For those currently in debt, determine how much extra money is needed each month in order to pay down debt faster. Ideally, you'll want to set a realistic income goal for yourself and find a way to make extra money. Whether it's an extra $100 or an extra $1,000 each month, there are lots of different side hustles to increase your income.

Here are a few ideas to get you thinking:

Start a blog

Blogging is my favorite side hustle because the start-up costs are low and it can be a great way to make extra money in your spare time. Blogging even has the potential to turn into a full-time job (like it did for me). You can use my free step-by-step guide here to create your blog.

Uber Eats

Got a bike or car? You can make extra money with Uber Eats! Take a few trips in the morning, evenings or just on the weekends - it's up to you. I love that you can be your own boss with Uber Eats by bringing people things they love while cruising around your city. It's an excellent way to make money! Click here to learn more about making money with Uber Eats.

Uber Driver

Got a car? Uber is looking for partners like you! As an independent contractor, you've got the freedom and flexibility to drive whenever you have time. It's a great way to make good money in your spare time. When I was taking driving lessons, my instructor was also an Uber Driver in the evening. He said the money he earned was a great way to support his family. Click here to learn more about making money with Uber.

Earn Cashback

I like shopping on Ebates so I can earn cashback on all my purchases. Ebates is free to join and use, plus you'll get a $10 bonus when you sign up through this link.

Online Surveys

There are many online survey websites that will pay you to complete surveys, play games, do online searches and more. They are free to sign up for and free to use. Survey websites I recommend include:

Become an Airbnb host

If you have a cabin, cottage or extra room in your home, consider becoming an Airbnb host to make extra money. Don't have any extra space? You can choose to become a host for your neighborhood or make money by hosting a unique experience (hiking, cooking classes, and more). You can learn more about Airbnb here.

3. Think about your retirement

It's never too early to start thinking about your retirement.

Yes, it may seem far away and hard to imagine right now, but it's important to plan and take the appropriate steps towards saving for your retirement.

One way to do this is to take advantage of what your workplace offers to their employees. If your employer offers to match your retirement (such as an RRSP), make sure you're getting the maximum dollar amount possible.

The actions you take now can (and will) impact your financial success in the future.

My recommended personal finance books for further reading:
Click the product to shop

4. Live below your means

Many twenty-somethings look to their friends in order to measure how they should be spending their money, but this is not always the best method for success.

If you surround yourself with frugal spenders or friends who practice wealth-building techniques, you can certainly learn a lot from them. However, I recommend living by this motto: spend less than you make (or a lot less than you make).

If you're making $40,000 per year, don't spend like you're making $60,000 per year. Some people try to live a lifestyle on an income they wish to make, rather than spending less than they make.

You may not love your first job, but remember it won't be your last job.

If you have trouble giving up your lavish spending, aim to find a job that makes more than enough to cover your current habits. Alternatively, you can use money-saving tools to be more resourceful so you can afford the lifestyle you want:

Swagbucks: Earn cash and gift cards for things you already do online, such as surfing the internet, playing games, and filling out surveys. Sign up for Swagbucks and get a $5 welcome bonus!

Amazon Prime: There are SO many great options today to replace cable TV. I highly recommend signing up for Amazon Prime. With Amazon Prime, you get instant access to watch thousands of movies and TV shows. You can also borrow Kindle books, get unlimited FREE two-day shipping, and get special savings exclusively for Prime members. Click here to try Amazon Prime 30-Day Free Trial.

Ebates: Get cash back when shopping online at over 2,000 stores. Plus, it's free to use. Sign up for Ebates and get a $10 welcome bonus!

Ibotta: Get a $10 bonus when you sign up for this free cashback app.

Checkout 51: Get cash back on your groceries with the Checkout 51 app.

Remember though to always spend less than you make and live within your means.

It can be a little daunting to invest your money if you're not sure where to start, which is why I suggest reading a book (or two) about investing for beginners or talking to a financial planner about your long-term goals.

Generally speaking, it's good to start by putting a portion of your paycheck into a high-interest savings account. It's also important to think long-term.

I just recently finished reading The Only Investment Guide You'll Ever Need by Andrew Tobias (which I recommend reading if you haven't already). Even if you didn't fully grasp everything he mentioned in his book, his take home point is this:

"If you save at least 10% of each paycheck and earn a 7% annual return, it will take just over 30 years to grow your nest egg to equal 10 years of income."

Saving 10% of each paycheck should be easy, but earning a 7% annual return is not so cut and dry. This can be done a number of ways such as investing in mutual funds, index funds or the stock market. Do a little research or talk to your financial advisor for more tips.

If you're interested in learning more about investing, I recommend starting with Lending Club. The investing platform is straightforward and easy to use. Lending Club is the largest online lender of personal loans in the United States. This means investors, such as yourself, provide loans to borrowers. You can choose which loans you wish to invest in and earn monthly returns from the payments that borrowers pay. This is a great platform to start investing and has the potential for you, as an investor, to earn a steady cashflow. You can learn more about Lending Club here.

6. Socialize outside of meal times
Related: 12 things I never pay for (and neither should you)
Many friends suggest getting together for lunch or dinner, as this is a convenient setting to catch up and socialize. However it can be quite expensive, especially if you decide to order drinks.

Suggest meeting after lunch or after dinner instead. If you must get together during meal times, try hosting a potluck or have a picnic in the park. You can make your own drinks and there won't be any shortage of fun.
Only $10 per day may not seem like much, but it becomes $200 per month and approximately $2,400 per year.
If you must socialize during meal times, consider looking for restaurant deals on Groupon. I just recently found a deal for $30 worth of food at my favorite restaurant for only $5 on Groupon. (This was a great deal that I couldn't pass up).

I also like using the Entertainment Book to save money when eating out. Many of their restaurant coupons are for Buy 1, Get 1 Free on lunch or dinner entrees. I've been using the Entertainment Book for years to save money on dining out, shopping, entertainment and more.

7. Get to know the library

Just like Arthur said - having fun isn't hard when you've got a library card. If you're too young (or old) to get that reference, you can still benefit from it right now.

Even though I'm finished school, it's still important to continue your education by reading and getting informed. I use the library to borrow travel books, cook books, business books, fiction books, DVDs, etc.
Related: How to save money at the coffee shop
Other great free things available from the library are internet access, classes, lectures, talks, city museums tickets, etc.

8. Make your own lunch for work

Instead of spending $10 each day for lunch, take five minutes out of your morning (or evening) to prepare lunch.

That money could've went towards your next vacation instead of being spent on eating out for lunch at work.

Don't worry about what your co-workers are doing for lunch, focus on your budget and eat healthy. Fast food and restaurant food contains excess sodium, sugar and fat - you can control that by making your own meals.

9. Cut back on Starbucks

If you frequently visit a local coffee shop each day, consider how much it's costing you. A $2-$5 coffee per day adds up to $480-$1,200 per year.

If your office doesn't have a spot (or a kitchen) to make coffee, make it at home and bring it to work instead. And don't worry, if you have a favorite drink that you can't give up, it's OK to treat yourself once a week.

10. Don't feel that you need to be brand-loyal

I admit that for I am brand loyal for some items.

For example, I use a particular brand of skincare products which works for me. However, when it comes to other toiletries or food, I usually buy what's on sale that week.

If you are brand loyal, buy only when it's on sale. Stock up when the price is discounted (make sure the product will not expire or go bad before you can use it) and this will help you save money and hedge against inflation.

11. Stop buying just because it's on sale

One of the worst things you can do is to buy items just because they are on sale. I used to fall for this shopping trick in the past - I would buy clothing, shoes and accessories because I loved the thrill of finding a deal.
Related: What I learned from doing the no new clothing challenge for a year
But in the end, they would sit in my closet (sometimes with the price tag still attached) and never get worn. It was like I was just throwing money down the drain, what a waste!

It took me awhile to learn, but now I've come to my senses and only buy items that I actually need. I am much happier now and feel good about the items I own.

12. Ditch the habit of impulse spending

I wrote a whole post about how to ditch the habit of impulse spending. Marketers are really good at encouraging consumers to make impulse purchases, but there are simple ways to help kick this bad habit.
Related: 15 frugal habits to live by
13. Create a minimal wardrobe

Creating a minimal wardrobe means buying classic pieces that are timeless, good quality and versatile. Avoid buying trendy pieces since they'll only last one season and go out of style quickly.

A minimal wardrobe is a good investment for both your budget and the environment. It can be a great way to save money by preventing impulse spending. Also, having a minimal wardrobe will help you to mix and match items more easily.

Some non-monetary gains include spending less time getting ready in the morning, having less guilt about all the unworn clothing (from previous impulse purchases), and having a wardrobe that reflects you better because it's made up of pieces you love.

14. Pretend you make less than you do

One way to save money and build good spending habits is to pretend that you make less than you actually do. Not only will this help you to spend less money, but you will also have more saved up in the bank.

The easiest way to pretend that you make less than you do is to automatically deduct a percentage of your paycheck each month and put that money into a separate savings account. (Aim for 10% if possible).

Then what you do next is simply forget about it. That money is now your emergency fund, your vacation fund, your graduate school fund, your down payment for a home fund, etc.

15. Paint your own nails

Many girls like to have fake nails or get them done at the salon. This is an expensive and unnecessary habit.

I know it's nice to get pampered, but a better idea is to learn how to pamper yourself at home. Watch YouTube tutorials and learn how to paint your own nails.

I visited my local Sally's Beauty Supply, invested in a few nail tools and give myself manicures and pedicures at home. I save so much money by doing my own nails it's not even funny.
Do you really need to buy a new car? Do you even need a car?
I can't justify going to the salon anymore unless it's for a special event.

NOTE: I understand that painting your nails at home won't save enough money for college or a downpayment on a home. The point is that many people have a habit of spending money on false needs and the media is really good at selling us these false needs. It's perfectly fine to treat yourself to a manicure or pedicure once in awhile, but it's not necessary to be part of your regular beauty routine. You could be using that money (and time) towards activities that move you closer to your goals. For example, finding ways to increase your income is a more productive way to spend your time. Read next: 70+ ways to make extra money!

16. Get a low maintenance hairstyle
Related: 14 ways to make the most of your morning commute
I used to go to the salon every two months to get highlights which cost me $200 each time. Now I only go twice per year for highlights and since my hair is naturally light, I let the sun work its magic during the summer months.

This is currently my low maintenance hairstyle which works for me. I recommend finding something that works for you - this includes haircuts as well - get a hairstyle that doesn't require frequent touch-ups.

I've even had good luck finding deals on Groupon for hair salon services. Always make sure to check reviews for the hair salon before you decide to make a purchase.

If you need to take care of split ends, you can even invest in a pair of good hairdressing scissors and trim your own spit ends between regular hair cuts. (Confession time: I haven't paid for a professional hair cut since 2008. I cut my own hair at home).

17. Consider affordable transportation options

Consider your transportation options and your needs. I live in the city and use local transit to get around town, but my fiancé commutes to the suburbs for work, which is why a car is the best option for him.

If you live in a major city with decent public transportation, sometimes you can survive easily without a car and just get a Zipcar for grocery runs on the weekend as necessary. Zipcar is an affordable alternative to car rentals and traditional car ownership. You can drive a Zipcar by the hour or day (with gas and insurance included).

If you do require a car, opt for a used car in good condition. You also want to look for one that is fuel efficient, safe and reliable.

18. Don't neglect your health

This may not seem like a big money saver right now, but it's important to invest in your health by eating healthy and getting regular check-ups. Medical bills can be expensive, which is why it's essential to take care of your body now.

Did you know that 70% of deaths and morbidity are largely lifestyle related and preventable? ( What The Health) For the past few years, I have been focused on eating healthy whole foods and moving away from processed junk and animal products.

Maintaining a good diet and regular exercise can help prevent health issues later in life. If you're looking for some new recipes to make at home, here are a few cookbooks that I use all the time:
Related: How I saved $35,000 in less than 2 years on an entry level salary

Oh She Glows - I love making her Green Monster Smoothie for breakfast

Thug Kitchen - While the language is rather explicit in this book, the cauliflower tacos are out of this world!

Chloe's Vegan Desserts - Her chocolate cream pie is AMAZING. Bring this to a party and no one will believe that it's vegan!

I am also a big fan of exercising to workout videos. It's like being in a fitness class and having your own personal trainer at the same time. Here are a few inexpensive workout DVDs I recommend buying:

19. Decide if pursuing further education is right for you

Your 20s is the best time to pursue further education if you decide to do so. This could be to get certified or obtain an advanced degree, but it's important to make sure that you will get an adequate return on your investment before making your final decision.

Consider the field you would like to go into, what education is required, and if that field is growing (hiring) or declining (not hiring).

The last thing you want to do is invest your time and money by going to school only to find that you can't get the job you want once you graduate.

Sometimes your workplace will offer to help pay for your tuition while you attend school part-time. Consider this option if you would like to stay and grow within the company.

An example would be someone who works in accounting and wants to move up in the company. They can choose to pursue their CPA part-time while still working at the same company.

20. Don't buy consumer products based on price alone

Don't be one of those people that gravitate towards the cheapest item on the shelf.

Sometimes you can find affordable products that are well made and last a long time, but for other times - it's better to spend a little more for something you know that's built to last.
Over to you - what are your personal finance tips?
Instead of buying a cheap winter jacket that barely lasts one season, it's better to invest in a better quality winter jacket that will last for the next several seasons. It may be a little more expensive upfront, but you'll save money in the long run.

Bonus! Remember that your 20s are the best time to start building wealth

Have you ever heard of the term hyperbolic discounting?

If you're thinking, WTF is hyperbolic discounting, don't worry - that's how I reacted when my Psychology professor introduced the term during class one day.

It simply means that people would rather receive $10 right now instead of $20 in a month. People prefer the immediate reward and discount the value of the later reward, by a factor that increases with the length of the delay.

What I'm trying to say is that retirement may seem far away, but it's crucial to start planning and preparing for it now, rather than later.

Don't wait until your 30s to start building wealth, your 20s are an important decade to start making important financial decisions.

20 ways to be rich in your twenties #success Click To Tweet

MY FAVORITE MONEY-SAVING TOOLS

: To get the best deal possible on your student loan, I recommend using . LendKey can help you save thousands of dollars by refinancing and consolidating your student loans into one manageable loan with a lower interest rate. Click here to learn more about how LendKey can help you save money.

TRIM: Trim is a free virtual assistant that constantly helps you to save money. It's essentially a robot that analyzes your accounts to find recurring subscriptions and determine where you can save money. Trim has saved folks more than $8,000,000 and can help you save money quickly too. Click here to start saving money with Trim!

ONLINE SURVEYS: Online surveys are a great way to make money in your spare time. You can earn an extra $100-$600 per month. Here are a few of my favorite websites:

EBATES: Want to earn cash back when you shop online? Ebates acts as a shopping portal offering coupons and cashback from over 2,000 online stores. I always check on Ebates first whenever I shop online! You can join Ebates for free and get a $10 welcome bonus when you sign up through this link.

START A BLOG: Blogging is one of my favorite ways to earn extra income. You can start a profitable blog for as a low as $2.95/ month. If you enjoy writing and are passionate about a certain topic or niche, then I recommend starting a blog. You can use my free step-by-step tutorial on how to launch a blog, which includes a discount for my readers and a FREE domain.

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How To Be Rich In Your 20s - Mint Notion

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Managing your finances can be a little overwhelming, especially when you're young. However, the sooner you start making a financial plan for yourself, the more time you have to create a bright future. The smart money habits you make now can contribute to your long-term success.

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You already know how important credit scores are. A good score can save you hundreds if not thousands of dollars. If you want to raise your credit score, why not aim for the stars and try and get a perfect score of 850?

Credit scores take time and patience to build, which is why it is imperative to set a concrete goal to achieve. Setting the goal of a perfect 850 credit score will "gamify" the experience and make it a more exciting experience. You'll also be motivated by the progress as you check your credit score and see it continually rise.

Here are 5 ways you can get a perfect FICO of 850.

Make Timely Payments

It's important to make your payments on time. To get a perfect credit score you're going to need to make every single payment on time, every single time with no exceptions. Your recent payment history makes up 35% of your score and is the most important component of your score. Just one late payment can derail your path to perfection.

Watch How Much You Owe

How much you owe accounts for 30% of your score. To get a perfect score you need to have high income and low debt. The less you owe the better, while still using your credit of course. Strive to keep your credit card balances on the lower end. Aim for a 10% credit utilization rate. This means that if you have a total of $10,000 in available credit on all your credit cards combined, you're only keeping a balance of $1,000.

Having a zero balance isn't a good idea either though. This is a sign that you don't use your credit at all so lenders won't actually know how you handle having a debt.

Have A Lengthy Credit History

Time matters, especially for a perfect FICO score. This piece of data makes up 15% of your score. If you just got your first credit card and have zero debt, you won't have a perfect score. To get a perfect score you need to have a long history of using credit responsibly. If you have a long history of paying off your debts and have a clean record, lenders will reward you with the best interest rates they offer.

There isn't much you can proactively do about this one, as by now you should already have items on your credit report. But keep in mind that canceling your oldest credit card won't actually affect the age of your credit history. This is a common misconception. Your report will show the account as closed, but it will not affect the age of your credit.

Don't Open So Many New Credit Accounts

If you apply for credit frequently, your score will decrease. You're allowed to go shopping for the best rates, that's not a problem. The problem lies when you open a new credit card, then go to the bank and ask for a loan, then you refinance your home to take money out. These actions are the actions of a desperate person in need of money.

Have A Good Mix Of Types Of Credit In Use

Add a variety of different types of credit to your account history. Lenders want to see that you can maintain different types of accounts. A perfect credit score will have a good mixture of credit card accounts, car loans, student loans and a mortgage. This proves you can handle both revolving credit and installment type credit accounts.

Having a diverse account history makes up the final 10% of your credit score.

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How To Get A Perfect Credit Score Of 850

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You already know how important credit scores are. A good score can save you hundreds if not thousands of dollars. If you want to raise your credit score, why not aim for the stars and try and get a perfect score of 850?

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Trying to find college scholarships is no easy task. With tuition prices being so high many local scholarships have stiff competition and when looking for scholarships online you have to weed through layers of junk to find the legitimate ones to apply for.

Even though trying to find scholarships can be a pain it's something you should most definitely do.

What Kind of Scholarships Are Available and How Do I Find Them?

There are several different type of scholarships. Some scholarships are merit based, meaning your grades need to be kept to a certain level to receive them or you need to show exceptional performance in something such as a sport or extra-curricular.

Other types are awarded based on location, income, demographic (such as being a certain age), or degree based. While trying to find scholarships it's important that you look for the ones in which you actually qualify for.

Here are some of the best strategies for finding college scholarships.

Have Your Parents Check with Their Employer

There are many employers that will award scholarships to the children of their employees. Have your parents check in with the HR department at work.

Here are just a few places that do have scholarship programs for children of their employees:

If you're currently employed it's also a good idea to check in with your employer to see if scholarships are offered.

Try Your Financial Aid Office

Your financial aid office will be able to give you information on different types of scholarships from federal agencies, state agencies, work study, and other campus scholarships.

After checking with your parents' employer your financial aid office should be the next step.

Check with Community and Religious Organizations

Many community and religious organizations offer scholarships locally. This includes sport teams, churches, and even local restaurants. While the sums of these scholarships might be low they still help and are worth applying to.

Use the U.S. Department of Labor's Free Scholarship Search Tool

When it comes to finding scholarships online scams are plentiful. One way to prevent getting scammed is to use the US Department of Labor's Free Scholarship Search Tool.

You can use this website to search for scholarships based on state, study level, and affiliation. This makes finding more scholarships you might be eligible for easy.

Check with Professional Organizations

If you are going into college with a specific career in mind then it might be worth it to go ahead and join the professional organization in your niche. Almost every career field has a professional organization and most are free or inexpensive to join. And best of all, a lot of professional organizations award scholarships!

Here are just a few professional organizations that offer scholarships:

Search on FastWeb

FastWeb is a free website where you can find scholarships, internships and more. When you create an account you'll be able to search for scholarships based on your interest, degree, location, and skills. Since you can customize your searches you'll be far more likely to find scholarships that you actually qualify for.

FastWeb currently has more than 1.5 million scholarships in their database so this is definitely a site you should check out while on your scholarship hunt.

Try State Based Grants

You can find state based grants at The Department of Education website.

State based grants come in the form of free financial aid. Some states will require that you complete the FAFSA to see if you qualify to receive a grant. Other states will require that you complete a different application. You should be able to get more information on the requirements at your college's financial aid office.

Here are some of the different types of state based grants available:

Needs Based Grants - These are awarded based on financial need.

Merits Based Grants - These type of grants are awarded to those who exhibit above average performance. This could be in the form of extra-curricular activities, such as being a star athlete, or academic performance.

Some states also award a hybrid of needs/merit based grants.

High Need Fields of Study - Your state may award grants to students studying in high need STEM fields.

Student with Disabilities - You may also find special state grants, and even scholarships, if you have a disability.

It's important to note that most state grants are awarded on a first come, first serve basis so make sure you get your application in on time.

Make Sure You Fill Out a FAFSA

The Free Application for Federal Student Aid, better known as the FAFSA, should be one of the first things you worry about. The FAFSA can help you get college grants and can be used as an application for certain state grants as well.

With the FAFSA you may be able to qualify for the following federal grants:

Federal Pell Grants

(FSEOG) Federal Supplemental Educational Opportunity Grants

(TEACH Grants) Teacher Education Assistance for College and Higher Education

Iraq and Afghanistan Service Grants

What to Watch Out For

There are tons of legitimate scholarships and grants you can apply for. While you should take your time and apply for as many scholarships as possible you also want to be on the lookout for scams. As a general rule of thumb you should never pay an application fee and be wary of scholarships services that guarantee success. You also shouldn't pay for a list of scholarships. If you look in the right places you can find scholarships yourself.

If after applying for scholarships you're still left with a hefty tuition bill be sure to check out our Ultimate Guide to Student Loan Debt for everything you need to know to make intelligent student financing decisions. And you also may be eligible for student loan forgiveness based on your degree so be sure to check that out too.

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Trying to find college scholarships is no easy task. With tuition prices being so high many local scholarships have stiff competition and when looking for scholarships online you have to weed through layers of junk to find the legitimate ones to apply for.

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Debt, unfortunately, is something we all experience at some point or another in our lives.

Some people can't say no to taking on credit card debt and using it with no regard to the consequences like blowing their balance on a shopping trip or a holiday. Others find themselves in a position where debt is a necessary evil, whether that's obtaining a student loan, a car loan, medical bills or a mortgage.

When we come to pay off debt it seems impossible, especially if you've found yourself on the slippery slope of high interest credit cards or loans.

Credit cards and loans encourage you to live a life you can't afford and expect you to pay the consequences when paying off debt later, it becomes a horrible struggle to pay off debt with the added injury of interest and sometimes late payment penalties.

That you are here reading this leads me to a safe assumption you currently have debt, or you have a friend or family member who's in a mess with debt and you want to know how to pay off debt quickly.
Firstly, let me congratulate you for facing your demons.
You're in the right place to get some advice and tips.

I encourage you to sign up to my mailing list to follow my journey from debt to financial freedom. If you use the box below I'll also send you a copy of the Google Spreadsheet I use to keep a weekly budget. This weekly budget helped me pay off $5000 of debt in just 6 weeks!

So how do you pay off debt quickly?

There are a number of methods you can utilise in order to pay off debt fast. I created the 'How To Pay Off Debt' series of blog posts to explore each of these methods. Each has it's pros and cons and should be chosen based on your personality type.

Only you know you best, or if you find yourself struggling to understand which might suit you best, perhaps you can sit down with a friend or family member who knows you well and whom you are prepared to share your circumstances with in order to get assistance on identifying which method might work best for you.

These methods are as follows and you can read more about each one by clicking on the link:

If you find that you give a concerted effort to one method then don't give up. Try another method. When you find the right one you'll feel enthused about paying off your debt and will be spirited along to work harder.

The main goal of a method to paying off your debt is to keep you focused and change your behaviour.

The upside to sharing your circumstances with a friend, and your intent to follow one of these methods, is that they can also keep you accountable that you are keeping to your goals. Setting goals is of paramount importance if you're in a financial hole.

However, before you undertake one of these methods to pay off debt here are some simple steps that you must follow to give yourself the best possible chances of success.

Step 1: Stop creating new debt

You're in this mess for a reason! You need to give yourself a reality check and realise that you absolutely need to put a stop to creating any new debt.

The fact that you are here reading this article is a sure sign you're on the road to recovery. You've realised there is a problem and you're trying to sort it out.
Go you!
But that doesn't mean you've committed yourself to stopping the debt.
You need to plug the holes in the ship, otherwise, you're going down like the Titanic.
Now this is going to be easier. Consider this period is going to be a true test of your self-control but if you pass it your life is going to be so much better.

You need to resist all those marketing messages for that shiny new toy, those shoes you love, that haircut you think you need or that wonderful new credit card that the bank keeps telling you about.

Life doesn't have to be extremely painful but you need to be ready to make changes.

Your best bet to stop the holes is to cut up your credit cards or put them in a place that's not easy to access. When I say not easy, I mean in a place that's a REAL pain in the ass to get to, like a frozen bucket of water in your freezer, or under a heavy slab of concrete in your garden. Perhaps even give it to a (highly) trusted friend or family member who's a bit of a distance away.

If you're tempted to get them out you are going to have some cool off time before you get your hands on them. If that happens, just give yourself a talking to whilst you work hard to get them and remind yourself WHY you're trying to pay off debt.

Step 2: Itemise your debt

Most of the methods in the 'How To Pay Off Debt' series require you to make a list of your debts and order them in a particular way.

The debt stack method requires you to order by interest rate with the highest interest first, the debt snowball requires you order by amount with the smallest debt first.

Regardless of which method you approach, it's good to get a clear insight into what debt you owe and detail:

1. What the rate of interest is.

2. How much that interest is costing you each period.

3. What the minimum payment is.

4. What the expected term of the debt is.

5. Whether you can pay the debt off earlier.

6. Whether making over-payments reduces the amounts or interest charged.

Step 3: Lower your interest rates

More often than not you can lower your interest rates on a debt.

For example, you could work with a bank to do a balance transfer from one card to another. You may need to apply for a new card to get the best offer but shop around, even call your existing bank and play them off against a competitor.

If you have a high-interest credit card charging you 19% or 24%, with a large balance, you are going to save a small fortune by arranging a balance transfer at a much lower rate or 0% either for the life of the balance or even just for a period, such as 12 months.

Be aware of balance transfer fees and account fees, however. I recall some banks in the UK would charge 3% of the balance when making a balance transfer, sometimes that doesn't stack up in your favour!

Do your math to calculate what you will save over the course of the balance and work your calculations on your ability to pay it off.

Step 4: Create a strategic debt plan

This does not have to be rocket science and it can be as simple as setting up a family budget.

I cannot impress upon you enough the importance of keeping a family budget to keep track of your finances. If you don't know how to do that, or you need some help in the previous link you can obtain a copy of the Google Spreadsheet I use to keep my family budget if you sign up to my mailing list.

Viewing and keeping track of your income and expenditure will open your eyes to where your money is going and what you need to change in your life to move forward. You're not going to make efficient progress without it.

The objective is to get your budget to where you have more money coming in each period, ideally weekly, than you have going out. You will then use any surplus to beat the crap out of your debt.

Step 5: Create a debt repayment schedule

Your budget will help you with this. In fact, it's one of the biggest benefits to a budget.

You'll be able to set up when your payments are due and you can see if you will have the money to make the payment, and if not what the shortfall is, which helps you focus on finding the extra money you will need.

As you update your budget each week you'll be able to see the positive or negative effect of your actions on future payments. If you go a bit overboard on a shopping trip you will see that you're not likely to have the money to pay your credit card in 3 weeks time.

This gives you ample warning to make savings or find ways to earn extra income to sort that situation out, or more likely helps you avoid getting yourself into that decision to go shopping in the first place!
Your budget sheet should become your new best friend.
In your budget, you should add in your minimum payments for each debt and I strongly recommend setting these up as automatic payments from an account you don't normally touch so you can effectively set and forget each month.

Step 6: Place milestones and set yourself small rewards
Every now and then you have to cut yourself some slack.
I learnt first hand that living an incredibly frugal life can get a little intolerable. No entertainment, budget meals and making savings across the board can lead to a bit of dull life.

In fact, it can get plain depressing.

Whilst it's important to your main goals that you find things to do to keep yourself happy and healthy without it costing you money you need to factor in a little reward. For me, it was a trip to the movies with my partner, it was cheap and cheerful. You need to pick something simple that's not going to blow your budget. Don't buy a $300 handbag, that's just dumb, you want small rewards that don't create a big negative impact on the hard work you've just put in.

Step 7: Stay committed

Your resolve is going to be tested on a daily basis.

But, if you want to pay off debt fast you have to stay committed!

When I created a budget I found I was a sucker for spending money on cafe made coffee in the morning and lunch from the local bakery. It wasn't a huge extravagance at around $10 a day, but the budget showed me $60 a week and $300 a month and I soon realised that $300 a month of my credit card was going to get me to happy more quickly.

But the pull to buy a coffee every morning was all too memorable. There were too many days when I forgot to make lunch the night before, or in the morning.

I punished myself and went without to stay committed and teach myself a lesson. I'm glad to say the resolve worked. Push yourself through a few days of hunger and you soon learn to prepare your lunches!

You need to be tough with yourself and only reward yourself when you hit your milestones.

The big thing about staying committed and hitting your goal is that you'll change your habits, you'll change as a person. Then, the next milestone will become so much easier. Trust me, I've been there. You can do this!

Follow my journey from debt to financial freedom

If you want to follow my journey as I get out of massive debt and head toward financial freedom please join my mailing list and I'll keep you updated when I post some new content. I give monthly income reports as I start to earn a side income and set up passive income streams. I also regularly post tips and advice on how you can pay off debt as well as ways to save money and reduce your spending through frugal living.

I'd love to have you along for the journey.

The mailing list subscription box is on the right-hand side at the top.

In the meantime, good luck with your debt!

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Debt, unfortunately, is something we all experience at some point or another in our lives. Some people can't say no to taking on credit card debt and using it with no regard to the consequences like blowing their balance on a shopping trip or a holiday.

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http://allisonlindstrom.com/blog/how-to-get-in-the-800-credit-score-club/

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Each time you apply for a credit card or loan an inquiry is made on your credit to determine whether or not you are a good candidate. This inquiry is recorded on your report regardless of whether or not you are approved.

Too many inquiries within a short period may hurt your credit score and will definitely make your profile look unappealing. A good rule of thumb is to avoid applying for credit unnecessarily.

I wrote a post about how our dryer was hurting our energy efficiency and in desperate need of being replaced. We took advantage of a promotional discount by opening a credit card and charging the new appliance. As soon as the statement came in the mail we paid the entire thing off. We never paid a cent on interest and proved we were dependable borrowers. It was a win win.
4. Focus on Your Debt to Credit Ratio
Your debt to credit ratio is calculated by taking the total amount of outstanding debt and dividing it by the total available credit from all of your credit accounts. The formula looks like this:
Debt to Credit Ratio = (Debt Used) /(Available Credit)
Your ratio should be no higher than 25-30%. Example: You have a $10,000 credit limit and you charge $3,000 to the account. What is your ratio?
Debt to Credit Ratio = (3,000)/(10,000) = 30%
One of the biggest myths I've read on improving your credit is to close any credit card accounts you are no longer using. The credit history you've accumulated with that card is used to calculate your FICO score. Closing that account will delete the history and lower your Available Credit amount. Yes, it will still show on your credit report but it is no longer used to calculate your credit score.

Remember how we talked about building a good history? The keyword there is history. Don't erase a good reputation if you can avoid it.
Conclusion
Give yourself time and patience if you want to grow your credit score. It take awareness, determination, and focus.

Remember to check your yearly report for errors and take the initiative to have them fixed. Don't be shy about this! It's your credit score at stake.

Lastly, maintain a strong personal finance mentality by spending wisely and within your means. This will help you avoid those excessive credit inquiries and any temptation to buy things you can't afford. Before you know it your score will slowly start to climb and you can do a happy dance just like I did!
What tips do you recommend for improving your credit score?

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How to Get in the 800+ Credit Score Club

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Looking for ways to build your credit score? Want to join the 800 Credit Score Club? Reaching a credit score of 800 or more feels incredibly satisfying. I joined the club shortly after my son was born and was so excited I started dancing.

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Let me tell you something: paying off my student loans was a huge weight off of Maria's and my shoulders. It was our overriding financial goal for almost our entire relationship. We weren't saving any money and we kept our discretionary expenses in our monthly budget to a minimum; everything just went towards the debt. We were ecstatic when we could finally declare ourselves to be debt-free.

Well, now that we have the debt paid off, we wanted to share our new financial goals with you and how our monthly budget has changed to meet those goals. Just because we paid off the debt doesn't mean we're done budgeting; we just have new priorities.

Back to the Baby Steps

Like we've mentioned before, Maria and I plan our budgets monthly. At the end of July, we realized that we would be paying off the loans for good in August. It was a wonderful feeling, but then we realized that we would need to change our budget. Our first step: pulling out Dave Ramsey's Baby Steps to see where we were and where we needed to go.

Baby Step 3: 3-6 Months of Expenses

This Baby Step is an expanded version of the $1,000 emergency fund in Baby Step 1, but for much more major emergencies like a job loss or a medical setback. Maria already had 3-6 months of her own expenses saved before I came along. We kept her emergency fund in place while we worked to pay off my student loans.

Obviously, our expenses as a couple were higher than Maria's expenses as a single woman, so our next financial goal was to fully fund our savings to support both of us in an emergency. We decided to take all the money we received from our wedding and put that money into our savings for 3-6 months of expenses. Once that was all said and done, we had exactly 6 months of expenses set aside. So that was Baby Step 3 completed in no time!

Baby Steps 4, 5 and 6: Simultaneous Steps

If you watch Financial Peace University, you'll learn that several of the Baby Steps are goals you work on simultaneously.

The Baby Steps that work in unison are:

Baby Step 4: Invest 15% of all Household Income for retirement savings

Baby Step 5: College Funding for Children

Baby Step 6: Pay off the Home Early

When you think about it, those steps are things that can take a long time, so of course you'll be doing them all at the same time. For Baby Step 4, you save 15% of your income for retirement until you retire. So, obviously that is a long term project; it takes a lifetime. Same with saving up for your children's college education or paying off the house; they are projects that take a long time.

Here's a look at how Maria and I are currently tackling those simultaneous baby steps in our household.

Baby Step 4: Invest 15% of Household Income

It's easy to calculate how much you need to save: just take your income and multiply it by 15%. As part of our normal budgeting process, the second thing we do (after setting our monthly church donation) is making sure we set aside at least 15% of our monthly income for retirement. I say at least because we have the savings automatically deducted and sometimes the deduction is more than 15% of our monthly income.

The hard part of saving for retirement is actually investing it in the financial market. Maria and I use a financial planner to invest that money for us since we are not very financially sophisticated. I think it's the easiest and best way to go about investing your retirement money, so I strongly recommend that you consult a financial planner. If you decide you want to go your own way, you should look into whether your employer has a 401(k) plan and/or look into setting up a Roth IRA. Both have different advantages and drawbacks, so you should think about them carefully before deciding which (or both) to go with.

Baby Step 5: College Savings

This one is pretty straightforward for us: we don't have kids, so we aren't saving for college yet. Once we do have kids, that is when we will start saving. So this one is on hold for us for now. But if you have kids and need to save, you should look into a 529 Plan or an Education Savings Account to get started.

Baby Step 6: Pay Off the House

You probably already knew this, but we don't own a house right now. Instead, Maria and I are renting a condo while we save up for a down payment on our first house together. Some of the design choices in our condo (like brown carpet and brass light fixtures) are not items we would have selected ourselves, but saving is the name of the game and this is a sacrifice we make so we can eventually afford the home of our dreams.

Even though we don't own a house yet, we are already devising a plan to pay it off. The more money we save now, the less we have to pay on the house when we buy it. A few weeks ago, Maria and I had a conversation about our goals for the next five and ten years and we set paying off our house as a ten year goal.

As for how we save for our house, we treat it like my student loans, minus the retirement savings. Every dollar we have leftover after setting our monthly expenses and setting aside money for our sinking funds, we put into our home downpayment sinking fund. We set a goal for the amount we want to save and, once we've reached that goal, we'll buy our house!

Maria and I have a long way to go on our financial goals, but we keep plugging away at them, every day, every month, every year. In Financial Peace University, Dave Ramsey talks about gazelle-like intensity to meet your financial goals. We intend to keep our gazelle-like intensity going so that we meet every single one of our goals.

With Christmas shopping going on and New Years resolutions right around the corner, there is no time like the present for you and yours to start on your own financial goals. You might want to begin by purchasing the Financial Peace University Home Study Kit so you and your spouse can get to work the right way on your own financial goals. You can also prepare a monthly budget with your spouse right now. We have a downloadable budget template you can use to get started. And if you are working on your own debt-free journey, we have a fantastic customizable "On Our Way to Debt Free" chart to help track your progress. Just click on the image below to download a free copy:

Let us know how your financial journey is going. We love hearing from all of you about your journeys out of debt and into financial peace, so please tell us about it!

Our Debt Free Story

We shared all of the details from our story of going debt free on the blog in a series of updates and proudly did a Debt Free Scream on the Dave Ramsey show on February 15, 2016.

You can read more about our journey out of debt by clicking any of the images below.

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Let me tell you something: paying off my student loans was a huge weight off of Maria's and my shoulders. It was our overriding financial goal for almost our entire relationship. We weren't saving any money and we kept our discretionary expenses in our monthly budget to a minimum; everything just went towards the debt.

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Next week I leave for France for more than nine months, and it's high time I change my international money management strategy. For too long I have been the victim of budget-killing $5.00 international ATM fees and 3% foreign transaction fees- so I started doing some research to find the best travel credit cards out there.

When I began my credit card search I knew I needed both a credit card and debit card with no international transaction fees. I first went after the credit card that other travelers seemed to adore - the Capital One Venture Rewards card. After my application was promptly rejected, I was terrified (and tearing up a bit).

Luckily Chase accepted my application for the Chase Sapphire Preferred card soon after and now I'm breathing again. Here is a list of all the credit and debit cards I'm taking with me this year, and the ones that best suit my backpacker budget.

Best travel debit cards

Charles Schwab debit card - This card is the hands-down the best debit card for travelers. It has no international transaction fees, no currency conversion fees, no monthly maintenance fees and no annual fee. While you will still be charged by other ATMS for taking out money, Schwab will reimburse you for the charges at the end of the month.

Note: by opening a Charles Schwab debit account you automatically open a brokerage account, but it's no hassle and you don't have to use it.

Chase debit card - This is my go-to card I've used for the past four years. This card probably won't see much action in France considering it charges a 3% international transaction fee and foreign ATM withdrawal fee, but I'll keep it with me in case of emergency and resume using it when I get home.

Best travel credit cards

Chase Sapphire Preferred - This is a great travel credit card because it charges no international fees of any kind. It also gives you with a killer 40,000 points upon sign-up if you spend $3,000 in the first three months (which translates to about $500 in airfare). And finally, it rewards you with two times the points on travel and dining purchases.

I know the initial $3,000 limit seems high, but three months of backpacking, including the flight, will certainly add up to $1,000 a month, or $250 a week. The only downside? There is an annual fee of $95, but it's waived the first year.

While abroad I would advise carrying at least two debit cards and one credit card. When I was studying abroad in Buenos Aires I was pick-pocketed and ended up waiting three weeks for a new debit card. It was a huge hassle and if I would've had a back-up I could've avoided the whole situation.
The money management do's and don'ts of traveling abroad:

DO call your bank to alert them that you will be traveling outside of the country.

DO have at least two debit cards in case one gets eaten by an ATM or is stolen.

DO have your bank's number handy (like on a piece of paper in your backpack) as well as scanned copies of all of your cards in case they are stolen.

DO enroll in online banking so you can check it from anywhere in the world. And be careful about accessing your account in sketchy internet cafés - consider bringing an smartphone or iTouch to check your balance more safely.

DON'T use traveler's checks.

DON'T wear a moneybelt.

DON'T exchange money at the airport, the rates are always the worst. Wait until you get into town.

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The Best Travel Credit and Debit Cards for Backpackers

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Next week I leave for France for more than nine months, and it's high time I change my international money management strategy. For too long I have been the victim of budget-killing $5.00 international ATM fees and 3% foreign transaction fees- so I started doing some research to find the best travel credit cards out there.

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First-Time Cardholder Tips – 7 Credit Card Strategies You Need to Know

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How to Build Credit When You're Just Starting Out (the Smart Way)

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We look at the best way to build credit for the first time without going into debt or making other financial mistakes.

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Top Notch Credit Score Secrets You Need To Know Challenge

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Wanna rock your credit score and stop overpaying on loans? You’re in the right place. For the next two months, we’ll be going over all the credit score secrets 

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Pay Off Your House At A Furious Pace If You Owe Less Than $300k

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If you owe less than $300k on your mortgage, use Obama's refi Program. You'll be surprised when you see how much you can save.

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Debt, unfortunately, is something we all experience at some point or another in our lives.

Some people can't say no to taking on credit card debt and using it with no regard to the consequences like blowing their balance on a shopping trip or a holiday. Others find themselves in a position where debt is a necessary evil, whether that's obtaining a student loan, a car loan, medical bills or a mortgage.

When we come to pay off debt it seems impossible, especially if you've found yourself on the slippery slope of high interest credit cards or loans.

Credit cards and loans encourage you to live a life you can't afford and expect you to pay the consequences when paying off debt later, it becomes a horrible struggle to pay off debt with the added injury of interest and sometimes late payment penalties.

That you are here reading this leads me to a safe assumption you currently have debt, or you have a friend or family member who's in a mess with debt and you want to know how to pay off debt quickly.
Firstly, let me congratulate you for facing your demons.
You're in the right place to get some advice and tips.

I encourage you to sign up to my mailing list to follow my journey from debt to financial freedom. If you use the box below I'll also send you a copy of the Google Spreadsheet I use to keep a weekly budget. This weekly budget helped me pay off $5000 of debt in just 6 weeks!

So how do you pay off debt quickly?

There are a number of methods you can utilise in order to pay off debt fast. I created the 'How To Pay Off Debt' series of blog posts to explore each of these methods. Each has it's pros and cons and should be chosen based on your personality type.

Only you know you best, or if you find yourself struggling to understand which might suit you best, perhaps you can sit down with a friend or family member who knows you well and whom you are prepared to share your circumstances with in order to get assistance on identifying which method might work best for you.

These methods are as follows and you can read more about each one by clicking on the link:

If you find that you give a concerted effort to one method then don't give up. Try another method. When you find the right one you'll feel enthused about paying off your debt and will be spirited along to work harder.

The main goal of a method to paying off your debt is to keep you focused and change your behaviour.

The upside to sharing your circumstances with a friend, and your intent to follow one of these methods, is that they can also keep you accountable that you are keeping to your goals. Setting goals is of paramount importance if you're in a financial hole.

However, before you undertake one of these methods to pay off debt here are some simple steps that you must follow to give yourself the best possible chances of success.

Step 1: Stop creating new debt

You're in this mess for a reason! You need to give yourself a reality check and realise that you absolutely need to put a stop to creating any new debt.

The fact that you are here reading this article is a sure sign you're on the road to recovery. You've realised there is a problem and you're trying to sort it out.
Go you!
But that doesn't mean you've committed yourself to stopping the debt.
You need to plug the holes in the ship, otherwise, you're going down like the Titanic.
Now this is going to be easier. Consider this period is going to be a true test of your self-control but if you pass it your life is going to be so much better.

You need to resist all those marketing messages for that shiny new toy, those shoes you love, that haircut you think you need or that wonderful new credit card that the bank keeps telling you about.

Life doesn't have to be extremely painful but you need to be ready to make changes.

Your best bet to stop the holes is to cut up your credit cards or put them in a place that's not easy to access. When I say not easy, I mean in a place that's a REAL pain in the ass to get to, like a frozen bucket of water in your freezer, or under a heavy slab of concrete in your garden. Perhaps even give it to a (highly) trusted friend or family member who's a bit of a distance away.

If you're tempted to get them out you are going to have some cool off time before you get your hands on them. If that happens, just give yourself a talking to whilst you work hard to get them and remind yourself WHY you're trying to pay off debt.

Step 2: Itemise your debt

Most of the methods in the 'How To Pay Off Debt' series require you to make a list of your debts and order them in a particular way.

The debt stack method requires you to order by interest rate with the highest interest first, the debt snowball requires you order by amount with the smallest debt first.

Regardless of which method you approach, it's good to get a clear insight into what debt you owe and detail:

1. What the rate of interest is.

2. How much that interest is costing you each period.

3. What the minimum payment is.

4. What the expected term of the debt is.

5. Whether you can pay the debt off earlier.

6. Whether making over-payments reduces the amounts or interest charged.

Step 3: Lower your interest rates

More often than not you can lower your interest rates on a debt.

For example, you could work with a bank to do a balance transfer from one card to another. You may need to apply for a new card to get the best offer but shop around, even call your existing bank and play them off against a competitor.

If you have a high-interest credit card charging you 19% or 24%, with a large balance, you are going to save a small fortune by arranging a balance transfer at a much lower rate or 0% either for the life of the balance or even just for a period, such as 12 months.

Be aware of balance transfer fees and account fees, however. I recall some banks in the UK would charge 3% of the balance when making a balance transfer, sometimes that doesn't stack up in your favour!

Do your math to calculate what you will save over the course of the balance and work your calculations on your ability to pay it off.

Step 4: Create a strategic debt plan

This does not have to be rocket science and it can be as simple as setting up a family budget.

I cannot impress upon you enough the importance of keeping a family budget to keep track of your finances. If you don't know how to do that, or you need some help in the previous link you can obtain a copy of the Google Spreadsheet I use to keep my family budget if you sign up to my mailing list.

Viewing and keeping track of your income and expenditure will open your eyes to where your money is going and what you need to change in your life to move forward. You're not going to make efficient progress without it.

The objective is to get your budget to where you have more money coming in each period, ideally weekly, than you have going out. You will then use any surplus to beat the crap out of your debt.

Step 5: Create a debt repayment schedule

Your budget will help you with this. In fact, it's one of the biggest benefits to a budget.

You'll be able to set up when your payments are due and you can see if you will have the money to make the payment, and if not what the shortfall is, which helps you focus on finding the extra money you will need.

As you update your budget each week you'll be able to see the positive or negative effect of your actions on future payments. If you go a bit overboard on a shopping trip you will see that you're not likely to have the money to pay your credit card in 3 weeks time.

This gives you ample warning to make savings or find ways to earn extra income to sort that situation out, or more likely helps you avoid getting yourself into that decision to go shopping in the first place!
Your budget sheet should become your new best friend.
In your budget, you should add in your minimum payments for each debt and I strongly recommend setting these up as automatic payments from an account you don't normally touch so you can effectively set and forget each month.

Step 6: Place milestones and set yourself small rewards
Every now and then you have to cut yourself some slack.
I learnt first hand that living an incredibly frugal life can get a little intolerable. No entertainment, budget meals and making savings across the board can lead to a bit of dull life.

In fact, it can get plain depressing.

Whilst it's important to your main goals that you find things to do to keep yourself happy and healthy without it costing you money you need to factor in a little reward. For me, it was a trip to the movies with my partner, it was cheap and cheerful. You need to pick something simple that's not going to blow your budget. Don't buy a $300 handbag, that's just dumb, you want small rewards that don't create a big negative impact on the hard work you've just put in.

Step 7: Stay committed

Your resolve is going to be tested on a daily basis.

But, if you want to pay off debt fast you have to stay committed!

When I created a budget I found I was a sucker for spending money on cafe made coffee in the morning and lunch from the local bakery. It wasn't a huge extravagance at around $10 a day, but the budget showed me $60 a week and $300 a month and I soon realised that $300 a month of my credit card was going to get me to happy more quickly.

But the pull to buy a coffee every morning was all too memorable. There were too many days when I forgot to make lunch the night before, or in the morning.

I punished myself and went without to stay committed and teach myself a lesson. I'm glad to say the resolve worked. Push yourself through a few days of hunger and you soon learn to prepare your lunches!

You need to be tough with yourself and only reward yourself when you hit your milestones.

The big thing about staying committed and hitting your goal is that you'll change your habits, you'll change as a person. Then, the next milestone will become so much easier. Trust me, I've been there. You can do this!

Follow my journey from debt to financial freedom

If you want to follow my journey as I get out of massive debt and head toward financial freedom please join my mailing list and I'll keep you updated when I post some new content. I give monthly income reports as I start to earn a side income and set up passive income streams. I also regularly post tips and advice on how you can pay off debt as well as ways to save money and reduce your spending through frugal living.

I'd love to have you along for the journey.

The mailing list subscription box is on the right-hand side at the top.

In the meantime, good luck with your debt!

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Debt, unfortunately, is something we all experience at some point or another in our lives. Some people can't say no to taking on credit card debt and using it with no regard to the consequences like blowing their balance on a shopping trip or a holiday.

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Here's What Every Twentysomething Needs To Know About Building Credit

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Picture yourself in a big house with an amazing car. It starts with your credit score.

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Photo by Bacho / Shutterstock.com

Credit scores can literally make or break your personal bank. The higher your credit score, the more money you will save in the form of lower interest rates.

And as for those too-good-to-be-true financing offers advertised on television for big-ticket purchases, they are typically reserved for the "golden children" of credit. Those with less-than-perfect scores must settle for the shabby rates.

So, what if you're new to the credit world or need help giving your three-digit number a boost? Assuming you are running low on options, a secured card is definitely worth considering.

What is a secured credit card?

For starters, a secured credit card is an alternative form of magic plastic that requires a cash deposit, which serves as collateral to establish a line of credit. It caters to newbies or those who are trying to rebuild their credit.

In most instances, your credit line will be determined by the amount you deposit, and most companies have a minimum that ranges from $200 to $500.

However, you may be granted an increase or promoted to an unsecured card after you have displayed responsible card use over an extended period of time. And your cash deposit will be refunded if the card is managed properly.

How secured credit cards rebuild credit

Similar to unsecured accounts, the best secured credit cards report account activity to each of the three major credit bureaus. Therefore, you should make timely payments each month, as 35 percent of your FICO score, the most commonly used credit score, is determined by this factor alone.

If the card issuer you are considering doesn't report to the major credit bureaus, look elsewhere, because possessing that card will do the same thing that a debit or prepaid card does for your credit score: absolutely nothing.

In addition, try to keep the balance on the card low at all times. The amount reported to the credit bureaus is usually what appears on your monthly statement, even if you pay the outstanding amount in full before the due date.

How low? CreditCards.com says:

[FICO] had told people to keep it to 10 percent or less, says Anthony Sprauve, spokesman for myFico.com, FICO's consumer website.

More recently, the company's stance has softened, he says. Its studies indicate that there is only a minimal score difference between consumers who limit their usage to less than 20 percent and those who keep it to less than 10 percent, he says.

Should I get a secured credit card?

A secured credit card isn't for everyone, but it is definitely an effective way to give your credit a boost if used responsibly. If you are a newbie to credit, a FICO score will be generated for you within six months of opening the account. On the other hand, if you are looking to start over, and have no other open cards in tow, the right secured credit card will do the trick.

However, if you already have outstanding debt balances on active accounts that are lingering, it may be wiser to allocate the deposit in that direction instead of opening a secured card just to lower your credit utilization ratio.

The reasoning? John Ulzheimer of Smart Credit says:

First off, when you apply for a secured credit card you're actually applying for credit, which means the issuer is going to pull one of your three credit reports and make a credit card inquiry.

Second, if approved and reported to the credit bureaus, you've got a newly opened credit card dragging down the average age of your account history - neither of these is good for your credit scores.

Finally, you could have gotten the same value in the balance-to-credit limit ratio by simply taking the money you used as the security deposit and applying it to your credit card debt on an existing credit card. Taking this approach lowers your aggregate credit card balances, while not exposing you to the credit fallout of opening a new account.

And bear in mind that building your credit score takes time. If your credit is already shot, some things will just have to run their course.

Compare your options

As with any other debt instrument, you should read the fine print before signing up because all secured credit cards are not created equal. Bankrate says:

Howard Dvorkin, president of Consolidated Credit Counseling Services Inc. in Fort Lauderdale, Fla., a nonprofit organization that helps people get out of debt, calls secured credit cards "a Clint Eastwood movie - the good, the bad and the ugly. Some are good. They have low fees and treat customers as customers instead of as cattle. The bad ones take advantage and extort the clients because of their situations. Then there's the ugly, which are completely despicable. They'll give you the card, but you have to buy this insurance policy for $55 a month."

Pay close attention to the disclosures regarding the APR, reporting practices and any other fees that may apply to avoid being caught off guard. Also, confirm that your deposit will be held in an interest-bearing account before signing up.

It's typically easy as pie to obtain a secured credit card because you're on the hook with your deposit. Check out our Credit Card Finder to locate a secured card that best suits your needs.

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Photo by Bacho / Shutterstock.com Credit scores can literally make or break your personal bank. The higher your credit score, the more money you will save in the form of lower interest rates. And as for those too-good-to-be-true financing offers advertised on television for big-ticket purchases, they are typically reserved for the "golden children" of credit.

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Drowning in debt can be a very stressful situation. It is possible to get relief and by resolving unsecured debt for a fraction of what is owed without bankruptcy. Consumers with over $10,000 in unsecured debt can get a no cost debt analysis with no obligation.

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Travel is one of the best gifts you can give yourself, except there's one huge catch.... It's a serious bitch in the expense department.

The most common complaint about travel is the cost and how it's unattainable when bills are ruling your world. And I totally hear ya, being an adult is not easy and the bills aren't getting any smaller.

So then the question still remains - how the hell do people afford to travel?

The answer is travel credit cards!

(+ a great savings plan)

Journey Junkie Happenings:

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Sadhana Clothing is offering 20% off your entire order through 12/31/15 with the code - thejourneyjunkie.

Now let's get one thing straight before we get any deeper into this post - I am not condoning irresponsible credit card behavior. I'll repeat that one more time - I am not condoning immature/carefree spending behavior.

On the contrary - I am condoning responsible and mature behavior regarding your finances and what I call working the system. With a small amount of effort and research, wanderlust babes like yourself, can easily find the best credit card deals and majorly reap the benefits.

For example, I've personally tested all of the credit cards below, followed the sign-up offer process, and secured over $2,000 in FREE airfare. I've used these credit card perks to fly to Europe, Thailand, and California (to a name a few).

If you already know this game and play it well, then kudos to you savvy traveler. But if you're anything like me four years ago, then the idea of traveling for free is foreign and even scary. That's where I come into play....

Below are 4 tried and true travel credit cards that offer awesome sign-up bonuses, international protection and benefits, and general life perks.

One thing to note, all these cards/programs require responsibility and some common know-how. Below are my tips to help secure and maintain these types of programs, aka keep that credit score high up in the sky.
Credit Card Tips:

Always make your payments on time & try to pay more than required.

Download the credit card app onto your phone for easier use.

Most cards waive the annual fee for the first year, afterwards it will cost around $100. I usually cancel the card before this annual fee is required, unless I thoroughly enjoy the card's benefits.

Never spend more than you can afford - just don't.

Notify your bank when traveling out of the country.... trust me, this one's a must!

Use these cards to make everyday purchases in order to meet the sign-up bonus. Don't spend on unnecessary items in order to meet the requirements, this defeats the purpose of saving to travel.

The Chase Sapphire was my first test run with travel credit cards and as you can guess, it proved successful. I used this card to help fund my flight to Europe when I made the move to Italy. I also forced my mom into signing up, so she too saved on her European airfare.

The Must-Knows:

Earn 50,000 bonus points after you spend $4,000 within the first 3 months.

Earn 2x the points on travel and dining at restaurants.

No foreign transaction fee.

Earn 20% off travel when you book through Chase Ultimate Rewards.

$0 for the first year, then $95 annual fee afterwards.

Apply for this card - here.

This card helped fund my amazing California road trip this past summer. And not only did it help me, but my fiance also signed up and got his flight for free too. Does it get any better?

The Must-Knows:

Earn 30,000 bonus points after you spend $1,000 within the first 3 months.

FREE first checked bag for you + a companion who's booked under the same reservation when traveling with United. This is good for both legs of the trip (up to $100 value).

No foreign transaction fee.

Earn double the miles on United ticket purchases.

Apply for this card - here.

Again, both me and the future hubby signed up for this card to help fund our upcoming honeymoon trip to St. Lucia. We double checked that American Airlines is a carrier and voila - both our flights will be almost free!

The Must-Knows:

Earn up to 50,000 bonus point after you spend $3,000 within the first 3 months. This card fluctuates from 30,000 - 50,000 bonus points, watch it carefully when signing up.

No foreign transaction fee.

First checked bag is free + up to 4 traveling companions too!

Group 1 boarding zone on domestic flights.

$0 for the first year, then $95 annual fee afterwards.

Apply for this card - here.

I just signed up for this card and am now on the journey to receiving the sign-up bonus. With my wedding around the corner plus a handful of girlfriends, I'll definitely need as much travel reinforcement as possible.

The Must-Knows:

Earn 50,000 bonus Thank You points after you spend $3,000 in purchases within the first 3 months. The bonus is valid for $500 in gift cards, $625 in airfare, or other great rewards.

Earn 3x the points on travel purchases (including gas).

Earn 2x the points on dining out and entertainment.

No foreign transaction fee.

$0 for the first year.

Apply for this card - here.

As you can see wanderlust babes, it is possible to travel without spending your entire life savings and then some. It will require a bit of organization and finesse, but it's definitely worth the trouble.

Let's talk - What's your favorite method to save for travel? What credit cards do you love and recommend?

As always - please leave questions, comments, or general travel love down below. Until next time - xoxo.

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Travel Credit Cards: The Must-Haves - The Journey Junkie

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Travel is one of the best gifts you can give yourself, except there's one huge catch.... It's a serious bitch in the expense department. The most common complaint about travel is the cost and how it's unattainable when bills are ruling your world.

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This " Steps to Take When Your Credit Card is Compromised " post provides information on what the victims of credit card breach or fraud can take to help them reduce the damages this unlawful can do to them.
Just the other day, one of my co-worker's credit card was hacked. She was in great disbelief. Unfortunately, her bank account was completely drained but the good thing was that her bank returned all her funds.

Credit card breach is a growing problem and it has affected not only individuals but also the businesses that hold the credit card consumers' information. In late 2013, Target was a target of a massive data breach. In November 2015, Hilton Hotel acknowledged that there was a credit card breach from November 18 th to December 5, 2014 or April 21 st to July 2015.

Just recently, Wendy's is said to be the latest victim of credit card breach. According to Krebs on Security, Wendy's is looking at numerous reports of unusual card activities across the United States.

Imagine you were a victim of Target, Hilton Hotel, and Wendy's data or credit card breaches. You'd probably be scratching your head and be in agony for a very long time.

No one wants to be in this situation but with the marketplace being as digital and automated as ever, it is always possible for your information to get hacked and used by fraudulent criminals. When you believe that your identity has been hacked or when your credit card is compromised, what exactly do you need to do?

If you think you've become a victim of identity theft, it is important that you take immediate actions before the situation gets worse. Here are some of the activities or steps that you need to consider.

1. Call the credit card issuer

It is best to contact the credit card company right away to report the situation. Whether your feel that your credit card information has been compromised or that you just misplaced your card, it is necessary that you make call the credit card company. If you just misplaced your credit card, some companies will put your credit card on hold until you call back for further information. If you lost it, many companies will just cancel the card and replace it as soon as possible.

Most companies will work with you instantly to monitor your credit card and flag any potential fraudulent activities. Don't forget to review your card's policies to know your rights as a consumer.

It is in your best interest to report the situation not only to help you protect your information but also to avoid any charges from being made in your card.

2. Contact the three credit reporting agencies

If you suspect that your information has been stolen or when your credit card is compromised, one of the best things you can do is to report the situation so the credit bureaus (i.e. TransUnion, Experian, and Equifax) can put alert on your account. You can place an Initial Fraud Alert on your file for 90 days and/or Extended Fraud Alert on your file, which can stay in your file for 7 years. Be proactive and don't wait any longer because the hackers may use your information in many ways that you can ever think of. The earlier you report the situation, the slimmer the chance the hackers can use your information.

Reporting the situation doesn't cause anything but delaying it can cause you more than just your information. Always remember that you need to call all three bureaus. Call these numbers and ask that you be transferred to the fraud department:

Equifax - 1-800-525-6285

TransUnion - 1-800-680-7289

Experian - 1-888-397-3742

3. File a police report

In case your information has been stolen (i.e. identity thieves use your information to open drain your bank accounts, open new credit cards, loans, etc)., you will need to file a detailed police report.

Once you have filed the report with the police, you can file a report to the Federal Trade Commission ( FTC) and provide the police report you already filed. The FTC website has instructions on how to file and complete the necessary reports with various law enforcement agencies.

4. Be proactive

Even when you have already contacted the credit card issuers, credit bureaus, and authorities on your situation, take the proactive actions to monitor your accounts. Just because you've done your leg work doesn't mean that you need to stop from doing more actions.

When your credit card is compromised, it is always best to always monitor your accounts for any sudden and fraudulent charges in your credit card or any accounts attached to your credit cards. You also need to inform any authorized credit card users attached to your card about the situation. This way they can take their own precautionary measures should their information be compromised as well.

There are other platforms that you can use to monitor activities in your account. You can always go to your bank and credit accounts online. You can also use finance-tracking apps like Mint, provided your accounts are linked to these apps.

If you don't currently have a Mint account, can you can sign for one for free. It's straightforward and all you need to do is enter your information (login) of your bank and credit card accounts. The app will keep an eye on what's happening on your accounts (i.e. spending).
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5. Use cash for the meantime

It's really scary and frustrating at the same to know that your credit card information has been compromised and potentially your identity as well. You may be traumatized with the situation especially if it results to getting your bank account drained and the possibility of hackers or fraudulent criminals using your information for their own benefits.

When your credit card is compromised, you may be tempted to just use cash. It's ok to use cash for the meantime until you have recovered from the unfortunate situation of having your information compromised.

Though using cash is good, it won't always work to your advantage. If you happen to have the desire to shop online, you won't be able to do such activity using cash. Like almost everything in the world, there are pros and cons of using or not using cash. Having said that, I believe that it's better if you always take proactive action and be more mindful of your environment when using credit cards.

6. Change your information

When I say change your information, I don't mean that you need to completely make a new identity for yourself. What I am saying is that you need to contact the parties that have your credit card information (i.e. billing companies and shopping websites) and provide them new card information. If your information can be accessed or changed online, go through each account and change the information yourself.

You need to do it as soon as possible because you may forget the due dates of your bills. Since your card is no longer valid and cannot be used for any transactions, the bill collectors may not be able to get their funds and you, as a result, will get slapped with fees, penalties, and other charges.

7. Get in touch with your banks

As soon as you suspect your information has been compromised, contact your bank(s) immediately. It is in your best interest to inform your banks that you have been a victim of credit card identity theft or suspected that your information has been compromised. This way they can take precautionary actions to safeguard your accounts in the event that hackers find ways to link your credit card information to your bank accounts.

8. Learn from the situation

The next time you intend to use your card, always remember to be vigilant. It doesn't mean that you need to wander your eyes first before swiping your card to pay for your purchases. What I mean by this is that, if you have an idea where your credit card may have been compromised, avoid using any card again in that location. Pay using cash instead.

If you don't really need to use your credit card for purchase, you can always bring and pay in cash. Credit card identity theft can happen even in the most secured and well-guarded businesses or places. Having said this, you can never be too complacent on what's going on around you. You'll never know who's waiting to still your information.

Learn from the situation and be more vigilant.

Having your information compromised can be daunting and shocking to say the least. It is within your power to prevent or minimize, as much as possible, the damages that this situation may inflict you. Remember to be proactive always and make immediate, important steps when your credit card is compromised. Your actions will save you from going through a lot of troubles.

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8 Steps To Take When Your Credit Card is Compromised - The Practical Saver

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This " Steps to Take When Your Credit Card is Compromised " post provides information on what the victims of credit card breach or fraud can take to help them reduce the damages this unlawful can do to them. Just the other day, one of my co-worker's credit card was hacked.

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We finally got the last word on whether your crummy credit score can hurt your shot at getting a job ( hint: it won't), but that's not the only credit myth making the rounds among consumers.

Apart from being the only personal finance site to track your credit score for free, Credit Sesame has taken the time to bust some of the most widely-spread untruths about credit.

No, inquiring about your credit won't hurt your score, but wait until you read the truth about how frequently lenders actually report your payments to credit bureaus:

Now take a tour of Credit Sesame's handy smartphone - it tracks your credit score for FREE >

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We finally got the last word on whether your crummy credit score can hurt your shot at getting a job ( hint: it won't), but that's not the only credit myth making the rounds among consumers.

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Many of us turn to credit cards to pay for purchases big and small. You're just as likely to charge a $1.29 pack of gum as you are to pay for a $200 bridesmaid's dress. Why not, especially when you're signed up for a rewards card where each dollar spent earns you points that can later be used to redeem plane tickets, buy gift cards, or pay off your monthly bill? But, is your card of choice giving you the most bang for your buck?

CardHub, a credit card comparison website, did a deep dive and looked at all the non co-branded rewards programs for you. At the top of the list is the Arrival Plus Barclaycard, which earns the average spender a cool $1,621.40 in travel rewards in the first two years the account is open.

Also scoring high was Captital One, who rated first in the roundup of best overall issuers. The bank's products are super familiar to anyone who watches TV, as the ads always feature A-list celebs repeating the catchphrase, "What's in your wallet?" It turns out you should listen to Alec Baldwin (at least on this point) and sign up for one of Capital One's cards.

One of the most interesting data points to come out of CardHub's study is the shocking statistic that we leave $4 billion in unclaimed rewards points each year. It's even more upsetting when you consider Americans had $57 billion in credit card debt in 2014.

CardHub also determined that consumers are better off redeeming their rewards for travel rather than cash back or merchandise. According to the research, travel rewards have an average value of "$1.05 cents, relative to cash back, which provides .82 cents per point - and the least fruitful option: merchandise, offering .66 cents per point."

Click here for a full list of the rewards credit cards reviewed by CardHub, along with a more detailed explanation of how the cards were rated.

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Are You Signed Up For The Best Credit Card Rewards Program?

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Many of us turn to credit cards to pay for purchases big and small. You're just as likely to charge a $1.29 pack of gum as you are to pay for a $200 bridesmaid's dress.

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Credit Score Basics - Mortgage Kick | Visual.ly

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Credit score is one of the most important factors when applying for a mortgage loan. This credit score infographic presents the most important factors

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Have you ever had a no spend day or week? Ever told yourself that you wouldn't touch those credit cards? If you haven't and you've been struggling to save money and manage your spending, you should consider freezing your spending for a few days to reset your finances and generate some savings .

Incorporating a spending freeze into your schedule can be quite healthy for your finances especially when you feel overwhelmed with it all. One way to do this is by adding a no spend day or week into your monthly budget.

These tips will help you get prepared and maximize the best results!

Be Prepared

In order for your no spend period to be successful, you must be prepared.

A no spend period might actually include some spending on necessary items, such as gas or groceries.

The key is to eliminate any extra spending during this time frame.

Determine the length the no spend period will last - a day, week or even month

If you are a beginner, I would start with a small goal. This leads to more success!

This could include a no spend day or weekend or my personal favorite, a no spend work week.

I find it easiest for myself to save money during the workweek. I always pack my lunch and enjoy the coffee my work provides.

After work, instead of stopping at the grocery store to grab a couple things, I'll head home instead and eat the groceries I already have.

If you are really looking to jumpstart your savings or pay off debt, you can really ramp up your spending freeze and challenge yourself to a no spend month.

This is a great idea if you overspent the previous month and you are looking to get your finances back to normal.

How to save money if you can't do a no spend day or week

Can't do a no spend week right now? No problem. When holidays, birthdays and travel are coming up, it can be difficult to do a spending freeze and you don't want to set yourself up for failure.

Ebates pays you a percentage back when you make a purchase online.

While I have to do some online shopping, I always use Ebates first because they pay cashback on purchases from hundreds of retailers. Plus, they help you hunt down coupons that you can use to reduce the price of your order.

Each quarter, they deposit all of your cash back earnings into your PayPal account. Yippee for free money!

For the diehard couponers out there, this will often result in getting an item for FREE. When you sign up, you will receive a $10 cash bonus when you make your first scan!
If you are going to shop, you might as well make money doing it.
Use the Target REDCard (it's a debit card)

The Target debit REDCard is one of the best debit cards to save money. The best part is it's NOT a credit card so if you're not comfortable using a credit card right now, you don't have to worry. You can save 5% off every purchase without having to deal with the temptation of overspending and paying the balance off later.

The Target REDCard is simply linked to your bank account so you spend only the money you have. I shop at Target all the time and the 5% savings add up!

Get creative to help you achieve a no spend day or week

If you're able to carve out time to go on a spending freeze and are fully committed, that's great! One of the hardest parts during the no spend challenge can be figuring out how to use what you have. This is where a bit of creativity can really pay off!

This can include:

using up the remaining groceries in your pantry

downloading a podcast instead of renting a movie

borrowing a book or video from the library (many times you can do this online through your library's website).

going on a walk with a girlfriend instead of going to happy hour

clean your house and find items to sell

learn how to travel for cheap - or even do a volunteer trip where you get free lodging and food in exchange for volunteering!

make your own coffee at home or earn Swagbucks to earn free gift cards so you can treat yourself to little things like coffee

Tip: If you like to travel, try staying at an AirBnB instead of a hotel. This a fun and creative way to save money.

Over the past couple of years, I have stayed at a handful of AirBnB's and saved a ton of money. I've been able to rent an entire house, condo and apartment instead of a room at a hotel.
If you want to stay at an AirBnb, here's a coupon for $30 off your first stay anywhere!
Reassess your wants and needs

A no spend day or week or month can really help evaluate what you want or need. It is so easy to mindlessly spend money on coffee every day or overspend at the grocery store .

By saying no to everything for a set period of time, you can really get an eye opening experience on where you really value spending money and how you might have been wasting it this whole time.

Plus, you learn how to work with what you have. Instead of spending money all the time as a solution, you may find that you can fix something so you can use it again, DIY instead of hiring someone, or just simply do without and be content with that decision.

How to proceed after the no spend day or week ends

This is a good time to look at how much money you saved during your no spend period as well.

What do you plan to do with your savings? Are you going to transfer it to your savings account or use the extra money to pay off some bills? Will you put it toward debt?

After you decide what you're going to do, take action immediately and put the extra money toward a worthy cause.

Start saving, even if it's only a few dollars a week

Whether you want to start an emergency fund or a vacation fund, you have to start setting some money aside. If you're like most people and struggle with saving, you should consider using Digit.

I've just started using this free program and love it. Digit lets you save money each week from your checking account. What I really like about Digit is that it analyzes my bank account and determines how much I can really save per week.

Some weeks it might be $5 and other times it might be $20. You don't have to worry about overdraft and can contribute less or more if you need to. As of now, I don't know an easier way to save money! You can learn more about Digit here.

Making money instead

If having a no spend period seems tough or if you don't want to do it often, consider trying to make money instead. Increasing your income will provide you with more money to add to your budget. You can pay off debt quicker, and catch up financially at a faster rate. There are so many things you could do to earn extra income:

Take surveys

This is one of the best ways to make money that won't cost you anything to get started! I have made thousands of dollars over the past few years taking surveys online and participating in research studies.

Not all surveys are created equal. I have weeded through a ton of companies to figure out which ones pay the best. Here's a few to choose from!
Related:
Here is the best list of surveys to earn cash and make money.
How to make extra cash during the holidays.
Side hustle

I have made more than $4,500 in one year in my spare time thanks to side hustling. If you have something you would like to share with your readers that can help them - whether it's mentally, financially or physically - go for it.

Side hustling is great because it allows you to earn extra money by doing flexible tasks and monetizing your skills. You can drive for Uber or Lyft during your spare time, walk dogs or pet sit, sell items on eBay, or even start your own online business.

Grab this FREE cheat sheet of side hustle ideas to help you get started making extra money today. The best part is, this cheat sheet is totally free!

Have you ever tried a no spend day or week?

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Tips for a No Spend Day or Week or Month -

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Have you ever had a no spend day or week? Ever told yourself that you wouldn't touch those credit cards? If you haven't and you've been struggling to save money and manage your spending, you should consider freezing your spending for a few days to reset your finances and generate some savings .

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Boost your College Savings Plans and College Funds with Upromise

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Are you saving for your college funds or starting your college savings plans? Join Upromise for free and see how to make saving for college easier.

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zero percent introductory purchase apr deals

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offers 5% cash back in rotating bonus categories

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and 1% elsewhere. also has no foreign transaction fee

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over-the-limit fee or penalty apr; and the first late payment fee is waived.

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Discover it for Students Review | NerdWallet

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NerdWallet reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.

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Best Student Credit Cards

5,000 bonus points towards cash back, travel, and more

2,000 bonus SCENE points, earn points towards movies

On Scotiabank's Secure Website

On Scotiabank's Secure Website

These days, if you want to be able to buy a house later or get a good deal on your insurance rates, you need good credit.

One of the easiest ways to build good credit is with the help of a credit card. Credit cards allow you to use credit on a regular basis. Plus, issuers report to credit bureaus once a month. If you are responsible with your use of credit, making occasional purchases and paying them in full before you are charged interest, you can build a good credit history. And you can build it fast.

The best student credit cards in Canada help those who have little to no credit established themselves. You can start building a financial reputation with the right credit card. Below are the best credit cards for students.

Earn 1 MBNA Rewards point for every $1 you spend on eligible purchases.

5,000 point bonus after you make your first eligible purchase.

Redeem points for cash back, travel, merchandise, gift cards, and more.

No limits on what you can earn in rewards.

APR: 19.99%.

No annual fee.

The MBNA Rewards Mastercard is a very straightforward credit card that can be used to build your credit history while earning rewards. You receive one point for each dollar that you spend. This is convenient since you don't need to worry about rotating categories or tiers. You just make your regular purchases, wherever you normally shop, and receive the rewards.

The MBNA Rewards Mastercard also provides you with 5,000 points after your first purchase. Points are flexible and can be redeemed for merchandise, travel, cash back, and even charitable donations.

This card comes with no annual fee. You are also not capped on how many rewards points you can earn. The interest rate is 19.99% for all transactions from purchases to balance transfers to cash advances.

On Scotiabank's Secure Website

Bonus: 2,000 SCENE points

Earn one point for every dollar spent anywhere.

Earn five points for each dollar spent at participating Cineplex locations.

Get 5,000 bonus points with your first eligible purchase.

Redeem points for movie admissions and concessions.

Purchase APR: 19.99%.

Cash advance and balance transfer APR: 22.99%.

No annual fee.

You can build your credit and earn cool movie rewards with the Scotiabank SCENE VISA Card. Earn one point for each dollar you spend anywhere. Then, redeem those points for movie admissions and concessions. You can earn extra points (five for each dollar spent) at participating Cineplex locations. This is a good way to boost your rewards and ensure that you spend less overall on entertainment.

There is no annual fee with this student credit card, and you get 2,000 bonus points with your first SCENE VISA card purchase. That's enough for up to two free movies. Buy what you normally would, pay off the balance each month so you aren't paying interest, and then get your entertainment for free. ( Full Review)

On Scotiabank's Secure Website

Earn up to 1% cash back, once you spend $1,000 in a year with the card.

Tiered program starting at 0.25%.

Cash back is credited to your VISA statement.

Compatible with Apple Pay, Visa checkout, and payWave.

Purchase APR: 19.99%.

Cash advance and balance transfer APR: 22.99%.

No annual fee.

Earn up to 1% back every year with the Scotiabank L'earn VISA Card . There is a tiered rewards system, starting at 0.25% cash back and working up to 1%. If you use your card wisely, though, paying for things you would buy anyway, it's possible for you to earn rewards quickly and get that cash back faster. You get 0.25% back on the first $500, and then 0.50% cash back on the next $500. You earn 1% on any amount over $1,000.

There is no annual fee with this credit card, which means that you don't have to worry about extra costs. The interest rate is 19.99% on purchases and 21.99% on cash advances and balance transfers. You can also get special discounts with various partners. Scotia bank also offers student credit tips for free so that you can learn how to best manage your credit card. You need to apply for this card at a branch, or by calling 1-888-882-8958.

It's also nice that the L'earn card comes with Visa payWave, so you can wave your card and go. This credit card is also compatible with Apple Pay and you can use Visa Checkout. It's convenient for a student on the go.

You need to apply for this card at a branch, or by calling 1-888-882-8958. You can't actually apply online. There is also a secured version of this card for those who need a little extra credit help.

How to Use the Best Student Rewards Cards to Build Credit

Today, credit is a major part of financial planning. If you want the best interest rate when you buy a car with a loan, or when you buy a house, you need good credit. Good credit can save you thousands of dollars over your lifetime, just in the interest savings.

However, it's difficult to get credit if you haven't already built up your credit history. You can't just get a mortgage without a credit history for the lender to look at. This is where student rewards cards come in.

Credit card issuers know that you probably don't have a long credit history as a student. As a result, they are willing to issue you a card on a sort of trial basis. You won't have a very high spending limit on these cards. Many of them cap you at $500 or $1,000. However, the point of these cards isn't to spend a lot of money.

Instead, you use the card to build credit. You should only make purchases that fall within your regular budget. Carefully track what you spend and make sure you can afford to pay it off immediately. Every month, pay off your total balance. You'll avoid interest and stay out of debt. But the issuer will report your on-time payment to the credit bureaus and you'll start building a good history.

With smart student credit card use, you can start off on the right foot financially.

DISCLAIMER: While we attempt to keep all credit card details current, the rates, fees, rewards and benefits may have changed since the last update. Please visit the credit card supplier through the "Apply Now" links to ensure you have the latest details for that card.

About Tom Drake

Tom Drake is the owner and head writer of the award-winning MapleMoney. With a career as a Financial Analyst and over nine years writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you.

View all posts by Tom Drake | Website | @MapleMoneycom

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Best Student Credit Cards 5,000 bonus points towards cash back, travel, and more 2,000 bonus SCENE points, earn points towards movies On Scotiabank's Secure Website On Scotiabank's Secure Website These days, if you want to be able to buy a house later or get a good deal on your insurance rates, you need good credit.

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This post may contain affiliate links. Please see my full disclosure for more info.

Wanna rock your credit score and stop overpaying on loans? You're in the right place. For the next two months, we'll be going over all the credit score secrets that I've learned in 10 years of working in banking, many of those years in loan processing.
This book is available in The Financial Freedom Bundle, which you can grab here.

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Top Notch Credit Score Secrets You Need To Know Challenge - Sarah Titus

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Wanna rock your credit score and stop overpaying on loans? You're in the right place. For the next two months, we'll be going over all the credit score secrets that I've learned in 10 years of working in banking, many of those years in loan processing.

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There are countless articles out there that speak to the process of getting out of debt, but hardly a one that speaks to staying out of debt. Just because you got out of debt once, doesn't mean you'll stay there.

In fact, since 2009, consumer debt has risen steadily. Consumers did tighten their belts, but it didn't last. Credit card debt is back on the rise and topped 882.6 billion dollars at the end of 2014, leaving one to realize that consumers learned very little from the economic collapse.

Getting out of debt is easy. It's staying out of debt that's hard.

There's plenty of ways to accomplish the task of getting out of debt. I've written several articles about it myself. Here are few:
How To Boost Your Saving Account {And End Financial Fragility} 10 Warning Signs You're In Financial Trouble

But, staying out of debt requires us to radically change not only our actions but our beliefs too; and that's where it gets a bit tricky.
You've probably got great intentions: save money for a down payment, save for the grand kid's college fund, pay off your existing credit card debt. But, despite your best intentions, as soon as the voice in your head tempts you with what you think you need, your best intentions are doomed.

If you're a shopaholic, like I was, you get a high when you make a purchase. You're filled with instant gratification, fun, or a reward for your hard work. You are taken over by the desires in your head, and the need to fill your desires immediately. Not buying what you think you need leaves you feeling frustrated or anxious. Maybe you even feel sad if you don't make the purchase.
Read: How To Stop Enabling The Shopaholic In Your Life
People who spend in this way use money to fill unmet needs; it might be love, comfort or self-esteem. No matter what emotional need it is, if you want to stay out of debt, eventually you'll have to realize it can't be and will never be met by shopping and spending money.

One of the ways to see how you use money is to track your spending and corresponding feelings associated with each purchase. Of course, sometimes grabbing a coffee is nothing more than wanting a hot beverage, but what you find over time is how you're using money to fulfill unmet needs.

More often than not, people who start to track their spending end up abandoning the process at some point. When you track your spending all the hidden and underlying issues get brought to the forefront. You're faced with the cold hard numbers and the realization your spending is out of control.
Read: Good Money Habit #9 - Track Your Income and Spending
If you don't track, you don't have to see it or wrestle with the emotional crap that comes along with it. You can stay in denial. You can continue to meet your needs in unhealthy ways and end up broke in the process.

I did this.

It took me a long time to wrestle with how I was using money to meet my need for love. It wasn't easy to see this, but eventually I was able to wrestle those demons in my head and adopted new habits and ways to meet my need for love and belonging.

Something I realized was how I tended to attract people into my life who were never satisfied. This would often trigger me to feel like who I was or what I did was "not good enough."

Here's how I tackled it:

First order of business was to rid myself, where I could, of people who triggered this in me. This took time. Some people I removed from my life, and others, like my mother, I established boundaries and techniques to combat the negativity. (I'll write more about that another day.)

Second order of business was to commit to tracking my spending and the corresponding emotions I was trying to fill in that moment. I did this in a journal because I wanted the space to write freely my feelings.

Third, I converted to cash and starting paying for cash for things like, food, gas, clothes, and prescriptions. I needed to get reconnected to money, and converting to cash was the only way to ensure that happened.
Read: Good Money Habit #8 - Start Using Cash
Fourth, I kept an appreciation journal. Each day I would write down 5 ways I appreciated. Sometimes it was a struggle to find 5, but it got easier and easier.

Finally, anytime I would spend money, I would ask, "What need I am trying to fulfill?" By asking this question, it made me stop and analyze what I was doing. What was my real motivation for making a purchase?
Read: Search Wants vs Needs {And How To Tell The Difference}
Now, at first, I let denial set in and tried to trick myself into believing the purchases were legitimate. But I quickly came to realize the error of my ways and started truthfully answering the question.

Which brings me to my final point - telling the truth.

Telling the truth is different from being honest.

When we speak honestly we are candid, frank, and sincere about our experiences. Sometimes being honest is scary because we're sharing thoughts and feelings that might be considered silly, weak or, embarrassing.

Telling the truth goes one step further. The truth is just about the accurate facts of the situation. The truth is measurable and objective without any embellishments at all.
No emotions, no judgments, just the plain and simple truth.
Now I want to be clear. I am not saying you shouldn't be honest in your assessment of the situation. Honesty is a very necessary step; it clears the way for the truth to be revealed.

What I am saying is just revealing the honesty of your predicament isn't enough. But here's the thing - it's easier said than done.

Our first reaction is to reveal the honesty; to spew out all the emotions, the feelings, and thoughts, the rationalizations and justifications. They come pouring out when we are honest; it's human nature. The situation is emotionally charged and that's why we behave this way.

But peel back the honesty and what's left is the truth of our behavior. The truth is our responsibility in the mess we have created, and that's a little harder to disclose.

My personal story includes 50K in credit card debt and almost losing my home. I had many honest moments discussing what had occurred in that financial disaster. But when I got truthful, I realized no one else made me buy those clothes, shoes and who knows what else. It was me, it was all me, and that was the truth.

So, get truthful about your situation. A word of caution - do it with a big dose of compassion.

Use the five steps I've outlined to get real with your money situation and stay out of debt forever.

Remember, telling the truth will give you the breathing room to take action; the type of action that will liberate you from debt forever.

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There are countless articles out there that speak to the process of getting out of debt, but hardly a one that speaks to staying out of debt. Just because you got out of debt once, doesn't mean you'll stay there. In fact, since 2009, consumer debt has risen steadily.

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I got my first credit card when I was eighteen. For me, it almost felt like a passage into adulthood. After all, I had witnessed my parents use their credit cards on a fairly regular basis. It just seemed like the thing to do.

I saw absolutely no reason why I shouldn't get one.

The only thing I worried about was being able to cover the monthly payment and since the minimum payments were so low, that didn't seem to be a problem.

So, I took out the first three credit cards offered to me. Within a month I had each of them maxed out. If you were to now ask me what I charged on those credit cards, I couldn't tell you.

I didn't start getting interested in personal finance until I was about twenty. Luckily, I still had just those three credit cards at that time. The combined balances totaled around $2,500 so paying them off didn't take too long.

For me, getting a credit card at a young age was a horrible idea but since we're all different let's look at why or why not you should have a credit card in college.

The Cons of Having a Credit Card in College

The biggest con to having a credit card in college is that you have access to credit!

Credit card companies charge outrageous interest rates. The $500 you charge on a credit card could turn into thousands if you're only paying the minimum payment. And once you get yourself into credit card debt it can be hard to get out of.

Not to mention having high debt to credit ratios can wreak havoc on your credit score.

If you're thinking of getting a credit card for the sole purpose of buying useless items like I did, don't do it! You'll only get yourself into trouble.

The Pros of Having a Credit Card in College

If you're responsible and are planning on opening up a credit card for the sole purpose of building your credit score, then go for it.

Credit cards are not evil. In fact, they can be a very useful tool if they're used correctly. If you plan on taking out a credit card and putting a small amount of money on it that you pay in full each month than it can help you build your credit.

Credit Card Etiquette

If you want to use a credit card to its full potential, whether that be for rewards or to build your credit score, there are a few things you should do:

Find a credit card without an annual membership fee.

Pay your balance in full every month.

Make sure that you're not subconsciously overspending just because you're paying with plastic. Be sure to stick to your budget.

Do not use a credit card for emergencies, that's what an emergency fund is for. (If you don't have an emergency fund you need to work on building one now.)

If you can follow these tips you'll be able to easily reap the benefits of using a credit card while in college.
What do you think - is it a good idea to open a credit card while in college?

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Should You Have a Credit Card in College? | The College Investor

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I got my first credit card when I was eighteen. For me, it almost felt like a passage into adulthood. After all, I had witnessed my parents use their credit cards on a fairly regular basis. It just seemed like the thing to do. I saw absolutely no reason why I shouldn't get one.

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Anyone who has a credit card knows that the card is going to expire at some point, but not many people know the reasoning behind the expiration date. Although it may seem like some kind of plot to help the credit card companies earn more money, there are actually some benefits that help the consumer as well. It is really a win-win situation for both parties because there are benefits to be found for both the credit card company and the customer. When it comes down to the facts, it makes a lot more sense to have cards that expire than those that do not expire.

Fraud protection

The main reason that credit cards have expiration dates is for fraud protection. You will notice that a lot of times when you order something online you have to enter the expiration date for your card. This is an extra step in the confirmation process to make sure that the person entering the information is actually holding the card in their hand. It also makes sense because the card will be useless in a few years. This means that you will have a different card number, security code and expiration date on a regular basis. This helps to confuse the fraudsters even more, so you can worry about just paying your bills and not whether or not your money is going to be safe.

Check up on you every few years

Another reason that the credit card companies have the expiration date on the cards is so they can check up on you every few years. This one definitely helps the credit card companies more than the customer because they are only going to make changes to your interest rate or fees if you have had some credit problems. They will not be looking to help you out if your credit score has improved. This is basically a way for the credit card company to see if they can find an excuse for getting more money out of your pocket on a monthly basis.

Get new card

A final reason for the expiration date is a more practical one. The fact of the matter is that these plastic cards go through a lot of wear and tear over the years. You need to be able to use the card when you go to the store, so you will need to get a new one every now and then. The expiration date gives you a chance to get a new card that will be fresh and not come with any of the scratches or damage found on your old card.

As you can see, there are a number of different reasons for the expiration date to exist on your credit card. You may think that it is a stupid idea, but it has become an industry standard over the past decade. Anyone who gets a credit card these days is going to have to get one that comes with an expiration date, and you should probably just get used to it. It really doesn't hurt you to get a new card every few years. {Also read Choosing a Credit Card - Carefully Read the Disclosures}

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Anyone who has a credit card knows that the card is going to expire at some point, but not many people know the reasoning behind the expiration date. Although it may seem like some kind of plot to help the credit card companies earn more money, there are actually some benefits that help the consumer as well.

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Quick and Easy. We've done the research on the top credit card offers for July 2018

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Q: My wife and I are preparing to cancel a credit card in order to get one with a better rewards program. However, my 22-year-old son, who will graduate from college in six weeks, is a designated user on the card. We put him on it in order to help him to develop credit.
Is it a good time for him to go off our card and get his own? Or should we either put him on the new card, or keep the card we were going to cancel, and decrease the credit limit and let him be the sole user, despite our names still being on the account?
J.R., Auburn Township
A: Before you decide what to do with the old account, has your son pulled his credit report since he's been on your credit card account? If not, he should request his free reports from Equifax, TransUnion and Experian through www.annualcreditreport.com

If the account appears on his credit report, then you should not cancel the account. That would be sort of pulling the rug out from under him. (I'm assuming he doesn't have any other loan or credit accounts.)

Even if you decided to add him to your new account, you wouldn't necessarily know whether the new credit card would report him as an authorized user on his credit report. Some banks report only two users. Some report only joint account holders, not authorized users. Some report up to four account owners or authorized users. So you shouldn't assume adding him as an authorized user would help him on his credit report. (You could try asking your credit card company, but I doubt you could get an accurate answer. Most customer service reps would have no idea what you're talking about.)

If I were you, I'd:

1. Go ahead and get a new credit card with better rewards for yourselves, if that's what you want.

2. Keep the card that your son is on.

3. Use the old card at least once every few months -- or allow him to use it.

No matter who's using it, make sure the statements are coming to you and you are making the payments. If your son makes purchases that he's paying for, then you pay the bill and get the money back from him. Do not trust your credit rating to a 22-year-old.

4. If you want to move him to his own card (which for someone who's 22 and a soon-to-be college graduate, would be a good idea), then he should apply for a card on his own, based on his own needs. Without a long credit history, he should lean toward cards aimed at young adults. (See a list of recommended cards below.)

5, After he's had his own card for a year or so, then you could cancel the old card if you positively don't want it and won't use it.

6. Realize that closing a credit card will never help your credit rating. It may reduce your rating by a few points or perhaps 10 or 20 points or more, depending on the size of that unused credit line that could help your balances-to-credit-limits ratio. But you should not keep a card you absolutely don't want, unless you're getting ready to buy a home. If you are planning to apply for a mortgage in the next six months or so or have a mortgage application pending, you should make NO changes to your financial and credit profile. No new accounts, no closing accounts, no big purchases, etc.

Where a young adult can go to get a credit card:

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Here are the best credit cards for students, new graduates: Money Matters

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My 22-year-old son, who will graduate from college in six weeks, is a designated user on the card. We put him on it in order to help him to develop credit. Is it a good time for him to go off our card and get his own?

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[Advertiser Disclosure]
Are you ready to let go of mommy and daddy's credit cards, and start building some credit of your own? The time is now, and with a Student Credit Card, you can do just that.

These cards are perfect for students who are new to credit and would like to start building their own credit with responsible use.

Students earn rewards on an everyday purchase like textbooks, online orders, restaurants, and gas. Make your next Spring Break trip more budget friendly when you redeem these rewards for air travel, hotel stays and cash back.

You'll also get access to credit monitoring services that allow you to watch your credit score as you're building your credit profile.

But before we get to the list, it's important to mention that a student must have OK credit in order to be approved for the cards below. If you have bad credit (defaults, many late payments, collections) then applying for a credit card is only going to hurt you.

If you do not know your current credit score, both Credit Sesame and Credit Karma offer totally free accounts to check your credit score. Signing up takes just a minute, requires no credit card and does not trick you into paying for anything. No free trials or sneaky business, just 100% free access to your credit accounts. Score!

Featured College Student Credit Card

Advantages of Credit Cards for Students

Builds Positive Credit History - In general, the sooner you get a credit card, the sooner you can start building a positive credit history for yourself.

Some would rightly argue this doesn't matter. But if your desire it to have a healthy relationship with credit, and for that healthy relationship to be known to future employers, lenders, and others, then starting early might be a good idea. After all, length of credit history is one of the factors that make up your credit score.

Before the New Rules Kick In- As I'm sure you're aware of, President Obama recently signed into law some hefty changes to the way credit card companies conduct their business here in the US. One of the changes, resulting from the new credit card law, is the way young people can use credit.

"For consumers under 21 years old, a company must get the signature of a parent or another to take responsibility for the debt, or it must obtain proof that the under-21 consumer can repay credit."

Teaches Responsibility - A credit card for a student can be a great way for parents and their kids to learn the proper use of credit cards. Working together, fully aware of the rules, parents and their kids can build a healthy relationship with credit. Learning to properly handle a credit card can help you when it's time to handle a mortgage or a small business loan.

Emergency Use - Just like a good cell phone plan, it's good to have a credit card in your kid's hands, if only for emergency use. They don't take checks anymore at most places, so you don't want your kids trying to use a check or scrounging around for enough cash to get them out of a jam. A good, low limit card would be ideal for this situation.

Build Rewards - This is my favorite aspect to the credit card. I love earning points. It's free money! I typically trade my points in for cash at the end of the year. But there are many ways to uses these points. And as you'll see in some the offers below there are some very good reward systems for cards used on purchases that college students are already planning to make: books, movies, etc.

Small Credit Limits - Most student credit cards are going to come with a very low credit limit. This low limit will help to reduce the amount of damage that could potentially be done to the student's credit history, and your wallet. In my example above, the damage I could do was limited by the amount the card company would let me borrow.

A Parent is Involved - I'm speaking to the parents here. When you help your kid sign up for a card and teach them the proper use of it, you're maintaining control of the situation. Your kid won't be going behind you back, like I did, to get credit and then abusing it.

Disadvantages of Student Credit Cards

Can Add Stress ("One more thing to worry about.") - College can be tough enough with all the changes and new things to learn. Living by yourself, making it to classes and/or a job. A credit card just adds complexity to the whole situation.

Maybe it's best if you introduce your kid to a credit card when their a sophomore or junior. Or at least when they have a job to be able to pay it off themselves.

Chance of Inappropriate Use - This is the biggest fear of anyone thinking about giving a college student a credit card. Armed with a credit card and a lack of knowledge about the proper use of the thing, a college kid can quickly do some damage.

Some parents, and now the US Government, feel so strongly about this that they think it's best to take an abstinence approach: just don't allow a student to apply for a student credit card.

Increased Spending - It's no secret that we spend money more freely when we use credit cards. It's not cash. You don't see the cash exchanging hands. It's painless. Until the bill comes, right?

Parents, college kids are going to use the credit card on some ridiculous things. You don't want them using the card to inflate their lifestyle. So that's a legitimate disadvantage there.

Most of these disadvantages, I believe, can be neutralized by limits set on the card and if the parent takes the time to explain the proper way to use a credit card.

College Days: My First Credit Card

When I went to college, my parents were generous enough to give me plenty of cash in my wallet and access to a checking account.

Whenever I needed money, I'd just reach into my wallet or write a check for the amount. It was easy. In the rare instance someone didn't take my check and I was out of cash, I'd head over to Wal-Mart, buy a pack of gum, write the check for $20 over, and walk out with cash in hand. So "old school".

The only cards I had were my driver's license and a student ID card.

I suspect my parents liked this method because they had control over the money in the checking account and didn't have to worry about me blowing a bunch of cash. They told me I was responsible for keeping the ledger and knowing what my balance was. Which I did, for the most part. I think I occasionally over-drafted the account. It was a good system overall though.

This system kept me debt free and my spending under control. But is wasn't teaching me anything about using credit responsibly. Of course, I didn't have any income yet (I was playing football and had no time for a job) so I probably didn't need a credit card. How was I going to pay it off?

Around my sophomore year in college, I was approached by a credit card vendor (in the student union, mind you) to apply for a student credit card in exchange for a t-shirt. I don't remember what I was thinking, but I'm sure it was something like, "Cool t-shirt. I'd like a freebie."

I also thought it wouldn't be the worst thing if I got a credit card out of the exchange. So, I signed up.

I can't imagine what I put for income or assets. Must have been a couple of $0's. A few weeks pass and I have a Discover credit card in my hands with a credit limit of $500. Sweet! I had a credit card, had no money of my own, and didn't even have a job. :p

I can't remember if I told my parents or not. I may have kept it a secret. I also can't think of what I used the card for. But I can bet it wasn't used responsibly.

Fast forward to the end of college and that one card with the small limit had turned into two cards with balances in the thousands. I had a few jobs in college so it wasn't a total disaster. I paid them down occasionally.

Once I was established in my career, post-college, I got the cards paid off and have since learned the proper way to use the credit card, but the initial damage was done. I paid a ton of money in interest charges and probably late fees because I didn't know how to use my card the right way.

I have no one to blame but myself either. I should have learned how to properly use the cards and should have let my parents help me understand how to use them. Luckily I was able to recover from the damage.
Whether your a new student yourself, or a parent, I told this story not to scare you away from credit cards completely, but to encourage you to learn the pros and cons of using cards as a student. And to show you that with the right approach, a credit card for a college student can be a good thing.
Card Finder

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Best Credit Cards for College Students 2017 | PT Money

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Advertiser Disclosure] Are you ready to let go of mommy and daddy's credit cards, and start building some credit of your own? The time is now, and with a Student Credit Card, you can do just that. These cards are perfect for students who are new to credit and would like to start building their own credit with responsible use.

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Looking to transfer your balance to a card with less interest? Certain ones are better than others. CreditCards.com has thoroughly inspected every card out there and breaks down what ones are best for specific actions. Check out creditcards.com today and find the best card for your financial goals

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Many things can keep you from getting a traditional mortgage loan.

They could include a low credit score, short credit history, recent job change and income you can't use to qualify because it's from a new business.

You could argue that some of these issues don't really reflect on your ability to repay a loan, but to keep it simple, we'll refer to all of them collectively as "bad credit."

The good news is there are many ways to buy a home with bad credit. Here are eight of them...

1. Buy a House for Cash

My wife and I bought our most recent home for cash.

It helped that we'd sold a home worth more money, but even if you start with nothing, you can work toward a cash purchase as a long-term goal.

For example, if you can afford a $400 monthly car payment, you could instead buy an old car for cash and save $400 every month to eventually buy a house.

Add tax refunds and any unexpected windfalls to those savings and you might set aside $6,000-$7,000 or more per year.

2. Buy a Cheap Mobile Home

Mobile homes have their advantages, including lower prices than site-built homes, which is great if you have to pay cash.

If you buy a mobile home on land, you even get appreciation like you do with other homes.

Alternately, you can buy a mobile home on a rented lot to lower your housing costs and then save up for a site-built home. Even though the value of a mobile home in a park often falls, this still makes sense if your overall cost is lower than renting an apartment.

Years ago, my wife and I bought a mobile home in a park for $9,000 cash and paid the monthly $300 lot rent.

After maintenance costs, we figured we saved at least $200 per month versus renting an apartment.

Unless the value of the mobile fell by more than $2,400 per year, we would be further ahead. In reality, we sold the home for exactly what we paid.

The key is to buy old mobile homes that have already lost most of what they'll lose in value. Our savings went toward a house we purchased in Colorado.

Sometimes mobile home sellers will finance the sale - even when you have bad credit. If you go this route, be sure the payment and lot rent add up to less than renting an apartment.

3. Save for a Larger Down Payment

Lenders want to see less than 43% of your income going out for all debt repayment. It helps to pay off credit card balances and other debts, but what if your mortgage payment alone is still past the 43% mark?

A simple solution is to start saving.

Plus, with more money for a down payment, you have a better chance of using the next strategy.

4. Get Seller Financing

I found my first home with a simple ad that read, "Looking for a mobile home on land to buy with $3,000 down."

A couple called the day after I placed the ad, and I eventually bought their home. In the end, I scraped together $5,000 and went to the bank for better terms, but the sellers would've taken payments.

Not a lot of sellers are willing to take payments on a house, but you only need one, right?

I've sold a home for a down payment of $1,000 because I could get a better price and collect 9% interest. My wife and I sold one of our homes for $5,000 down and $400 per month. These deals are out there if you look for them.

But if you can buy a home for about the same monthly cost as renting, you'll probably still be better off after a few years.

5. Borrow From Family

Perhaps your family knows better than a bank if you're a good credit risk - and they may be more forgiving of an occasional late payment.

They also won't charge you loan fees and can be more flexible about terms.

6. Improve Your Bad Credit

Clear up any disputes on your report through negotiation or just by paying off debts, whether you think you owe them or not.

Pay down credit card balances and other consumer loans if your total debt-to-income ratio is a problem.

Stick with your current job if you'll be applying for a loan anytime soon.

7. Find Banks That Hold Their Own Loans
But some small banks and credit unions keep loans in their portfolios because the loans have more flexible qualification rules.
For example, my first mortgage loan was from a small local bank, and I was unemployed at the time. I simply assured the banker I would be called back to work soon.

It helped that I had a down payment of 25% of the price. I also convinced the bank to skip the appraisal and use the tax assessor's stated value, which saved me $400.

Ask around to see which banks keep loans and are willing to look at the whole picture, rather than a bad mark or two on a credit report.

8. Get a Co-Signer

Lenders will still consider your low credit score or other credit problems.

The primary advantage is the co-signer's income will be considered in determining how much you can borrow.

This might be exactly what you need if your problem is a business for which you don't yet have two years of tax returns, or if you have other income you can't use to qualify.
Your Turn: Do you have credit problems? Have you bought a house yet? Steve Gillman is the author of "101 Weird Ways to Make Money" and creator of EveryWayToMakeMoney.com. He's been a repo-man, walking stick carver, search engine evaluator, house flipper, tram driver, process server, mock juror, and roulette croupier, but of more than 100 ways he has made money, writing is his favorite (so far).

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Bad Credit? No Problem: 8 Ways You Can Still Buy a Home

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Many things can keep you from getting a traditional mortgage loan. They could include a low credit score, short credit history, recent job change and income you can't use to qualify because it's from a new business.

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Bad credit? No problem.

Fixing your credit score might seem like an impossible task. It's not. While it takes time for your credit score to make a full recovery, adding 50-100 points can happen relatively quickly. Here's how.

Step #1: Know Your Current Credit Score

It's hard to improve your credit score if you don't know where you stand. Before doing anything else, you need to know your current credit score.

To get a good idea of your current situation, request a free credit score from Credit Sesame. Signing up is easy, plus you'll also get free monitoring and alerts whenever something changes. I've used this app for years and will keep using it for many more. It's simple, easy to understand, and can help you start building your score right away.

Step #2: Check Your Credit Report

Did you know that you're entitled to 3 free credit reports every year? It's true! Each of the three major credit bureaus are required to provide a free copy of your credit report once every calendar year. And, since there are three of them, you can check one bureau's report every four months. Comb through that sucker, looking for any errors or marks against your credit that you didn't know you had. Dispute any errors and negotiate to settle past-due accounts so that they don't count as a mark against your score.

Save Money Without Effort - Trim helps you save money on bills with almost no effort! Just set up a free account, and let the app discover all your monthly subscriptions - even the ones you forgot about. Look at the list, have Trim cancel the subscriptions you don't use, and save money while barely lifting a finger. Trim even negotiates your cable bill for you, which is always a pain. Save money with a free Trim account here.

Step #3: Get a Secured Credit Card

If you want to build credit, you have to use credit. But how do you access credit when your credit score is low? Speed up the process by getting a secured credit card.

With secured credit cards, a company extends credit to you provided you put down a security deposit. By using your card in small increments and paying it off each month, you'll prove that you can handle credit responsibly. The credit card company reports your responsible use to the credit bureaus, and - before long - you'll start seeing an increase in your credit score!
Compare the best secured credit cards here.
Step #4: Pay On Time

To improve your credit score, you'll need to fix any current credit problems. Your credit history accounts for about 35% of your score. So, if you've had problems paying your bills on time, fix it immediately. Get current on any bills that are past-due. Then, stay current. From this point forward, make sure to pay all of your bills on time (including your utilities, credit card bills, etc.) and your credit score will gradually start to improve.

Step #5: Wait It Out

You didn't get into credit problems overnight, so you can't expect them to be cured in a matter of minutes. You'll need to wait at least 30-60 days to start seeing improvements. In the meantime, keep paying those bills on time and building your credit score will take care of itself!

Earn Extra Money From Your Couch - Need some extra sending money? Try taking online surveys. The best paid survey sites actuallypay you for your opinion. Find our favorite survey companies and take surveys for cash here.
Have you had success improving your credit score? What tactics have you used?

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5 Simple Steps to Improve Your Credit Score By 100 Points | Club Thrifty

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Bad credit? No problem. Fixing your credit score might seem like an impossible task. It's not. While it takes time for your credit score to make a full recovery, adding 50-100 points can happen relatively quickly. Here's how. It's hard to improve your credit score if you don't know where you stand.

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Advertiser Disclosure: This post includes references to offers from our partners such as American Express. We may receive compensation when you click on links to those products. However, the opinions expressed here are ours alone and at no time has the editorial content been provided, reviewed, or approved by any issuer.
Most college students have limited experience with credit cards and other forms of credit. Accordingly, their credit histories are often thin or nonexistent. Therefore, the single most important reason for students to apply for credit cards is to build a positive credit history.

Students keen on building credit quickly need to look for cards that report timely payments to one or more (ideally all three) consumer credit reporting bureaus - and then keep up their end of the bargain by making in-full, on-time payments. The best student credit cards generally have low fees, reasonable APRs, and perks that specifically appeal to college students. A few even have cash back programs that reward spending on gas, groceries, dining out, and other routine purchases. Here's a look at some of the best options on the market today.

Best Student Credit Cards

1. Journey® Student Rewards from Capital One®
1% cash back on all purchases; 1.25% cash back each month that you pay on time
Capital One Journey Student Rewards is a low-fee student credit card that's ideal for students with decent credit and a penchant for cash back rewards. Its biggest benefit is definitely the cash back program. You'll have access to both of these attractive benefits: You can earn 1% cash back on all purchases, and a 0.25% cash back bonus each month that you pay on time. You can redeem your rewards as a statement credit or check in $25 increments.

Other perks include an automatic credit line increase after five months of on-time payments, minimal fees, and the perks associated with the Capital One CreditWise feature - a great credit education tool. The biggest drawback is a fairly high APR, regardless of creditworthiness.

Early Spend Bonus: There's no early spend bonus.

Key Fees: There's no annual fee or foreign transaction fee. Late payments cost up to $38. Cash advances cost $10 or 3%, whichever is greater.

Introductory APR: There's no introductory APR.

Other Perks: The Capital One CreditWise feature includes a "what-if simulator" that you can use to predict changes in your credit score and debt load based on hypothetical financial actions and events.

See our Capital One Journey Student Rewards Card Review for more information. Find out how you can apply for this card here.
Learn More

2. Discover it® for Students
$20 Annual Cash Back Bonus for Good Grades; Double Cash Back Rewards in the First Year
Discover it for Students has similar benefits to the standard Discover it card. In particular, it has a nice cash back rewards program, unlike many student credit cards. All purchases earn 1% cash back, with no spending caps or restrictions. Purchases in quarterly rotating spending categories (such as department store or gas station purchases) earn 5% cash back, up to a $1,500 quarterly limit across all active categories. Quarters begin January 1st, April 1st, July 1st, and October 1st.

You can redeem your cash in any amount as a statement credit, bank account deposit, check, or Amazon purchase credit. Another nice benefit is that at the end of your first year as a cardholder, Discover automatically doubles all the cash back you earned over the previous 12 months. Plus you get an additional $20 cash back every year your GPA stays above 3.0, for up to five years.

One downside is that Discover it for Students is meant for students with good to excellent credit. If you have poor credit or a spotty credit history, you'll have trouble qualifying.

See our Discover it for Students Card Review for more information.

3. Discover it® Chrome for Students
$20 Annual Cash Back Bonus for Good Grades; Good for Students With Average Credit
Discover it Chrome for Students is very similar to the regular Discover it Chrome card. Its cash back program is a bit different from the Discover it card's: Dining and gas purchases earn 2% cash back, up to $1,000 per quarter. Dining and gas purchases above this spending cap earn an unlimited 1%. All other purchases also earn an unlimited 1%. You can redeem in any amount as a statement credit, check, bank account deposit, or Amazon gift card.

Like Discover it for Students, Discover it Chrome for Students pays you $20 cash back every year your GPA stays above 3.0, for up to five years. This card's credit requirements are a bit laxer than its stable mate's, so students with uneven credit can still apply.

See our Discover it Chrome for Students Card Review for more information.

4. Citi ThankYou® Preferred Card for College Students
2x Points on Dining & Entertainment; 1x Points on Everything Else; Personal Concierge Service and Other Perks
The Citi ThankYou Preferred Card for College Students is a student-friendly version of the Citi ThankYou Preferred Card. It's one of the only student credit cards with a sign-up bonus, and has the most versatile - though not the most valuable - credit card rewards program of any card on this list. You earn two ThankYou Points for every $1 you spend on dining and entertainment, and 1 point for every $1 spent on everything else.

You can redeem your ThankYou Points for gift cards at major merchants (including Best Buy), travel purchases, cash back, statement credits, and online shopping purchases. Points are worth between $0.005 and $0.01, depending on how they're redeemed. Redemption minimums vary by method, but typically start around 1,000 points.

The ThankYou Points program is definitely this card's biggest advantage, but a 7-month intro APR period helps too. Drawbacks include high fees and APRs.

See our Citi ThankYou Preferred Card for College Students Review for more information.

5. Capital One® Secured Mastercard®
No annual fee; Credit-building benefits with responsible card use
As a secured credit card, the Capital One Secured Mastercard is different from the credit cards listed above. Before you can make purchases with it, you need to make a cash deposit of $49, $99, or $200. The deposit entitles you to a credit limit of anywhere from $200 to $3,000, depending on your creditworthiness. You can subsequently raise your credit limit by making an additional deposit.

However, deposits can't be credited against your purchases - you still need to pay your bill every month, just as you would with a normal credit card. If you demonstrate a pattern of timely payments over several months, Capital One may raise your credit limit without requiring an additional deposit.

The biggest drawback of this card is its purchase APR, which is significantly higher than many other student credit cards. However, its fees are manageable, it's available to students with poor or spotty credit, and the value-added benefits of Capital One Credit Tracker are definitely useful for students who want to track and build their credit over time.

See our Capital One Secured Mastercard Review for more information. Find out how you can apply for this card here.
Learn More

6. Citi® Secured MasterCard®
Reasonable APR and Fees; Relatively High Credit Limit; Good for Students With Poor Credit
Citi Secured MasterCard is another secured credit card with benefits for students. To use it, you need to first make a deposit of as little as $200 or as much as $5,000. That deposit is equal to your credit limit and can't be credited against your purchases. If you exhibit timely payment patterns for 18 months, Citi may return your deposit and allow you to continue using your card as an unsecured, "normal" credit card.

The Citi Secured MasterCard has relatively lax credit approval standards. If you have poor or spotty credit, this is probably the best student card for you. And because Citi automatically reports your payment patterns to the three major consumer credit reporting bureaus, it's also a great card for building credit. If you make timely payments, your credit score is likely to rise over time. However, the annual fee and relatively high purchase and balance transfer APRs are significant drawbacks.

Sign-up Bonus: There's no sign-up bonus.

Fees: There is a $25 annual fee. Foreign transactions cost 3%. Cash advances cost the greater of $10 or 5%, and balance transfers the greater of $10 or 3%. Late and returned payments cost $35 each.

Introductory APR: There's no introductory APR.

Other Perks: This card has the same Citi perks as the Citi ThankYou Preferred Card for College Students.

See our Citi Secured Card Review for more information.

Final Word

You've heard all the clichés about starving students. While you're hopefully not actually going without regular meals as you work and study your way through school, you probably don't have as much disposable income as you'd like.

Credit card issuers know that, on average, college students have less money than older people with full-time jobs. Accordingly, they tend to tightly restrict how much their student customers can spend on their cards. Don't expect your first student credit card to come with an exceedingly high credit limit, particularly if your only source of income is a stipend or work-study job.

The good news is that if you make regular payments, build a positive credit history, and look for ways to earn extra income on the side, your credit limit - and spending power - is likely to increase over time. Years from now, when you think back to your time as a student, you might just identify your first-ever student credit card approval as a decisive milestone on your personal finance journey.

What's your preferred student credit card?

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6 Best Credit Cards for College Students of 2018 - Tips & Reviews

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Advertiser Disclosure: This post includes references to offers from our partners such as American Express. We may receive compensation when you click on links to those products. However, the opinions expressed here are ours alone and at no time has the editorial content been provided, reviewed, or approved by any issuer.

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Credit Repair, Fix Your Credit - Credit Restore USA

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Some experts will tell you that having no credit is worse than having bad credit, and there might be some truth to that.

When I was first starting out on my own, I wanted my own cellphone plan. So I headed to the store and was turned down flat because I didn't have a credit score.

The rep told me, "Buy a stereo at a pawn store to build up some credit and come back." I didn't do that (and you shouldn't either) but I did build my credit. A few months later I had a cellphone, and today I have excellent credit scores.

If you're looking to build your credit from scratch, take these steps:

1. Start small

In order to have a credit score, you'll have to get and use credit. Start off small by applying for a low-limit credit card or store card. Once you're approved and activate the card, your credit limit and your monthly charges will appear on your credit history with probably at least one of the big three credit bureaus - Equifax, Experian and TransUnion.

Finding a credit card can seem overwhelming, but we offer a credit card search tool. You can also try your bank. I got my first credit card from my credit union.

2. Try a secured credit card

If you're having trouble getting approved for a traditional credit card, try a secured card. You'll have to put down a deposit, but these cards have easier approval qualifications.

However, make sure you read the fine print. Some secured credit cards carry high interest and have large annual fees. Look for a card with a lower interest rate (better yet, pay the balance off in full each month) and the option to "graduate" to a traditional card, meaning you can qualify for a traditional card in a year or so if you manage the secured card responsibly. Also, be sure the card company reports your payment history to the credit bureaus.

3. Leverage what you already have

In my case, I had moved out on my own and had a few bills I paid every month. To bulk up my credit history, I called my utility company and cable provider and asked them to report my monthly payments to the credit bureaus. To my surprise, they agreed. They only reported my good behavior once, but it gave my score a small boost.

Take a look at your bills. If you make monthly payments, you might be able to get those reported to the credit bureaus. But you'll have to ask. Generally, wireless providers, utility companies and cable companies don't report payments to the credit bureaus automatically.

4. Create an action plan

To have a great score, you'll need a history of timely payments and a mix of credit, but you shouldn't try to take it all on at once. Instead, create an action plan to build your score over time.

For example, my first credit card had a $300 limit. I planned to charge small amounts on the card - no more than 30 percent of my credit limit - and pay the bill on time each month for six months before checking my credit score. After six months, my score had increased, so I applied for a retail store card.

I kept using those two cards sparingly and responsibly, and after a year I checked my credit score again. Since I had a mix of credit and a good payment history, my score had improved enough for me to apply for an auto loan, which gave my credit history a big boost.

5. Be responsible

The most important step is to be responsible. Because you don't have a long credit history, small mistakes can have a big impact. Follow these rules:

Don't send in a dozen credit card applications hoping to get approved. Applying for too much credit lowers your credit score.

Don't take on more credit than you can manage. Otherwise, you might be tempted to overspend and end up in debt.

Pay your credit card bills off in full each month. That's not so much to help your credit score, but to save you from paying interest.

Never max out your card. That can lower your score. Restrict your spending to no more than 30 percent of your credit limit.

Always pay your bills on time.

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5 Steps to Build a Credit Score From Scratch

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Some experts will tell you that having no credit is worse than having bad credit, and there might be some truth to that. When I was first starting out on my own, I wanted my own cellphone plan. So I headed to the store and was turned down flat because I didn't have a credit score.

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It is important to start building your credit even when you are in college. Here we take a look at the best credit cards for college students.

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If you're living in Minnesota or North Dakota...pat yourself on the back!

The two states top Go Banking Rates' list for having the best credit scores in the country.

The Valley News team visited both sides of the Red River to find out how people are keeping their finances in order.

Keeping track of your finances can be a tough thing to do, but Minnesotans are the best of the best.

Taking the number one spot on the list of the states with the best credit scores according to GoBankingRates and Peter Chehadeh can agree with the stats saying their average credit score is 704.

"We do take care of our financial situation and I think we're not very frivolous. We're a little more cost conscious."

Chehadeh is a small business owner specializing in garlic sauces and humus.

He believes it was his upbringing and his father who set an example for his current investments and spending.

"Never put anything on credit that I couldn't pay for that same day."

He only has two credit cards but he has a friend with 14 held in two different wallets.

Now, crossing over into North Dakota, which comes in at number two on the list of best credit scores.

We stop at the Fargo Antiques and Repurposed Market which is a mini flea market that could get anyone into trouble with their credit card because of all the unique items you can find, but North Dakotans know how to keep it together.

"People are pretty cautious about getting too deep into debt because they can't get out so I think there's a real awareness," says Colette Erickson.

Erickson sells antiques for fun while working full-time.

She notices that shoppers aren't purchasing the so-called "big dollars items" but instead going for smaller dollar things so they can get their shopping fill keeping their eye on the ultimate prize and never losing the average credit score of 696.5.

"We want a house and we want a car and you have to have that score to get that."

Helping to keep your credit score in tip top shape so you can make all your dreams come true.

Below are the full lists of state rankings for the BEST and WORST credit rates...

Best Credit Scores:
1. Minnesota 704
2. North Dakota 696.5
3. Wisconsin 695.8
4. South Dakota 694.3
5. Vermont 693.4
6. New Jersey 693
7. Nebraska 690.7
8. Iowa 690.2
9. Hawaii 689.7
10. Montana 688.4

Worst Credit Scores:
1. Georgia 636.0
2. Mississippi 637.1
3. Louisiana 643.6
4. Nevada 644.3
5. Texas 646.9
6. Oklahoma 649.5
7. South Carolina 650.3
8. Alabama 652.4
9. Tennessee 653.6
10. New Mexico 653.7

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minnesota and north dakota knock out other states for best credit scores

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Minnesota and North Dakota knock out other states for best credit scores

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If you're living in Minnesota or North Dakota...pat yourself on the back! The two states top Go Banking Rates' list for having the best credit scores in the country. The Valley News team visited both sides of the Red River to find out how people are keeping their finances in order.

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Buying Furniture with a Store Credit Card. 

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Buying Furniture with a Store Credit Card. 

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Evenson

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When you need new furniture, you may be tempted to finance it at 0% from a furniture store. After all, that's just like getting an interest-free loan, often for multiple years! So is opening a furniture credit card really a bad idea? According to one of our Nerds who actually did this, yes! Let's examine why there may be more desirable options to pay for your furniture.

What's a furniture store credit card, and why isn't it the best idea?

When you walk into a furniture store and see offers for 0% interest financing for a certain number of months, this offer may be for the store's credit card. Like other store credit cards, it has interest rates that may be upwards of 25%. The difference between most store credit cards and furniture store credit cards is the introductory rate of 0% for one or more years.

This 0% introductory rate is like getting an interest-free loan on your furniture, which makes a lot of sense. Unfortunately, there are some definite downsides to using one of these credit cards. Besides the high interest rate, there are other drawbacks.

Loan of "last resort." Furniture financing plans are often viewed as "last resort" loans by creditors, because they're easier to qualify for than other credit accounts and come with absurdly high interest rates.

I talked to Todd Zywicki, a law professor at George Mason University, about why these may be considered "loans of last resort." Furniture stores that offer financing typically cater to high-risk borrowers who are unable to obtain credit elsewhere and, therefore, are more likely to default.

To protect themselves from default, furniture stores use the purchased furniture as collateral, and also tend to build the price of the financing into the price of the goods. If the consumer fails to pay, the goods will be repossessed. If the consumer pays before any interest is incurred, the price of the furniture likely already covered the interest costs.

Little to no room for negotiation. Many large purchases, like cars or furniture, are up for negotiation to a certain point. However, when you apply for a furniture credit card, you aren't going to be able to negotiate much, if at all. After all, why would they let you? They know you have the credit limit to pay the balance. There is a better option for people who wish to negotiate, and I'll get to that in a bit.

Back Interest. If you're unable to pay off the entire credit card balance before the introductory rate of 0% expires, you're in for a rude awakening. The traditional furniture credit card requires you pay the deferred interest from the entire length of your loan. So if you don't pay your balance in full, you'll owe every dime of interest you would have owed if there wasn't a 0% introductory rate to begin with. Of course, if you do pay it off in full before that time, you won't owe any interest.

Are there better options?

Yes! There are two possible better options - a regular credit card or cash. While we realize these payment methods are polar opposites, they both have their merits.

If you choose to go the regular credit card route, there are a few options. If you have the cash to pay for the purchase in full, you can put your furniture buy on a rewards credit card to get cash-back or travel rewards. Just make sure you don't drive up your utilization ratio over the recommended 10-30%. If you want the interest-free loan, you can put the purchase on a 0% introductory APR card. Or you can take advantage of both by choosing a card with both an introductory 0% APR period and rewards.

If you choose to pay with cash, you may be able to negotiate the price of your furniture. Cash is king for a reason, and a wad of greenbacks means the vendor won't have to pay credit card fees and the payment is guaranteed. This is a great option for people who enjoy negotiating and are able to front the cash for their purchase.

According to Zywicki, while states are able to regulate interest rates that can be charged to consumers, they can't regulate the price of a couch. Deals like "12 months same as cash" are likely a fallacy, because the financing is added to the price of the goods. Offering cash is more likely to get you a fair deal on your furniture purchases.

Signing up for a furniture credit card is tempting, but there are definitely better payment options out there. If you do choose to finance through the furniture store, make sure to pay the entire balance before the introductory period expires in order to avoid paying interest.

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Is Opening a Store Credit Card to Buy Furniture a Bad Idea? - NerdWallet

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When you need new furniture, you may be tempted to finance it at 0% from a furniture store. After all, that's just like getting an interest-free loan, often for multiple years! So is opening a furniture credit card really a bad idea? According to one of our Nerds who actually did this, yes!

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Evenson

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It's easy to think a simple push of a button can help protect you as a consumer -- but the unfortunate reality is, it can't.
Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
In the wake of the recent Target data breach scandal, with more than 70 million affected consumers, many people have begun to truly question how exactly they should be paying for everyday goods and services. There are a number of reasons you should never use your debit card, largely all stemming from the reality that debit cards provide fewer rights and protections to consumers.

As a result of countless factors, the thought of a credit card still makes many people uneasy, and it's easy to think that a simple solution is to just select "credit" after a purchase and think that the debit card has now become a credit card, with all the rights, protections, and benefits, but none of the potential drawbacks.

Unfortunately, there is one major problem, and what you select after that purchase has no impact on your rights as a consumer. And it is vital for all consumers to know that simply selecting "credit" on the PIN pad after a purchase doesn't transform a debit card into a credit card.

The truth of running debit as credit
The lines between debit and credit cards are blurry because you can run a debit card as a credit card. However, even though the transaction is logged as credit, as the Federal Deposit Insurance Corporation puts it, you are still "authorizing a debit (withdrawal) from your account, not a credit card transaction."

In reality, one of the only differences between running a card as debit or credit is the time in which it takes the transaction to flow through to your account. When a PIN is entered, the money is immediately deducted -- or debited -- from the account, whereas if credit is selected, the payment goes through the credit card network and the payment is withdrawn within a few days.

I recently spoke with Jason Oxman, CEO of the Electronic Transactions Association. He said that selecting credit or debit simply affects "how the transaction is submitted to the network." In essence, the distinction between credit and debit at the point of sale has no bearing on what rights a consumer does or doesn't have. Instead it only changes the "rails" on which the money transfers from the consumer's account to the merchant's.

More fees to merchants
In fact, according to the Federal Reserve, even though on the surface they are seemingly the same, it actually costs merchants up to twice as much money in interchange fees -- what they pay for every transaction -- when a transaction is run as credit versus debit.

While it can be an easy thing to assume, the reality is that running a debit card as a credit card has almost no bearing on the individual consumers apart from the longer period it takes for the transaction to be reflected in a bank account. The reality remains that the best way to protect oneself is to monitor transactions that are posted to an account and call the bank or credit card company immediately if something looks incorrect.

What happened at Target is indeed a difficult and troubling thing, but all consumers can learn how to better protect themselves moving forward and ensure they are not victim to large-scale, or even small-scale, fraud.

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What Selecting "Credit" When You Run Your Debit Card Actually Does

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It's easy to think a simple push of a button can help protect you as a consumer -- but the unfortunate reality is, it can't. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

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Evenson

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It's a question we've all heard when shopping: " Credit or debit?" It seems straightforward, just the cashier asking you what type of payment card you're using, but there's actually a lot more history to that question than you might think.

Debit and credit transactions are processed differently: Here's how MasterCard explained it in an emailed statement to Credit.com: When you use a debit card and your PIN (personal identification number), the transaction is completed in real time, also known as an online transaction - you authorize the purchase with your PIN and the money is immediately transferred from your bank account to the merchant. With a credit card, or using a debit card as credit, it's an offline transaction.

"The funds for offline transactions are deducted after the merchant settles the purchase with the credit card processor and typically take 2-3 days to be reflected in your account balance," MasterCard says.

Issuers used to charge merchants different fees for accepting credit cards than for accepting debit card transactions with a PIN. Before the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed, Sen. Dick Durbin added a provision, now called the Durbin Amendment, that restricted interchange fees to 12 cents per transaction. By the time the bill was signed into law, the cap was set at 21 cents, much lower than the previous average of 45 cents per transaction. (On Jan. 20, the Supreme Court declined to hear retailers' challenge to that 21-cent cap.)

With the cap on interchange fees, banks saw their revenue source for things like debit card rewards and free banking dry up, which is why you're unlikely to find those things these days.

"There's several thousand community banks and credit unions, what the act refers to as unregulated, who can actually charge greater interchange on transactions," said Nick Barnes senior vice president of retail banking at ACI Worldwide, a payments system company. The Durbin Amendment only impacted financial service providers with $10 billion or more in assets. "That's why you go to these tiny banks you'll still see free banking and debit rewards."
Should You Choose Debit or Credit?
Credit cards and debit cards are very different products, each with their own advantages and drawbacks that should influence when and how you use them. As for hitting the "credit" button when you're using a debit card: It doesn't really matter.

Other than the changes banks may have made as a result changing interchange fees, choosing to use a debit card as credit doesn't really impact you. You often have the choice to use your debit card with or without the PIN, and how you use it is a matter of personal preference. Running a debit card as an offline transaction still ends up doing the same thing - taking money from your checking account - and it doesn't help you build credit, like using a credit card does.

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What Happens If I Swipe My Debit Card as 'Credit'?

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It's a question we've all heard when shopping: " Credit or debit?" It seems straightforward, just the cashier asking you what type of payment card you're using, but there's actually a lot more history to that question than you might think.