Hello, Everyone! I did a day-and-a-half trip to Nashville to speak at Belmont University this week, and I had a ball! I was invited to the campus by Dr. Syb aka The Multimedia Maven, and I am so thankful. While in town, I got to do promotions at the local Fox and CBS stations. True fact: Oprah cut her teeth at the CBS station I visited! I was in the presence of greatness!
So my speech topic? Money is Overrated: Seek Value for True Success! Yes, that speech may sound a bit wild coming from a personal finance blogger, but I mean every word of it. Money comes and goes, but doing what’s invaluable to you is the key to life.
I think the speech went alright. A few students started following me on Twitter, they asked questions and no one threw a tomato at me!
Back to the speech. A student in the audience, Greta Crouch, was a champion and live-blogged the whole speech on her fashion blog. Can I tell you how happy that makes me? Anytime I see young people (makes me sound old) getting into the social media groove, I’m smitten!
On this blog I want to share two of the questions asked so that everyone can learn! Sharing is caring!
Question: How can I find a lower rate for my credit card?
Frugalista Answer: I’m a big fan of the Credit Card Connection website. I’ve had the owner, Ondine Irving, in some of my Twitter #dealchats and she’s fierce. She’s been featured on Suze Orman’s show and she’s a big fan of credit union cards. Her site helps you find the RIGHT credit card union cards. Not all credit unions are reputable. Credit union credit cards tend to have lower rates and fewer/lower fees if you are late with a payment. Once I was late with a credit card payment and my credit union actually called me to find out what happened. I explained that I forgot to pay and that the check would be in the mail. I got no late fee. Also, bankrate.com let’s you know what deals are out there on interest rates on credit cards.
Question: I’m graduating soon and I have a set income. How do I set a budget?
Frugalista Answer: Every person has a different financial profile so there is no one answer. I suggest not spending more than 25 percent of your income on housing. Also, if you have to purchase a car, try not to finance for more than four years. Try to save 10 percent of your income. If your employer has a retirement plan, consider entering it. Also, cook more meals at home than dining out during the week.
Financial writer Liz Pulliam Weston has written about the 50-30-20 budget. In a nutshell: 50 percent of your after-tax income goes to “must haves” (transportation, insurance shelter); 30 percent goes to wants such as vacations, gifts, entertainment; 20 percent goes to your savings and debt repayment.
What tips do you have for budgeting? What tips do you have for getting a better rate on your credit card! Talk to me!