Specialized Consumer Strategies - When to Spend and When to Save

It can be tricky to know exactly what is a good use of your hard-earned money, and what is not worth it when it comes to making purchases. Specialized Consumer Strategies works with their clients to help them create a stable budget and avoid problems like debt and bad credit. Many people struggle to save money, especially when they are consistently tempted with potential purchases that seem like a good idea. However, there are a few easy ways to evaluate whether or not a purchase is a smart move for you and your wallet.

The first is to ask yourself, how often will I use this item or experience? You can then take that number and divide it by the price of the purchase to determine the cost per use. For example, if you are contemplating buying a new winter coat for $200, and you plan on wearing it roughly four times a week from November to March (20 weeks) for two years, then your cost per wear would be only $1.25 (200 / (4 x 20 x 2)). This would be a good purchase, because even though it is expensive, you are really getting your money’s worth out of it. However, if you are buying a new cocktail dress for $200 and you only plan on wearing it three or four times, then this is not a good investment because the cost per use is very high. It is also important to consider what else you need to purchase in the same time period and how much income you have coming in. For example, if you know you will be getting a bonus soon, then it is okay to spend a little more on something that might usually be considered frivolous, but it you are trying to save for a car, now might not be the best time to buy that designer bag.

Specialized Consumer Strategies - Why Interest Rates Matter When Choosing a Credit Card

Specialized Consumer Strategies provides debt management and budgeting services to clients looking to improve their financial situation and save money. One of their biggest focuses is educating their clients on credit and the importance of having good credit and using credit cards wisely. Too often, people use credit cards as a financial crutch, and it is very easy to fall into a cycle of debt that is difficult to get out of. Because of this, it is important to consider many different things before opening a credit card.

One of the most crucial things to consider when opening a credit card is the interest rate on the card. Many people open new cards without really thinking about the interest rate and what that means for their spending. Cards with very high interest rates will often end up costing you more money than they are worth, especially if you only make your minimum payments every month. Store credit cards are especially notorious for having high interest rates and should be avoided at all costs.

To avoid paying any interest at all on your credit purchases, you should pay off your entire balance every single month. However, in this economy, that is not always realistic for everyone. If you know that you cannot pay your entire balance off every month, you need to be sure that you have a card with a low interest rate, and focus on budgeting so that in the future, you can pay off your entire balance. Specialized Consumer Strategies helps consumers find credit cards that work for them, and create budgets so that they can shop smarter.

Specialized Consumer Solutions - Easy Ways to Improve Your Credit Score

Specialized Consumer Solutions is a financial advising company that helps their clients get out of debt and live more financially stable lives. One of the most important factors for financial health is having a good credit score. Having a good credit score can enable you to get loans and open credit cards easily, as well as make it easier for you to buy a house or car, among other things. However, many people unintentionally do things to hurt their credit score, or do not build up any credit at all, and they struggle to obtain the things they want in life because of it. However, there are a few simple things you can do that will have a positive effect on your credit score over time.

If you can, you should pay off as much of your credit card balance as possible every month, and keep the balance on your credit card low. It is also best to have just one or two credit cards that you use often, instead of several credit cards that carry small balances. Closing all of your credit cards that you do not need can give your score a boost.

Ultimately, you need to show creditors that you are responsible and can manage debt effectively. So even if you have made mistakes in the past, making payments on time every month and keeping your balances manageable will yield improvements in your score. Specialized Consumer Strategies Solutions works with their clients to help them improve their credit score and reach their financial goals.