In the month of February, we covered several personal finance topics. A review of this information can serve as a reminder – and it can also help solidify these concepts so you can apply them in your daily life. We’ve also include a credit rebuilding success story to inspire you.

Simplify product rebate apps

If you can save money on the products you plan on purchasing, that’s a win-win. Currently, iBotta is the most popular product rebate app, and it can be used in a variety of ways. You can use the app to find the offers you want, purchase those goods, and then take a photo of the receipt to receive cash back on your purchases.

An alternative method involves linking to your store loyalty card or using your phone number while shopping. A third way is to use the mobile in-app during the purchase process. Once advance of iBotta is that you can receive a cash payout in 48 hours. Dosh is another app choice, it does not require scanning receipts at all. However, you need to link your credit or debit card. Check51 is a great product rebate app for groceries. If you’re a health-conscious consumer, BerryCart helps you save money on nutritious foods (organic, gluten-free, vegan, dairy-free, etc.).

Title loans FYI

More than a few consumers turn to titles loans when they have an emergency. However, since your car is used for collateral, some companies won’t approve the loan if you’re still making payments on the vehicle. Other companies will allow you to use a car that you’re still paying for, but the loan amount will be based on the portion of the car that has been paid off. You must be the owner or the co-owner of the vehicle to use it for collateral. Also, even if you complete the application online, the car will have to be visually inspected at a local establishment. Title loans are typically 25% to 50% of the car’s value.

If you decide to get a title loan, be advised that the Federal Trade Commission estimates that title loan companies typically charge a 300% annual interest rate. Also, according to a Consumer Finance Protection Bureau report, 20% of borrowers had their vehicles seized because they were not able to repay their debt.

Romance on a budget

We celebrated Valentine’s Day this month, but don’t let this occasion – or any other event – be the catalyst for breaking your budget. There are several inexpensive ways to show your love. A homecooked meal or homemade baked goods are two examples of gifts from your heart – and hands. Also, the Dollar Tree has decorative, helium balloons inscribed with various phrases (Happy Valentine’s Day, Happy Birthday, Happy Anniversary, etc.), in addition to cards, gift bags, and tissue paper.

This is also an excellent place to get products to make your own spa gift package with such items as bubble bath, shower gel or bar soap, bath salts, lotion, body butter, candles, and Loofah sponges.  Place the items in a planter, wire basket, or shower caddy – which can also be purchased for only $1.

Raeshal Solomon’s credit rebuilding story

In 2012, Raeshal Solomon, a young, single mother, was over $400,000 in debt and she had a terrible credit score. Fast forward to 2018, and Solomon has $30,000 in debt and a good credit score. So, how did she reduce her debt and rebuilt her credit?

First, Solomon sold her house. “I was house poor – my mortgage was sucking the life out of my budget, so it had to go,” she says. “Then I found a government program I qualified for to get rid of my $90,000 in student loans.”

Those two actions slashed Solomon’s debt in half, but she realized that she needed to do more.

“I had to discipline myself to manage my money,” Solomon explains. “I learned how to negotiate with creditors so that I could settle some of my debts to dollar amounts I could afford.”

Solomon says that the process of negotiating with collectors can be very emotional, and she was often angry or even at the point of tears, but always made sure that the person on the other end never knew this.

And now, Solomon is focusing on her credit score, and her goal is to have a score of 750 or higher. So, what are the steps that she’s taking to reach this goal?

“I never make a late payment, and I pay my debts in full every month.” As a result, Solomon says, “I no longer have collections from negative accounts reporting.”

Solomon realized first-hand how mismanaging money can lead to major financial problems, and she’s committed to making sure that her two sons don’t repeat her errors. She self-published the My Little Banker series of financial management books for children. The books include lessons on saving, spending, giving, and other personal finance topics.

Solomon’s story demonstrates several rebuilding credit basics. For example, she was committed to making the necessary changes. Sometimes, this includes downsizing a house/vehicle; other times, it involves the discipline to cut back in other areas to ensure that bills are paid on time. Solomon also took aggressive steps to discover how she could get her debt forgiven or settled, and she set financial goals.

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