Credit Counseling -- The Good

[BkinTX]

Did you find your Credit Counseling sessions to be helpful or informative?

A lot of the information in ours was very basic, but I did find some of the tips to be new and useful.

A couple of ideas I liked:

- Using a 3x5 card in the wallet to keep track of expenses from different categories

Using cash has always seemed like a hassle to me even though I understand it can help avoid overspending. The card system seems like a good way to keep track while using debt.

- Prioritizing savings

The program suggested plotting out savings goals in short term (1-2 years or less), mid-range (2-5 years), and long-term (longer than 5 years) and then marking them as "want" or "need". The final step was to order them numerically by importance.

I used that system last night and it has made our savings plans much clearer. Previously I was overwhelmed by all I felt we needed to save for.

Another idea we've implemented, but that was not in our session, is a dry erase board posted in a visable area for tracking spending.

We put the bi-weekly "general fund" amount at the top and subtract as we go through the week. A glance at the board tells us how much we have left out of our budgeted money.

It really helps with communication since we both use our debit cards.

I would love to hear what others have learned and implemented from their counseling sessions or their own personal finance management.

I feel optimistic about our financial future for the first time in YEARS!!

[MixerDriver08]

Yes I have to admit it has helped my wife and I to begin to get things back on track. We approached it as just a required part of the process but we soon realized that what was being taught was very important. My wife and I even opened a savings account, for the first time in 5 years and it felt great. We have our short and long term goals clearly defined. We budget every red cent of our paychecks, we know what we have and where its going, ie mortgage, utilities, vehicle expenses, household ect. It took a little time to get used to it but it is already paying off. Doing bills is no longer a gut wrenching experience. And BKinTX we too are optimistic about our financial future and most importantly we are in control of that future.

[JoeBankrupt33]

I took the post filing course online at cfefa because it was $15 for a couple (or just 1 person). The course was really bad in my oppinion, but it did satisfy the requirements. They had a bunch of mistakes in there. In one instance, they said that a credit card with a $500 balance and an 18% interest rate charges you $90 per month in interest, while the minimum payment is $10, so you are getting in the hole another $80 per month (it is actually $90 per year, not per month). I just can't beleive that they publish this stuff and get paid for it. They may have had some good points, but I was angry watching because it was BS.