The Alexandrite Group: Money Coaching Tips and Ideas for November 2011

Posted: Friday, November 04, 2011

Family or Friend Need Budget Help?
Do you know of a someone who may be struggling to pay their bills, but have not yet adjusted their lifestyle? A concerned family member or friend may help support them for awhile; however at some point, they probably will become frustrated with how they spend money.

Often times, the best way to approach this issue is to hire an outside professional who can assess the financial situation and make recommendations. Traditionally, this role may have been a tax account or financial advisor. However, monetary decisions are not always black and white, and for any professional to say "stop spending" does not address the underlying issues. Working with my clients, I find a mixture of listening and providing advice yields the best results. Why not consider offering to pay for a few financial counseling sessions with a professional as an alternative gift this holiday season? Benefits derived from counseling sessions will be seen well into the future.

Call today 201-447-1137 or email Diane Nissen Friedman to discuss how I can help you and your family or friend to make better monetary choices.

What is a debt management plan?
A debt management plan (DMP) is a way to pay off a substantial amount of outstanding credit card debt that is offered by credit counseling agencies. The purpose of a DMP is to combine all outstanding unsecured debt, including hospital/medical bills into one monthly payment. Usually, the payment is made to the agency, and the agency disburses the payments to the creditors.

Credit counseling agencies are nonprofit and may charge a small amount. The downside is that you may not be able to open any new line of credit until the debt is paid off which can take from three to five years. However, since you are paying off your debt and not requesting forgiveness, having a DMP does not negatively impact your credit score.

Caution: stay away from debt settlement companies that offer to reduce your outstanding debt. A debt settlement can do serious damage to your credit score.

Learn more about dept management plan, visit the National Foundation for Credit Counseling.

Money Saving Tip for November 2011
Perhaps you are no longer having the family over for the holidays, and do not know what to do with your extra dishes. Or maybe you want to set a pretty table for the holidays, but broke the special plate you need? Buy or sell your china, silver, and crystal by visiting this popular website called Replacements.

You can "like" the Alexandrite Group on Facebook. This site can keep you updated on personal money coaching tips throughout the year.

The Alexandrite Group LLC

Diana Nissen Friedman, CMA
Budget Advisor for Individuals, Families, Small Business Owners

115 Pine Street
Suite 207
Ridgewood, NJ