Tag Archives: discounts

How procrastination can literally cost you

Just about everyone likes to delay unpleasant tasks for as long as possible—after all, why would you want to clean your house or take care of boring errands when you can take a nap instead? Procrastinating from time to time likely won’t result in anything terrible, but when it comes to certain things, it can literally cost you money.

Bills

Rent, electric, cable? Eh, you’ll get to them later and when you feel like it. The problem with putting off your payment obligations is that you might forget about them completely, and it won’t be until you come home to a dark home and an eviction notice that you’ll remember them again. Even if you miss payment deadlines by a few days, you’ll likely need to pay late fees, reconnection fees, and so on. Take care of your bills right away or put them on automatic debit to avoid these costly consequences. 

Sales

Missing out on a good sale or forgetting to use an about-to-expire coupon isn’t a big deal if it’s something you don’t need, want, or use. But if you know there’s a limited-time, money-saving opportunity for something you’ll inevitably purchase at full-price anyway, why would you want to miss out on the discount? For many people, taking the time to go to the grocery store or wherever they need to go just isn’t on the top of their to-do list, but it’ll cost you if you do procrastinate and miss out.

Saving

A lot of people put off setting a budget that allows them to contribute money to their savings account. Maybe you tell yourself that you’ll start saving when you make more money, have less debt, win the lottery, etc. But you’ll want to begin saving whatever you can right away, even if the contribution is small, and even if it means making a sacrifice to make it happen. Over the years, the savings will add up, and you may really need that money one day—whether it’s for retirement, a down payment for a home, or to take care of an emergency. Without any money in savings, you might find yourself in a very difficult situation and turning to other expensive alternatives.

Work and school

If you’re constantly putting off projects at work and failing to meet deadlines, it can cost you your job and that steady paycheck. If you’re a college student, you’re probably the master of procrastination, but that doesn’t mean it won’t catch up to you. Not studying for tests or completing assignments until the last minute can mean bad grades, which can result in you failing your classes. With the amount of money that it costs to go to college, the last thing you’d want is to throw that money right out the window by procrastinating and failing a class.

 

Are you receiving structured settlement payments, but need to receive your money sooner? Contact J.G. Wentworth today to learn more about selling future payments for a lump sum of cash.

Nothing contained herein is intended to be, and you should not consider anything contained herein to be, investment, accounting, tax, or legal advice. If you would like investment, accounting, tax, or legal advice, you should consult with your own financial advisors, accountants or attorneys regarding your individual circumstances and needs.

Want to apply for a store credit card? Consider the pros and cons first

You’ve got a lot of choices when it comes to credit cards, and whether it’s your first credit card or you’ve been using credit cards for years, you may have considered opening up a department store credit card. Every credit decision should be thought about carefully, so before you apply for a store credit card, consider some of the pros and cons. First, let’s think about the possible advantages:

Easier to qualify for

Want to open up a credit card, but you have bad credit or new credit? You may have better luck with a store credit card, as these types of credit cards are usually easier to qualify for. With that being said, getting turned down for a store credit card can sometimes mean your credit score has really hit an all-time low and maybe you should give the plastic a rest for a while.

Discounts

You’ve probably been chased down by a sales associate at least once trying to convince you to open up a store credit card because you’ll save money on whatever you buy that day. These discounts will usually range anywhere from 10 to 20 percent, but can vary from store to store. The discount could be worth it if you’re making a big purchase and will be saving a significant amount of money.

Early access to sales and exclusive savings

Not only do you usually receive a sign-on discount when you get your store credit card, but as a cardholder, you’ll frequently receive access to other perks as well. One benefit that is commonly offered is sale prices and discounts that other customers can’t receive, or access to sales before everyone else. Well, before the non-cardholders, that is.

Maybe that is enough to sell you on store credit cards, but not so fast. You’ll also need to think about some possible disadvantages:

Limited use

If this is going to be your only credit card for a while and you don’t make a lot of cash purchases, you might find that you’re getting sick of shopping at the same store after a while, but also feel that you have no choice if your store card also doesn’t double as a Visa or MasterCard. Even your favorite store can get a little old after a while, and you might end up spending a lot more there than you really want to.

High APR

There’s a reason why store credit cards are some of the easiest to qualify for: their APRs are usually higher than most credit cards. Unless you plan on always paying your balances off completely, you may end up having to pay a lot of money in interest.

Low credit limits

Interest rates tend to be high, and credit limits tend to be low, unless you’ve got pretty good credit. This means you might have enough money to just buy a pair of pants, for example.

 

If you’ve thought about applying for a store credit card because your credit is only so-so, you may want to explore your other options, such as prepaid cards. At J.G. Wentworth, we offer prepaid cards regardless of the applicant’s credit score, and they can be used anywhere that traditional credit cards are accepted. Contact J.G. Wentworth today to learn more about our prepaid card program!

Nothing contained herein is intended to be, and you should not consider anything contained herein to be, investment, accounting, tax, or legal advice. If you would like investment, accounting, tax, or legal advice, you should consult with your own financial advisors, accountants or attorneys regarding your individual circumstances and needs.