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Using credit responsibly is an important part of a sound financial plan because your credit score impacts your ability to make almost any big financial purchases. Be sure to pay your bills on time, every time, and try to keep your balance well below the limit of the card. Pay attention to the ratio of how much debt you currently have to how much you can borrow. This number should stay below 30 percent or it can negatively impact your credit score.
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Saving for retirement should be another top priority. When investing long-term, you’ll want to consider putting your money in something other than a standard savings account that has tax benefits. The most popular accounts that can allow your money to grow tax-free until you are older (hint: age ...
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The world of finance is complicated, but money is a necessary part of life. You don't have to understand everything, but in order to stay financially secure, you need to keep learning about tools and resources you can take advantage of to make what you have work hard for you.
Take stock of ...
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Don’t put yourself in a situation where you have to rely on credit for unexpected expenses. One of your top priorities should be building up your emergency savings. As a guide, experts recommend saving at least three to six months’ worth of living expenses.
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Having a financial plan is about more than figuring out how much of your paycheck is left after the bills are paid. Your plan starts with thinking about what you really want to do. What goals do you have? Do you want to travel? Buy a house? Own a business?
Being successful, whatever that me...
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511 reads
One of the biggest mistakes people make when getting their finances in order is becoming too strict. If we constantly deny ourselves the things we love the most, we will eventually cave into the pressure and make mistakes.
Studies have shown that willpower is a limited resource — you can on...
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410 reads
Housing costs are generally the most significant part of everyone's budget, as well as a major emotional investment. The search for the "perfect" home can easily extend your budget beyond what's really comfortable.
When setting a housing budget, be sure to include all fixed costs and consid...
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280 reads
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I am an intro-extrovert. Love to read books, listening music, thinking of new ideas. I admire the trendy technology.
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Carrying credit card debt is a great way to negatively compound your net worth. But credit itself is important.
Likely the biggest expense over your lifetime will be interest costs on your mortgage, car loans, student loans, etc. Having a solid credit score can save you tens of tho...
Interest Rates: Comprehend how interest affects loans and credit cards
Credit Score: Learn how financial behaviour impacts your credit history
Avoiding Debt: Practice responsible spending to avoid unnecessary debt.
In case you have a lot of debt to shoulder, start paying off the most expensive one.
The credit card has been regarded as the most expensive form of debt. As soon as your salary gets credited each month, pay off your credit card balances in full. Don’t fall for the lure of paying off the m...
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