Oftentimes we are terrified of credit. Credit cards, credit companies, credit checks. Credit has become a waking nightmare for many people.
If managed well though, your credit can be one of your best assets. Your credit rating is like your financial resume that someone else writes for you.
You may not have the ideal financial history, but it’s always better to start being financially responsible sooner rather than later. So start now!
This means making payments on-time and being aware of where your money is going and how it is getting there. It’s your money, you need to be in charge of it!
credit
Are taxes emptying your pockets?
Tax day is coming up quick, and the rush to get ready is beginning. Everyone knows taxes can be very confusing to the average person – that’s why accountants get paid so much. But there are some common misconceptions about taxes that could make a difference to you and your finances. One of the biggest ones is tax brackets.
If you asked a random person out on the street what tax brackets are, they would probably say that the higher your income, the higher the percentage you have to pay in taxes. That is partially true. But because of this not-quite-accurate definition, many people misunderstand and say something like “I don’t want to have a higher income, because then I would be in a higher tax bracket.” In fact, that is an awful strategy.
The way the brackets work is a little more complicated, but overall it costs less money than the previous definition would lead you to believe.
Read the rest of this entry
From a nation whose savings rate was negative only a couple of years ago, the U.S. last year was up to a 4.6% last year and could reach as high as a 6.5% this year.
That’s quite the turn-around. And thank goodness. If money is power, saving money is empowering.
Savings Starts Somewhere
Since keeping financial secrets from your spouse can be a recipe for disaster or the other D-word, it’s best to start on these basics together. Who knows? You could fall farther in love over your finances. He might even find your healthy savings account tantalizing, and she may think your financial confidence is devilishly attractive.
So, what can you do to be part of the savers? This is the first part of a 5-part installment on becoming a Savings Superstar. For a little sneak peak at the general advice, keep reading:
-Know your plastic personality.
-Don’t trust yourself to pay yourself first.
-Deposit your paycheck and other money to your savings account.
-Limit yourself to one ATM withdrawal per week.
-When you make a credit-card purchase, record it immediately.
-When you subtract a check from your account, round up the amount.
-Toss your spare change into a fun savings bank.
-Bag the savings from brown-bag lunches.
-Pay yourself after you’ve paid off a debt.
-Give yourself a cooling-off period.
Do you feel empowered yet?