Monday, February 8, 2021
Saturday, February 6, 2021
When it comes to your financial health, you should be concerned with more than how much is in your bank account or how much you are earning alone. There’s another measure of your financial health that is just as crucial for long-term planning: we’re talking about credit. Here, we’re going to offer a reminder as to why credit is so crucial and, from there, look at the steps you can start to take to improve it.
The importance of credit
First of all, it’s important to remember what your credit score really is. It’s a numeric value that is assigned to you, as a person, by a host of credit organizations. Effectively, it’s a measurement of how reliable you are when it comes to sticking to the terms of a credit agreement, whether it’s a loan, a long-standing bill order, or otherwise. Your credit can dictate the terms of future loans you get. Better credit typically means better terms such as lower interest and more flexible payment periods. As such, if your credit score is too low, then you can expect to repay more for each loan compared to someone with a higher credit score, for instance. But how do you improve your credit score?
Make sure that you pay everything on time
The most important way to keep your credit score up is to make sure that you’re not falling behind on your existing credit arrangements. Don’t think about applying for anything else until you’re sure you have your current set-up in order. If you have trouble remembering to pay bills and can easily fall behind that way, then consider using apps that can give you bill reminders, or setting up accounts with your creditors that allows for automatic payments directly from your bank to them. If you’re using rolling credit such as a credit card, then you should make sure that you’re making frequent repayments, rather than just climbing out of the hole once you get deep enough in it.
Get out of unarranged debt
Not all debt is terrible for your credit rating, but that’s something to get into later. Unarranged debt, such as being late on bill payments or falling behind on your credit card can very much be detrimental to your credit score. If you’re deep into unarranged debt (i.e., debt that isn’t tied to a loan that you planned to take out, such as an arranged overdraft), then you should look at ways to get out of it. If you need to take advantage of a debt relief program, then consider making a move on it. The sooner you are out of debt, the sooner your credit score can start to heal again.
Make sure there are no false black marks on your credit report
Your credit report is a record of your past and existing credit arrangements. It is used, in part, to determine what your credit score will be. Every person has the right to access their credit report from one of the three major credit reporting agencies at least once a year. From there, you can take a closer look to see if there are any black marks, such as outstanding debts, that you should take care of. However, it is not uncommon for people to find that there are records that should not be on that credit report, such as late repayments that you don’t really owe, or records that, by rights, belong to someone else. If you see any records on your credit report that don’t make sense, it’s typically recommended that you get in touch with the company that filed the report in the first place.
Make use of your credit
In some cases, it’s not a low credit score that is the problem. You might not have much of a credit history, to begin with. That might sound like a clean slate to you, but most lenders and financial institutions are looking for someone who can provide proof that they are able to stick to their financial arrangements. Making use of low credit options such as guarantor loans, with someone else as a signatory, can help. You can build up your credit history by showing that you are able to stick to the letter of the loan agreement.
Mind your utilization rate
If you’re making use of any forms of rolling credit, such as a credit card or an overdraft, it can be healthy to use them and repay them again. Much like taking on a manageable loan, this is a way of building your credit score. However, you should pay attention to how much you are relying on these forms of credit and how “deep” you are into them. This is known as your credit utilization rate. Typically, a lower credit utilization rate will be better for your credit score. You don’t want to constantly be as deep into your overdraft as it allows. You should use it wisely, instead.
Thursday, January 28, 2021
Getting rich is a massive challenge. Not only do you have to have good ideas, but you also need to work hard for a very long time.
Virtually nobody makes serious money via get-rich-quick schemes. It often takes a decade or more of relentless perseverance.
But what if you want to use your time for something else and don’t want to give up the best years of your life to make money? Can you be rich without actually having a fortune in the bank?
Well, maybe.
Start Investing Early
The power of investing is quite remarkable. You can put away a small amount of money while you are young and then simply wait for it to grow over the subsequent years.
If you wait a few decades, you can wind up with a massive pile of cash at the end of it - way more than you ever expected you could make. Small investments of a few thousand in your early twenties can turn into millions by your late sixties when you come to retire.
Focus On Your Health
Being wealthy in terms of health isn’t ever guaranteed in life. You could get sick at any time. However, you can invest in your body and make it less likely that you’ll feel under the weather or acquire a serious illness. And that can improve your quality of life far more than money in the bank ever could.
Most people don’t realise the extent to which they can build health “wealth.” Choosing the right lifestyle strategies can add years to your life. And that gives you more time to enjoy it and accumulate interest on your investments.
Grab Deals Online
Many of the world’s wealthiest people live extremely frugal lives. Warren Buffett is a good example.
But why do they do this?
As Rich Dad, Poor Dad author Robert Kiyosaki puts it, it’s not about what you earn - it’s about what you keep. You can have a very modest income and still build tremendous savings throughout your life.
The trick here is to cut down on your spending in the present. Look for saving opportunities, like Aliexpress cashback, online. Find coupons, discount codes and bulk buy offers. And, if you know that there’s going to be a sale, wait for it to launch before you start handing over your hard-earned cash.
Cut Back On Your Big Expenses
Three things cut into your budget more than anything else in life: food, housing costs and transportation.
Think about how much money you spend on your mortgage or when dining out. It’s often a big chunk of your monthly budget.
And what does it really add to your quality of life? Not a great deal compared to building wealth, right?
Being rich often involves making conscious sacrifices that allow you to invest more of your money and increase.
Ask yourself whether you really need to live in a four-bedroom home if there are only two of you?
Be honest about whether you need a car or whether you could cycle or take the train?
Tuesday, January 5, 2021
Tuesday, December 22, 2020
Clarity Money: If you’re looking to improve your budget and reach your financial goals, Clarity Money is a great tool. With this application, tracking and managing your money becomes simple. You can access AI powered budgeting suggestions and even get your credit score.
Spending Tracker: With this personal finance application it’s simple to design a budget that works for you. Here you can log income, export transactions, monitor spending history, and so much more. Spending Tracker provides reports and interactive charts, so you can gain a clear picture of your spending habits. Other budgeting app options include Wally, Mint or YNAB.
Thursday, September 10, 2020
Do you constantly find that you are at war with your budget? It never seems to leave you with enough money at the end of the month? Well, you’re not alone. A lot of people feel this way when it comes to trying to push through on a tight budget and eventually, they just end up ignoring it or pretending it doesn’t exist. We’re here to tell you that you should never do this. Instead, you should learn to work with your budget because then it can become a true friend. Let’s figure out how to do this.
Check On It Regularly
A friend is only going to stay a friend if you put the effort in and don’t just rely on them to provide benefits. Your budget is the same. You need to make sure that you’re checking on and guaranteeing that it’s healthy and happy. It’s important to ensure that your budget never falls into the red on your watch which can happen. One of the easiest ways to do this is by setting up online banking with online banking, you’ll be in a great position to keep your budget healthy. You’ll always know if there’s an issue or problem that needs correcting.
Give It Rewards
You should also be giving your budget presents every so often in the form of extra money. You can do this by making the right choices about how you use and invest your money. For instance, rather than using a typical bank, you might want to explore credit unions. These can be more beneficial and help put you in a stronger position on the market. Credit unions provide great benefits to members in their community and this could include you.
It’s also worth looking at different side hustles. Side hustles can be great fun if you choose the right one. They can also help inject that extra cash that we were talking about into your budget. As such, they could be well worth a little effort. You just need to find a side hustle that you’ll enjoy or that you can invest your spare time into.
Don’t Cheat
Finally, you need to be careful about borrowing. While borrowing can be useful it can also mean that you are cheating on your budget. This will be the case if you are living past your means. This isn’t what credit is for. Instead, credit is for borrowing money you don’t have at the moment but that you will in the future. So, for instance, if you’re buying a holiday on credit, it’s important to budget and ensure that you can cover it based on your future earnings. Not budgeting for the future is a mistake that a lot of people make to their own detriment.
We hope this helps you understand some of the best ways to ensure that your budget works for you rather than becoming an absolute nightmare. A lot of people hate living on a budget but when used correctly, it can quickly become your best friend. A truly great asset in your life.
Thursday, August 27, 2020
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Source - CC0 License |
Friday, July 31, 2020
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Pixabay CCO License |
Friday, July 24, 2020
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Image Source |
Friday, July 10, 2020
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Image source |
Reason 1: Reduces Stress
Reason 2: Saves Money
Reason 3: Saves Time
Friday, June 12, 2020
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Image credit |
Minimize the Chance of Error
Maximize Your Tax Refund
Have Resources if You Are Audited
Thursday, March 12, 2020
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(Pixabay) |
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(Pixabay) |
Friday, January 31, 2020
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Image credit |

Infographic: Northeastern University's Online Masters in Taxation Program
Thursday, September 12, 2019
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Source - CC0 License |
Tuesday, June 11, 2019
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Image source |
Determining Eligibility for Chapter 13
Understanding the Process
Tuesday, February 5, 2019
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Photo by stevepb from Pixabay |
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Photo by mohamed_hassan from Pixabay |
Friday, January 18, 2019
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Image Source. Licensed under Creative Commons |
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Image Source. Licensed under Creative Commons |
Friday, November 2, 2018
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https://www.pexels.com/photo/person-giving-keys-on-man-1288482/ |
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https://www.pexels.com/photo/architecture-balcony-building-clouds-534182/ |
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About Me

- Eileen
- Left the corporate world to pursue a lifelong dream of being a successful writer. I am a daughter, a sister, a wife, a mom and grandmom enjoying everyday with faith and love in my heart as I go on this journey called LIFE.
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