Managing credit card debt without resorting to new loans is a practical approach to regaining financial stability. First, it’s crucial to stop using credit cards and treat your existing debt as a loan that requires regular payments. This mindset shift can prevent further accumulation of debt. Next, consider finding a credit card offer with a…
Intentional Spending
Intentional spending is a mindful approach to managing finances, intentional spending involves careful consideration of where and how money is allocated. This practice encourages individuals to make deliberate choices about their purchases, ensuring that each financial decision supports their long-term goals, whether it’s saving for a home, investing in education, or simply enjoying life without…
Money management 101:
Guidelines for creating a budget The 28% rule (called the Front-End Ratio in the lending world): This widely used guideline suggests that your monthly housing costs including (mortgage payment, property taxes, insurance, and potentially PMI) should not exceed 28% of your grow monthly income. Please understand that 28% of your gross income is an industry…
Credit / Credit Scores
There are three major credit bureaus: Obtaining your free annual credit reports from all three major credit bureaus—Equifax, Experian, and TransUnion—is a vital step in managing your financial health. Since not all creditors report to all bureaus, discrepancies can arise between the reports. A lender might consider your creditworthiness using only one bureau’s report, potentially…
Family time
If you are looking for things to do as a family, there are a couple of books that I recommend reading and discussing as a group. The books below have a lot of valuable information in them; however, I’m afraid if you hand them to your middle schooler these books will not keep them engaged.…
Buying A House?
The Consumer Financial Protection Bureau has great resources if you are looking to purchase a home. Starting with warning you about Mortgage Scams all the way to guiding you through how to read the closing forms. You should never sign something you have not read or don’t understand. Please Note: Your loan officer works for…
Money Smart – A Financial Education Program by the FDIC
The FDIC Money Smart financial education program can help people of all ages enhance their financial skills and create positive banking relationships. First released in 2001 and regularly updated since then, Money Smart has a long track record of success. Featured Resources How Money Smart Are You? Learn about everyday financial topics through 14 interactive…
CFPB – Consumer Financial Protection Bureau
The CFPB has lots of resources for consumer education. There is so much information in each one of these links I could do a blog post on each link. But if I did that it would take forever for you to get the information, so I just posted the links that pertain to consumer money…