The Federal Reserve just recently announced another increase in the federal funds target rate which for consumers means an increase in the prime rate. Additionally, the Fed has indicated there could be three to four more increases this year. There are consequences for everyone when prime rate increases.
People who are in financial distress often don’t realize there is a problem until it is too late. They miss the warning signs and the financial behaviors that might predispose them to big problems. Early detection is key in keeping financial problems from spiraling out of control.
If you’re looking for a fresh start in your finances, or even a few reminders to help you stay on track, we have 3 simple financial rules you can follow!
Everyone makes hundreds of financial decisions in their lifetime and no one ever makes them all correctly. However, there are a few mistakes that everyone needs to avoid to avert financial catastrophes. These are decisions that can have long lasting consequences.
One of the most difficult financial decisions is determining when to use debt and when savings would be more appropriate. This is usually followed by deciding what type of debt is most appropriate for each lending situation. Deciding to go into debt and the type of debt that you will use are extremely important decisions that can impact your financial future for a long time.
It's possible that more than your house that can use Spring cleaning. If you are like most people, your finances could probably use a little work as well. Now is a great time to start and the most of the items on a financial Spring cleaning list can be completely in less than 30 minutes.
Life brings several opportunities to spend money and for most of us this requires a choice on how we are going to pay for what we buy. There are really only two options, borrow or use cash. The choice you make for each type of spending will be a major factor in your long term financial success.
Making poor financial choices is something that most everyone will make in their lifetime however, a few financial decision you might regret forever. There are a few financial mistakes that should be avoided because there is no easy way to remedy the situation if you make these mistakes.