No matter what stage of life you are in right now, there are smart financial moves you can and should be making to improve your financial situation. Not making these moves doesn’t necessarily mean your financial outlook is bleak but it can make it much more difficult.
One of the most important lessons your college students needs to learn is how to be financially savvy. Hopefully, you had the opportunity to share important aspects of being money smart before your child headed off to college. Regardless of whether you did or didn’t, when you see them for Fall or Thanksgiving break, here are a few tips to help you discuss smart financial habits with your student.
Your credit or FICO score as it is commonly known, is a very important score to understand. You should be aware of many aspects of your credit score but four of the most important are listed below. The more you understand about your credit and how your actions impact the score the better prepared you will be to improve and keep your credit score at a level that lenders will give you the best rate and the loan amounts you desire.
We all know it is important to build our savings and the positive impact that developing a savings habit can have on your overall financial success. With the US household savings rate still hovering around 8% according to the US Commerce Department, it is clear that not everyone is saving as much as they should be saving.
Being financially successful requires making important decisions and taking the correct actions in every decade of your life. Some of the actions are very critical to your longer term success and are the reason they need to be taken earlier in your life. Others are strategies to implement as you are moving into and living in retirement.
Even though there are several important financial events in your life, your retirement is the single most important financial step in your life. Preparing for this event shouldn’t start a few years before it happens.
During your lifetime you will certainly spend more than you should, not save enough or make some other poor financial decision. The little mistakes might not seem important but any money mistake can lead to bigger problems if not fixed.
September is National Preparedness month and an important component is being financially prepared for all of the life events that can come your way, expected or unexpected. It starts with understanding how different life events might impact your financial situation.