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The Best Ways to Increase your Credit

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Credit is one of the trickiest facets of the modern world. It is the cause of much pain, anxiety, and stress. If you have been struggling with debt and have a bad credit score, you aren’t out of luck. There are many ways to raise your credit and work towards financial health. It is important to keep this goal in mind if you currently have a bad score. Some of the methods to raise your credit may seem counterintuitive. Credit is the process of showing you are good to borrow money. When you prove you are trustworthy with funds, you’ll have the opportunity to raise your score and improve your overall financial standing.

Join a Credit Union

If you have an in at a credit union, you should most definitely utilize this ability. While it may scare you to apply for a credit card, if you have the chance to get a credit union credit card, it can really help you improve your score. Not only do credit unions have better interest rates, they do not punish you for paying what you owe back early. Credit unions are much more manageable when it comes to borrowing. If you have the opportunity to raise your credit score using a credit union, you should take advantage of it. Just make sure to pay everything off immediately and your score will go up in time.

Consolidate your Debt

Another way to increase your score and get rid of money you owe is to consolidate debt. When you owe multiple creditors money, putting these into one place will give you a monthly payment you can handle. This is vital because you want to get a hold on what you owe and stick to the payments, but it is crucial to pay more than the minimum. Working with a debt consolidator will help you understand what you should pay before you consolidate what you owe and how much you need to pay every month to get this off your back. There are many debt consolidation options. If you owe multiple entities money, take the next step by consolidating it and giving yourself a chance to pay debt back.

Lease a Car

If your credit isn’t great but you can be approved for a car lease, it might be a good way to increase your score and kill two birds with one stone. When you need a car but can’t afford to buy a new one, leasing is an option if you get approved. This applies to people who have a good score but want to increase it. When you have the ability to lease a car, you should make payments on time and never pay the minimum if you can avoid it. Always pay off what you can and you’ll watch your credit score go up. When you are able to get approved for loans, you will have the chance to use it to your advantage.

Save Save Save

When you are trying to bring up your credit score, it is important to have money in the bank. You won’t be able to pay off debts if you don’t have a solid foundation to pull from. It’s so crucial to keep up with payments and always avoid the minimum. However, this is very difficult if you don’t have some money to use. Living paycheck to paycheck makes it nearly impossible to get rid of debt. That’s why it is so important to save money. Don’t give in to the impulse to make yourself feel better in the moment. It won’t help anything. Every time you want to spend money on something you don’t need, just think that it will help you get out from under your debt and raise your credit score that much faster.

Getting rid of debt and raising your credit score is not often easy. It can sometimes feel impossible. The most important thing is that you have money saved up and more coming in. Then you will be able to look towards the future and utilize your money to pay off debts and increase your credit score by taking on new ones as you can. It’s a complicated modern world when it comes to credit, but you can do this. You can get out of the hole that is a low credit score.

Managing the Family Budget

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All parents need to organize the family’s finances, and sticking to a budget can be tricky. There are always some unforeseen expenses, whether it’s that the kids need something for school or you need emergency home repairs. While you can’t avoid these bumps in the road, sticking to the budget the best you can for the rest of the time is what will help you feel a little less concerned about your finances. Below are a few tips if you’re trying to figure out your family’s budget and how you can save even more.

Save for Christmas

As the holidays are just around the corner, it seems like they’re worth a mention, especially as this can be one of the most expensive times of the year for people. Getting involved in the festivities is part of the fun around Christmas, but if you are trying to stick to a budget seeing the funds deplete from your bank account is only stressful. To make things a bit easier and to allow you to enjoy the jolly season, open a separate saving account for Christmas or whichever holiday you celebrate, and put in a little bit each month from the start of the year. You could also do this for your family’s summer vacations too.

Meal Plan

Life is very busy, especially if you’re trying to balance a career with raising a family. Sometimes it feels as though you don’t get a moment to yourself, which is why a lot of people might end up going to the grocery store and picking up random things for dinner while they’re in a rush, or ordering take out. To avoid wasting food and to help you stick to your budget, take the time to plan your family meals before you go grocery shopping and only buy the items on your list. This will also help you to keep your family eating balanced meals throughout the week.

Use Coupons

If you’re trying to make some cutbacks on your spending but aren’t sure where you can, think about finding some coupons or taking advantage of discounts at the stores you like. They’re easy to find online and could end up saving you a lot of money; some even offer cashback promotions, which is even better. You can even make more money if you use this RobinHood gift card and invest.

Sell Old Stuff

Do you have things lying around in the house that are in good condition but you never use? Things like kids’ toys that are no longer played with clothes, electronic devices, etc. If you want to make some extra cash to help with your family saving plan, consider selling some of your unwanted possessions online. It’ll also help you declutter your home, so it’s a win/win situation.

Life can get expensive very quickly, and when you have a family to support, this only adds to the financial pressures. However, using some of these simple tips could help you manage the family budget a little easier and hopefully help you save up for the big things in life.

4 Smart Spending Habits to Develop ASAP

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When people talk about making smart financial decisions, they almost always discuss money-saving tactics. Of course, finding ways to cut back or cut down on expenditures can make it easier for a person to manage their debt and pay off bills. However, the reality is that developing smart spending habits can prove just as beneficial. Indeed, learning how to be a savvy consumer can do wonders for your long-term financial stability. With that in mind, today we’ll explore four smart spending habits that everyone should work to build right away. Check them out here:

Stay Patient

Have you ever felt compelled to make a purchase? Or have you ever bought something on a whim and then regretted it later? If so, then know  that you’re not alone. While impulse buying is fairly common, it is nevertheless a bad practice –– particularly for people on a tight budget. Given that fact, it’s important for all consumers to exercise patience when considering their purchase options. Give yourself at least a few days to review serious purchases and never rush to buy a product or service you don’t need.

Engage with Businesses

Modern businesses value customers that reach out and engage with them. In fact, they value customer interactions so much that they may be willing to pass along discounts or special offers to consumers who communicate with them. For example, pharmacy customers might be able to earn discounts simply by filling out a survey about their last shopping experience. If you’re looking for a good deal, don’t be afraid to speak directly with local businesses.

Become Brand Blind

Attachment to a certain brand could end up costing you hundreds –– or even thousands –– of dollars in unnecessary upcharges over a long period of time. Whenever possible, ignore brand names and advertising messages and compare products and services in an objective fashion. Often, you’ll find that the “name brand” is overpriced or over-hyped.

Maximize Positive Impact

Believe it or not, your spending power can go a long way. That is, provided you know how to stretch it. Whenever you’re making a purchase decision, be sure to consider how you can get the best bang for your buck. For instance, purchasing a piece of equipment might cost more than renting it. However, if you use that product on a regular basis, purchasing it will end up costing you less than renting it again and again. What’s more, consider how your purchases will affect others. Don’t ever forget that even a small act of charity can make all the difference for someone else. Keep that vital money lesson in mind the next time you’re faced with a choice of how to spend your hard-earned capital.

Saving Money on Your Next Long-Distance Move

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Whether you are buying your first, second, or third home, each move is expensive. The cost could double or even triple if the move is made across the country. The good news is there are several ways to lower your expenses.

Rent a truck or Hire a Professional Moving Company

Driving a truck loaded to the max across the country can cause an abundance of stress. Whereas hiring professional movers takes the worry off your shoulders. However, if your budget is skinny, hiring a moving company can cost thousands on its own. You need to weigh the pros and cons and then come to a final decision.

Advantages of Hiring Movers

There are some clear advantages to hiring movers. First, you won’t have to drive a big truck through traffic and suspect roadways. Second, if you opt for their insurance, you won’t have to worry about the damage that may occur during transport. If there’s something of value such as antique glassware or your mother’s pearls, pack a separate box and bring them with you. Another advantage is that they will pack up the truck and remove everything from the truck into your new home.

Reducing the Estimate

Every company will provide you with a written estimate based on the information you provide. Naturally, if any of the info changes, the cost can increase or decrease accordingly. Most estimates include a charge for packing a set number of boxes. If you opt to pack up the boxes yourself, you can lower the final cost. The written estimate will also include a fee for the supplied boxes. However, if you decide to acquire the boxes on your own, that amount comes off the bill. You can find boxes for free at retail stores, supermarkets, and liquor stores.

Move During the Off-Season

Moving companies charge different rates throughout the year. During their peak season, May through September, you can expect to pay the most. However, if you schedule the move from October through March, you’ll pay less. It’s all about supply and demand. To save even more, schedule the move for a weekday versus over the weekend.

Take Only What You Want

Everything that you take along is going to occupy space on the truck. The more room you use, the higher the fee. Before contacting a moving company, figure out what you want. Clean out the basement, the garage, and the attic and start the process of decluttering. Anything you no longer use or need set aside. Return to these items a day or two later, and if you’re still on the fence about bringing them, leave them behind. You can sell, donate, or contact a junk company to haul them away. You can use the profits on the items you sell to help fund your move and the donations as a tax deduction.

Moving Container

If you decide that hiring a moving company is not in your budget and you don’t want to drive a truck for more than a thousand miles, a moving container may provide a good fit. Moving containers have a price somewhere in the middle. One advantage of having a container delivered is that you have time to pack up at your leisure. The company simply drops off the container and you give them a call when it’s ready for pick up. They also deliver it to your new home when you’re ready. This lets you get the fine cleaning done ahead of your things.

Moving can be emotional for you, your spouse, children, and pets. You can remain excited and move for less if you reduce your inventory, find boxes, pack yourself, and choose the moving date during the week in the off-season.

Money Lessons Every Teenager Should Learn Before Graduating

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Once your child enters high school, you’ve only got a few years before they become adults. Whether they plan on going to college, traveling the world for a year, or applying for a job right after graduation, having a clear understanding of financial management practices will help them along their journey. Besides putting coins in a piggy bank and paying for things they want, you must teach them the following:

Earning Money

You may have provided your child with an allowance for getting good grades on their report card and completing household chores, but now it’s time to take things up a notch. Your teenagers need to understand that mom and dad aren’t ATMs. Teach them the importance of earning a living.

There are a few ways you can teach your teenager this financial lesson. If they’re old enough, encourage them to apply for a part-time job. If a job is not an option, show your teen how to turn their skills and talents into earning opportunities. They can cut grass, remove snow, walk dogs, babysit, or assist family members and neighbors with home improvement tasks.

Budgeting

While you wouldn’t expect your teen to pay the rent, utilities, or groceries, there are personal expenses they can cover. They may be responsible for their portion of the cell phone bill, special meals or snacks, and entertainment. When your teenager starts earning income, show them how to create a budget. This shows them that to survive, they have to be responsible with their spending.

Banking

Tucking money away in a drawer, under a mattress, or in a piggybank was fine when they were younger, but it won’t work in adulthood. Now is the perfect time to teach your teenagers about banking. Open a free checking account at the bank of your choice. Show your teen how to make deposits, write checks, and manage their accounts through online banking.

Saving

Whether for future purchases or emergencies, saving is an essential financial management practice to teach your teens. When you open a checking account, consider opening a savings account. Based on the budget you created, talk to your teen about setting a little money aside each week.

Credit and Debt

From credit cards to student loans, teenagers are inundated with credit offers to finance their future. Without proper management, however, these credit options quickly get out of hand. Therefore, talk to your teen about credit and debt. Explain how credit works, what it means to be a responsible borrower, and what happens if you aren’t.

Allow them to view your credit report so they can see how accounts and payments are recorded. Express the importance of paying bills on time and not taking on too much debt to keep their credit in good standing. You should also communicate the importance of good credit to obtain personal loans, a house, a car, and, in some cases, a career.

Fortunately, there are a lot of teen credit card offers you can take advantage of. The cards allow you to deposit cash in an account and use just as you would any credit card. Your teen then gets a hands-on experience on what credit is and how to manage it. The best part is, you’ll be there to help them.

Giving

The last lesson parents should teach their teenagers is giving. There are so many causes and people in need that could use the support. While there are several ways to give, donating money is at the top of the list. Ask your teen what causes they’re interested in or how they’d like to give back to the community. Then, show them how to donate to that cause.

There’s no reason why your kids should have to learn about money through trial and error. As you probably already know, this concept often leads down a path of destruction. Give them a headstart towards a great future by investing time in teaching them the financial lessons listed above.

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We left our home in Sydney, Australia many moons ago in May 2012 and, other than a brief stint back in Perth for Christmas and a wedding in early 2014, we have been travelling the world nomadically ever since, running a business from our laptops and we’re here to show you how to do it!