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Budgeting is the cornerstone of financial health, providing individuals with a roadmap to manage income and expenses effectively. In today’s economy, mastering the art of budgeting is practical and essential for achieving financial stability and meeting your goals. Continue reading to learn budgeting tips that can empower you to take charge of your finances and build a solid foundation for economic success. Tip 1: Track Your Expenses...
Establishing credit from scratch can feel like an uphill battle when you're a young adult on a tight budget. But having a solid credit history is important when it comes to making a major purchase, such as a car or even securing an apartment. The good news is there are low-cost strategies to help you establish credit without breaking the bank. Key Takeaways Low-cost strategies for establishing credit with little to no credit history include:...
Your credit score is a three-digit number that can significantly influence your financial life. It's a snapshot of your creditworthiness, and it can determine your ability to secure loans, credit cards, and even housing opportunities. But what does your credit score really say about you? Key Takeaways Your credit score is a numerical representation of your creditworthiness and likelihood to repay debt based on your credit history. The factors...
A FICO® Score fluctuates due to various factors, reflecting changes in an individual’s credit behavior and financial circumstances. These scores are widely utilized by lenders to assess the risk associated with extending credit or loans to consumers. By evaluating factors such as payment history, credit utilization, length of credit history, new credit inquiries, and credit mix, FICO® Scores offer insight into an individual's financial habits...
Understanding your credit score can seem like decoding a complex puzzle, but with the right knowledge, it becomes much simpler to navigate. Your credit score holds the key to your financial health, influencing everything from loan approvals to interest rates. In this article, we discuss credit scores and decode the complexities that surround them. What Is a Credit Score? A credit score is a 3-digit number reflecting your creditworthiness. The...
During times of high inflation, rising costs can put consumers under greater financial stress. High inflation can make it harder for you to pay for the things you need, more expensive for you to borrow money, and slow down economic growth on a large scale. If you’re worried that inflation could negatively impact your credit, the good news is that your credit score is not directly affected by inflation or the state of the economy. But there are...
Do you have a great business idea but need funding to get it off the ground? SBA small business loans offer affordable financing and flexible repayment terms to help entrepreneurs launch or expand a business. Here we explain what an SBA loan is and how it works. What is an SBA Loan? What exactly is an SBA loan? To break it down, SBA loans are business loans partially guaranteed by the U.S. Small Business Administration. Because they are less...
As tax season approaches, many individuals may find themselves grappling with the reality of owing money to the Internal Revenue Service (IRS). Whether due to unexpected income sources, insufficient taxes withheld from each paycheck, filing incorrectly, or missed deadlines, tax debt can quickly accumulate. This can often leave individuals feeling overwhelmed and uncertain about how to regain control of their financial situation. Fortunately,...
Between the beginning of the year and mid-April, tax season is in full swing and many people are quickly going to tax professionals to either pay their taxes or get their refunds. One question on many minds is the connection between taxes and credit. Do taxes affect your credit score? Do Taxes Directly Affect Your Credit Score? When you go to a tax professional to have them prepare your taxes, it does not directly affect your credit score....
Whether you're considering a loan, navigating investments, or managing debt, understanding the intricacies of interest is a critical life skill in the modern world. The term “interest” comes up in all kinds of financial conversations, but what are the different types of interest? This guide delves into the unique roles of each type of interest, with critical insights into how interest influences your financial decisions. Common Types of...
