Monthly Archives: January 2019

If you had credit card debt in the past, or you have an older card you don’t really use anymore, you’ve  probably read the advice that you shouldn’t actually cancel your card, rather keep it open to boost your credit score. In theory, it’s a nice plan. But if you’re not actively using your card, your issuer may just cancel it for you. Your issuer doesn’t need to give you notice that they’re canceling your card. Creditors can close an account for delinquency, inactivity or default without notice whatsoever. If they close the account for other reasons, such as an adverse credit report, they must notify the cardholder within 30 days after taking the adverse action. Here are a few reason suggestions:

• Make (at least) the minimum payment each month by the due date
• Keep tabs on your credit card score to catch any inaccurate information
• Check online forms for cards you’re interested in to see if users complain about them being cancelled frequently.

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Financial advisors bring more to the table than investment ideas. They spot hidden risks, keep emotions in check and keep your goals in focus. These goals could include retirement, saving for college, minimizing your tax burden, giving to charity, budgeting, debt reduction, or generating income. In addition to helping achieve your goals, a financial advisor should help you understand the strategies behind these investment decisions so you are better informed. Navy Federal Credit Union is an example of a financial institution that offers financial education classes and financial advising as well to both members and non-members alike. Visit www.navyfederal.org

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Do you believe you cannot save and create an emergency savings account? Consider taking on a part-time job and place all or most of your earnings in an emergency savings account. It will build slowly or as quickly as you desire to make it your focus. Encourage your family and friends to do the same. If you suddenly lost your income, how would you pay your bills? That is the purpose of an emergency savings account and it has real life consequences. Borrowing from others will only cause you to become deeper and deeper in debt. Setting up an emergency fund means you have the cash you need in case of an emergency. You will be glad you did!

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In 2019, decide to make your goal this year to save for  emergencies no matter what. A hobby can be the means of earning more to add to your emergency savings account. If you are getting a raise, place to additional amount into your savings account. Remember to always SAVE for a rainy day!

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Some of the less glaring missteps can do more harm to your budget, especially if you make them repeatedly. Following are the three costliest money mistakes you can make at a gas station.

1. Grabbing a drink
2. Paying for gas with a debit card
3. Buying premium gas

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CareerBuilder found that 78% of U.S. workers are living from paycheck to paycheck. This number may be exacerbated by the recent federal government shutdown, which has resulted in 800,000 federal employees not receiving their paychecks. CareerBuilder, a leading job site, found some startling statistics. For example:

• Nearly one in ten workers making $100,000+ live paycheck to paycheck
• More than 1 in 4 workers do not set aside any savings each month
• Nearly 3 in 4 workers say they are in debt – more than half think they will always be in debt
• More than half of minimum wage workers say they have to work more than one job to make ends meet
• 28% of workers making $50,000 – $99,000 usually or always live paycheck to paycheck
• 32% of nearly 3,500 full-time workers usually or always use a budget and 70% are in debt

1.Use a budget,

2. Begin an emergency fund,

3. Start a side hustle,

4. Consolidate credit cards and;

5. Pay down debt.

It see an immediate result, start with paying down the smallest debts first.

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The poorest Americans pay a poverty penalty as they manage their financial lives. Check-cashing establishments, payday loans, and purchasing money orders to pay bills all have fees associated with these transactions. Solutions are limited, but include online checking accounts or credit unions, where minimum account balances are not charged a fee. Individuals with the least resources also known as the ‘unbanked’, are often targeted for payday loans which charge interest rates as high as 400 perent to 1000 percent!

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The sooner you master these financial concepts, the better. A recent Forbes report said, financial literacy is crucial to being a successful adult. A mere 17 states require high school students to take a course on financial literacy. These courses have proven to have a direct impact on a student’s financial decisions. In addition, students who have some personal finance classes under their belts are much more likely to successfully save money, budget wisely, and invest smarter. Mastering these aspects won’t always be easy but, with a little bit of practice will benefit you for a lifetime. Here are the key five components to focus on:

1. Budget basics
2. Impact of interest
3. Staying savvy by saving
4. The credit-debt roller coaster
5. Identify theft issues and financial safety topics

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Savvy shoppers know that membership in organizations such as AAA or AARP comes with a wider variety of benefits than most of us realize. But even the shrewdest customers overlook some perks that can save them a bundle. For example, if you are a member of some nonprofits or clubs, you are a probably eligible for price breaks on car insurance that could put a nice dent in your driving expenses. In fact, a bunch of organizations offer this membership perk. They include:

1. AAA
2. AARP
3. Alumni associations
4. Wholesale clubs
5. All kinds of other organizations

• Business groups
• Military organizations
• Recreational organizations
• Fraternities and sororities
• Honor societies

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Even if your keys are right by your side, your car could be at risk from thieves. Some experts say, this household item could protect you. Vehicle thefts totaled 773, 139 in 2017, according to recently released FBI statistics. That’s up 12 percent from the all-time low of 686,803 in 2014. Key fobs may be the source of the problem. Thieves can use key fobs dropped in a public place to find a vehicle by remotely activating its horn with a tap of a button. To avoid car theft, consider these common-sense steps:

1. Lock your car
2. Use the Club, a theft prevention device
3. Park your car in a well-lit place
4. Don’t leave your key in the car

But even those tips might not be enough. But that is why we have insurance.

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