Posts in category 'Personal Finance'
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Introduction to Budgeting
An important step toward realizing your financial goals is creating a realistic budget.
A budget is simply a spending plan that is based on your expenses and income. A written plan helps you stay on track, day to day and month to month, for meeting your financial goals.
For most of us, debt is a part of life. Mortgages, student loans, car and credit card payments all affect how we spend and save our money. Maintaining a spending plan can't eliminate debt overnight, but it will help to minimize unnecessary debt while building healthy financial habits.
How you spend your money says a great deal about your priorities and how prepa...
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Credit Reports and Scores
Whether buying a pack of gum at a quickie mart, financing a car, or paying for a home or a college education, most people use some form of credit daily. Credit offers a way for us to get the things we want without having to carry cash, and it allows us to buy things we might not be able to afford all at once by paying over time.
What is credit? At the most basic level, credit is a promise that you will repay any loan according to the terms of the agreement between you and a lender.
If a friend has ever asked if they could borrow your money, you may have asked yourself whether they could pay you back. Lenders ask themselves similar quest...
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Credit Reports and Scores
Whether buying a pack of gum at a quickie mart, financing a car, or paying for a home or a college education, most people use some form of credit daily. Credit offers a way for us to get the things we want without having to carry cash, and it allows us to buy things we might not be able to afford all at once by paying over time.
What is credit? At the most basic level, credit is a promise that you will repay any loan according to the terms of the agreement between you and a lender.
If a friend has ever asked if they could borrow your money, you may have asked yourself whether they could pay you back. Lenders ask themselves similar questions and have devised a system to rate the likelihood that people will repay their debts. This system consists of credit reports and credit scores.
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How Home Equity Works (and How to Spend It)
If you're a homeowner who has heard the phrase 'home equity' but only kinda sorta knows how it works, you're not alone … and you're likely not capitalizing on your home's potential. Equity is powerful — it can help you fund your next major milestone, consolidate debt, and sidestep financial emergencies. But only if you know how to use it.
Here's everything you need to know about your home's equity, and more importantly, how to use it to your advantage.
Home Equity at a Glance
Home equity is the money you'd make from selling your house after paying any debts. It's essentially the part of your home's value that you've already...
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Adopting a Money-Smart Mindset
Your mindset about money is just as important as having the right financial tools and strategies. Your beliefs, attitudes, and habits shape your financial success. Shifting to a money-smart mindset means adjusting your thinking and behaviors to align with your financial goals and values.
Here are some strategies to help you cultivate a money-smart mindset:
Strategy 1: Define Your Financial Goals and Values
Clarifying what you want to achieve with your money is the first step to financial success. What are your short-term and long-term financial goals? What values do you want your money to support?
Some examples of financial goals might include:
- Building an emergency fund with 3-6 months of living expenses.
- Paying off c...
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