Each year, as part of my goal setting and planning for the months to come, I pick a word for the year. I’m curious, do you do this too? We perpetuate what we focus on, so in naming my year, I’m putting into motion a self-fulfilling prophesy and my word permeates each aspect of my life, my work, and my relationships. It’s amazing the power you can summon to create your future just by naming it. And this year, my word of the year is ‘Focus.’ Feel free to join me and use this as your word for the year too!
Now that we’re well clear of the holiday season and those holiday shopping are arriving in the mailbox, many of us will be longing for some focus in our finances. If you have some financial goals this year to buy a home, pay down debt, or replace your car, you’re going to need some focus on your credit health to get those things done. And I’m here to help! Here are three tips to shift your focus to improving your credit and finances...
Unless you’ve been touched by it or have known someone who’s been a victim, you may not think much about identity theft. However, according to the Bureau of Justice, each year about 17.6 million Americans or 7 percent of the population are victims of ID theft. That’s each year! About 2 in 5 of us have either been victims or know someone who has, according to one statistic. Another report states that financial losses add up to about $50 billion each year! To me, these numbers mean that we’re all likely to be affected by ID theft at some point if we haven’t been already; or worse, we’re being victimized right now and do not even know it.
The good news is we can each take simple steps to protect ourselves and our families and stop ID thieves in their tracks. Here are three easy actions you can take:
You open the mailbox and there’s an envelope addressed to you. It’s not a bill (who wants bills???) so you tear open the envelope. Is it a letter from your favorite aunt? Is it a few photographs from a friend’s recent trip? Is it a letter from a secret admirer?
No, it’s a letter from your credit card company and they’re writing to tell you some exciting news: You’ve been approved for a higher credit limit. All you need to do is call them back and tell them that you’re interested in accepting it.
Your first thought is: “Wow, a higher credit limit! Just imagine what I could do with that!!!”
And your second thought is: “Hmmmm… do I NEED a higher credit limit? That just means I could potentially owe more money.”
A higher credit limit on your credit card could be good or it could be bad. If you’re hoping I give you just one answer, sorry; that’s not what you’ll get from me...
If you’re in a new relationship, everything is exciting and new. You’re happily learning things about your new partner – their likes and dislikes. And, you’re sharing things that you want them to know about.
As your relationship deepens, you each tend to share more personal information, trusting the other person to honor your privacy while at the same time getting to know you better.
Somewhere along the way, you may choose to share your credit score with your partner. I know this may not sound glamorous but it is important to have the money talk and with money you should talk CREDIT.
For some people, the idea of sharing their credit score with anyone seems strange. But if you’re in a romantic relationship that seems to be getting serious, it makes perfect sense to talk with...
An important topic that is often overlooked in college is credit; in particular how to build it, why one should build it and how to manage it responsibly. Most college students do not possess adequate money management skills and are often overburdened with large student loans and credit card debts. Learning to avoid these credit pitfalls and establishing a healthy credit history is an important skill that ought to be learned in college.
The following are credit lessons for college students:
This is an absolute must while you are in college as it will help you build your credit history which is crucial for purchasing a vehicle, renting an apartment, or could be helping you with landing your dream job after graduation. How can you responsibly manage your credit card?
Keep your spending low: The best way to avoid big credit card debt is by keeping your expenditures under control. Use your credit card only when you...