Get Renters Insurance It, of course, covers robberies, vandalism, and natural disasters, but it could also cover things like the medical bills of people who get hurt at your place, damages you cause at someone else’s home, rent if you have to stay somewhere else because of damage done to your apartment—and even stuff stolen […]
Get More Life Insurance on Top of Your Company’s Policy That’s because the basic policy from your employer is often far too little. Not convinced? Read how extra life insurance saved one family.
If You Have Bad Credit, Get a Secured Credit Card A secured card helps build credit like a regular card—but it won’t let you overspend. And you don’t need good credit to get one! Here’s everything you need to know about secured credit cards.
Keep Your Credit Use Below 30% of Your Total Available Credit Otherwise known as your credit utilization rate, you calculate it by dividing the total amount on all of your credit cards by your total available credit. And if you’re using more than 30% of your available credit, it can ding your credit score.
Review Your Credit Report Regularly—and Keep an Eye on Your Credit Score This woman learned the hard way that a less-than-stellar credit score has the potential to cost you thousands. She only checked her credit report, which seemed fine—but didn’t get her actual credit score, which told a different story.
When You Get a Raise, Raise Your Retirement Savings, Too You know how you’ve always told yourself you would save more when you have more? We’re calling you out on that. Every time you get a bump in pay, the first thing you should do is up your automatic transfer to savings, and increase your […]
Give Money to Get Money The famous 401 (k) match is when your employer contributes money to your retirement account. But you’ll only get that contribution if you contribute first. That’s why it’s called a match, see?
Do Everything Possible Not to Cash Out Your Retirement Account Early Dipping into your retirement funds early will hurt you many times over. For starters, you’re negating all the hard work you’ve done so far saving—and you’re preventing that money from being invested. Second, you’ll be penalized for an early withdrawal, and those penalties are […]
Start Saving ASAP Not next week. Not when you get a raise. Not next year. Today. Because money you put in your retirement fund now will have more time to grow through the power of compound growth.
Ditch the Overdraft Protection It sounds nice, but it’s actually a way for banks to tempt you to overspend, and then charge a fee for the privilege. Find out more about overdraft protection overdraft protection and other banking mistakes to aviod.
Spend on the Real You—Not the Imaginary You It’s easy to fall into the trap of buying for the person you want to be : chef, professional stylist, triathlete.
Shop Solo Ever have a friend declare, “That’s so cute on you! You have to get it!” for everything you try on? Save your socializing for a walk in the park, instead of a stroll through the mall, and treat shopping with serious attention.
Spend on Experiences, Not Things Putting your money toward purchases like a concert or a picnic in the park—instead of spending it on pricey material objects—gives you more happiness for your buck. The research says so.
Evaluate Purchases by Cost Per Use It may seem more financially responsible to buy a trendy $5 shirt than a basic $30 shirt—but only if you ignore the quality factor! When deciding if the latest tech toy, kitchen gadget, or apparel item is worth it, factor in how many times you’ll use it or wear […]
Opt for Mortgage Payments Below 28% of Your Monthly Income That’s a general rule of thumb when you’re trying to figure out how much house you can afford. Learn more about this number here. And then indulge in some voyeurism and see what couples can afford.
If You’re Struggling With Federal Student Loan Payments, Investigate Repayment Options Just call up your lender and ask whether they offer graduated, extended, or income-based plans. Read more about these options there options here.
Always Choose Federal Student Loans Over Private Loans Federal loans have flexible terms of payment if your employment dreams don’t exactly go according to plan after college. Plus, federal loans typically have better interest rates. So be smart about the loans you take out —and try to avoid these other big student loan mistakes.
Every Student Should Fill Out the FAFSA Even if you don’t think that you’ll get aid, it doesn’t hurt to fill out the form. That’s because 1.3 million students last year missed out on a Pell Grant—which doesn’t need to be paid back!—because they didn’t fill out the form.
Don’t Ever Cosign a Loan If the borrower—your friend, family member, significant other, whoever—misses payments, your credit score will take a plunge, the lender can come after you for the money, and it will likely destroy your relationship. Plus, if the bank is requiring a cosigner, the bank doesn’t trust the person to make the […]
Start With Small Debts to Help You Conquer the Big Ones If you have a mountain of debt, studies show paying off the little debts can give you the confidence to tackle the larger ones. You know, like paying off a modest balance on a department store card before getting to the card with the […]