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Financial Tips

Building Credit

Set up automatic online bill pay services with your bank. This way, you’ll never be late paying your bills. Just make sure you have enough money in your account to cover the payments.

Open one credit card to be specifically used for one type of essential purchase, such as gas or groceries. Use the card to buy these things only, and pay off the entire balance at the end of the month. You’ll never pay interest, and you’ll build credit — fast.

Budgeting

Give yourself an allowance to use for non-essential spending. After determining your monthly critical expenses, add up how much money you can spare each week in a month; then pull the cash from your ATM. When the cash is gone, stop spending.

Use cash instead of cards, whenever possible. You will not be at risk of overdrafting, and you’ll always know just how much you have. Plus, there’s something about cash that makes spending money more “real.”
Always overestimate your expected expenses.

Saving

Cook at home to save more money. Once your pantry is stocked, you can normally feed a family of four for under five dollars each night.

Make your own coffee. It costs a lot less than three dollars a cup — and it tastes just as good.

Take advantage of those coupons. Saving a little adds up over time.

Never go grocery shopping while you’re hungry. You’re more likely to buy irrationally.

Whether it’s 2% or 10%, always put some portion of every paycheck into savings.

Paying Off Debt

Always pay more than the minimum amount due. You’ll get out of debt faster, and you’ll pay much less in interest.