‘Financial Help’ Archives
But I Don’t Wanna Budget!
By MARY ELLEN KALUZA I understand. Having a “budget” sounds restrictive, like a punishment. What if we call it something else, like a “spending plan”? Does that seem more palatable? Planning the money you have coming in and going out is really all about being in control. YOU are choosing where your hard-earned dollars are going, not the estimated 6000 to 10,000 advertisements we see each day! (That's double what it was in 2007, by the way.) With that much pressure on us, it takes some effort to keep that control. Where to start? Know how much money is coming in. This is the net income ”“ after taxes and other deductions. You'd be surprised how many people don't know that number. (Frequently, they also carry expensive credit card debt.) Subtract your Must Pay expenses ”“ housing, utilities, loan payments, insurance ”“ think of those things that will result in something bad happening if you didn't pay [...]
What’s Your Score?
By MARY ELLEN KALUZA https://www.lssmn.org/financialcounseling/blog/credit-credit-report/build-and-improve-your-credit-score Americans are obsessed with their credit score - checking it daily, paying for apps, even sending screenshots to potential mothers-in-law. The score is a source of pride and boasting. It can also be a source of shame and low self-esteem. It feels like that 3-digit number defines who we are. Have a good score? You're golden. Have a distressed score? You're tarnished. Your credit score is based on information in your credit reports. Essentially it is your grade on what has been reported. That grade will determine if you can rent or buy a home, get a phone plan, get a job or promotion, have a decent interest rate on your car loan, how much you pay for insurance, and who will marry you. I tell my daughter she doesn't marry anyone until I see their credit report. Mostly I mean it as a joke, but one partner's poor credit score can hold the couple back [...]
