By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

a2zedsolution.tech

Notification Show More
Latest News
What To Do After Successfully Networking
Finance
Creality Sermoon V1 Pro review
Tech
Setting and Maintaining Boundaries at Work
Finance
Should I Quit My Job? 7 Things to Consider First
Finance
Squirting and Other Sex Misconceptions, Debunked
Sex
Aa
  • Lifestyle
    LifestyleShow More
    Wedding Morning Ideas to Try With Your Bridal Party
    22/03/2023
    The Best Trader Joe’s Products That Aren’t Food
    21/03/2023
    20 Lunches You Can Meal Prep on Sunday
    19/03/2023
    All of The Starbucks Fall Drinks, Ranked
    18/03/2023
    11 Life-Changing Trips to Take At Least Once
    17/03/2023
  • Finance
    FinanceShow More
    What To Do After Successfully Networking
    22/03/2023
    Setting and Maintaining Boundaries at Work
    22/03/2023
    Should I Quit My Job? 7 Things to Consider First
    22/03/2023
    Money Tips Everyone Should Know, From a Finance Writer
    21/03/2023
    Should You Try The Pomodoro Technique?
    20/03/2023
  • Sex
    SexShow More
    Squirting and Other Sex Misconceptions, Debunked
    22/03/2023
    How to Give (and Recieve) Better Oral Sex
    19/03/2023
    How to Have Good Sex, According to a Sex Therapist
    19/03/2023
    Do Aphrodisiacs Work? We Asked Experts
    18/03/2023
    Is It Normal To Bleed After Sex? We Asked Experts
    17/03/2023
  • Sport
    SportShow More
    6 Easy Exercise Tips From a Fitness Trainer
    20/03/2023
    How to Create (and Maintain) a Workout Routine You’ll Love
    19/03/2023
    Weight Training for Women: How to Start a Lifting Routine
    16/03/2023
    The Only Yoga Positions You Need for a Strong Core
    15/03/2023
    Stretching: The Crucial Thing Missing Your Workout
    14/03/2023
  • Tech
    TechShow More
    Creality Sermoon V1 Pro review
    22/03/2023
    Samsung Galaxy A52s 5G review
    21/03/2023
    Sony WH-1000XM5 review
    21/03/2023
    LG C2 OLED (2022) review
    21/03/2023
    Oral-B Vitality review
    21/03/2023
  • Contact
  • English
    • Русский
    • Українська
    • Polski
    • Deutsch
Reading: Money Tips Everyone Should Know, From a Finance Writer
Share
Aa

a2zedsolution.tech

  • Lifestyle
  • Finance
  • Sex
  • Sport
  • Tech
  • Contact
  • English
Search
  • Lifestyle
  • Finance
  • Sex
  • Sport
  • Tech
  • Contact
  • English
    • Русский
    • Українська
    • Polski
    • Deutsch
a2zedsolution.tech > Finance > Money Tips Everyone Should Know, From a Finance Writer
Finance

Money Tips Everyone Should Know, From a Finance Writer

Halle Bryan
Last updated: 2022/09/19 at 12:52 PM
Halle Bryan Published 21/03/2023
Share
SHARE

When I was in college, I interned in the marketing department of a financial services firm. One of my internship assignments was to create a presentation on the importance of financial wellness. This was back when the concept of wellness was just starting to become commonplace, but instead of focusing on yoga or meditation, my research centered on financial education as a wellness tool. The big takeaway was that study after study showed that financial stress is unbelievably damaging and negatively impacts our health, careers, and relationships.

Contents
1. Build your credit before you need it2. Practice intuitive budgeting3. Think about paying debt as a wellness tool4. Pay the principal first

This realization ignited a passion in me for writing about financial advice that can help people take control of their financial lives and wellness. As a result, I’ve picked up a lot of helpful money tips over the years, and I want to share them with you now.

1. Build your credit before you need it

It can take years to build up a strong credit score, and having a good credit score can greatly impact many areas of your life. Not only does having a good credit score make it easier to qualify for lending products like mortgages and auto loans, but it also helps you gain access to better interest rates, borrowing amounts, and loan terms. Your credit score can also affect how easy it is to rent an apartment, qualify for utilities, or access favorable insurance prices. On top of all of that, if your career involves handling money, some employers will run a credit check before hiring you to make sure you have a good history of managing credit.

It’s important to start building credit as soon as you can. It may seem like if you don’t have a credit card or any debt you need to pay off that you can’t hurt your score by missing payments, but not taking out credit can stop you from building a credit score at all. You need credit to build credit. It’s important to take out a mix of credit and use it responsibly so you can improve your score by showing you have a history of making on-time payments. Once you open a credit account, it takes at least six months to generate a credit score.

If you’re struggling to qualify for credit because you haven’t had a chance to build any (fun, right?), you can take out a secured credit card. With a secured credit card, you deposit money onto the card and use it more like a debit card. You can’t spend more than that limit, but when you make on-time payments to that credit card, you will start to build your credit history. Double check that your secured credit card issuer is reporting your payments to the three main credit bureaus, Experian, TransUnion, and Equifax.

finance-writer-money-tips-in-article-teg-2

Source: Color Joy Stock

2. Practice intuitive budgeting

I write about how to create budgets a lot, and there are plenty of helpful budgeting methods out there that can work for a lot of people. That being said, budgeting is a lot of work and that’s why so many people struggle to stick to a budget. It’s easy enough to sit down and figure out how much you can afford to spend each month on categories like living expenses, food, transportation, and entertainment. Where people struggle is with tracking their spending and being aware of whether or not they are sticking to their budget each month.

Over the years, I’ve found that learning how to budget intuitively is much more important. You still need to create a budget so you know how much you can afford to spend after covering your basic expenses like rent and car payments. Once you know what you can afford to spend on purchases that ebb and flow more (clothing, dining out, etc.), you can practice intuitive spending.

Before you make a purchase, do a gut check. Chances are, you know whether or not it’s a good use of your remaining funds. If you aren’t sure if the purchase fits within your budget, hold off on making it until the end of the month once you see how much money you have left. That way, you can start to develop that gut sense of what types of miscellaneous purchases you can truly afford to make. If at that point you no longer want to make the purchase, you’ll also start to train yourself to avoid making unnecessary impulse or emotional purchases. Once you build those good spending habits, sticking to a budget will be easier and won’t require much active effort.

finance-writer-money-tips-in-article-teg-3

Source: Color Joy Stock

3. Think about paying debt as a wellness tool

Circling back to wellness, paying down your debt is one of the best wellness tools in your arsenal. When we’re feeling stressed out, it’s very tempting to order takeout, book a spa day, or splurge on a fun treat. But did you know that debt can impact not just your mental health but also your physical health? Anyone struggling to pay down debt knows how mentally taxing it can be, but they may be surprised to hear that a 2021 study from the University of Missouri found that the stress of carrying card debt through adulthood is linked to poor health and ailments such as joint pain or stiffness that make it harder to complete and enjoy daily activities.

A 2017 study by AICPA found that 31% of people admit to worrying about their debt in general, 18% worry about it while at work, and 25% stress about debt at bedtime. The stress stakes are high here. When you’re tempted to blow off steam by spending money, consider making an extra debt payment instead. Making extra payments will help you save money on interest and having less debt on your plate will make it easier to relax.

4. Pay the principal first

Speaking of extra payments, did you know that if you make an extra payment toward debt such as student loans, you need to specify that you want that extra payment to go toward your principal balance and not the interest owed? If you don’t specify this, the lender will use your extra payment to pay off interest and you’ll make no to little extra progress on paying off your balance, which will then continue to accrue interest. Make sure your extra payments are helping you and not your lender.

Halle Bryan 21/03/2023
Share this Article
Facebook Twitter Email Print
Share

Editor's Pick

How Much Sex is Normal in a Relationship?
Creality Sermoon V1 Pro review
How to Approach Your Boss If You Want a Raise
The Best Money Hack My Mother Taught Me
Why Rest Days Are Crucial For Your Workout Routine

You Might Also Like

Finance

What To Do After Successfully Networking

Halle Bryan Halle Bryan 22/03/2023
Finance

Setting and Maintaining Boundaries at Work

Halle Bryan Halle Bryan 22/03/2023
Finance

Should I Quit My Job? 7 Things to Consider First

Halle Bryan Halle Bryan 22/03/2023

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?