While we’d like to think we have all the answers, the truth is, that we all need a little help when it comes to managing our big bad finances. So, we’ve compiled a list of five expert tips to manage your bread in the year ahead.
Everyone’s got to start somewhere. We suggest taking a closer look at your debts owed. This is a sentiment Teri Williams, president and CEO of OneUnited Bank and author of “I Got Bank: What My Granddad Taught Me About Money”, appears to share.
“FICO is the most widely used credit score, which is a number that represents your creditworthiness or likelihood to pay back a loan,” Williams once told Essence. “It is a calculated compilation of past due debts you owe, frequency of past due debts, type of debt, bankruptcy and other information.”
Of all the information included in your FICO score, Williams stated that the frequency of payments has the biggest influence on your rating.
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“Often, reaching your goals requires enlisting the help of a friend so you remain accountable.” Tiffany Aliche, better known as “The Budgetnista”, who developed the Live Richer Challenge to help women accomplish just that in 2015, once told U.S. News.
“Work toward specific financial goals with an accountability partner,” she says. “… Money management is a team sport.”
“This economic recession has really hurt many of our credit scores. We are not alone. It’s important that we not be so ashamed that we don’t take action. Everyone can rebuild credit. By following some simple steps over time, it’s very doable,” the co-founder of My Fab Finance recently told Essence.
Those steps include setting (and sticking to) a budget, transferring “credit card balances to an introductory offer with no interest for a year or two,” or for those already with excellent credit, asking for a higher credit card limit – in turn, “lowering your credit card utilization rate, which is a contributing factor to your credit score.”
If you’re anything like us, the new year is accompanied by rummaging through old items. Instead of tossing them,
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