3 WOMEN ON THEIR BIGGEST FINANCIAL WINS
Do you have a budget? There’s no shame if you don’t — only 32% of U.S. households do. But that’s a problem. For example, 65% of us have no idea how much money we spent last month, and that “not knowing” can lead to feelings of stress, anxiety and dread at what might be on the horizon. No one wants to be afraid to take a peek at their finances — far from it! Our money lives should be something we’re able to look at often with confidence and readily embrace, with the knowledge that we’re on a path to a bright financial future.
Thankfully, even if you’ve gotten behind on saving or haven’t considered budgeting before, it’s never too late to start. But don’t take our word for it. Three women in the HerMoney community dish on their biggest money worries — and how they turned them into their biggest money wins.
What is a budget?
One of the building blocks of personal finance is budgeting. But the word budget can be confusing or feel restrictive. Adding to that, there are many ways to budget—but what it boils down to is creating a plan for your money and tracking where it goes. Ideally, a budget creates more freedom, not less.
Don't overspend this holiday season, follow these steps and stick to a budget
This holiday season, supply chain problems, shipping delays, and inflation are making it even tougher to create and stick to a budget. However, these uncertainties mean that planning ahead and knowing your spending limits are more important than ever.
How can you build a holiday budget that will cover buying for everyone on your list while keeping you out of debt?
20 Ways to Take Control of Your Finances
The Balance
Whether you're stuck in a cycle of debt, earning too little to maintain your desired standard of living, or simply wanting to get a jump on saving for a major financial goal, such as buying a home or investing, you may need help to get on track with your objectives. Follow these strategies for taking control of your finances right now.
57% of young adults dread budgeting. Here are 4 easy ways to remove the stress.
USA Today - July 1, 2022
For many young people, budgeting can feel like a chore. A recent study found that 57% of young people dread the thought of budgeting..
Essential Household Budgeting Tips
Credit.org
We’ve seen countless different household budgeting strategies over the decades we’ve spent educating consumers about managing their personal finances and conquering their debt.
Lesson 3: Budget to Control Spending
Judge John Ninfo - May 20, 2021
How to make a budget
CNN - Jan. 13, 2022
Crafting your own monthly budget isn’t all that complicated, but it can be tedious and downright depressing when you’re first starting out. After all, creating a spending plan usually means cutting in areas you probably enjoy, such as dining out and entertainment.
How to catch spending mistakes
Business Insider - Dec. 25, 2021
I spoke to financial advisors about how to catch spending mistakes and create a foolproof budget for 2022 .
Liz Weston: Yes, spouse’s debt could lower your credit scores
Dear Liz: My spouse and I have added each other as authorized users on our credit cards. My spouse has more debt than I do. Does this impact my credit scores?
Answer: Possibly. Credit scoring formulas look at how much available credit is being used on each account. If your spouse has higher balances than you but also higher credit limits, your credit scores may not be harmed much, if at all. If, on the other hand, your spouse is using most of their available credit, your scores could suffer.
5 easy options for checking your credit score
When you want to apply for a credit card or finance a large purchase like a mortgage, one of many numbers a lender will consider before approving your application is your credit score.
This three-digit number will also determine the interest rate you’re offered when borrowing money, which impacts the total cost over the life of the loan. So before applying for financing, it’s important to check your credit score and see where you stand.
Why Did My Credit Score Drop Suddenly? 11 Possible Reasons
Islandnow.com
As someone who gets credit report notifications, you should be familiar with changes in your credit score.. It is quite common for
your credit score to fluctuate with minor increments.
Opt Out of Credit Card Offers
Credit.org
How often have you checked your mail or answered your phone only to find another prescreened credit card offer?
Blank envelopes and phone calls from unnamed phone numbers may seem like official notifications. More often than not, answering these notices leads you to find yet another offer claiming that you have been prescreened for a new line of credit.
How to Remove Negative Items From Your Credit Report
Nasdaq - July 7, 2022
Your credit report is meant to be an accurate, detailed summary of your financial history — however, mistakes happen more often than you may think.
Settled medical debt is now dropping off credit reports — here’s how to check your record and make sure it’s right
CNBC - July 1, 2022
If medical debt you’ve already paid has been lingering on your credit report, you may want to see if that has changed.
Buy Now, Pay Later and Credit Reporting
Consumer Finance Protection Bureau - June 15, 2022
In December 2021, the Consumer Financial Protection Bureau (CFPB) launched a market monitoring inquiry into Buy Now, Pay Later (BNPL).
U.S. Congress looking into credit report errors, disputes
Philadelphia Tribune - June 3, 2022
The U.S. Congress is looking into mistakes on credit reports and how disputes are being handled by all three major credit reporting agencies, Equifax, Experian and TransUnion, as a result of payment deferment programs and rising cases of identity theft during the pandemic.
Where credit scores come from and why they don’t quite add up — but can
Boston Globe - May 30, 2022
Credit scores were founded on, and perpetuate, racial inequality.
Millennial Money: What to do if you buy now, can’t pay later
The Associated Press - Jan. 18, 2022
Buy now, pay later” can be a convenient payment method. But if you don’t factor the recurring payments into your budget, it can get messy.
Consumer credit card debt and annual percentage rates are heading to an all-time high
CNBC - May 10, 2022
Credit card debt is on the rise as consumers face higher prices almost across the board.
Experts Agree It’s Best To Avoid Pulling Money From a 401(k).
Next Advisor - May 24, 2022
When a financial emergency hits, you may find yourself scrambling to get your hands on the money you need.
Lesson 1: Don't use credit cards to buy stuff you can't afford
Judge John Ninfo - October 26, 2021
9 LESSONS TO KNOW BEFORE BUYING A HOUSE
Her Money
Buying a home is more like buying a used car than renting an apartment. You need to ask questions, look under the hood and take it for a spin. Turn on all the faucets. Flush the toilet. Blast the heat and see what happens.
Gabby Orcutt of Rockton, Pennsylvania, had this epiphany when she bought her house several years ago. She and her husband only did one tour before submitting an offer. During their final walkthrough, two months later, they didn’t actually “walk through.” Instead they only stayed long enough to stock the fridge and fire up the wood-burning stove.
5 Questions Newlyweds Have About Life Insurance
LifeHappens.org
Although it may not be the first thing on your mind as a newlywed, creating a strong financial plan for your future should be animportant point on your to-do list. Moreover, your financial strategy needs to include planning for risk—and thinking about what could go wrong, even if it’s uncomfortable. Often, that means buying life insurance.
These four free personal finance courses can set you up for financial success in three hours or less
CNBC - July 20, 2022
While personal finance isn't typically taught in school, we can still catch up with online courses.
Personal finance course to be required in the future for SC students to graduate high school
WIS News 10 - July 18, 2022
COLUMBIA, S.C. (WIS) - To graduate high school, students probably had to learn the Pythagorean Theorem, memorize the three branches of government and their functions, and read a little Shakespeare. But in the future, South Carolina students will also need to learn skills like managing credit cards and filing taxes to get their diplomas.
Debt Consolidation Vs. Bankruptcy: What’s The Difference?
Forbes - June 14, 2022
If you’re looking for a way out from under overwhelming credit card bills and other debt, bankruptcy could wipe out your balances and offer a fresh start. But filing for bankruptcy has downsides, so you might consider debt consolidation as a way to simplify your finances and pay off debt faster.
The Personal Finance Advice Every College Graduate Needs
LifeHacker - May 25, 2022
For years you’ve lived on a college budget, scrounging meals where you can, buying gas on a trip-by-trip basis, and never once pondering the term “401(k).”
How women can take charge of their personal finance; here are 7 effective ways
Economic Times - May 24, 2022
Only 2% of women are investing for their retirement. It is important that you start early, start small and start investing in assets that leverage the power of compounding, like Equity Mutual Funds..
Floridians see personal finance class requirement as a positive for students
WSFU - May 15, 2022
Residents across north central Florida are optimistic about the potential impacts of a new law requiring a personal finance class for graduation.
What Is a Homestead?
US News - May 23, 2022
A homestead is an owner-occupied residence that can provide homeowners with certain financial and legal protections.
State-by-State List of Statute of Limitations on Debt
The Balance - January 7, 2022
A statute of limitations is the amount of time a person can take in order to take legal action on a certain event..
If Your Finances Are Tight, Don’t Assume Fintech Is Your Friend
Forbes - Dec. 22, 2021
Breaking a general rule, I’ll talk about a personal experience. Being in the market for a piece of equipment for personal and business use, I noticed a site offered a form of fintech-driven financing.
The Anxious Guy’s Guide to Financial Security
The Arrow - Aug. 17, 2021
If you want to get your money straight, get your head straight first.
What is a recession? How economists define periods of economic downturn
Business Insider - July 30, 2021
A recession is a period of decline in general economic activity, typically defined when an economy experiences a decrease in its gross domestic product for two consecutive quarters.
What is right of redemption?
Bankrate - October 25, 2021
No one wants to find themselves losing their home to foreclosure, but if you’re in this situation, there’s potentially still time to recover using the right of redemption.
9 LESSONS TO KNOW BEFORE BUYING A HOUSE
Her Money
Buying a home is more like buying a used car than renting an apartment. You need to ask questions, look under the hood and take it for a spin. Turn on all the faucets. Flush the toilet. Blast the heat and see what happens.
Gabby Orcutt of Rockton, Pennsylvania, had this epiphany when she bought her house several years ago. She and her husband only did one tour before submitting an offer. During their final walkthrough, two months later, they didn’t actually “walk through.” Instead they only stayed long enough to stock the fridge and fire up the wood-burning stove.
Biden administration to make it easier for student loan borrowers to discharge debt in bankruptcy
CNBC
The Biden administration announced on Thursday updated guidelines that will make it easier for those struggling with their student debt to discharge it in bankruptcy. The new bankruptcy policy comes from the U.S. Department of Justice and the U.S. Department of Education, and allows federal student loan borrowers to prove that they’re experiencing financial distress requiring a fresh start. Under the rules, the agencies may recommend that a bankruptcy judge discharge a borrower’s student debt if they find their case warrants it.
Biden's Education Department wipes out $1.5 billion in student debt for borrowers subjected to 'manipulation' by a for-profit school
Insider
President Joe Biden may have announced one-time blanket student-loan forgiveness, but that doesn't mean he's done helping borrowers who attended fraudulent for-profit schools. On Tuesday, Biden's Education Department announced it has approved $1.5 billion in student-debt relief for 79,000 borrowers who attended Westwood College.
Tribal Payday Loans (What You Need to Know)
Credit.org
The payday loan industry is notorious for its predatory practices and tendency to disregard the law. Federal and state governments alike have attempted to rein in payday lenders to protect consumers, especially since most payday loan borrowers ended up regretting their payday loans.
Buy-here, pay-here financing: What you need to know
Credit Karma - Oct. 21, 2021
Buy-here, pay-here loans can help people with poor credit secure auto financing. They’re offered by car dealerships that provide in-house financing — meaning the dealership both sells and finances its cars. But you may encounter a speed bump or two with buy-here, pay-here financing. These loans might not help you build credit and can come with high costs — sometimes thousands more than the car is actually worth.
Protecting servicemembers from costly auto loans and wrongful repossessions
CFPB - July 18, 2022
If you take a drive down the main road leading to most military bases in the country, you’ll likely see car dealerships lining both sides of the street.
How online loans like Affirm and Afterpay really work—and should you ever use them
CNBC - June 6, 2022
After the birth of her son, Lauren Hynds wanted a way to work out that would be easy enough to manage while caring for a newborn. That’s when she saw ads for Peloton, the workout bike with the cult following.
Don't Let The Deadline for Public Service Loan Forgiveness Sneak Up on You
CNet - July 4, 2022
You have until Oct. 31 to apply -- but if you need to consolidate your loans, you should start the process right away.
How to avoid common car leasing mistakes (2022 guide)
MarketWatch - June 7, 2022
Signing a car lease can be a big commitment since you agree to drive a vehicle for a fixed number of miles and months.
Loan Modification Vs. Refinance: Which Is Best For You?
Rocket Mortgage- June 6, 2022
You might want to refinance your loan if you’re having trouble making your mortgage payments or to take advantage of a lower interest rate.
Mortgage Relief Scams
FTC Consumer Advice
Scammers promise to make changes to your mortgage loan or take other steps to save your home, but they don’t deliver.
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