How Small Loans Can Have a Big Impact on Your Cash Flow

An impulse buy is a last minute purchase of an unnecessary item, usually made without thought or major consideration. Impulse buying can become a problem if it means that you are spending considerably more on purchases than you can really afford – what’s more, most impulse purchases end up gathering dust after the initial impulse has died down, and the money could have been much better spent elsewhere. Remove Temptation You won’t usually buy anything on impulse unless you are surrounded by temptation. Shopping malls, store windows, online retail sites, and even TV shopping channels not only facilitate impulse purchases, but they actively encourage and thrive on them. Simply remove yourself from temptation, and you won’t buy items on impulse. What’s more, you probably won’t notice the lack of items that you’re buying, which just goes to show how little you truly needed them. Wait a While One of the points of impulse buying is that you aren’t really thinking straight, when you make the purchase. Rather than jump into a purchase, simply take a deep breath and convince yourself to walk away. If you still want the item after a month’s time, then you can go back and buy it. If you do still want it after this period, then there is at least a chance that you will get some regular use out of it. Determining True Value Calculate your true hourly wage, and then divide the purchase cost of the item you are considering by your hourly…

You receive at least one new credit card offer in the mail every week. You may have considered signing up, but if you do, you’ll end up with multiple credit cards. Will this hurt your credit score? The answer is no (usually). Here’s why. Lenders care about how much debt you actually have, not how you got it If you only have one credit card, your credit score can be driven down if you use it too much. Instead of being based on the total number of credit cards you have, your credit score is affected by the total credit card debt you have relative to the maximum amount you can spend. For instance, if you have $1,000 in debt on a credit card with a $1,200 limit, then your credit score will be harmed, because you’re using 83% of your total credit limit. If, on the other hand, you have three credit cards, each with a $1,200 limit, and $1,000 in debt on only one of them, then your credit score won’t be negatively impacted, because the $1,000 in debt you have is compared to the $3,600 your total credit limit affords you, meaning that you’re only using 27% of your credit limit.

If you’re like most people, you make an annual/monthly budget and later discover that you forgot to include all sorts of expenses. Let’s take a look at some of the most common things that people forget to budget for. This way, you won’t have to scratch and claw to make ends meet because you’ll have prepared for potential expenses ahead of time.

Your credit score is a number that most lenders use in order to determine your credit worthiness. If you are considering applying for a home loan, an auto loan, a credit card or personal loan, your credit score can play a massive role in the interest rates you are offered, the loan terms available and even whether or not you are approved. Additionally, your credit score can have an effect on other aspects of your life as well. Most landlords check your credit score when you apply for a lease or rental agreement, and many insurance companies and employers review your credit score these days when you apply with them as well. Because of the impact that your credit score has on a variety of life situations, it is critical that you understand how your credit score is determined, and the factors that can affect it. Understanding your Credit Score Understanding your credit score is an important step in being able to maintain a good credit rating. While your credit score is determined by your credit history, there are numerous factors that are combined to make up your credit score. • Your Total Debt and Debt to Income Ratios • Types of Credit Accounts • The Number of Late Payments • The Number of Past Due Accounts • The Age of Credit Accounts • Collections and Public Records • Recent Credit Inquiries It is important to remember that not all factors will affect your credit score equally. A high number…

Having a hard time deciphering your credit score? Our infographic will help you understand the details of your credit score.

You received an offer to apply for what seems to be a great credit card. After submitting the application, you receive word that it is denied. Confused, you are not sure what to do next. If you’ve had a credit card application denied, here are your next steps: Ask Why the Application Was Denied Most credit card companies will supply at least some of the reasons why they chose to not accept the application. In fact, you may see them listed in the email or snail mail notification containing the rejection. The problem may be that you forgot to include some piece of information that the card issue considers essential. Maybe you already have card limits on other accounts that make your potential debt to income ratio a little uncomfortable for the issuer. You may be carrying balances on other cards that leave the issuer wondering if you have enough income to manage the new card responsibly.

Choosing a used car over a brand new vehicle comes with a wide range of advantages. Apart from typically being more affordable, used cars tend to preserve their value over a longer period of time. But in order to buy the best used car that fits your need and your budget, research is crucial. Here are five essential tips for buying a used car.  Determine Your Budget Setting a strict budget cap is the first thing to do. The step will keep you from going overboard and it will also limit the number of available options. Also, if the car you have your eye on is out of warranty, you may want to set aside an extra emergency fund that can be used for unexpected car repairs as well as necessary maintenance. Research Now that you have your budget, it’s time to research models. Every model has its benefits and shortcomings. Do you want a small automobile? Do you want a bigger vehicle that can carry a lot of weight? Is ease of parking a main concern? Do you want an economic vehicle that uses small amounts of fuel? Do a bit of research based on your list of priorities and narrow it down to a couple of models that are reliable and within your budget. Check the Vehicle and Its History When going to inspect vehicles, it’s a good idea to bring someone along who knows what to look at. Getting a Vehicle History Report is another essential step. This…

For most of us, buying a new home is a serious commitment. However, there are a number of things that can be done during the process to make sure that your purchase won’t break the budget. Before you start thinking about buying your next house, take note of these money saving tips: