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What is a Credit Score? Credit scores are measured on a scale of 300 to 850. Your credit score is a representation of how much debt you have, your credit risk, and your likelihood of paying a bill on time. A few factors contribute to determining this, such as how many lines of credit you have and your financial records. The breakdown of what affects your credit score looks something like this: 10% – Types of Credit Used 10% – Recent Credit Changes 15% – Length of...

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There is a lot of misinformation spreading around about coronavirus–from how it is spread to how our economy will be affected. Sadly, the age we live in supports getting this information out quickly and without resistance. Worse than misinformation about the virus, new financial frauds and scams have surfaced as well. Read on to discover some of the more popular fraud schemes to prepare yourself and your loved ones. PPP Email Scams If you’re not familiar, the PPP (Paycheck Protection...

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It’s been a banner year for businesses and the economy. Basically, every business has been affected by this virus. Even if you have a business that remained open, the restrictions, uncertainty, and fear have been enough to make the last few months unlike any we’ve ever seen.   As we begin to ease into our new normal–because going back to the way things were just isn’t realistic–there are plenty of things on our minds. How do we support business and keep our customers...

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How old were you when you learned that money did not grow on trees? You might be able to vividly remember the disappointment you felt when you learned you had to work hard to earn money. To prevent your youngsters from suffering the same disappointing fate, teach them about finances earlier in their lives. Some experts say that it’s never too early to start talking about money. Even at 3 years old, kids can understand the concept of money and its importance. Here are some tips that we’ve...

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The Coronavirus outbreak is all anyone has talked about for the past few weeks. Though it may have hit different people in different ways, it’s perfectly understandable to be a little worried about the future, especially in terms of your financial future.   The government has passed a few relief packages and standards to help people pay their bills and stay on their feet, but it’s still a good idea to have a plan. Some of your bills might be postponed for a while, but is it a...

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The Coronavirus outbreak has thrown a wrench in just about everyone’s plans this year. From smaller goals to major life plans, people around the country are finding it necessary to adjust. Since you can’t pay your bills in stockpiled toilet paper (yet), read a few of our finance tips on managing money below: The Basics of Adjusting Your Budget First off, we’d usually say cut out unnecessary spending, such as a night out at the movies or splurge trips to the mall, but the quarantine...

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Looking for ways to protect your identity? Two options to consider are fraud alerts and credit freezes. But what’s the difference? A fraud alert makes companies verify your identity before granting new credit in your name. Usually, that means calling you to check if you’re really trying to open a new account. Placing a fraud alert is easy – you contact any one of the three nationwide credit reporting agencies (Equifax, Experian, TransUnion) and that one must notify the other...

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When it comes to creating your budget for the year, a vacation allowance is not typically considered an important expense. But maybe it should be, especially if you have little ones in your household. Planning and saving for a vacation is a great way not only to create life-long memories but also give your children the tools to learn how to create a budget and instill saving at a young age. Where do you start? The most important lesson you can teach your children is conceptualizing money and...

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Last year, the ‘ghost’ tax preparer scam was the newest attempt to hoodwink taxpayers into paying con-artists instead of the IRS. When tax season approaches, most individuals are looking to bring home their tax return. Sometimes, we get overzealous and turn a blind eye to scams hoping that they’ll increase the size of our refund. To make sure you don’t fall victim to a tax scam this year, here are some easy tips: Keep yourself educated Knowing exactly how scammers are...

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It’s 2020, so this should be the year that provides clarity for you to look at your personal finances with an eagle eye. Be honest with yourself, did the holidays cause you to go into debt? Because it’s a new start to the year, we want you to start the year strong and achieve financial stability before next December. Untangle yourself from all the debt you’ve accumulated over the years with these simple tips: Cut up your credit cards immediately The fourth biggest cause of...

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