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Why Your Credit Score Is Important This Year

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17134545586_bf25edbbee_zEveryone knows that your credit score matters: it’s a reflection of whether you pay your debts and bills on time. Having a good credit score can even save you money. When I went to get the electricity set up in my new apartment, they waived the $300 start up fee just because I have good credit. You are also able get lower interest rates on loans and are more likely to be approved for anything. Read this article by Yahoo Home Finance for more reasons why your credit score matters in 2016:

-Auto loans are going to become more expensive

-Credit cards could see an interest rate creep

-Variable-rate student loans will need to be locked down

Having a good credit score could help you avoid all these rising rates!

Photo Credit: Got Credit 

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How To Create A Finance Binder

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23643416_c0444649b1_zBills, bills, bills. House payment/rent. Car payment. Electric. Water. Cable. Internet. Phone. Health/car/home/dental/ every other kind of insurance. Groceries. Student loan payments. The list goes on and on. Add in saving for retirement and building up a cushion/emergency fund, and it can seem impossible to keep track of all it! It’s totally overwhelming! That’s why I love this idea by Tiffany at The Nest Effect. Here’s her tips for creating a finance binder that will organize your life:

-The bill and payment checklist is my way of keeping track of monthly bills. I can write in the due date for each month (like for example my rent is due on the 1st of every month) and check a box if a bill is on auto pay. Then each month as I pay each bill I simply check it off.

She also has pages for budgeting, shopping lists, spending logs, and debt repayment. Check it out!

Photo Credit: mlpdesign 

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Tax Deductions To Take Advantage Of

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11942703234_4985d7677c_zPeople miss out on tons of money during tax season, simply because they don’t know how to take advantage of beneficial tax deductions that they qualify for. If you still haven’t filed this year and are looking to get more money back on your tax refund (or to lower the amount you have to pay in), check out this post by John Schmoll at Frugal Rules for tax deductions you probably overlooked:

-Expenses related to changing jobs: especially if you had to move a long distance. Moving costs, lodging, uniforms, and union dues can all be deducted

-Energy efficient home improvements

-Giving to charity- the donation itself, but also gas mileage to drop off donations, etc.

-Being self employed: web hosting fees, business supplies, website design costs, etc. can all be deducted.

Photo Credit: Lending Memo 

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Simple Ways To Save More

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3574702281_08403a55f8_zEveryone could use some extra cash: whether you’re saving for a vacation, a large purchase like a car, a special event, trying to pay down debt, or simply trying to build up your retirement account, saving money is a good idea for everyone. But, it can be hard knowing what corners to cut. Check out this post by Kelly at View Along The Way for how she saves money every day:

-Pay everything with cash (not change), put the change in a change jar and save it.

-Bring your own food on vacations

-Coupon, coupon, coupon, and buy in bulk

-Wait one day before buying an impulse purchase

-Never buy soda, especially at restaurants

-Check out books from the library instead of buying them

Photo Credit: alamosbasement 

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Investing Tips For Newbies

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2495538130_9f01ab1a01_zInvesting is a great way to grow your money over time, but it can be scary for beginners to get started. Lots of advice I see is directed at people who are already wealthy, and advises them to start with a few thousand dollars and a professional stock broker. However, I’m here to tell you that you don’t need all that. Anyone who has a little extra money saved can start investing. Check out this article by Alexa at Single Moms Income for beginner tips:

-If your employer offers a 401(K), it is the simplest way to start investing and a great place to start

-Open a Roth IRA or Traditional IRA

-Start contributing a small amount each month, and slowly bump it up depending on what you can afford

-Check the accounts every few months, sit back, and watch your money grow

Photo Credit: Jaroslaw Pocztarski 

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Mortgage Rates Are Still Low

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11943189016_6a1208edca_zMortgage rates have been dropping lately. According to this post by Kathyrn Vasel at CNN Money, average interest rates are in their 4th straight week of decline. If you are looking to buy a home, now is the time to get pre-approved for a mortgage and lock in these low rates! Read the entire article for more:

The 30-year mortgage rate fell to 3.79%, the fourth straight week of declines, according to Freddie Mac. A year ago, the rate averaged 3.66%.

The rate on a 15-year fixed mortgage also dropped to 3.07%.
Photo Credit: Simon Cunningham 

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Ways To Make A Little Extra Money From Home

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If you are looking for ways to bring in a little bit of extra income, then this post is for you. Now, none of these are true work-from-home careers, but may put a few extra dollars in your pocket each month. That can really add up! These ideas are perfect if you are putting away extra money for the holidays, a vacation, to boost your savings, or just an extra splurge. Check out this post by Kyle Taylor at The Penny Hoarder:

–Inbox Dollars pays you to listen to their radio station

–Nielsen Mobile for iPhone Users – if you have an iPhone, this Nielsen panel will pay you $50/year to keep this app on your cell phone.

–RewardTV– earn money by answering TV trivia

–Foap  – turns your iPhone pictures into cash

Photo Credit: Logan Ingalls 

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Should You Try An Adjustable Rate Mortgage?

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The idea of an ARM (or Adjustable Rate Mortgage) seems really intimidating, especially for first time home buyers. It can seem scary that you may have a different mortgage payment each month, and most people prefer the security of a fixed rate mortgage. However, there are reasons why ARMs exist, and why buyers opt for them all the time. Check out this article by Holden Lewis at the Bankrate blog to be fully informed on the pros and cons of ARMs:

Pros:

-Generally, the initial interest rate is lower than a fixed rate mortgage

-The interest rate can even go lower, lowering monthly payments

Cons:

-The interest rate can also rise, increasing payments

-Payments can be unpredictable

Photo Credit: Alan Cleaver 

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