Popular logic when you are trying to improve your finances is to consider drastic measures to create a noticeable difference but making these major moves is not always the best course of action and a series of small changes can have just as much impact, if not more.
Here are some savvy financial tips to consider and some insights on how you can implement some lasting positive changes to your financial situation. Including a suggestion to take an alternative view on reaching your goals, why you need to analyze your monthly costs, plus some tips that should help you keep more of your cash.
Think small to improve the bigger picture
It’s easy to adopt the mindset that paying an extra $30 or so extra toward your credit card debt payments is hardly worth the bother and won’t really make much of a difference.
It is perfectly understandable that you look at the balance and think how can I clear the debt in one go? But it often pays to take an alternative approach to clearing your debts and adding to your savings pot.
Those seemingly insignificant additional payments actually make a substantial difference to reaching your goals and rather than keep wondering how you are going to raise a chunk of cash in one go, start chipping away at your balances with these small additional sums of money.
It is a good strategy to think small as those extra payments will ultimately get you to where you want to be a lot quicker than if you keep holding back trying to raise enough cash to make what you might consider a meaningful contribution.
When you are committed to clearing debt and putting more toward your savings, don’t try to do it all almost immediately, make regular additional payments when you can and also try to make small changes to your finances to help you free up extra cash. ...continue reading
If you’re having a difficult time getting approved for credit because you have a low credit score, working to improve your credit score can seem like a task that can take years to solve.
There are few quick shortcuts to improving a credit score, but there are some big moves that can raise it dramatically.
Here are some of the biggest moves you can make to improve your credit score:
Know your credit score
Start by checking your credit score at AnnualCreditReport.com for free. The three credit reporting companies must give you a free report once a year, so you can either get all three at once or spread them out by getting one every four months.
The score you receive represents your credit risk at a point and is meant to measure your future credit risk. Scores from the Fair Isaac Corporation, or FICO, are most widely used, with scores ranging from a low of 300 to a high of 850.
The higher the score you have, the more likely you are to be approved for credit and get the best loan rates for auto loans, home loan and credit cards, among other things.
Here’s a breakdown of what the scores generally mean: ...continue reading
This is the second of two posts by Ryan Bonaparte on negotiating salary.
As we discussed in the first article, negotiating your starting salary (and all subsequent salaries) can be a huge factor in building long-term wealth. Even starting just a few thousand dollars more in the beginning of your career can net you an extra tens or hundreds of thousands of dollars.
But how do you successfully negotiate a salary, when after a long hunt you finally have a potential job that is hopefully better off than where you are now?
It’s actually a very simple process, made even easier with today’s tools and technologies. Below are some do’s and don’ts.
Know Market Rate for the Position
It can be tempting to go into an interview process dreaming of make tons of money. But if the role is a junior one, you should expect to be compensated accordingly.
Websites like Glassdoor or PayScale can get you a sense of what a position at a specific company in your area might be pay existing employees. Use these as guidelines for what to negotiate toward. ...continue reading