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Financial Tips 

INCREASE YOUR CREDIT LIMIT 

A credit limit is the maximum you can

charge on a single credit account.

To increase your credit limit, simply call your card 

issuer and ask for a credit line increase.

(Be sure that the issuer has your current salary information.)

Some card issuers allow you to make the

request online or on their app.


With a higher credit limit, you give yourself more spending power

and keep your utilization rate low.

Both of these things have a huge impact

on your credit score.

Keep in mind, that if you are approved, it may take several  

days or weeks to appear on your credit reports.

Your potential credit scores increase will shift depending 

on how much your credit utilization has decreased.


Place Limits on Spending

 When looking to place limits on spending,

you can first start by asking your credit card

company if setting a cap on the amount of

purchases and cash advances are

allowed on your account.


If so, remember to do the same for

ANY authorized users.


At the very least, you should set your cash

advance limit to $0 to avoid higher

fees and interest rates.


It is best if you keep your credit utilization

rate at a comfortable level.


Generally, experts recommend that you keep

the ratio between your balance owed and

credit limit below 30% because credit card

utilization is an important factor in



CREDIT CARD DUE DATE

 Your credit card due date is the date your payment 

must be paid every month.


Most credit card issuers allow you to change that 

date to a different date in the month.


You should take a look at your paydays and when your 

other bills are due to select

a better date if needed.


For example, some people set up an

automatic payment in order to have all their

bills come out at once, so they don't

forget to pay on time.


In other instances, some people like to pay

their bills immediately according

to their payday.


You can call your credit card issuer to

have the due date changed.


Please remember that this usually takes one

bill cycle to take effect. 


Make sure to confirm the change on your next billing 

cycle and update your calendar with the new date.



How To Prepare For A Rainy Day!

 A ​rainy-day savings account is an account set up to cover 

those unexpected expenses that you may incur.


For example, if your car breaks down or you need to make 

some minor repairs around the house. 

Anything could happen at any time, so a rainy-day account 

helps to handle the expense at a moment's notice.

 

Here are some easy steps to take to set up

a rainy-day savings fund.


1. You can open a saving account and begin to

deposit as little as $5.00 a week to start.


2. If possible, your rainy-day savings account should 

be opened at a different bank from your checking account. 

You should also decline a debit card or cut it up for

that savings account. This makes it a little more difficult 

to use the money, if you HAVE to go to the bank

to make withdrawals.


3. If it's not possible to open the account at a different bank, 

keep your savings and checking account deposits separate.

You can keep better track of the savings, and if the money is in the 

checking account, you might mistake it for extra cash.


4. When creating your budget be sure to include

your rainy-day amount so that you don't forget about it.


5. You can also set up direct deposit for the weekly, 

bi-weekly or monthly deposits to your savings 

account so you will not see it.

(When it’s out of sight it’s out of mind.)


6.The amount of money in your rainy-day account 

varies from person to person. You should set an amount to 

reach that could cover your highest unexpected 

expense and work to have that amount in your account.


(For example, $1,000 may be able to cover minor home 

or car repairs or medical expenses that you didn't expect.)


So now that you have an idea of where to start, let’s 

get the umbrellas open so we can be covered on a rainy day!



​H​O​W T​O KEEP​ DEBT A​T BAY!!​​

Start by paying​ off the little debts, so that 

you​ can have the confidence to 

conquer​ the high ones.


It is recommended to pay off the debt with

the higher interest rate first.


Making weekly or bi-weekly payments to pay off your credit  

card balances every month can help you earn credit card rewards.

This also keeps you from being charged extra interest.


No extra debt....

We know you have that one family member or

friend who wants you to co-sign on a loan.


DONT DO IT!​


If they miss a payment your credit will be affected,

and you will be stuck paying the bill.


Having cash on hand keeps you from overspending.

Once the cash is gone, go on a ‘cash diet'

this helps you stay on budget.


These are just a few tips to help you

KEEP DEBT AT BAY!


ROAD TO SAVINGS:

MONEY REALLOCATION

Now that you have started reducing your expenses 

let's put this into practice for at least 2 months.

 

For every dollar saved by making those cuts, 

deposit the money in to your... (wait for it) COOKIE JAR.


Yes, that's right find a jar, a box or even a piggy bank. 

Anything that can hold all the money you are saving.

(Be sure to keep it out of sight...you know out of sight out of mind.)


For every dollar or coin added, write it down on a pad.

Keep a tally of all the money going in. Nothing should be coming out.


At the end of 2 or 3 months count how much you 

have saved... you will be surprised.


When depositing money into your jar, be sure to round to

the nearest dollar. If you have spent $2.75 round up to $3.00.

(This makes it easier to track.)


Depositing money into your savings jar provides

two ways of saving at one time. You are able to make cuts to

household expenses and curve your spending habits.


So now that you have all the facts, 


ARE YOU READY TO GET STARTED?

(DON'T DELAY)

      Trust it! It works, I did it and so can you.      


CREDIT CARD REWARDS

Credit card rewards are any perks

(monetary or non-monetary)

that credit cards offer to consumers who uses the card.


Would you believe your credit card can also earn you  money?


There are a​ lot of credit car​ds that can earn you cash back.

If and only if you can pay off the balance every month, 

you should use your credit card at every chance.



Shop around for the best rewards and cash back 

percentages to earn money while you spend.



You can potentially earn hundreds of dollars at the end 

of the year by signing up for a cash back card.



Next, make purchases to accrue rewards then redeem the 

rewards through your card issuer.



Put your spending money to work, for you!



Saving Money At The Grocery Store

1.Budget

*You can do this by taking the average amount of money 

you spend on your monthly groceries and dividing 

that between future store runs.


*Imagine your average allowance for groceries is $600 every month.


You typically go shopping every 10 days (3 times a month).


*Divide that $600 into 3 and get $200 budget for groceries.


2. Make a shopping list and stick to it

*You should not go to the store without your list. 

*As you find what you need cross it off.

*Do not add any new items to your list while you are shopping.


3. Use cash

*It is harder to go over budget if all you can spend is 

the money in your pocket.

(The amount budgeted for your groceries.)


4. Choose shopping partners

*Someone to help you stick to your list.

*Remember choose wisely, you don't want a shopping 

partner who just buys anything without checking the prices.



5. Compare prices

*You can always compare the prices of the items 

on your list, as well as the stores to purchase your items.

  

*Comparison shopping is a crucial habit to develop if you 

want to save money on your purchases.


*Check the circulars of your local stores for the best prices. 

You can even find an app to compare shopping options on your phone.


6. Use Coupons & Promo Codes

The difference between coupons and promo codes are: 


*Coupons are physical pieces of paper that have the deal written on them.


*Promo codes are simply numbers or letters that 

you can obtain from anywhere and then input into an online form 

to receive your discount.



7. Shopping while hungry

*People who shop when they are hungry typically make unhealthy 

choices and end up overspending.


*You can aim to spend 10-20 percent less of your monthly 

grocery budget to save money.


Let's curve our food budget, starting today!!!! 


BANK BENEFICIARIES

Beneficiary simple put is a person who gains a profit or 

an advantage from something.


When you hear beneficiary, most people immediately think of life

insurances, retirement plans and wills.


It is crucial to have a beneficiary for these documents, and if you don't...

I strongly suggest you fix that ASAP!


If you already have a beneficiary set up, check to make sure it is up to date.

(Are you newly married, recently divorced or have you lost a loved one?)

Let's make sure your assets are going to the right person.


Have you thought about a beneficiary for your bank accounts?

A beneficiary on your bank account allows your loved one's

immediate access to the funds left behind when you are deceased.

(With proper identification and a death certificate)

This is called a POD (payable on death) account.


People who have a POD account keep their money out of probate.

(The legal process that manages assets and liabilities left by a deceased person).


The money and account are yours. Your beneficiary does not have 

access to the money or account until you are deceased.


*A last will and testament cannot/will not affect the person named as

the beneficiary on a pod account. A named beneficiary supersedes a will*.


RETIREMENT

N​ow is the time to start saving for your future, that's right 

planning for your retirement.  

​​

What​ does that mean, glad you asked​?

Retirement is the action of leaving one's job and 

ceasing to work.


So, let’s star​t saving money!


There are several ways to save money and plan for your retirement.


Here are some examples of retirement benefits that maybe 

offered by your employer IRA, TSP, or 401k 

just to name a few.


An IRA is an Individual Retirement Account

This type of account allows you to save money for retirement in a 

tax-reduced, tax deferred, or tax-free way.



A TSP is a Thrift Savings Plan account. 

This type of account is offered to Federal employees and members 

of the uniformed services, including Ready Reserves. 

This is ​a retirement savings and investment plan account.



A 401(k), is plan where the employees receive a tax break.

A method of reduction of the tax liability of the taxpayer, 

on the money they pay into the account.



Contributions are automatically withdrawn from employee paychecks and 

invested in funds of the employee's choosing.

(From a list of available offerings).



These are just a few things to think about.

Ready to make a difference in your future, let's start 

saving for your retirement!!!!!!



Start by setting a goal of how much you want to 

save for retirement and stick to it.

Saving is a rewarding habit! 



It is recommended that you will need at least 70to 90 percent of 

your pre-retirement salary to maintain your standard of living 

when you stop working.



If you have any of the retirement plans listed above, contribute as 

much money into it as possible.



You can also look into other basic investment plans to save money.

This will allow you to diversify your funds and can improve

your return and reduce the risk.



Do not touch your retirement savings accounts.


It may be tempting but it may cause you to lose your principal, 

interest or your tax benefits. 


You can do on it!


Let’s start saving today for your tomorrow!