💰 Double the fun

Rise and grind, readers, it’s the penultimate Monday of the year and it’s time to get your money right before the dawn of 2024. Last weekend’s work Christmas party might have been a rough one but you’re up and at it again today, you superstar, so you might as well crush some goals.

We’re changing up our newsletter starting this week: from now on, Money Mondays will bring you our best hacks, tools, and interpretations to help you start your week off in the right #moneymindset. Thursday Wrapped will be the second edition of our bi-weekly newsletter where we break down money updates from the week and much more.

We’re excited to explore this new format with you and bring you more impactful and digestible money news twice a week. Let us know how you like it!

- Milan

IN THE STOCKS

• S&P 500 4,719.19 ( -0.0076%)
• NASDAQ 14,813.92 (0.35%)
• Dow Jones 37,305.16 (0.15%)

*Stock data as of closing on December 15th.

THE MONEY BREAKDOWN

“Credit”

Simply put, credit is like your financial reputation. It's a numeric representation of how trustworthy you are when it comes to borrowing money. When you apply for a loan, credit card, or even a mortgage, lenders peek at this number to decide if they should trust you with their funds.

Your credit score is determined by assessing five key aspects, each playing a crucial role in shaping your financial profile. They are:

1. Payment history
2. Credit utilization
3. Length of credit history
4. Types of credit in use
5. New credit accounts

Your credit score, typically ranging from 300 to 850, reflects your creditworthiness. The higher the score, the better. Paying bills on time, keeping credit card balances low, and having a mix of credit types can boost your score. Think of it as a financial report card. It's not just about grades; it's about building a solid foundation for your financial future.

Good credit isn't just a status symbol—it's a game-changer. With a high credit score, you can qualify for better interest rates, snag the best credit cards, and even secure lower insurance premiums. It's like having VIP access to the financial world. So, nurture that credit score, make wise financial moves, and watch your financial influence grow. Learn how you can track, build, and boost your credit score at milansingh.co/smartcredit

MILAN’S HACK OF THE DAY

The Best Day To Fill Up On Gas 

Gas prices in the U.S. are (thankfully) at an all-time low, and are expected to fall even further to below $3 a gallon by Christmas, just in time for some extensive holiday travel. But did you know that in a typical week, there are good and bad days to fill up on gas?

According to a study conducted by Gas Buddy in 2021, Thursdays and Saturdays are the most expensive days to fill up on gas, with Mondays and Fridays being the cheapest. Wednesdays aren’t a good day for gas either so the next time you’re filling up, do it at the start or end of the week!

If you found this story useful, check out our Top 15 Money Hacks for more hot tips at milansingh.co/hacks 

OUR FAVORITE MONEY TOOLS

 Make Money On Your Money 

It’s around this time of the year that many of us are rewarded for all our hard work with a significant holiday bonus. But with this bonus come intrusive thoughts of busting your entire cheque on a 25 ft Christmas tree, and then some. Before this happens, think about your long-term financial well-being and how you could use your bonus to begin your journey to financial success. Our money tool of the week can help you kickstart this journey. 

Putting your money in a High Yield Savings Account (HYSA) can earn you much more than leaving it at a bank. A HYSA works exactly like a savings account: you can deposit or withdraw money whenever you want, but the interest rates are much higher. Experts have called HYSAs the “easiest way to make money” so if you haven’t tapped into this passive income source yet, what are you waiting for?

Check out our favorite HYSA at milansingh.co/sofi