💰Money basics and more

Jul 14, 2024

 We're diving into two essential topics that can significantly impact your financial health: understanding and maintaining a good credit score, and the benefits of automating your savings. We'll explore how your credit score affects your financial opportunities and share simple strategies to keep it in top shape. Plus, we'll show you how setting up automated savings can effortlessly help you build a financial cushion for the future. Let's get started on these practical tips to enhance your financial well-being!

- Milan

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*Stock data as of closing on July 12th.

THE MONEY BREAKDOWN

“Credit Score”

Your credit score is a numerical representation of your creditworthiness, essentially showing lenders how reliable you are when it comes to repaying debts. Scores typically range from 300 to 850, with higher scores indicating better creditworthiness. This number affects your ability to get loans, credit cards, and even influences things like rental applications and interest rates on loans.

Maintaining a good credit score involves a few key practices. First, always pay your bills on time, as payment history is the most significant factor in your credit score. Keep your credit card balances low relative to your credit limits, ideally using no more than 30% of your available credit. Avoid opening too many new credit accounts in a short period, as this can negatively impact your score. Regularly check your credit report for errors and dispute any inaccuracies. And if you want one tool that will do all this and more, here is our recommendation. By following these steps, you can keep your credit score healthy, making it easier to access financial opportunities and save money on interest rates.

MILAN’S HACK OF THE DAY

Automate Your Savings For Better Results

Let's talk about a simple yet effective money hack: automating your savings by setting up regular transfers to a savings account. By automating your savings, you take the guesswork and effort out of setting money aside. It's as easy as scheduling a fixed amount of money to be transferred from your checking account to your savings account on a regular basis, such as every payday. This way, you prioritize your savings and make sure you're consistently putting money away without having to think about it.

Automating your savings helps you build a strong financial cushion over time. It ensures that you pay yourself first, which is crucial for achieving your financial goals, whether it's building an emergency fund, saving for a big purchase, or planning for retirement. Plus, watching your savings grow without any extra effort can be incredibly motivating. Pro tip: make the most money on your savings by putting it in a high yield savings account. Click here for our top recommendations.

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