Today’s Financial Message Just for you, {{ first name | Friend}}
Remember, your financial status should never define who you are. Your true character shapes your behaviors and actions. No matter what stage you’re at in your... Continue Reading
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Long-Term Travel: Your Financial Checklist to Save While You’re Away
Picture this: You’re about to embark on the adventure of a lifetime – a two-month globetrotting expedition.
Exciting, right?
But then reality hits.
How do you manage your finances and home expenses while you’re planning long-term travel?
As an apartment dweller without a car, I faced this challenge head-on. Here’s how I kept my home expenses low and my finances in check during my extended adventure.
Slashing Fixed Costs: The Big Money Savers
The first order of business was to identify which monthly expenses I could eliminate or reduce. Here’s what I tackled:
What is a Credit Mix & Why is it Important for your Credit Score?
A credit mix refers to the different types of credit accounts you have.
The impact of a credit mix on your credit score varies, depending on the credit scoring model used. Lenders and creditors generally want to know how you have managed different types of accounts over time.
Credit mix is one of several factors that affect your credit score.
It is used to consider your ability to juggle different types of credit accounts.
That means both:
revolving credit, typically credit cards
and installment credit, which are loans with a set term and level payments, like a car or student loan, or a mortgage
A credit mix makes up 10% of your FICO credit score, so it’s a less important metric. Nevertheless, it is always good to have knowledge of how credit mix works, and leverage it to boost your credit scores.
Let’s take a look at what credit mix means and how it influences your score.
Today’s Affirmation
I effectively manage both my time and money. I have clear boundaries about what I will and won’t spend money on. I am well-aware of my... Continue Reading