Personal Finance
Tips to Attain Personal Finance
CONSIDER THIS : April is Financial Literacy Month—and although most would agree it’s important for people to learn—and preferably learn early—the life skills that will set them up for financial success, studies consistently indicate Americans are generally not sufficiently educated about personal finance.
But it’s never too late to become financially literate. Here are a few tips:
Learn the basics. Budgeting, paying bills, and saving money are basic financial literacy steps. Budgeting is knowing how much money you bring in and spend each day/week/month/year. It is a great way to help you pay your bills on time. It also can help you save for unexpected expenses. After this, you can set financial goals, establish saving vehicles, and learn about investments.
Learn the concepts of credit. Why is credit important? How is a credit score calculated? How to improve your credit score? What’s the difference between a credit report and credit score? These are all vital lessons to learn. A credit report and credit score are not the same thing. A credit report is a compilation of credit-related information; a credit score is a three-digit number taken from the report data. It’s important to know both to make sure your credit is on track. Your credit score is used by more than just lenders—utilities, such as gas and electric, as well as home insurers, cellphone companies, and landlords may use credit scores.
Learn about loans and debt. If you don’t know how different forms of lending work—from car loans to mortgages to student loans—you could end up with unmanageable debt. Loans are not created equal. They have different interest rates, terms, and repayment options. Make sure to consider each one before signing on the dotted line.
Take advantage of online resources. We have online resources that you can take advantage of from your home - click here to access Vocality’s Financial Educational Guide which is dedicated to teaching the basics about financial education, including topics like buying a home, creating a budget, or investing in a retirement plan.
Consult us. Don’t hesitate to seek advice on how you should start planning and buying your new car or home. Let’s talk and get you in the right path.