Are you a teenager or a youngster struggling hard to manage with your pocket money or have you just started to earn? Proper financial planning is an art, and not everyone gets to master it. Here, we share some simple financial planning tips to help you become a good financial planner in the future.
Proper financial planning is key to a secure future. Regardless of the money you earn (or get), it’s important that you plan a budget and stick to it. Learning to save from an early age can go a long way in making your life prosperous and comfortable.
Master the art of self-control
Learning the process of delayed gratification helps. What this means is, if you really want a new pair of shoes the moment you see it, don’t splurge on it even when you have a credit card. Rather, save up for that pair and buy later. Also, if you don’t really need a new pair of shoes, you can avoid buying it completely.
Learn budgeting
Budgeting is simple and it’s one of the most important things you need to do, as far as financial planning is concerned. Take a notebook, and track your expenses. More technically speaking, you keep a log of your expenses. You can take this a step further by keeping a copy of your budgeting file on the cloud platform or Google drive so you can update on the go. Sometimes the smallest things tend to make the biggest differences, like splurging on a cup of coffee at Starbucks every day or going to laundry services instead of washing your clothes on your own. The expenses add up down the line and if you can realize that, you’ll be able to manage your budget more wisely. This can help you save up a lot too.
Safeguard your health
Eat healthy, live healthy! Follow this mantra for the rest of your life and you’ll be on your way to financial well-being. Bad health leads to medication, hospitalization, and loss of money. On the other hand, if you are hale and hearty, there’ll be no need to spend on medicines and hospitals. Make sure your diet is in check and you get regular exercise. Although you can’t permanently eliminate all risks in your life, you can certainly minimize them by taking care of yourself. A higher quality of life equates to a better financial well-being.
Once you start earning more, start investing in different mediums. Plan well and plan ahead, and you’ll definitely have a financially sound future.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.