5 Tips for Automating Your Savings

Digital piggy bank

If you have a hard time remembering to “pay yourself first” through savings, one of the best things you can do is automate your savings. “Much like the automated paying of bills, automating your savings is fast and ensures that you save on time and stay on budget,” says Michael Christian, the AVP of Checking and Savings Products at Navy Federal. “Automation is a long-term, viable strategy toward financial freedom.” With automated savings, you don’t have to worry about whether or not you are setting aside money at the end of the month. Instead, automation forces you to prioritize your

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The Savings Habit: Why Getting Started is Better Than Doing Nothing

plant in money

One of the common excuses that people have for not saving money is that they don’t have enough to get started. It’s common to think that it’s not “worth it” to set aside money when you have a small amount to start out with. However, even if you don’t think that it’s worth the trouble to start saving, the reality is that you could benefit in the long run from developing a savings habit now — no matter how much you are able to set aside. Compound Interest Magnifies Your Savings Over Time Over time, your money makes money. You

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Plug Your Money Leaks and Turn Them into Savings

Water Waste

You might be surprised at how much money you are wasting each month. Many of us, even when we think we are doing all we can to cut costs, still have room to cut. This is because there are money leaks that tend to drain our budgets without us really thinking about it. If you aren’t happy with the way your budget looks, maybe it’s time to plug some of your money leaks and turn them into savings. Once you turn that wasted money into savings, you’ll be surprised at how much you can accomplish with your finances. Finding Money

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Should You Pay Down Your Credit Card Debt Or Other Debts First?

Falling credit cards

Do you like credit card debt? No one does, but when you have several loans you are trying to pay, it can be hard to decide which to work on first. As unsecured debt that is never tax deductible, the cost of credit card interest can be high. The typical credit card has an interest rate of around 15%, which will be higher than most mortgage, student, and car loans. So for many credit card holders, it can make perfect sense to try to pay off their credit cards first, before paying down other loans. Yet the question of which

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Beginner’s Guide To Getting Out Of Credit Card Debt

woman with debts and bills

Getting into credit card debt is very easy. Credit cards are heavily marketed to consumers through the Internet, through the mail, and even in person at events and onboard aircraft. In addition, card issuers are willing to offer applicants large lines of credit with very little verification of their income. Finally, credit cards are so easy to use, that it barely takes a moment to charge thousands of dollars’ worth of purchases. But once you are in credit card debt, you will discover that it is not only very costly, but it can also be extremely difficult to pay it

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Will Paying A Collection Account Keep It On My Credit Reports?

alarm clock and money isolated

It’s no surprise to learn that collection accounts have the ability damage your credit scores for up to seven years from the date of the original account’s default. If you are applying for a home loan or otherwise trying to clean up your credit, you may choose or be forced to pay off your collection accounts. But if you pay off a collection account, doesn’t that restart the credit reporting clock and allow it to remain on your credit reports for an added seven years? Or is that a myth? The “Purge From” Date First things first, let’s address one

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Want to Stop Receiving Pre-Approved Credit Card Offers?

No Credit card sign icon. Debit card symbol.

If you’ve opened your mailbox lately to discover a pile of pre-approved credit card offers then you shouldn’t feel special. Millions of those offers hit mailboxes across the U.S. every single day, as long as the mail is running. And if you’re getting those offers and don’t want them then you may not be familiar with the phrase “opt out.” All you have to do is read the fine print on those credit card offers and you’ll find language referring to your right to opt out of receiving those offers.  Of course you’ll have to get past the larger bolder

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Does Checking Your Own Credit Lower Your Scores?

documents in form question mark

Few credit myths are as frustrating as the idea that checking your own credit reports or credit scores will actually hurt your credit and could possible cause you to be denied. This particular credit myth scares many consumers away from doing the very thing they need to be doing regularly, which is to keep a close eye on their credit reports. Thankfully this is a myth and it doesn’t take very long to do a little research to confirm as such. The truth is that you will never, ever harm your credit reports or credit scores in any way by

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What to Do When the Bank Cancels Your Credit Card

Rubber Stamp

Nothing can ruin your day faster than finding out your credit card’s been canceled while you’re standing in line at the grocery store or trying to pick up the tab for dinner. Unfortunately, credit card companies have the right to close accounts at their discretion without giving customers a heads-up first. In some instances, a card can be canceled if it becomes inactive for an extended period of time or if the bank suspects that someone is using your card to make fraudulent charges. Most of the time, however, it all goes back to your account history and your overall

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What to Expect If Your Mortgage Is Sold to Another Lender

House Sold

Signing on the dotted line for a mortgage means that you’re stuck making payments for the next 15 or 30 years but not necessarily to the same lender. It’s not uncommon for banks to buy and sell mortgage loans and federal law doesn’t require lenders to get the green light from homeowners beforehand. When your loan is sold or transferred to another lender or servicer, you’re still on the hook for the mortgage but how you make your payments may be affected. If you’ve received a notice that your loan has been sold, knowing what to expect going forward can

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