We are going to share a couple of simple financial tips that have saved us big this month! Hopefully, some of them will help you as well.
Take an inventory of your credit cards
- How many cards do you have? According to Experian, there is no number of cards that are deemed “too many”, it really depends on each person. Some people stick with one credit card, some have five, I’ve found my perfect number is three.
- Remember that closing credit card accounts can possibly negatively affect your credit score. Experian has more information on that here if you are thinking about doing it and would like more clarification.
- Do you have the right credit cards? Certain credit cards give you cashback or rewards, but many of them come with a fee. Take a look at the cards you have and the fees you are paying and make sure the rewards are worth the cost.
- If you’re looking for a new credit card with rewards, but no fee, Experian has a great article highlighting 7 cards exactly like that! You can find it here.
Is it time to buy a house or refinance?
With rates dropping, many industry insiders say now could be the right time. There are a few questions to ask yourself before making the decision.
- If you are looking to buy, can you safely make the mortgage payment each month and still be left with savings?
- If you are looking to refinance, look at the rate that you paid originally and make sure the difference is large enough to make it worth it
- Since no one knows exactly when rates will go down or up, you do just have to go with your gut feeling on when to lock your rate in
- Shop around for the best rate.
Make sure you have an Emergency Fund
Experts say you should definitely not be stuffing your cash under your mattress. Not only is susceptible to natural disaster or theft, you may even forget about it! The four places you SHOULD place your emergency fund are:
- High Yield Savings Account
- Money Market Account
- Treasury Bills
Take stock of your HSA
Do you have a Health Savings Account? Now is a great time to check on the amount you have saved and see if you are able to increase what you’re currently contributing. You can take out the money and use it for any health-related expenses, so it’s great to have a stash of cash here. The amount in the account never expires, instead, it will just grow.
Going over these simple things has saved us both a ton of money this month! Take a couple of minutes to do a check-in with yourself and start reaping the results!
