FCAA
The Financial Counseling Association of America
Americans say their financial health is a top priority in 2024. Nearly 70% have financial regrets from 2023. Most plan to focus on building better financial fitness in the New Year.
Getting fit and stronger in any area of life takes effort, especially if you’ve neglected it for a while. The Financial Counseling Association of America (FCAA) offers 5 tips to help you get financially fit in 2024.
When signing up for free airline miles or cash-back rewards, most people do not consider the potential dangers of credit card debt. Credit cards help build credit, protect against unauthorized charges, and offer useful benefits when used responsibly. However, if not managed well, credit cards can lead to a dangerous debt trap.
Credit cards let people borrow money and pay it back later.
“For the most part, using credit cards and understanding how credit card companies work are pretty straightforward,” said Todd Ossenfort, Chief Operating Officer of Pioneer Credit Counseling. “Just remember, you are expected to pay back any money you spend when the monthly statement comes.”
People can choose to pay back the full amount each month or pay a minimum amount of the balance due.
The upcoming holiday season can bring a mixture of emotions for many people. When money is tight, joyful gatherings and gift exchanges can cause anxiety and stress. Follow these smart strategies to stay out of debt over the holidays.
People love to give around the holidays. The spirit of goodwill and generosity during the holidays is truly special. In 2023, nearly 85% of Americans plan to purchase gifts for friends and loved ones during the holidays. Many also plan to gather and share special foods or drinks at parties or festive meals.
After a three-year pause, federal student loan repayments started up again on October 1. For nearly 45 million borrowers, the added burden of student loan payments may make life a lot harder. Today, many Americans have difficulty managing their budgets because of housing expenses, rising prices, growing families and job changes.
In June, the Consumer Financial Protection Bureau warned that 1 in 5 student loan borrowers could struggle when repayments began. One in 13 borrowers is currently behind on payments. [Read more…] about Student Loan Repayments Restart This Month
The Essential Guide to Emergency FundsIn life’s unpredictable journey, one thing is certain: unexpected events will occur. Whether it’s a sudden job loss, a major car repair, or a medical emergency, life has a way of throwing curveballs that can have serious financial implications. That’s where emergency funds come into play. It’s a financial buffer designed to cover unexpected expenses, providing a safety net that can keep you afloat during turbulent times. In this guide, we will explore what an emergency fund is, why it’s crucial for your financial health, and how to build one effectively. [Read more…] about Building Your Safety Net
Todd Christensen, Education Manager
Debt Reductions Services, Inc.
Creating a budget is an essential part of financial planning, but it can be challenging to do so with bi-weekly paychecks. Bi-weekly pay periods are common in many workplaces, but they can make budgeting more complicated than the traditional monthly or bi-monthly paycheck.
Why are household budgets more difficult to manage with bi-weekly paychecks than bi-monthly paychecks?
Bi-weekly paychecks create more income fluctuations than bi-monthly paychecks, making it harder to budget accurately. With 26 pay periods per year instead of 24, budget adjustments are required more frequently. [Read more…] about Guide to Budgeting with Bi-Weekly Paychecks