The survey also highlighted that a third of Americans say they are more concerned about their financial health than their physical health. In addition, two in five Americans say that finances are the biggest stress in their lives.
In terms of financial health and savings, 35% said that knowing the best approach is the hardest part. If you feel the same way, it is important to look at a couple of different aspects of your financial health and comfortable with your finances.
"Do not spend time today to think about the future can be costly in the long term."
When you try to save money, every little bit counts. It is important to consider all aspects of your finances, be it credit or savings accounts, to ensure that you are using all these avenues to their full potential and make them work for you. There are a handful of ways to do it. Your options include to learn reading and understanding your credit report, pay less interest on debt that you may have while earning money for expenses, and receive higher interest on the money you have already registered.
Errors on your credit report could cost you hundreds.
The FTC previously reported that nearly 52 million Americans had errors on their credit report. These errors can be anything from simple desktop errors in identity theft. Anyway, they can be detected before havoc on your credit score. An essential step to detect these errors is to examine your 3-bureau credit reports and make sure that there is no divergence.
Keep your in check credit report is important when planning your finances, because credit report errors could hurt your credit score, which in turn makes you pay rates higher interest and spend more money than you need. Follow these steps to correct errors on your credit report. I do not know if you have one? Get your 3-bureau credit report for free by signing up for a free trial of all the top credit report monitoring services.
Do not pay unnecessary interest and earn money while you shop.
If you have good credit and you pay high interest rates on your credit cards, it's time to stop. There are tons of credit cards that offer 0% APRs for over a year on purchases and balance transfers. This means that you can transfer the balance of your current card and pay no interest. In addition to this, many of these 0% interest cards offer cash back rewards stellar so that you can make money while you shop.
Worried about having too many credit cards? Fortunately, having multiple credit cards is actually good for your credit score because it reduces your credit utilization rate, which we explain here. To choose the credit card with low interest perfect for your current needs, check out our personalized credit card selector and read full reviews of higher plastics.
online savings accounts offer higher interest rates.
If you start with a $ 50 or $ 5,000 economy, it is important to get the most for your money. Because online banks are not all the same costs that banks brick and mortar do, they are able to transmit their savings to their customers through higher interest rates. For example, Bank of America account of regular saving current interest rate is 0.01% - compare the current interest rate of Ally Bank Online 0.87%. In addition to higher rates, online savings accounts usually have no fees and no minimum balance requirement. This way you can build your account without worrying about those pesky extras. For more information on these higher yielding options, read our online savings represent the views and use the calculator savings account to choose the service that you will benefit the most.
In order to get comfortable with your finances, it is important to make a plan and start talking. Remember, everyone starts somewhere. Good luck!