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How to Prioritize Your Debt

May 14th 2015 by
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Last week, I talked about what an acceptable amount of debt was and what your debt-to-income ratio means. The next step is to understand how you should prioritize your debt to gain better control of your finances. Necessities First In order to properly prioritize your debt, you first need to make a list of all your monthly expenses. Set this up in a spreadsheet, and you’ll be able to build your budget off it later. Basic human necessities always take priority. Your housing and food costs should be estimated and that money needs to be set aside every month before…

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What is an Acceptable Amount of Debt?

May 7th 2015 by
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Seems like a silly question, doesn’t it? No debt would be the obvious answer, but unfortunately that’s not a realistic goal for most people. A NerdWallet report states the average household credit card debt is over $15,000. You hear all the time about how important it is to save money and reduce debt, so having a reasonable goal in mind would be helpful. Debt-to-Income Ratio Since each individual has their own unique life and situation, it all comes down to numbers. The best way to determine how financially stable you are is to calculate your debt-to-income ratio. First, add up…

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Don’t Make These Mistakes with Your Student Loans

Posted in Borrowing Money
April 9th 2015 by

It doesn’t seem like anyone would make a significant financial decision without fully understanding the terms and total amount of debt involved, but plenty of college students do this. A recent report run by Elizabeth J. Akers and Matthew M. Chingos of the Brown Center on Education Policy at Brookings, found that many college students don’t know how much debt they have, and some didn’t know they had a student loan at all. Only 52% of the respondents in the study were able to report an accurate range of how much student loan debt they’d have after graduating. 25% underestimated,…

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5 Spring Cleaning Tips for Your Finances

March 24th 2015 by
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It’s finally spring! We got another round of snow here in the Northeast last week, but everyone has high hopes that will be the last of it. The warmer weather inspires many people to begin spring cleaning. While giving your home a through cleaning is an excellent idea, don’t forget to add your finances to the list. 1. Make a Commitment to Get Rid of Holiday Bills Are you still paying off holiday gifts? If so, it’s time to tighten up your spending or find ways to earn extra money. Make an effort to save money in small ways, like…

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Personal Finance Quiz

March 12th 2015 by
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How savvy are you when it comes to personal finance? Take our quiz and find out! It asks you questions about: Staying out of debt Auto loans Retirement accounts …and more! Personal Finance Quiz from Aspire FCU Didn’t do well on the quiz? Browse through our blog to brush up on the questions you’ve missed.

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