As children age into teens, they become more independent and more capable to learn about basic financial concepts. Many teens work in some capacity, whether that be after school, during the summers, or even doing a larger share of the chores around the house. As they start to earn more income, the teenage years are…

It’s never too early to start learning about money! While young children won’t understand complicated financial jargon, they will certainly pick up on the actions and habits of the way their parents handle money. One of the best ways to teach good money habits in children is to establish a routine set of chores and…

When it comes to communication regarding the family’s finances, assigning roles within the marriage can help lead to success and clarity. This can be a great opportunity to utilize each other’s strengths in a positive manner. One spouse may be more analytical, while the other spouse may be more of a ‘big picture thinker’. In…

Should I Utilize a Fixed-Rate Mortgage or an ARM? Over the past decade, fixed-rate mortgages have ruled the housing market. Interest rates have been extremely low, and it made perfect financial sense for households to utilize a fixed-rate mortgage. Fixed-rate mortgages operate exactly how they sound – they have a fixed interest rate for the…

Congratulations! You’ve accomplished the first step and now know how much house you can afford. Now that you’re soon to begin your housing search, how can you prepare for your new payment? One of our favorite financial planning techniques is to “pay yourself” the difference in your current payment and your new projected payment. Let’s…

As we enter into the summer months, real estate activity tends to pick up significantly. Summer is a popular time to buy and sell. Before beginning the housing search, an important first step is to determine how much you can reasonably afford. There are a couple rules-of-thumb to help guide this conversation. 1. Strive to…

In our first segment on credit, we discussed the importance of reviewing credit reports each year. Not only does this help to ensure accuracy, it also helps to protect against fraud. Utilizing a “credit freeze” is also a helpful way to protect against accounts being fraudulently opened in your name. When a credit freeze is…

A credit score is comprised of five different factors, and each factor affects your score differently. The factors are listed below: 1. Payment history (35%) – This is the largest factor in your credit score. A long history of paying on-time has a very positive impact on your score. Conversely, late payments have a significant…

Review Your Credit Report It’s a best practice to review your credit report annually. There are three major credit bureaus in the US – Experian, Equifax, and Transunion. Each bureau is required to provide free access to your credit report once every twelve months. Checking your credit report is important for two main reasons. First,…

Most folks tend to think of their credit score only impacting the rate they can receive on a new mortgage or auto loan. While this is one important area that’s impacted by credit history, it’s certainly not the only category. Future employers often review credit reports for signs of bankruptcy or other issues related to…