There are four key pillars used to improve your financial health: Spend, Save, Borrow and Plan. This week we're focusing on *Borrow* to help you master your finances.
Brainy Borrowing
Debt has become a part of everyday life. That's because most of us need a loan to buy a home, car, or truck. Some of us even use credit cards to buy things like groceries, take vacations, fill up the gas tank and a lot more. Carefully managing your debt can have a big impact on your budget and overall credit score.
Balance your debt
There is a cost to borrowing money, including interest rates and possible late fees. If you try to carry too much debt and run out of money before the end of the month, late fees can add up fast and harm your financial future. For example, your mortgage or rent shouldn't take up more than 28% of your income. Managing your debt could give you the chance at a happier, healthier financial life.
- How to deal with debt using your current income
- Lean how to use credit wisely
- Calculate when you can pay off your loans
- Consider if you should consolidate your debts
Always improve your credit
Today's credit scores range from 300 to 850, with lower scores paying more for loans through higher interest rates and fees. In fact, people with lower scores might find it difficult to get approved for many loans. Do you know your overall score? When was the last time you checked your credit? When you know what's on your report you can fix any errors and work to continually improve your score with on-time monthly payments and a healthy use of credit.
- Get help checking and reviewing your credit report
- Sign up for debt and budget counseling
- Learn how to overcome debt stress
- Discover how your credit score is calculated
One Nevada is always here to help
Financial Fitness | Learn
Balance, our free financial fitness program, is packed with how-to articles, videos, advice, tools, webinars and the chance to schedule some time with a personal financial counselor. Start your own account today.
Free Credit Score & Monitoring | Manage
Log in to One Nevada Online or Mobile Banking to access your credit score, review your credit report and double check for possible fraud and theft. All for free. You can even set up alerts to monitor your credit activity. Choose ‘credit score' from the main menu after you log in.
Money Management | Monitor
Get a complete look at your entire financial picture (including your accounts at other financial institutions) with and Keeptrack®, our online financial tracking tool. It's a great way to set financial goals, stay on budget and track all of your money. You'll find this free tool in our Online and Mobile Banking.
Check out the rest of our Financial Literacy Month articles: Master Your Money and Finances