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LEARNING CENTER: For Young Adults

3 Pieces of Financial Wisdom for National Financial Awareness Day

National Financial Awareness Day is a perfect time to take a midyear look at where you stand financially. Are you hitting your new year’s savings resolutions? Are you making the payments toward your student loans you’d planned for? Wherever you are, there’s no time like the present to remember the financial wisdom you’ve heard time and time again –especially when it has a credit score twist:1.Don’t let extra cash burn a hole in your credit. When it comes to credit, paying down balances on loans, credit cardbills and more is more important than saving up a large nest egg. At a certain point, it may be a better use of time to get your balance closer to zero than it is to save up for retirement. a.Insert “Extra Cash” Image2.Get your money’s –and credit’s –worth.In the digital age, there are so many resources available to you with the click of a button or a quick visit to the bank, including staying on top of changes to your credit score. It never hurts to ask what services may be included in your banking, credit card and other memberships.  a.Insert “Credit’s Worth” Image3.Live within your credit means.There is value in only buying what you know you can pay off in a timely, consistent way.Digging yourself into debt doesn’t get you far, so understand what your short-term and long-term investments can be and plan accordingly.a.Insert “Credit Means” ImageFor more tips like these, be sure to sign up for the VantageScore newsletter. 

National Financial Awareness Day is a perfect time to take a midyear look at where you stand financially. Are you hitting your new year’s savings resolutions? Are you making the payments toward your student loans you’d planned for? Wherever you are, there’s no time like the present to remember the financial wisdom you’ve heard time and time again –especially when it has a credit score twist:

1. Don’t let extra cash burn a hole in your credit.

When it comes to credit, paying down balances on loans, credit cardbills and more is more important than saving up a large nest egg. At a certain point, it may be a better use of time to get your balance closer to zero than it is to save up for retirement.

extra cash

 

2. Get your money’s –and credit’s –worth.

In the digital age, there are so many resources available to you with the click of a button or a quick visit to the bank, including staying on top of changes to your credit score. It never hurts to ask what services may be included in your banking, credit card and other memberships. 

credit's worth

 

3. Live within your credit means.

There is value in only buying what you know you can pay off in a timely, consistent way.Digging yourself into debt doesn’t get you far, so understand what your short-term and long-term investments can be and plan accordingly.

credit means

For more tips like these, be sure to sign up for the VantageScore newsletter

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