In the VSECU Blog you'll find financial and lifestyle resources to help empower possibilities for your personal success.
Reducing debt and saving money go hand in hand because you can’t save money if you use every paycheck to pay off debt and monthly bills. How do you get a grip on your debt so that more of your earnings can land in your savings account?
Your credit score is a good tool for measuring your financial wellbeing. Your score shows how good you are at paying bills on time, how much revolving debt you’ve taken on, and any debt you have neglected to pay off. Your credit report delivers your credit score. This is kind of like a report card, showing your overall credit score and the reasons for the low or high score.
If you’re in the market for a car, you’re probably wondering “what car is right for me?” It’s a big financial and personal decision, which will likely result in some debt. Plus, you’ll have the car for years to come, so you want to make sure you’re buying something that will fit your lifestyle for the next three to eight years. In other words, this is a decision that is worth thinking through.
Stay Calm, Despite the Headlines You’ve probably heard the news. The market declined on Monday, February 5, with the Dow Jones Industrial Average losing 1,175 points to close at 24,325. The media touted it as the largest single-day point decline in stock market history. Though the headline is true, the overall pull-back amounted to a 4.6% decline. A true market correction is considered a drop of 10% or more, generally resulting in a decline between 10 and 20%. The media may have evoked fear that the market is failing, and that is not necessarily true.
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If you have owned your home for a while, you may be ready to upgrade to a bigger house; but before calling the movers, consider why you want to move and what the financial impact of owning a larger home could be.
As you pay down the mortgage on your home, the equity you build becomes an asset you can use to secure a loan or a line of credit. You can use the loan or line of credit to make home improvements (including energy efficiency upgrades), consolidate debt, make a large purchase, pay off school loans, cover retirement expenses, or more. Because home equity loans and credit lines are secured by your house, you can get a much lower interest rate than you would if you took out an unsecured loan or used your credit card for the expense.
If you have money in a traditional IRA, it is worthwhile to think about converting it to a Roth IRA. Not all people will benefit from Roth IRA conversions, but it’s good to consider the pros and cons to determine the best option for you. Here’s what you need to know.
When I was a little girl, my mother often took me to see a woman named Maisie. She was an older, Native American woman—hunched from age, one tooth remaining in an otherwise empty mouth. Wise and thoughtful, Maisie became a quick friend and when she died a year or so after I met her, I was heartbroken. She was the first major death in my life.