Facebook Week in Review: 04/01/11

1 04 2011

April 8

Estimate the growth of your TSP account. Visit their calculator and the variety of calculators offered.

A huge shout-out to all the Military Savers that accomplished a financial goal and to all those Savers working at completing their goals. Bravo! Keep pushing forward!

April 7

Did you know? When a home has a second mortgage, it is the original mortgage that must be paid first in the event of default of the second mortgage.

Wipe away debt with great determination, compounded by willpower and positive financial behavior. You WILL reach your savings goals. You WILL create a strong financial root system while living debt free.

April 6

This year, the price for a typical Refund Anticipation Loan (RAL) for a loan of $1,500 is $61.22, plus another $29.95 for a refund anticipation check for the remainder of the consumer’s refund. The $61.22 fee translates into an APR of 149%. RALs are bank loans secured by the taxpayer’s expected tax refund, loans that last about 7 to 14 days until the actual IRS refund repays the loan.—Consumer Fed

Did you know? If your balance on any card is in excess of 30% of the credit limit on that card, your credit score can be negatively affected.

April 5

What goes into a FICO score? Factors include: 1-Payment history 35%. Are bills late and how often? 2-Amounts owed 30%. Are you maxed out? How many accounts have balances? 3-Length of credit history 15%. How long was the account opened? 4-More debt 10%. Are you opening accounts frequently? How many new accounts do you have? 5-Credit types 10%. Is there a good mix of credit (credit cards, mortgages or personal loans)?

Bring on the April showers. When it rains it pours and everyone needs an emergency fund to cover expenses. Money should be in a readily accessible account. Why? Withdrawals should be quick and hassle free during an emergency. Some may choose to have 70% of their gross income for 3 to 6 months. Let’s do the math: $40,000 gross income DIVIDED by 12 months = $3,333/mo; $3,333 TIMES 0.70% = $2,333 for each month.

April 4

“He who fails to plan is planning to fail” – Winston Churchill during World War II. Set financial goals for the present and future. Devise a game plan on how you would like to accomplish these goals (allot military bonus into your TSP, save for a home down-payment, etc). Write everything down. Revisit your plan yearly and check off completed items and continue to work on the items pending.

April 1

April Fool’s Day – wasting money is no joke. Everyone has foolish experiences with money. Received a $35 parking ticket for not feeding the meter (sometimes we gamble $0.25 because we’re “just running into the store”), accrued library late fees, failed to notice an overcharge, forgot to pay bills prior to vacation (late fees charged), bounced a check purely by accident. Do you have April Fool’s money experiences?

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