March 6 Tip of the Week
Follow the 10-20 Rule
This general "rule of thumb" helps you understand how much credit you
can afford. Credit cards are loans, so avoid borrowing more than 20
percent of your annual net income on all your loans (not including a
mortgage). And payments on those loans shouldn't exceed 10 percent of
your monthly net income.
February 27 Tip of the Week
Review your Insurance Coverages
Too many people are talked into paying too much for life and disability
insurances, whether its by adding these coverages to car loans, buying
whole life insurance policies when term life makes more sense, or buying
life insurance when you have no dependents. On the other hand its
important to have enough insurance to protect your dependents and your
income in the case of death or disability.
February 20 Tip of the Week
Pay off Credit Card Debt
Credit card debt is the number 1 obstacle for staying ahead financially.
Those little pieces of plastic are so easy to use and so easy to forget
that its real money we are dealing with, when we whip them out and pay
for a purchase, large or small. Despite our good reserves to pay off the
balance quickly, the reality is that we often don't, and end up paying
far more for things, than we would have paid had we used cash.
February 13 Tip of the Week
Stick to a budget
How can you know where your money is going if you don't budget?How can
you set saving and spending goals if you don't know where your money is
going? You need a budget whether you make thousands or hundreds dollars
each year. To help you with your budget, NCCU offers a monthly budget
book in which you can keep track of your spending each day/month. Please
visit one of our locations for more information or to pick up your
February 6 Tip of the Week
Spend less than you earn
It sounds simplistic, but many people struggle with this basic rule. No
matter how much or how little your paid, you'll never get ahead if you
spend more than you earn. Often its easier to spend less than to earn
more, and a little cost cutting effort in a number of areas can result
in big savings. It doesn't always have to involve making big sacrifices.