Category: Just Starting Out

Money after Marriage

Merging Your Money When You Marry Getting married is exciting, but it brings many challenges. One such challenge that you and your spouse will have to face is how to merge your finances. Planning carefully and communicating are important because the financial decisions that you make now can have...
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Getting Help from a Financial Professional

Are you suddenly on your own or forced to assume greater responsibility for your financial future? Unsure about whether you’re on the right track with your savings and investments? Finding yourself with new responsibilities, such as the care of a child or an aging parent? Facing other life events,...
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Auto Insurance for 20-Somethings

You’re shopping for your first car and looking for deals. Unfortunately, there’s one thing you probably won’t be able to get a deal on–your auto insurance. That’s because single drivers under age 25 are in the highest risk category of all drivers under age 70, and consequently, they pay...
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Renters Insurance

If you rent a house or an apartment, you might think you don’t need insurance because you don’t own the building. After all, your landlord probably has coverage. But your landlord’s insurance covers only the building, not the contents. Without insurance of your own, you could be left with...
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How long am I covered under my parents’ health insurance policies?

Answer: According to provisions of the Patient Protection and Affordable Care Act of 2010, whether you live at home or are away at college, you’re eligible to be covered under your parents’ health plan until you’re 26 years old. Ask your parents to check the policy for the details....
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Can I refinance my student loans?

Answer: No, you can’t refinance student loans. However, if you have multiple federal student loans, federal consolidation of your loans may make your debt more manageable. To be eligible for federal loan consolidation, you must have at least one federal student loan in grace, repayment, deferment, or default status....
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I get a lot of credit card offers. How can I tell which one is best?

Answer: Start by carefully reading the advertisement or application you’ve seen or received. It may seem like a lot of jargon, but that fine print contains important information about terms and costs. Here are three points to consider when comparing credit card offers: Annual percentage rate (APR): What interest...
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How can I get credit if I have no credit history?

How can I get credit if I have no credit history? Answer: It’s the old catch-22. You cannot establish a credit history without having credit, and you cannot get credit without a credit history. But if you work at it, this problem can be overcome. While you create a...
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Test Your Knowledge of Financial Basics

How well do you understand personal finance? The following brief quiz can help you gauge your knowledge of a few basics. In the answer section, you’ll find details to help you learn more. Questions 1. How much should you set aside in liquid, low-risk savings in case of emergencies?...
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Financial Basics for Millennials

With age comes responsibility, so if you’re a young adult in your 20s or 30s, chances are you’ve been introduced to the realities of adulthood. While you’re excited by all the opportunities life has to offer, you’re also aware of your emerging financial responsibility. In the financial realm, the...
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Maintaining Your Financial Records: The Importance of Being Organized

An important part of managing your personal finances is keeping your financial records organized. Whether it’s a utility bill to show proof of residency or a Social Security card for wage reporting purposes, there may be times when you need to locate a financial record or document–and you’ll need...
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All About Credit Scores

It’s difficult to imagine functioning in today’s world without credit. Whether buying a car or purchasing a home, credit has become an integral part of our everyday lives. Having easy access to credit goes hand in hand with having a good credit score, so it’s important to know how...
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Understanding Your Paycheck

Congratulations! You’ve just landed a new job. Here are some important things to be aware of before you receive your first paycheck. When will I receive my paycheck? How often will you be paid? Typically, your payday will depend on the company you work for and which state you...
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Repaying Your Student Loans

You vaguely remember signing a form every year at college registration time. Now that you’ve graduated, it’s all become painfully clear–those forms were promissory notes detailing your student loan obligations. Your loans aren’t going away, and you’ll want to repay them as quickly as possible. So whether you have...
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Living with Your Parents: Should You Stay or Should You Go?

GET LIFE INSURANCE NOW, BEFORE YOU MOVE OUT AND BUY THE HOUSE: https://www.naaip.org/gfsfinancial/compare-life#    FREE TERM QUOTE You’re an adult, and that distinction comes with some privileges, benefits, responsibilities, and choices to make, including the potential decision of whether to live with your parents or move out. Not surprisingly,...
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How Student Loans Impact Your Credit

If you’ve finished college within the last few years, chances are you’re paying off your student loans. What happens with your student loans now that they’ve entered repayment status will have a significant impact–positive or negative–on your credit history and credit score. It’s payback time When you left school,...
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How to Cut Costs if You’re Spending Too Much

No matter how tightly you try to control your spending or how strictly you follow your spending plan, at some point you are likely to wonder how you can cut costs. In order to find out how to cut costs, you first need to find out where and when...
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Strategies When You Can’t Pay Student Loans

Introduction You’ve been repaying your student loans faithfully for five years but, all of sudden, things have taken a financial turn for the worse. You’ve been laid off from your job, your car needs repairs, and you suddenly find yourself with unexpected medical bills. In short, you are facing...
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Credit Cards

The miracle of plastic It’s so convenient. Pull out a plastic card and you can purchase a designer suit at that new boutique, dinner at your favorite restaurant, groceries at the supermarket–or all three. Need cash? Use the card at a nearby automated teller machine (ATM) and walk off...
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Borrowing Options: Benefits and Dangers of Borrowing

Succesfully borrowing and paying off your loans as agreed can help you establish a good credit rating and make obtaining additional credit possible. Even if you do not typcially use credit often, it is good to have the ability to do so in the event of an emergency. Leverage...
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Debt Management

What is debt management? As a modern consumer, you need credit. When you were growing up, you may have heard your parents or grandparents say, “If you can’t pay for it with cash, then you can’t afford to buy it.” That may have been sound advice 40 or even...
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Establishing a Credit History

GET LIFE INSURANCE FIRST WHILE YOU ARE YOUNG AND IT IS VERY CHEAP. CLICK FOR FREE TERM LIFE QUOTE: https://www.naaip.org/gfsfinancial/compare-life#    What is credit? When you say you want credit, you are probably asking for payment terms on a purchase. You are seeking to purchase goods or services today...
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Budgeting

What is budgeting? Budgeting is a process for tracking, planning, and controlling the inflow and outflow of income. It is a process that we all begin soon after we get our first spending money. Relying on our overloaded minds to manage such a complex process has many shortcomings. The...
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Starting Out Checklist

GET LIFE INSURANCE FIRST WHILE YOU ARE YOUNG AND IT IS VERY CHEAP. CLICK FOR FREE TERM LIFE QUOTE: https://www.naaip.org/gfsfinancial/compare-life#    Starting Out Checklist General information Yes No N/A 1. Has relevant personal information been gathered? 2. Has financial situation been assessed? Income Expenses Assets Liabilities Notes: Savings and...
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