8 Reasons Your Credit Score Matters…and How to Improve It Quickly

credit score matters

You’ve heard me say it many times here at LifeAndMyFinances.com – having zero debt is the absolute best way to live! Buuuut, having no credit score certainly isn’t. Believe it or not, your credit score matters – for many reasons actually. No matter how many times Dave Ramsey tells me otherwise, I doubt I’ll ever believe him…

8 Reasons Your Credit Score Matters…and How to Improve It Quickly

Liz and I live a no-debt lifestyle. We have no credit card debt, car debt, or even house debt (we paid off our home in 2014). After living a no-debt lifestyle for almost four years now, we certainly wouldn’t have it any other way. However, even though we don’t plan to dive into debt again any time soon (or ever!), we’re still careful to build and maintain our credit scores.

“Why?” you might ask…

Well….for at least eight reasons!! …as if one . . . → Read More: 8 Reasons Your Credit Score Matters…and How to Improve It Quickly

Is Tiny Living For You? What To Consider Before Buying A Tiny House

before you buy a tiny house

In a time where bigger houses mean better lives, many people are now trying to escape the rat race and go back to simpler living. Tiny living has become a movement in recent years, with more and more people getting rid of high costs of living and city dwelling for more serene and minimal lifestyles. But is tiny living for you? Here’s what to consider before buying a tiny house.

Is Tiny Living For You? What To Consider Before Buying A Tiny House

This post is written by our staff writer, Kimberly Studdard.

Can you even do it?

Before buying a tiny house, the first thing you should consider is if it’s even possible for you to do.

Does your city allow it? Are you willing to move to a new city, or even state, to do so? Are there any limitations that you have in your . . . → Read More: Is Tiny Living For You? What To Consider Before Buying A Tiny House

The Fastest and Easiest Ways to Save Up for a House

save up for a house

Are you getting ready to purchase your very first home? Congratulations! Just be prepared to put in quite a bit of work. Not only to find your perfect abode, but also to save up for a house. Thankfully, there are a few ways to increase your savings rather quickly so that you can get closer to fulfilling your dream of being a homeowner.

The Fastest and Easiest Ways to Save Up for a House

It doesn’t have to take years and years to save up for a house. Follow these four steps and you’ll be socking more money away each month than you even thought possible!

1) Choose the Right Savings Account with an Online Bank

There are a lot of savings accounts that you can choose from. If you want your money to grow so that you can save up for a house more quickly, you should stick with . . . → Read More: The Fastest and Easiest Ways to Save Up for a House

Should You Sell Your Car? 8 Reasons You Absolutely Should…

should you sell your car - mercedes

Have you ever, at some point in your life, thought that you should probably sell your car?? Maybe you just hate it because it’s breaking down all the time, or maybe the payments are just too astronomical for you to afford each month. Whatever the case may be, the question of “Should you sell your car?” has been on your mind. It’s time to figure it out once and for all.

Should You Sell Your Car? 8 Reasons You Absolutely Should

There are seven reasons you should sell your car. If, when you read any one of these reasons and you start nodding your head in agreement, then you should absolutely sell your car. No cold feet, no second guessing, just sell your car.

1) Your car is worth more than 25% of your annual salary

If you earn $50,000 a year and your car is worth $30,000, that is . . . → Read More: Should You Sell Your Car? 8 Reasons You Absolutely Should…

10 Ways to Save Money on Sporting Equipment for Your Kids

save money on sporting equipment

A budget-conscious mom of two children, Jessica Samuels, encourages her kids to engage and compete in youth sports. However, that participation comes with a hefty price tag. She needs to look at ways to save money on sporting equipment.

Samuels’ children are on the swim, bowling, golf, softball and baseball teams. Between uniforms, shoes and other equipment, Samuels has to spend a small fortune on gear. One sport alone can cost hundreds. “When they signed up for baseball, they had to get a new uniform,” Samuels said. “That’s easily $100 to $150, and they outgrow them within a year.” But Samuels thinks the sacrifice is worth it. “It’s all about building an active lifestyle, developing a love of sports, being active and being a part of the community,” she said.

According to TD Ameritrade’s survey on parents and sports, 37 percent of survey respondents said they spend $500 . . . → Read More: 10 Ways to Save Money on Sporting Equipment for Your Kids

How Much Should You Invest in Your 401k?

how much should you invest in your 401k

“Sooo…how much should you invest in your 401k? 3%? 6%? 15%? More? What’s the best answer for me?” …asks random people at my work from time to time after they discover my blog… 😉

It’s hard enough to meet up with one person and instruct them on exactly how much they should invest into their 401k…and here I am trying to answer the question of the thousands of different people that will read this blog post… But you know what? I’m always up for a good challenge!! So let’s get to it!

How Much Should You Invest in Your 401k?

You might be thinking to yourself, “How much should I invest in your 401k….? Well, the more I invest, the better, right?”

Nope. Not necessarily. And that leads us into point #1…

1) You Should Invest Nothing When…

…You still have consumer debt

If you still have:

credit card . . . → Read More: How Much Should You Invest in Your 401k?

Cheap vs. Frugal and How Not To Be A Cheapskate

how not to be a cheapskate - money

Sometimes, people consider themselves frugal, when in reality they’re just cheap. If you’ve watched shows like Extreme Cheapskates or Extreme Couponers, you know the ones I’m talking about — they’ll go on and on about how they like to save money. They’ll do almost anything just to save a dollar or two. There is a huge difference in the terms cheap and frugal, but how can you tell which one you are? Here’s the difference, and how not to be a cheapskate if you find out you are one.

Cheap vs. Frugal & How Not To Be A Cheapskate

This post has been written by our talented staff writer, Kimberly Studdard.

What’s the Difference?

The biggest difference between being cheap and being frugal is that:

a frugal person likes to get the most value for their dollar, and a cheap person doesn’t see the value, just the dollar sign.

For . . . → Read More: Cheap vs. Frugal and How Not To Be A Cheapskate

How to Become Rich Even If You Are Poor Today

how to become rich

Want to know how to become rich? It’s not really all that difficult, but I wouldn’t say it’s easy either…especially if you’re poor today. BUT, if you first understand how you’re wired and how you tick, AND you can slowly move yourself from a broke mentality to a rich mentality, then the question of how to become rich can certainly be answered AND achieved! Again, it’s not easy…but it is possible, and I’m going to do my best to walk you through the steps that will get you there.

How to Become Rich Even If You’re Poor Today

I’ve spent quite a few hours counseling people that live below the poverty line (ie. under $25,100 for a family of four). I’m a little embarrassed to tell you this, but long before my days of counseling, I would have told you that poor people are just lazy and don’t want to . . . → Read More: How to Become Rich Even If You Are Poor Today

6 Ways To Get Your Partner On Board With Personal Finance

Did you know that many money arguments aren’t really about money at all? Instead, they’re mostly due to lack of communication and being on the same page. If you are on a personal finance journey with a significant other, it can be hard to convince them to join in if they aren’t used to the concept. Here’s how to get your partner on board with personal finance, without fighting.

6 Ways To Get Your Partner On Board With Personal Finance

This post was written by our staff writer, Kimberly Studdard.

1) Lead By Example

If your partner sees you…

being frugal, paying bills on time, and paying off debt

…they’re more likely to want to join in. It’s a classic monkey see monkey do, and it can be beneficial to you on your personal finance journey. Getting your partner on board with personal finance doesn’t have to be hard, . . . → Read More: 6 Ways To Get Your Partner On Board With Personal Finance

The Real Reason You Should Pay Off Your House (It’s Not Interest Rates)

pay off your house early

Is it wise to pay off your house? Most people would say, “no”… While I have always told you yes. But what are the reasons behind these answers? Does it actually make financial sense to pay the full term of a 15-year mortgage rather than trying to pay the debt off as quickly as possible?

The Real Reason You Should Pay Off Your House

Even after digging into all the numbers, I want to tell you up front that I’m still a firm believer that you should pay off your house early. It’s not as much of a slam-dunk as some hardcore traditionalists lead you to believe, but I still firmly believe it’s the best path to wealth.

Why am I bringing you this message like I’m fighting an up-hill battle?

It’s because I am.

The Interest Savings…It’s Not as Huge as it Sounds

You probably already know the main . . . → Read More: The Real Reason You Should Pay Off Your House (It’s Not Interest Rates)