Archive for May 2014


Want a raise? Here's how to give yourself one

Published 5/16/14

Want a raise? Here's how to give yourself one By Holly Johnson

The latest Survey of Consumer Expectations from the New York Fed predicted that American's wages will rise an average of 2.4 percent over the next year. Unfortunately, prices have risen 2 percent in the last 12 months, spiking 0.3 percent in April alone -- the highest monthly rate of inflation so far in 2014.

So let's face it: Until wage increases climb higher, rising prices could keep American wages effectively flat for the foreseeable future. That's the bad news.

The good news is, you don't have to wait for the economy to turn around to give yourself a big, fat raise. In fact, simply cutting your spending can accomplish the same thing by freeing up extra cash for savings, investments or that vacation you've been dreaming of. You cannot control the labor market, rising inflation or the rest of the economy, but you do have control over how you actually spend your hard-earned paycheck. If you want truly want a raise and believe you deserve it, it might be time to take matters into your own hands.

This type of raise isn't the kind you ask your boss for. It's the kind you take for yourself -- simply by reducing your spending and keeping the difference. Want to cut your spending and earn an effective raise in the process? Here's how to do it in five steps:

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How smart wedding spending can lift your credit

Published 5/8/14

How smart wedding spending can lift your credit By Justin Boyle

With a lot of my friends getting married over the last year or so, I've heard all sorts of nightmare stories about planning and paying for weddings. The sheer fiscal magnitude of it all has made some of them wonder whether it isn't too late to elope.

With a little credit savvy though, juggling the big numbers on your wedding balance sheet can leave you with a boost to your credit score that may come in handy with your next mortgage lender (among other future creditors). Here are some guidelines for making your wedding spending work for you.

Free up some space

Although exact cost figures can vary widely from city to city, the average outlay for a wedding in the U.S. in 2014 was more than $28,600, according to WeddingStats.org.

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So you've missed a payment: Now what?

Published 5/7/14  (Modified 5/8/14)

So you've missed a payment: Now what? By Georgie Miller

So, your finances are a little tight this month. You're probably worried and wondering what to do. Perhaps you've investigated all of your last-ditch solutions for cash emergencies, but you're still going to come up short on an obligation or two. What happens next?

What happens to your credit score when you miss a payment

Payment history comprises 35 percent of your credit score, according to myFICO.com. This is the biggest single factor in your FICO score! The next most heavily weighted category is amounts owed, at 30 percent of your score.

Since payment history is such a significant component of your FICO score, missing payments can cause quite a dip in your rating. Fortunately, if the rest of your credit history is positive, then one or two missed payments shouldn't spell disaster.

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