Resources

Debt Relief Options Explained

There are several ways to manage debt, including consolidation loans, credit counseling, settlement, and bankruptcy. Debt consolidation simplifies payments by combining debts into one loan, while credit counseling provides expert guidance. Settlement reduces the amount you owe but can hurt your credit score. Always consider the long-term effects before choosing a path.

How to Create a Budget That Actually Works
How to Create a Budget That Actually Works

Building a budget doesn't have to be complicated. Start by listing your monthly income, then track your fixed ...

Understanding Your Credit Score
Understanding Your Credit Score

Your credit score is made up of five main factors: payment history, amounts owed, length of credit history, ne...

Personal Loans vs. Credit Cards: Which is Right for You?
Personal Loans vs. Credit Cards: Which is Right for You?

Personal loans typically have fixed payments and lower interest rates compared to credit cards, making them be...

5 Tips for Small Business Owners Seeking Funding
5 Tips for Small Business Owners Seeking Funding

1. Keep accurate financial records. 2. Improve your personal and business credit scores. 3. Prepare a solid bu...

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Budgeting Tools

Take Control of Your Money with the 50/30/20 Budget

Use this free calculator to see how the 50/30/20 rule applies to your income. Then adjust the numbers to match your priorities and build a budget that fits your life.

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Frequently Asked Questions

Begin by listing all sources of income, then track fixed expenses (like rent and utilities) and variable expenses (like food and entertainment). Allocate a portion toward savings and debt repayment. A good rule of thumb is the 50/30/20 rule: 50% needs, 30% wants, 20% savings/debt.

Many people use a spreadsheet or budgeting app. The key is consistency—review your expenses weekly, compare them to your budget, and adjust as needed.

Two common strategies are the snowball method (paying off smallest balances first) and the avalanche method (paying off highest-interest balances first). Both save money over time and keep you motivated.

Try to do both. Build a small emergency fund (at least $500-$1,000) while making minimum debt payments. Then, aggressively pay down debt before increasing long-term savings.

A consolidation loan combines multiple debts into one payment, often at a lower interest rate. This can simplify payments and reduce costs, but be sure to compare terms and fees before committing.

Contact your lenders right away. Many offer hardship programs. You may also consider working with a credit counselor to explore structured repayment or debt relief options.

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