Do You Know This About Your Finances?
Handling your finances can be one of the most difficult things in life, and all because the financial world is so hard to understand! It’s one big confusing place that is taboo to talk about and not often taught in families – or in school.
It’s essential to work out and understand what you don’t know about your finances. And in the interest of helping you stay in control of your bank account, here are some things to learn about your finances.
What An Interest Rate Means For You
It’s all about risk.
For a loan that’s ‘low risk’, the interest rate should be low.However, what makes a loan low risk? It’s about the borrower in question; how does your credit score reflect your money choices?
Similarly, there are two types of interest: simple and compound. Knowing the difference between the two will help you make better decisions over the lender you work with.
How To Boost Your Credit Score
Boosting your credit score might seem like an impossible thing to do, but as long as you’re on time with bill payments, you’re going to keep it at a steady and average level. However, we want to aim a bit higher than that, and that’s where a seemingly risky element comes in.
You Might Be Entitled To Financial Benefits
You never know unless you look into it! For example, more people qualify for unemployment grants than ever before, and these people simply think they don’t, without ever checking.
Make sure you know what you’re entitled to, as there are many free calculators out there to use to figure out if you’re owed any money in back taxes or other stimulus payments.
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