How to manage Finances

The Consumer Federation of America holds a yearly survey to see what Americans really know about their credit score. Most people understand the basics, such as a score of 700 or higher is better for getting loans from banks and credit unions. Scores dipping below 650 often indicate a higher risk, so banks aren't as willing to loan.

When you have a low credit score, you get a higher interest rate. You may not qualify for a loan at all. Getting your credit score raised is important, but some do not understand the full range of metrics used to calculate a credit score. 1Hour Fast Cash has some tips to help you manage your finances.

Don't Borrow More Than You Can Afford

If you lose your job or have to go on disability, can you still pay your bills? That's one mistake many people make. They have a good job and can't see anything changing. That unexpected layoff hits, and suddenly bills are no longer manageable. Managing your finances becomes a challenge.

Always limit the amount you borrow so that there's a bit of a gap between what you earn and what you owe. It's not easy, but it's the best way to keep your credit score at a higher number. You have furniture, but you really want a newer, more fashionable sofa. Don't spend the money until it's a necessity rather than a luxury.

Cut Bills Where You Can

If you are paying $100 or even $200 a month for cable television that you only watch a few hours a day, why bother? Drop cable completely. Hulu and Netflix are just two options out there that allow you to watch shows and movies for a fraction of the cost of cable television. Services like Crackle and Youtube are free and easily broadcast to your TV using a Roku box, Chromecast, or similar devices.

You can also save on cell phone bills by switching providers. If you rarely use a landline, drop it completely and rely on your cell phone. If that's not an option, Vonage is a cheaper way to get phone service in your home.

Pay Bills on Time

Make sure you pay bills on time. If you're struggling, sell unused items or take a second job for a short time. If you absolutely cannot pay them all on time, figure out which are less likely to impact your credit score. A late payment to your internet provider might be better than paying a credit card late.

Some companies might be willing to work with you and take a partial payment until your next paycheck comes in. As a last resort, you can ask and see if anyone is willing to work with you.

Focus on One Debt and Pay Extra to Get it Paid Off

Look at the debt you have. Put an extra $10 or $20 toward that bill each month to get it paid off faster. If you can afford to put more than $20 extra, do that. Once you've paid something off, you'll feel better about yourself. You know you can do it, so you can tackle the next bill.

When you've paid off a credit card, don't cancel it. Having a lot of open credit actually counts as a plus on your credit report. Cut up the card and let it sit empty. Make sure you check for fraudulent activity every week or two. If there are suspicious purchases, report them immediately to keep your credit report from being impacted.

Don't Rule Out Fast Cash Loans

Sometimes, you have no other option but to get a cash loan. It's unavoidable. If this is your only option, make sure you compare rates carefully. Use a payday loan calculator if necessary to find out exactly what is owed at the end of the loan. 1Hour Fast Cash works with multiple lenders to get the best offers for your needs. Use our service to get a cash loan you can afford for loan terms that help you manage your finances. Contact us today to get started.