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🚨Credit Card 💳average APR margin is the highest 🔝on record🚨
Over the last 10 years, average APR on credit cards assessed interest have almost doubled from 12.9 percent in late 2013 to 22.8 percent in 2023 — the highest level recorded since the Federal Reserve began collecting this data in 1994
Even consumers with the highest credit scores are incurring higher costs.
For an average consumer with a $5,300 balance across credit cards, the excess APR margin cost them over $250 in 2023.
Here are some common money management tips that can help improve your financial situation:
Implementing these money management tips can help you take control of your finances and work towards a secure financial future.
1. Create a budget and stick to it: Track your income and expenses to ensure you are living within your means.
2. Save for emergencies: Build an emergency fund to cover unexpected expenses and avoid going into debt.
3. Pay off high-interest debt: Focus on paying off debts with high interest rates to save money in the long run.
4. Invest for the future: Start investing in retirement accounts or other investment vehicles to grow your wealth over time.
5. Cut unnecessary expenses: Identify areas where you can cut back on spending to save more money each month.
6. Set financial goals: Define your financial goals and create a plan to achieve them, whether it's buying a home, starting a business, or saving for a dream vacation.
7. Stay informed: Stay informed about personal finance topics and seek out advice from financial experts to make informed decisions about your money.
Debt has been marketed to us in so many forms. To imagine living without it requires a PARADIGM SHIFT.
You've got to make a DECISION. You've got to draw a line in the sand.
If debt remains an option in your life, you'll let it creep in when saving becomes inconvenient. You'll let it creep in by using a credit card for an emergency. Before you know it, those little, normal decisions will begin weighing you down more than you ever expected they could.
If that sounds like your story, you still have time to DECIDE that debt isn't a part of your plan anymore.
You CAN live a life without it, you just have to make that decision and take actions in your life to back it up.
#CreditEdcationMonth #xfg #xclusivefinancialgroup #credithero
Never undercharge for your services. The value of the time you invested to learn your craft is yours to determine.
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Steps you should take for getting ready for this tax year:
📌Start gathering Social Security Cards for Yourself if Filing SINGLE & Your Dependents if Filing HEAD OF HOUSEHOLD. If Filing Married Filing JOINTLY You Will Need Both You & Your Spouse Social Security. - Birth Certificate for Kids Aren’t a Must but Will Go a long way in your file.
📌If you have worked 2 or More Jobs start writing the companies down so you can cross out each W2/1099 as they come in. Ensuring that you are not leaving any income that needs to be reported out.
📌Get a copy of your lease agreements, childs daycare/school paper and or doctor documents with child’s info and the guardian to prove proof if filing a child that you took care of all year on your taxes.
📌If your License expired go ahead & go make that appointment to get a new license.
📌If You are Reporting your business go ahead and gather your receipts, spreadsheets, business expenses, and the amount of income made or loss for the year.
#xfg #xclusivefinancial #taxTime #TaxSuperHero #financialcoaches