National Get Smart About Credit Day

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BudgetThe third Thursday in October is National Get Smart About Credit Day. Super exciting stuff, right?! Maybe to those of us that get super nerdy about money and numbers. But to most people, credit is a big, bad, scary word

Since the majority of people are terrified to talk about credit, kids grow up not being prepared to deal with it as young adults. So I’ve put together a few tips to use and share with your kids as they grow up to learn how to navigate their personal finances:

  • Set a budget. Even if it’s a very simple budget showing how much you will make, what you typically spend your money on, and a balance. Don’t let the balance go below zero
  • Don’t spend more than you have. Is this the same thing as number 1? Basically. But it’s THAT important! Find yourself over-spending? Take out your spending money in cash, and don’t spend more than what’s in your wallet. 
  • Use credit cards smartly. Start slow – begin by only using your credit card for one or two things that you purchase regularly, like gas or coffee. Once you have proven that you can use your credit card and pay it off each month, add on another category.
  • Don’t use your credit card for things you can’t really afford! Don’t stray from your budget just because you are using your credit card.
  • Credit card shop! You want to search for a card with low annual fees and a low interest rate. Also, the real reason we all use credit cards, credit card rewards! Look for a card with rewards for things that you enjoy. Do you want travel rewards? Cash back? Disney? There’s a card for them all!

Life happened, and you over-spent. What next? Put a plan in place to pay it off as quickly as possible. Calculate how much you will pay each month to pay it off, and add this amount to your monthly budget.

Hint: you may have to sacrifice your daily Starbucks, but I promise you will survive!

Credit card debt grows quickly and can weigh heavy on your shoulders. If you cannot put a quick plan in place to pay it off, ask for help. Personal finances can be intimidating, but they don’t have to be! Staying organized, using these tips, and sticking to your goals will put you on the path to financial freedom.

 

| Are we speaking your language? Need some extra budget help? Contact Whitney!|
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Whitney Whidden
Whitney moved to the area from Atlanta after completing her masters degree. She met her husband, JD, while both were attending school at Auburn University. They moved to Santa Rosa Beach so that JD could join his family practice, Emerald Coast Chiropractic, as a local Chiropractor.  Whitney works from home, for an online accounting firm, where her and her furry lab, Whiskey, spend the day dreaming about vacation. Whitney loves to travel and while she does not have one specific favorite destination - her and her husband have a goal to visit every island in the Bahamas.  Whitney is a member of the young ambassador board of directors for the Emerald Coast Children's Advocacy Center. She is also a member of the Santa Rosa Beach Golf course, where you can often find her on Saturday afternoon - relaxing on the beach! Whitney has followed Destin 30a Moms Blog ever since it was founded in 2017 and was excited for the opportunity to be more involved upon purchasing it in 2019 with business partner, Carrie Pardue.