Personal Finance for Couples • Financially Engaged

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Follow us 👫 @financiallyengaged for daily perso

Follow us 👫 @financiallyengaged for daily personal finance tips!
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LOVE seeing our credit scores jump to the 800s 🤩 swipe to see the breakdown, which is made up of 6️⃣ main credit factors.
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By far, the most important credit factor is to ensure you have no missed payments (so turn those automatic payments on)!!
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Another high impact factor is your credit utilization, which many are often confused by. If your credit limit is $1,000, ensure your balance is $100 (10%) or less! You’ll want to make sure your balance is 10% or less all times throughout the month, because credit card companies report balances to the credit reporting agencies throughout the month, NOT just when the bill is due.
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The credit factor I never actively manage is having a “high variety of credit types.” I would never go get a car loan JUST to try to increase my credit score.
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Overall, we focus on the credit factors that have a high impact on our credit score, and it’s worked well for us so far! 💯
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Did anything surprise you here? LMK what questions you have!

Follow us 👫 @financiallyengaged for more person

Follow us 👫 @financiallyengaged for more personal finance tips!
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We can’t believe it’s already October 1st, and that means Christmas is just 12 weeks away!
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Follow these easy steps to not go into debt for Christmas:
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1️⃣Pick a dollar amount that you’d like to spend on Christmas this year, e.g. $500
2️⃣Divide that $500 by the number of weeks left until Christmas, e.g. $500 / 12 = about $42
3️⃣Send that amount each week to your savings account or sinking fund!!
4️⃣Don’t go into debt for Christmas
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Step 4 is the most important. Don’t get persuaded to use “layaway” programs that often charge 10-20% interest to let you pay over time. If you can’t afford to pay for it in cash, then give yourself the best gift of all and don’t go into debt. Your friends and family would rather have your presence, debt free, then have you go into debt for them (at least good friends and family 😉)
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What are you saving for this year? Share this with any loved one you want to ensure doesn’t go into debt! 🎄
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& head to my stories if you want a fun way to be held accountable for this new habit 💯

I’ve seen quite a few posts making people feel b

I’ve seen quite a few posts making people feel bad for wanting to buy the new iPhone 📱 And I want to redirect the conversation to have a more decision-tree approach to viewing your larger financial picture.
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If you answered yes to all of the above, then you’re doing a pretty great job with your finances! Personally, our goal isn’t to have to pinch pennies our whole lives, but instead, it’s to spend money intentionally, on items that bring us joy, or help us reach our bigger goals.
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If having a new iPhone will bring lots of value to your life, and you understand that spending money on the iPhone will make it so you have less discretionary funds for other fun purchases or goals, then GO FOR IT!
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If you’d rather save your money for other goals, that’s fine too!
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Let us know in the comments if you’re going to purchase or not!📱👏🏻

This is your friendly reminder to setup your autom

This is your friendly reminder to setup your automatic transfer to savings TODAY 😃
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Follow @financiallyengaged for more financial tips 💰
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