Bad credit: Here’s how you can bounce back

I’m Andrew Curran Wesleyan. One of my biggest passions in life is helping people turn their life around by sharing with them everything I’ve learned about managing finances. For this particular blog, I’ll focus on how people can bounce back after getting a bad credit rating. Remember, bad credit rating will keep you from getting loans, which is especially important if you plan on investing, which I also urge you to do. But that’s for a different blog.

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Here are some ways you can recover from a bad credit rating.

Re-credit

Getting new credit might feel a bit counter-intuitive if you already have bad credit, but believe me, it’s a good move. If you have problems with a major credit card, having a few other credit cards that have good credit will be a plus, especially if this good credit is reported to credit bureaus. They can actually help balance out your bad credit.

Timely payment

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Paying your bills on time may not help your credit rating that much, but it surely won’t make it any worse. This is more of a preventive measure than anything else, which is very important. A lot of people make things worse by not paying on time.

Due diligence

This is an Andrew Curran Wesleyan "must-do." Always be financially aware of your credit scores. Check the reports and see if there are any inaccuracies. Also, be financially aware of your finances as a whole, so that you may know just how much credit you can spend in the future.

Andrew Curran Wesleyan is an aspiring financial advisor currently enrolled in the University of Connecticut. He is currently studying finance. Subscribe to this blog for more financial tips.

The importance of building an emergency fund

According to Bankrate.com, 29 percent of Americans – roughly 55 million – do not have an emergency fund. That is an alarming statistic for financial advisors, or aspiring ones like Andrew Curran Wesleyan, because of the underrated importance of saving money for a rainy day.

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An emergency fund is a pool of liquid money that has been set aside to serve as an individual or family’s buffer that would help keep them afloat during times of financial needs. Examples of circumstances that may bring about the need for this type of funds are loss of job or livelihood or large, unforeseen expenses.

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Some people see an emergency fund as an insurance policy – only instead of paying premiums to an insurance provider, the money is kept in a safe place or deposited in bank account. As mentioned, the fund should be liquid so that it can be accessed as easily and as quickly as possible.

For Andrew Curran Wesleyan and others who wish to see families manage their finances better, building an emergency fund is one of the first steps that should be taken. Not only does it give them peace of mind, it helps prevent them from falling deep into debt during financial distress.

As a rule of thumb, an emergency fund should be equivalent to three to six months’ worth of household expenses. This provides another reason for individuals and families to regularly track their expenditures.

Andrew Curran Wesleyan currently studies at University of Connecticut, taking up a degree in finance to help prepare him in becoming a successful financial advisor in the future. Subscribe to this blog to see more articles about personal financial management.

Traveling on a budget: Expert tips

I’m Andrew Curran Wesleyan, a student who hopes to be a financial advisor soon. Although I’m still studying, it hasn’t stopped me from sharing what I’ve learned over the past few years. Nowadays, I go around the community with a couple of financial advisors, and I assist them in giving workshops and seminars of the different ways they can save money.

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Last week, we had a series of lectures wherein we tackled how people can save money during vacation time. One of the more interesting topics we had was about travel. And since traveling for leisure can take a chunk out of anyone’s savings, a lot of people are hesitant to go through the experience.

If you think you have enough saved for a trip, the good news is you might not need to spend it all. Here are a few pointers to help you save money.

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1. Don’t change money through airport currency exchange stalls. They have the worst rates in town. Change currency before you leave in your local bank.

2. Traveling light saves you the hassle of being charged for overweight luggage in airports.

3. If you’re not too picky about accommodations and if staying in a high-end resort isn’t really your purpose in visiting a place, you might want to check out hostels or hospitality places.

4. Stay away from food vendors in tourist locations. The prices are a lot higher there than in the best parts of town for eating.

5. Stay clear of taxis. Learn how to travel via bus or any other public transportation.

Hi, I’m Andrew Curran Wesleyan. I’m a student at the University of Connecticut, and I study to become a successful financial advisor in the near future. Proper finance management is important to me as I’ve struggled with debt in the past. I make it my goal to help individuals in the lower-middle class and their families be knowledgeable in basic finance management to keep them away from debt. For similar reads, visit this blog.

How to save tons of money while traveling

Traveling is one of the few luxuries that gives us experience rather than an object of value. In exchange for money, we get to see new cultures, taste unique food, get lost in a city that speaks a different language, and make friends with fellow travelers across the world.

Backpacking is a serious form of travel wherein a person or a group travels for an extended period of time. They are able to do so by utilizing cheap options in order to extend their travel. According to finance student Andrew Curran Wesleyan, a week spent on a five star resort in Thailand can translate to a month’s worth of travel if allocated thriftily. If you want to spend more time on the road, here are some tips on how to save a ton of money while traveling.

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Stay at hostels

Hostels are often 40% - 80% cheaper than resorts or hotels. The drawback is that most hostels only offer bunk beds where there’s a big chance you’ll be sharing the room with other people. According to Andrew Curran Wesleyan, some hostels even hire long staying guests to do some cleaning, bartending, or even manning the reception for a few hours a day in return for free lodging.

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Take buses and trains

When moving from one destination to another within a country, look for other options besides flying. Buses and trains cost a lot less than commercial air travel, and you also get to see more of the country you’re traveling in.

Eat like a local

Eating local food is absolutely cheaper than finding a place that serves western food. Not only is it a great way to save money, it’s also an experience that you wouldn’t want to miss out on.

Andrew Curran Wesleyan is a finance student studying at the University of Connecticut. His goal is to help individuals in the lower-middle class and their families be knowledgeable in basic finance management to keep them away from debt. For more on Andrew and his interests, visit this page.

The truth about saving money for a car

Saving money is never easy, but one can go about the task with ease when one sets his or her sight on something he or she really wants to have. A car isn’t a cheap buy, and it will never be. While for many it’s a necessity, there should be much wisdom in saving, purchasing, and owning one.

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If you’re really decided on purchasing a car, ask about the price of the unit you want to acquire. Build your finances according to what you need to save for. Some money-saving enthusiasts, including Andrew Curran Wesleyan, argue that the best way to save for and on your first car is by purchasing a used one. Because individuals who choose to buy a used car tend to forego additional insurance for their vehicle, which is a downside. However, used cars are cheaper and have less risks of depreciating, unlike brand new units.

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While financing and bank loans may be easier to get when you choose to purchase a brand-new car, it’s easily an unfavorable step should you choose to sell it after a few years, as brand-new cars tend to depreciate faster than used cars. Andrew Curran Wesleyan believes that people can save more money when they have their eyes set on a meager amount.

Setting up a savings account and limiting unnecessary spending aren’t enough for one to effectively save for a car. One must make educated choices as to what kind of car to buy and which dealer to handle the purchase. Part of being frugal is grabbing opportunities that would enable one to save more money in the long run.

Andrew Curran Wesleyanis a student at the University of Connecticut. He is taking up a degree in finance and wants to become a financial advisor in the future. Head over to this blog for more updates.

Wallet watchers: Tips for saving up for your next vacation

Almost everyone says they want or need a vacation but not everyone can afford it. Even with time to spare, most Americans would choose to continue to work because of financial burdens like loans, medical bills, insurance premiums or mortgages. For a lot of people, expensive vacations are out of the question. Still, there are some hacks that can get you to your dream destination quicker than you might think. Here are some tips to help you save up for your next vacation.

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 Open a vacation bank account
If you open a dedicated account just for savings, you are less likely to touch it. You can deposit money here every now and then, better if you can do it regularly. If you’re planning on a big trip like a year-long backpacking adventure, it would be better to open an interest-bearing account. If you do, you might have a few extra hundred dollars to spend in your vacation.

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Cut your monthly food budget
It may sound difficult but cutting your food budget can be easy. One way of doing so is to downgrade some of your regular orders. Instead of going to Starbucks, get coffee at cheaper places. You can also save up by buying food in bulk or growing your own vegetables if you have the time and the facilities.

Get a side job
Even if it means being an Uber driver for a day in the week or doing telemarketer work for a few hours before going to sleep, all these add up. If you can’t get a second job, try taking on more work and rack up overtime hours.

I’mAndrew Curran Wesleyan, a student at the University of Connecticut. I’m taking up a degree in finance and want to become a financial advisor in the future. It’s always been my dream to help lower-middle class families build their savings and manage their finances. For similar reads, visit this website.

Keep your future safe with these money saving tips

Almost everyone wants to save money, yet have no idea how to get started. The desire to save money for the future is the one thing that most people lack, and this doubles as a barrier in being more prudent when it comes to their daily purchases.

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To know how you can save more given your daily routine, know your cash flow. Nothing will affect a person’s financial future more than their ability to understand their cash flow. Understand how money comes in and how it gets out, and change spending habits that might have a negative effect on your long and short-term financial goals. Learn to say no to unnecessary spending. If you can get by with a cheap cup of coffee instead of heading to the nearest Starbucks when you need a caffeine fix, your wallet would thank you.

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Automate your savings both for your present and future goals. Once you receive your salary or any type of income you have, learn to pay yourself first. Just like a monthly bill, set aside an amount you’re willing to save for yourself for you to have the cash to use to buy things you like. You’ll find that when you save up for something you’ve always wanted, finally getting it will be a rewarding experience.

Plan for the unexpected, be it spontaneous nights with friends or just a random pick-me-up that you’ll be needing in tough times. The key to saving more and spending less is to have set accounts for different uses.

Hi, my name is Andrew Curran Wesleyan, a student at the University of Connecticut and an aspiring financial advisor. For more tips on how to be financially secure, visit this blog.