Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Living Paycheck to Paycheck—How Can You Save?

Written by Mechel Glass on February 28, 2011 in Credit  |   No comments

Living Paycheck to Paycheck—How Can You Save? Mechel Glass, CredAbility.org It’s not impossible to save while living paycheck to paycheck, but you must be willing to sacrifice. I often teach classes about budgeting and saving to people with full-time jobs who, unfortunately, are living paycheck…

Living Paycheck to Paycheck—How Can You Save?
Mechel Glass, CredAbility.org

It’s not impossible to save while living paycheck to paycheck, but you must be willing to sacrifice.
I often teach classes about budgeting and saving to people with full-time jobs who, unfortunately, are living paycheck to paycheck. These are hard-working people with families who know the value of a dollar. They tell me things are tight and they can’t save money. But knowing they have little margin for error, I implore them to begin to save. Here’s the plan I give them.
First, you need to create a prioritized spending plan. You start by itemizing every expense planned for the current month; this is the only way you’ll know where your money is going.
As you list your expenses, think about what counts as a “necessity.” There’s no room in anyone’s budget for coffee that costs $3 per cup when you can make coffee at home. That’s wasting your money, especially if you’re already on a tight budget.
Once you have outlined your expenses, consider developing a budget that allows you to live on 70 percent of your income, with the remaining 30 percent put into savings for the long term.
If that isn’t possible, you need to make some tough choices about what expenses you are willing to give up. If you really want to build a savings account—and you need to, so you’re prepared for emergencies—you must be willing to give up certain expenses that aren’t critical, whether it’s a membership at a local health club or cable television service.
Reduce Your Expenses
Next, you have to consider spending less on necessities, and this includes food and clothing. At CredAbility, when we counsel people to help them pay down their credit card debt or avoid foreclosure, we often direct them to buy their groceries at Angel Food Ministries, a nonprofit organization dedicated to providing food relief.
To find other low-cost services, like daycare, in their community, we often direct people to call United Way, at 211. For clothing, I recommend that people visit their local thrift stores. To anyone who has never visited a thrift store, this sounds like a major change. Well, guess what? It is, but it’s one of the ways to save money and start building a savings account.
Most people think they have few options when it comes to paying for their utilities, but this isn’t true. For your heating and air-conditioning, investigate the budget billing plans from your service providers. If there are competitors in your region, see if they are advertising lower rates or discounts. For telephone service, consider eliminating your home phone and using only your cell phone. Cut out additional features, such as text messaging and data plans. If you have to have Internet service, as most people do, check out local and long-distance phone services that cost as little as $20 annually.
For people who must travel to work every day, consider carpooling with a colleague, especially now that gasoline exceeds $3 per gallon in most parts of the United States. If this isn’t an option, consider taking mass transit. A savings of $20 a week in fuel adds up to over $1,000 a year.
Increase Your Income
My final recommendation is to consider taking a second job, even if it’s just for a few months. For parents with young children, I know this is a tough choice. If you are unable to work outside the home, consider selling items that you no longer use, such as books and clothes. These items can be sold not only at garage sales, but also online at Amazon, Yahoo, and eBay.
What other talents do you have? Are you good at baking or writing? Many parents with small children have taken on small side businesses, such as writing books or baking or making products and selling them on the weekend in their communities.
These are just a few suggestions to consider, but if you don’t have a savings account, it’s time to make some tough decisions. It’s much easier to reduce your expenses and boost your income before you need those funds. The tougher task may come later if you haven’t saved money for medical emergencies or an unexpected job loss.

Read More:

How To Dispute Credit Report Errors
Four Things College Kids Need To Know About Credit
Four Myths About Your Credit History
Debt Reduction: Why Paying Down Your Credit Card Debt Helps Your Credit Score

Mechel Glass is the Director of Education for CredAbility. In this position, she is responsible for developing the curriculum and educational materials for online classes including webinars, podcasts, videos and listen-on-demand classes. She is responsible for managing the agency’s community outreach programs and staff, including financial education specialists in a 14-county area throughout metro Atlanta and north Georgia. She also manages the development and reporting of education partnerships online for the agency.

No comments yet


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Credit Archive