Accelerating you to your financial goals!


Finance Acceleration Announces How to Be Financially Stable for Retirement published an article entitled ďWhy 401(k) savers don’t have enough to retireĒ on October 30, 2013 that reports most Americans create debt faster than they can save, leading to inadquate funding for retirement. In response, Finance Acceleration provides a few key ways to ensuring financially stability during retirement.


According to a recent report by HelloWallet, half of those with a 401(k) plan between the ages of 50-65 are accruing debt must faster than they can save. As a result of debt and lower than expected yields, such Americans are estimated to only have enough to cover 2 years of retirement.


In response to the fact that half of Americans approaching retirement may not have adequate savings, Finance Acceleration reveals ways to finance retirement. One of the most important things to consider is a stream of income, and investing in property is an example. Another option to create a diverse investment portfolio.


ďAs you plan for retirement, itís important to eliminate debt in the years leading up to the day you actually retire. Paying off previous debts means there is less money available to pay for the future. If this is the case, a source of income may become essential,Ē says the senior editor of Finance Acceleration.


An article published on reports that despite investing into a 401(k), many Americans do not have enough money for retirement due the inability to save as fast as they spend. With 401(k) savers in mind, Finance Acceleration announces ways to maintain financial stability during retirement.


Newlyweds- Let’s Educate Ourselves About Credit Scores

You’ll notice how I used the word “ourselves” in the title for this page. I too am a newlywed. I have found it of the utmost importance to educate myself (and my husband) on the ins and outs of credit scores. It is important to understand how they are determined and how they can affect our lives.

There are many areas in our lives where our credit score will come into play. I HIGHLY recommend to all of you newlyweds (and even those who are single, about to get married, or happily married for 25 years) to hop on board and educate yourselves about the role our credit scores will have in our lives. One or two bad decisions now can greatly affect personal finances in the future. When it comes time to buy a house or a new automobile, your credit score could be the difference in securing a loan or not.

My husband works in Finance. He may be switching employers over the next year or so. As I learned from watching this video on credit scores: (which I totally recommend you take the time to view), many employers are using your credit score as a tool to see your track record on finance and responsibility. Although employers are not supposed to not hire you based on your credit score (that’s what the video said), I can definitely visualize it hindering or aiding one’s ability to get a job offer. Mine and my husband’s credit score must remain in a desirable range so that his career and ability to make money is not hindered by our past financial choices.

We have not yet purchased a home. In order to qualify for a mortgage loan, we will definitely need to have a stellar credit track record to get a good interest rate. We will also need good, well paying, jobs. If our credit scores are not good, we may not get the jobs we want, and we will not get the loans we need.

My car is old. We will probably be in the car buying business here pretty soon. Having a good credit score will help me to get the financing I need and hopefully at a lower interest rate.

SDG&E ran our credit score before providing our electricity. Cox Cable did the same.

Starting off a new life with a new marriage can already be a BIG change for some. You want the transition from engaged to married and living together and combining finances to be as smooth as possible. If one or both of you are going into a marriage with a less than stellar credit score, it can easily put strain on the marriage.

I can’t recommend more that couples learn all they can about credit scores and their personal finance. Then get your credit scores and report in order. It will help your marriage start smoothly and will financial stability rather than in extreme financial stress.

Good Luck!



Cutting Costs to Improve a Family Budget

Family budgets can be difficult to nail down, particularly for young married couples. Being new to marriage, these couples are likely unfamiliar with combining their money and acting as a team, rather than using their money purely for their own benefit. In addition to these hurdles, many newlyweds face the reality of money for the first time, and must begin living on a strict budgetóparticularly those who are recovering from student loan payments, car payments, and fledgling home mortgage payments. In order to create a budget that not only limits spending, but actually cuts spending in order to divert money toward saving or eliminating debt, consider identifying all unnecessary drains on your money and removing these from your monthly expenses.

The most common drain on your budget month to month is the unnecessary expense incurred by television services. Though many people are hesitant to give up their traditional cable or satellite services, these services are frequently unnecessary expenses, as most television shows release new episodes each week. In addition, families can use Netflix or other online television services for a fraction of the cost, and stream numerous television shows and movies immediately. In addition, most of these services offer a free trial in order to determine which service best fits your needs.

Another common expense comes from transportation. Families often have a car for each family member, and do not take advantage of local transportation services, or the possibility of riding a bike. To cut the cost of gas and potentially cut the cost of car payments, consider downgrading to a single, shared car if possible. While this may not be the case for those with long commutes or vastly different work schedules, many young families can function well with only one car. Though it may require some sacrifice, it will assist in cutting gas and overall transportation costs.

Limit your shopping to sales and off brand items. Though many young families pay little attention to their spending on groceries and personal expenses, choosing name-brand items and failing to shop the sales may result in a much higher week-to-week grocery bill tan is necessary. To avoid these extra expenses, pay close attention to grocery sales papers and plan your menus according to what is on sale that week. Try to purchase off-brand items as much as possible, both for groceries and for personal expenses, as these can cost several dollars more per item.

When cutting costs, it may be in your best interest to start out slow, and work up to cutting out large expenses. If you are accustomed to getting name-brand clothing or groceries, for instance, consider cutting costs with groceries for a month before moving on to other cost-cutting endeavors.


Newlyweds: Create a Budget As Soon As Possible

Money management is one of the greatest issues facing newlywed couples; two individuals previously concerned with their own welfare may find it difficult to fuse spending habits and agree upon the proper distribution of funds. Money arguments are the most common cause for divorce in the United States, necessitating the early development of an equal partnership in the financial aspect of marriage. To do this, both parties must be willing to compromise in some situations. In addition, husbands and wives must learn how to work together to accomplish the same financial goals, creating a partnership rather than trying to function as two separate entities and two separate checks or bank accounts.

To begin developing a budget, set aside some time away from a television or computer screen, and even cell phones, instead placing all of your focus on your finances and your spouse. Starting out, identify areas of interest and importance for both you and your spouse. For instance, a husband might want to set aside money each month for new gadgets or home improvement, while a wife may want to put more money toward saving for the future or toward personal expenses, including clothing, or home improvement. Identify these areas for both spouses, and set them aside. Next, identify necessary payments. These include rent, groceries, any debt payments, savings, gas for vehicles, utilities and more. Tally the total expenses incurred each month, and subtract these from your combined paychecks. From there, identify how the remaining money will be used, giving equal voice to yourself and your spouse, factoring in the interests set aside earlier.

In addition to developing a budget, newlyweds must work to change preconceived notions of how money should be spent, and work toward viewing paychecks as shared money, rather than placing one spouse on a higher playing field than the other. This involves working to develop a selfless mindset and regarding your money as automatically shared, rather than sectioning off your paychecks. Though treating money in a marriage as separate may seem harmless, it may result in a lack of trust or buildup of resentment between spouses. Budgeting and expanding money management skills will result not only in greater trust in a marriage, but will also remove the stress of worrying about finances month to month and struggling to stretch your money as far as it can go. Effective and responsible money management is one among many keys to having a successful marriage.


Money Management for Young Couples

Whether your relationship is budding, or youíve been married for a few years, young couples are at a great advantage in planning for the future. This is primarily due to the time afforded them to make necessary financial changes to ensure an easier financial future. The prime concern of most married couples is retirement, and not having enough savings to last without having to work well into their 70s, or without having to work at least part-time following retirement. In order to avoid this, couples should start saving early and develop life-long money management habits to save where possible and live modestly.

In order to begin saving early, develop a budget for monthly needs and put the remainder of your money toward savings and paying off any debt you may have. Debt elimination is a method of retirement preparation in and of itself, as carrying debts into middle age and even into retirement will result in paying abysmal amounts of money in interest, and will continue to place strain on your credit scores, on monthly bills, and on the ability to receive greater lines of credit, and purchasing a home or car. To begin working to eliminate debt, create a budget, followed by setting aside most of the remaining money for paying off any debts. For student loans, consider enrolling in a higher payment plan. For credit cards and personal loans, simply pay a higher balance each month, requesting that the extra money go toward the principle payment.

To create a habit of saving, start small. Rather than making sweeping dedications to saving and eventually taking the money out, consider taking $20 out of each paycheck and setting it aside. Each month, increase the amount by $5-$10, until you can no longer increase the savings amount. Treat savings as emergency money by placing it in an emergency fund or keeping one another accountable if the desire to use savings money arises. From there, expert opinions differ; some financial advisors counsel families to save $1,000, then place all remaining money toward paying off debts, while other advise families to continue saving at a steady rate. Decide which method best fits your needs, based upon your current financial situation. If you are strapped for cash, for instance, putting all remaining money toward debt after you have accumulated $1,000 in savings may be the most effective route. For those with more, continuing to set money aside for savings may be more effective. Whatever the case, eliminating debt and saving are two key aspects of planning for the future and paving the way for a healthy and stress-free retirement.


Using Credit Cards in a Marriage

Credit cards provide numerous services to credit card users, ranging from offering a line of credit to use in an emergency, to helping young people build their credit scores. In marriage, credit cards can be a valuable resource. However, they can also be a detriment if spouses arenít held accountable in their spending, or do not have equal goals in using credit cards. Before applying for a credit card with your spouse, take time to sit down and determine how your spouse views credit cards and their use. If cards are considered a source of funds when money is not available, work to build your credit in another way. If cards are understood as a tool to further your financial future, rather than an empty source of spending, you and your spouse are ready to apply for a card.

After receiving your credit cards, delineate how the cards should be used. If cards are designated for a specific use, take advantage of any rewards they might offer. For a gas card, for instance, use the card exclusively to fill up your vehicles and pay off the cardís balance at the end of each month. For cash back cards, use your cards wherever possibleóbut always balance your purchases against your bank account to ensure that you are able to pay off your monthly balance. After establishing rules regarding credit card use, keep one another accountable; if you are tempted to make a purchase outside of the cardís purpose, send a quick text or call to your spouse to avoid unnecessary spending.

If credit card use begins to get out of hand, take immediate action. Either leave cards at home so they are not easily accessible, or set a spending cap on your cards. Though cards can be quite useful, they can also easily and quickly rack up debt, resulting in financial hardship later on in your marriage. Consider using credit card purchases solely for large-ticket items, such as replacing appliances, to keep credit card use to a minimum, without sacrificing their use altogether. Above all, make sure that you and your spouse are making financial decisions jointly. Small purchases here and there quickly add up, and if credit cards arenít used wisely, and arenít kept in check, you may find yourself inching slowly toward having credit card debt. However, if credit cards are used responsibly, they can build credit scores, appealing to lenders and playing a large role in securing personal loans, apartments, and even jobs.


Credit Scores Importance and How to Improve Them 0

Credit scores these days are not just a number. Credit scores represent financial responsibility. Many employers use credit scores of applicants to determine how great of a candidate they are for the job. Health insurance providers are now even running credit scores to see if you qualify for insurance policies. Credit scores are important and have value beyond just getting approved for a mortgage.

We at Finance Acceleration see the importance of credit scores and thus are offering 4 tips on how to improve them.

Here is what we came up with:
1. An easy way to start building your credit score or rebuilding your credit score is to take department stores up on their credit card offers. Many retail stores offer credit cards that are only good at their store. It is simpler to qualify for such credit cards. Many times they will start your spending limit off pretty low. Be warned however, stay responsible. Maxing out the card and carrying a high balance from month to month may do the opposite of help your credit.

2. The debt that is already looming over your head needs to be beat down. You’ll have problems bettering your credit score if you do not make the necessary efforts to get rid of your debt. Make regular (on time) payments that are higher than the minimums.

3. If you have a ding on your credit for something like a late payment, and you have been with the company for sometime, call the company and ask them to remove the ding. Many times, the creditors want to keep your business so they are willing to help you out.

4. If you are having problems remembering to make your payments on time, set up automatic withdrawal payments. This will help make keep your credit score on the improvement track. If you have many debts that you are paying off, consider consolidating your debt possibly to one 0% APR credit card to give you only one payment to make each month.

We hope this helps!


Three Recomendations in Getting Your Loans Paid Off 0

We realize that many of our readers are young couples and or families. We know that some of you are only about 5 years out of college and drowning is student loans (or other loans). Here is a quick list of things that will help you be a responsible adult and pay off your loans/debt in a timely period.

– You MUST budget so that you know what you have, what you need to have, and so that in week four of the month you still have money, are not eating Mac and Cheese every night, and so that there are no financial surprises. Do a weekly, monthly, or daily budget. Normally, the more money you have the larger picture you can look at. If you are living/surviving day by day then you may need a daily budget. Figure out how much extra you may be able to put towards the loan each month. Every penny counts!

– If you owe a lot and cannot make your payments, have a sit down (or phone chat) with the lenders. They may work for a big business but they are people. Many times lenders are willing to work with individuals and possibly get you a lower interest rate or money off if you pay if off sooner. Refinances loans can be beneficial to many.

– Lastly, be frugal while you have debt looming over your head. Live more modestly to get the debt paid off quickly so that you can have a better quality of living/life once it is paid off.

We hope this helps! :)