Money & Finance #59: Credit, Money Management, and Saving

I read the article How Credit Scores Work and learned that insurance companies use our credit score to set our insurance rates and that the number of inquiries and new loans actually lower our credit scores. I took the Credit Score Quiz and found it reiterate what I had just learned from the article.

We never had a spending/budget plan, but have always lived within our means, never made extravagant purchases, saved regularly and always paid our bills. This method has worked very well for us.

The TCDRS Service Center has very useful information. Since I do not have a pin, I wasn't able to access my personal account but was pleased to see that my account has predictable security with 7% interest regardless of the market ups & downs and that the account retains its value no matter what happens in the investment market.

Money & Finance #58 Banking, Budget & Spending

My bank offers online banking and I have been using it for 3 years. This feature has simplified my life and my bookkeeping. I enjoy the convenience of paying my bills online anytime and being able to transfer funds between accounts. I can schedule one time or recurring payments and never have to worry about mail delays or late fees. The online monthly statements are quicker and more secure and are available for up to 7 years. There's no monthly service charge if you have an eligible checking account or keep a combined minimum balance of $5,000 in qualifying accounts at all times, otherwise the fee is $6.95 a month.

My bank online security guarantee begins with a unique username and password, timed log-off, 128-bit encryption, a powerful firewall, technology updates and continuous surveillance.

I can safeguard myself by using a current web browser, changing my username and passwork regularly, protecting my passwords by not writing them down, and closing my browser when I am finished.

I did take a look at the budgeting tools but was reluctant to put personal information on another website; therefore, I would not use them. I feel that we are doing a good job ourselves.

My husband and I engage in many of the ways suggested to cut spending. We watch weekly sales, buy bulk at Costco, clip coupons & redeem them at stores that double & triple the coupons; shop around for lowest gas prices, and my husband is a handy man on doing basic maintenance & repairs. I would like to shop around for insurance rates when our auto & homeowner policies come up for renewal.