Monday Night Finance- Volume 86

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Does Your Savings Account Affect Your Credit Score?

Ah, credit scores – the mysterious numbers that seem to hold the keys to the kingdom of lending. We all know they’re important, but let’s be real, most of us don’t have a clue how they’re calculated or how to improve them. It’s like trying to solve a Rubik’s Cube blindfolded, except the stakes are much higher than impressing your friends at a party. But fear not, my financially-savvy friend, for with a bit of research and elbow grease, you too can crack the code of credit scores and impress everyone at the party with your newfound knowledge (and your perfectly organized sock drawer).

Generally, your savings account will not affect your credit score. Even when you don’t have sufficient credit history to generate a credit score or you have poor credit, you can still open a savings account.

The reason your credit score doesn’t impact your savings is because you’re not borrowing money from a financial institution and therefore your account activity isn’t reported to credit bureaus. 

 Akanksha Kumar-

In this article, the author explains how opening a savings account and maintaining a positive balance can positively impact your credit score. They explain that a savings account can help establish a positive banking relationship, which can in turn help you qualify for credit products like loans and credit cards. Additionally, having savings can help you avoid using credit to cover unexpected expenses, which can help you maintain a low credit utilization ratio. Overall, the author encourages readers to prioritize savings as a way to improve their overall financial health and credit score.

10 Things Boomers and Gen Z Set Aside Differences and Find Common Ground On

Ah, the generation gap – when Gen Z dismisses Boomers as old and out of touch, and Boomers see Gen Z as naive and lacking experience. It’s easy to assume that there is nothing in common between these two generations, but is that really true? While I can’t imagine them bonding over a shared love of avocado toast or doing the latest TikTok dance together, both generations have experienced times of social and economic change. Is it too surprising to think that they might share some views about money?

Even though Baby Boomers and Gen Z have their differences, at the end of the day, we are all human, and there are some things we agree on, like how Millennials are the worst generation ever.

Jon Dulin- MoneySmartGuides

In this article, the author discusses the similarities between Baby Boomers and Generation Z when it comes to their financial attitudes and behaviors. Both groups tend to prioritize saving money, value experiences over material possessions, and are cautious about debt. However, the two groups differ in their views on homeownership, with Boomers seeing it as a marker of success and stability, while Gen Z is more likely to prioritize flexibility and mobility. The author suggests that bridging the gap between these two generations can lead to productive conversations about money and better financial decision-making for all.

You Get What You Pay For: 10 Things You Should NEVER Cheap Out On

We’ve all been there. We see a great deal on a product that we need, and we jump at the chance to save a few bucks. But then, a few months later, that cheapo product we bought breaks down, and we’re left with the realization that we should have invested in something better. The moral of the story? Sometimes buying the cheapest option ends up costing us more in the long run. But do we always need to buy the highest quality stuff? If you’re trying to figure out where to economize and where to splurge, this article is for you.

To this day, one of my favorite parts of a Scrubs episode is when a guy explains the sushi he ate that made him sick and “came free with the fill-up” at a gas station. It sounds absurd until you see it. No, thank you.

Elizabeth Ervin- Wealthy Nickel

In this article, the author explains ten products you shouldn’t skimp on when purchasing because it will cost more in the long run. Or in some cases, it’s not worth skimping money on because you can’t get it replaced. Think about a tattoo! Would you really want to shop around for the best price on some body markings? Or would you rather spend money on making sure it’s exactly perfect? For buying items instead of body art, the article explains why it’s essential to purchase quality products rather than the cheapest options available, citing the benefits of durability, safety, and long-term savings. The author emphasizes that investing in quality products is a wise financial decision, even if it requires a higher upfront cost. They suggest researching and considering value rather than solely focusing on price when making purchasing decisions.