15 Basic Money Saving Tips

15. Build Credit

Unless one is part of the 1% who seem to be able to save sufficient funds to pay cash for big purchases, by taking a measured approach to building credit it helps show the ability to manage it. Over time, this practice will help build a credit history. When one is old and mature enough to want to buy a home or larger vehicle, he or she will be rewarded with a higher credit score and the ability to buy a bigger home. Up to 10% of a credit score depending on which agency’s formula is being used will be based on the overall credit history of the individual. The total amount that one carries in debt is also counted into the score, and it is recommended to not exceed 30% of the available balances on any credit cards to maintain the best score possible.