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We believe that the money you earn should go towards the things that are most valuable to you. You should have the choice to spend that money where you see fit. However, many of us are held back with our financial situation making us feel like we don’t have a say in where our money goes.

Finances 123 Inc. will work with you to come up with a solution, allowing you to take control of your money and your life.

How can I avoid overextending myself?

Avoid applying for credit unless you have a genuine need for a new account. Too many inquiries in a short period of time can sometimes be interpreted as a sign that you are opening numerous credit accounts due to financial difficulties, or overextending yourself by taking on more debt than you can actually repay. A flurry of inquiries will prompt most lenders to ask you why. 

Is it possible to save money on my mortgage?

Through changing how often you make payments, you can save money on your mortgage. For example: For a mortgage amount of 160,000 at 3% at a 5 year term, with amortization of 25 years:

Your monthly payment: $ 757.19
Accelerated Bi-Weekly:  $ 378.60 

The balance of the mortgate at the end of the term:

Your mortgage balance from paying monthly: $ 136,759.45
Your mortgage balance from paying accelerated bi-weekly: $ 132,646.20

For a total savings amount of: $ 4113.25 in the first five years.

How can I improve my credit score?

In order to improve your credit score, you must understand how a credit score is calculated. 35% of your credit score comes from your payment history, 30% of the total amounts owed, 15% from the length of credit history, 10% of new credit, and 10% from the type of credit used. You want to focus on the areas of high importance in crafting a better credit score for yourself. If you’re having difficulty managing your credit and keeping your credit score at a fair level, don’t hesitate to give us a call.

How can I motivate myself to manage my finances successfully?

We are constantly being bombarded with opportunities to spend money. We understand it can be difficult to adhere to a payment plan and a money management schedule with all of the temptations out there. This is why you must remain committed at all times to managing your money. The faster you pay off your debts, the less interest you will have to pay and the sooner you can begin putting your money towards the things that you enjoy.