Bill Ihle

Over the last many months I have been using this space to talk about credit—using it wisely, how to improve it, and related matters. All of these topics, of course, are related to where I work, the amazing team I get to work with, and the info you came here for.

Recently, several friends’ children have been applying and getting accepted to colleges and it got me to thinking about the impact that social media has on their lives. The children of today will never know of a life without a smart phone or an iPad. These devices are powerful—more powerful that the computers that landed a man on the moon. (Yes, I’m that old…trust me, you don’t want to go there.)

What I have talked with younger friends is being careful about using those tools, especially about what they post on social media accounts. It’s there forever and a college admissions office or a potential employer may check your posts out and make judgments based on what they see.

Now, it might be humorous to share images of you and your friends having fun, but be sure to think about the long-term impact. If someone who doesn’t know you or understand the situation is just looking at the online photo, what will it tell them about you? Is that an accurate picture?

My only caution is just to be careful about what you publish. It may have been fun at the time, (especially with the benefits of an adult beverages), but is that what you want a college admission officer, a date, or boss to remember you by? Social media posts have ramifications…both good and bad.

Those of you who know me know that I like lists. Yes, lists of all kinds and types. Small and large and on topics important and not-so-pressing.

So, yes, I made a list of things that I wish I had known in my 20s, which is so far in the rearview mirror of life that I can’t even see it. But here goes:

• You need to start early to build a credit history
  The average college senior graduates with more than $4,000 in credit card debt and most students don’t understand how to manage their credit. About 60% of college students mistakenly think you can build credit by paying off stuff with checks or credit cards. In reality, the only way to build good credit to use it. The catch is that you need to pay it off each month. This tells creditors you are a good risk.
• There is no substitution for a budget.
  Retailers will happily take your money and bust your budget. They have turned creating a temptation to buy things like clothes, electronics, entertainment and even snacks into an art form. You need to resist. Develop and stay on a budget. If you stop by Consumer Credit, we can give you a new and very handy spending plan brochure to help. It’s easy to use, and helps you keep track of what you are spending, and in what areas.
• Student loans don’t have to control your life
  Research shows that 41% of all millennials have student debt that is forcing them to delay things like kids, marriage and even homes. Consumer Credit Counseling has the only credited student loan counselors in the region. Come by for an appointment to see how we can assist you in managing your student loans so that they are not hurting your future.
• Identify theft hurts.
  It’s not just folks in the 30s and 40s who are hurt by identity theft; this can also hurt and impact those in their 20s. Keep an eye on your credit, become familiar with it. If you see something wrong, we can help you get in contact with the credit bureaus to challenge that.
• Interest Matters
  Know and understand how your credit can impact your future, both in getting a job and in getting a new home. A good credit score can help you save money and increasingly employers are looking at credit scores as part of the hiring process.

I’m sure where the days and months went, but we are fast approaching the end of 2018. It just four more months till December 31. Yikes!! That said, in the remaining months there are some things you can do set yourself up for a great start in 2019 and Consumer Credit can help you get there.

Here are four tips that can help you get on track with your spending in 2018 and keep it there for 2019.

1. Review your spending to see what you can cut out immediately. When was the last time you set aside time out of your day to just review your spending? Now is good time to do that. Stop by our offices for help. We have a number of easy-to-use tools to help you get there—all free for the asking. One is our newly updated Spending Plan. You can track your spending, see where you can cut, see where you are over-spending and make adjustments.
2. The holidays are just around the corner. Before you know it you’ll be seeing Santa in Costco and the pressure to spend for the holidays at gifts will be on. There are gifts for loved ones, maybe new set of winter tires, a warm winter coat, rain boot or just toys for the kids. Now is a perfect time—while you aren’t feeling the holiday pressure—to set a budget. What can you afford without using your credit card? You don’t want to still be paying for Christmas 2018 in the summer of 2019. Make a budget now and stick to it.
3. Now that we have you saving money, explore a high-interest checking account. Set long-range goals and put money into this account. Check around for the best rates; you’d be surprised how quickly it can add up.
4. Get a copy of your credit report and know how to read it. The highly trained counselors at Consumer Credit Counseling can assist you with this. Your credit report tells people a lot about you. It tells those who might want to extend you credit if you are a good risk. If you are considering a job change, your credit report can tell a new employer a lot about you also. Finally, you might have errors on your credit report. That’s not uncommon and our staff can assist you with getting it corrected.

So, as you look to the new year, which is fast approaching, consider how Consumer Credit Counseling and our staff can assist. We are a local non-profit organization, and our employees are people who are connected to the area and invested in your future.

One of the most popular classes we offer is Budgeting Made Easy. Time and time again we hear how much clients learned about their spending habits, what expenses they can cut, and how much they are saving monthly, all as a result of these classes. This is a regularly occurring class, offered every two months. Call our offices to check schedules and reserve your spot.

While creating a budget is important, you need more than proficiency in math to manage your money successfully. You also need a handful of other skills if you want to stick to your financial plan.

Here are some at the top of my list:

1-Self-awareness. In terms of money, self-awareness can help people understand where they spend their money impulsively and how to control it.

2-Delegation. Once people know where they struggle, they are more inclined to work on those areas. However, you can get some help with this, with a lot of great tools. For instance, you can use our simple Money Manager Fritter Finder to help you keep track of where the money goes.

3-Self discipline. Creating a budget is easy. It’s sticking to it that is hard. That’s where people falter. After a long day, who isn’t tempted to pick up something quick for dinner, for instance? It’s important to know where your weaknesses are, and keep yourself on track.

4-Organization. It’s hard to be financially successful if you miss payments or lose paperwork. Late bills can not only hurt your credit, but also result in late fees. Being organized can help.

5-Confidence. Many people struggle financially because they aren’t sure what the best decisions are. We have a team of trained counselors who can teach you how to build your confidence about financial matters.

6-Critical thinking. There are tons of financial scams out there. Be smart; if it sounds too good, it may well be a scam. Think things over before you spend money, whether it’s $5 or $500 dollars.