Financial Health Archives

Is There Anything I Can Do Now So That My Child Can Obtain More Financial Aid Later?

by Team SESLOC | Mar 2, 2020

Yes, there are steps you can take now that may help your child obtain more financial aid later. All federally funded financial aid programs use a formula known as the federal methodology to determine how much money a family must contribute towards a child’s educational costs before becoming eligible for financial aid. This figure is known as the expected family contribution (EFC). The difference between your EFC and the cost of your child’s college equals your child’s financial need and the less aid your child will be eligible for.

Mortgage Points: What You Need to Know

by Team SESLOC | Mar 2, 2020

What are mortgage points and are they right for you? Mortgage points are basically discount points. When you’re getting your home loan, you can buy mortgage points to lower your rate and save you interest in the long run.

Have You Checked Your Credit Report?

by Team SESLOC | Feb 25, 2020

Have you checked your credit report recently? Or ever? Shelli* was doing everything right, but something was dragging down her score — it just didn’t make sense. So she ordered her credit report and found the culprit. There was a delinquent credit card from an account she owned with an ex years ago. She had been removed from it a long time ago, but there it was.

What’s in Your Credit Score?

by Team SESLOC | Feb 13, 2020

What’s a credit score and why is it so important? A credit score, also known as a FICO Score, is a calculation based on your activity in a few categories that assess the likelihood that you will repay any debt you owe. The higher the score, the more likely it is that you can handle your debt.

Financially Preparing for a Pet

by Team SESLOC | Feb 11, 2020

Expanding your family with a new furry, feathery, or scaly friend? Whether you’re a first-time pet owner or very experienced, don’t forget to consider the financial impact of a new pet and adjust your budget accordingly.

The SECURE Act and Your Retirement Savings

by Team SESLOC | Feb 6, 2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted in December 2019 as part of a larger federal spending package. This long-awaited legislation expands savings opportunities for workers and includes new requirements and incentives for employers that provide retirement benefits. At the same time, it restricts popular estate planning strategy for individuals with significant assets in IRAs and employer-sponsored retirement plans.

Error on Your Credit Report? Learn How to Fix It

by Team SESLOC | Feb 3, 2020

Credit report errors are shockingly common, and errors can damage your credit. If you need a loan, damaged credit means you might end up paying a higher interest rate or even get declined.

The State of Financial Wellness in America [Infographic]

by Team SESLOC | Jan 28, 2020

Financial wellness is a hot topic. But what is it exactly? Financial wellness is the state of your overall financial health, measured by how you’re doing in a few categories: spending, saving, borrowing, and planning.

8 Ways to Use a HELOC

by Team SESLOC | Jan 21, 2020

If you’ve ever wondered what a HELOC is or what you’re supposed to do with it, this article is for you. A HELOC, or Home Equity Line of Credit, leverages your home’s equity to give you more flexibility compared to other loans — you can borrow up to your maximum credit limit, when you need it, as you need it.

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