When the restaurant isnt clean, thats a red flag.
When your date forgets his wallet, thats a red flag.
Then, of course, there are financial red flags.
Life sends you these little alarm signals your finances arent quite where they should be.
As we mature, we venture to cast off these red flags, but sometimes theyre difficult to shake.
Red Flag No.
1: You Dont Have a Budget
Do you know how much of your income goes toward housing?
Or how much you spend on dining out each month?
Have you set any financial goals lately?
Whats your savings look like?
One of the simplest ways to identify and overcome multiple financial red flags is to create a budget.
We know, we know.
Budgets are no fun.
But thats why we recommend the 50/20/30 method because of how simple it is.
Heres what it looks like:
No Interest Til Almost 2027?
Red Flag No.
Its just getting rich by ripping you off with high interest rates.
But a website calledAmOnewants to help.
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The benefit?
Youll be left with one bill to pay each month.
And because personal loans have lower interest rates, youll get out of debtthatmuch faster.
AmOne wont make you stand in line or call your bank, either.
And if youre worried you wont qualify, its free tocheck online.
Red Flag No.
How theyll pay the bills?
Send the kids through school?
Nows a good time to start planning for the future by looking into a term life insurance policy.
Youre probably thinking: I dont have the time or money for that.
Rates start at around $20 a month.
- Plus, the peace of mind of knowing your family is taken care of is priceless.
Red Flag No.
4: Your Credit Score is Below 700
Another red flag: Your credit score isnt up to snuff.
What happens when you want to buy a car?
Your credit score will play a huge role in whether youll be able to do that.
Thankfully, a website calledCredit Sesamewill help for free.
Take, for example, James Cooper.
The site helped her fix the mistake and take additional steps to raise her credit score nearly 200 points.
*
Want to check for yourself?
It only takes about 90 seconds tosign up and get started.
Red Flag No.
5: Youre Overpaying for Car Insurance
When was the last time you compared car insurance rates?
Chances are youre seriously overpaying with your current policy.
If its been more than six months since your last car insurance quote, you should look again.
Yep in just one minute you could save yourself $715 this year.
Thats some major cash back in your pocket.
Red Flag No.
6: You Have No Retirement Plan
If you havent started thinking about retirement, nows the time.
The sooner you start, the better.
If youre already at the full company match, consider increasing your contributions even more.
Trying raising it by at least 1%.
Contribute to it routinely and automatically, if you could.
Red Flag No.
if you know where to look.
Yeah, youve probably heard of Robinhood.
Plus, its super easy to use.
Bestow Life Insurance products may not be available in all states.
Policy limitations or restrictions may apply.
Not available in New York.
Our system asks lifestyle and health questions to determine eligibility to avoid requiring a medical exam.
Rates will vary based on underwriting review.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
