Help With Budgeting, Debt, and Financial Stability
If you are looking to gain control of your finances, get out of debt, or build your financial foundation; Purposeful Finance has initiatives designed to help with:
budgeting your money
reducing and managing debt
saving for your future
and building a financial foundation that allows you to build wealth.
Help us Help more people
Our primary mission is to improve the financial stability of the public.
Purposeful Finance Challenge
A few minutes a week can make a world of difference.
Take our free challenge designed to guide you through your own financial planning process and keep you committed to improving your financial situation. Commit to doing one simple action each week for a year and you’ll find yourself closer to your financial goals.
ONE Challenge A WEEK
Each week you'll get an e-mail with a new challenge task designed to move you one step closer to achieving your financial goals. You’ll also get articles and resources to help you complete the challenge.
15 MINUTEs a Challenge
The tasks are designed so that you can accomplish almost all of them in 15 minutes or less. In the time it takes to brew coffee, you can accomplish your financial goals!
This Week’s Challenge
Financial Coaching Grants
Financial advice without any commissioned sales pitch
If you are need more personal guidance, Financial Coaching grants are offered to groups most in need of assistance, including low-income families and recent college graduates. The services are designed to help individuals and families:
Deal with debt
Build a working budget
Save for their future
And escape the cycle of poverty
Subsidies are offered to lower the cost of financial advising for recent graduates and those with low income. Coaches are Registered Investment Advisers and are legally required to put client interests above their own. The adviser can only accept fees from clients and cannot accept money from anyone else for the advice given. This includes referral fees from third-parties or commissions for selling life insurance, mutual funds, or other financial products.
Financial Literacy and Guidance
Purposeful Finance offers articles on financial literacy to help people make better financial decisions.
You can think of a credit score as your report card for how effectively you manage your finances, specifically your loans. The myth is that a credit score is a measure of how much debt you have, and that racking up more debt will result in a higher credit score. The truth, however, is . . . .
Focusing on debt payoff can cost you hundreds of thousands of dollars. Debt payoff strategies abound on the internet, and many mainstream financial gurus have built an empire on the common-sense approach to focus your financial efforts first on paying off your debt. The math, however, doesn’t work out in their favor.
A reader asked about using 0% balance transfers offers to manage their credit card debt. While these can be beneficial, they can also pose additional risks. Many people who use this strategy find themselves further behind than when they started. Here are some of the common pitfalls to avoid.
Here is how the data in your credit report is used to calculate your FICO credit score. Additionally, two recent FICO credit score updates have made the scoring formula much more consumer-friendly.
Similar to spontaneous combustion, spontaneous debt financing can cause a personal debt crisis to erupt seemingly out of nowhere. Control the slow rise of unplanned debt by guarding against its most common sources.
Debt is neither good nor bad; it is simply a tool. Distinguishing between the good uses of debt and the bad uses of debt is vital to proper loan management.
Managing your credit score is far more nuanced than many think. Be careful about following these credit score management myths, as they will actually lower your score. Learn about the myths and the truth about managing your credit score
Maintaining good credit isn't just for borrowers anymore. Your credit score impacts more than just your loans. A credit score will impact your career, your love life, and your....