Budgeting
How much should I have in an emergency fund?
Aim for $500 as your first goal! However, saving 3 to 6 months worth of essential living expenses (such as housing, utilities, groceries, and debt payments) to cover unexpected income loss or major emergencies is ideal.
How do I make a budget?
Look at what’s coming in and going out of your account each month. Spot a few things you can cut back on. If you already use online/mobile banking, tools like Money Manager or My Financial Health can help you track all of this in one place. And if you need some help figuring out how to set goals and budget, our nonprofit partner GreenPath Financial Wellness can help for free.
How can I save money each month?
Start by setting a specific savings total amount and a target date. Then, divide that total amount by your remaining pay periods to determine your per-paycheck target. Finally, set up automatic transfers for that exact amount to go into a dedicated savings account on payday so you hit your goal effortlessly.
If you already use online/mobile banking, tools like Money Manager or My Financial Health can help you track all of this in one place. And if you need some help figuring out how to set goals and budget, our nonprofit partner GreenPath Financial Wellness can help for free.
Credit Scores
What affects my credit score?
Payment history, amount owed, length of credit history, type of credit mix, and new credit all factor into your credit score. Get free, confidential financial counseling and information on improving your credit through our partner GreenPath.
What is a good credit score?
It’s important to note that each credit bureau uses their own criteria to calculate your credit score, and each financial institution will have a different view on what a “good” credit score is. With that in mind, the general rule of thumb is:
- Poor (300-579)
- Fair (580-669)
- Good (670-739)
- Very Good (740-799)
- Exceptional (800-850)
Use our Credit Assessment Calculator here.
How quickly can I improve my credit score?
While you can't boost your credit score overnight, building strong habits will yield steady improvements over time. Focus on making on-time payments, keeping your revolving credit balances low, avoiding unnecessary debt, and leaving your older accounts open. Credit bureaus typically update scores every 30 to 45 days as lenders report new balance and payment data.
Get free, confidential financial counseling and information on improving your credit through our partner GreenPath.Does checking my credit hurt my score?
No, checking your own credit will not impact your credit score. You can get your free credit report from all three credit bureaus at annualcreditreport.com. Keep in mind that this website does not provide you with your credit scores.
Debt Consolidation
Is debt consolidation a good idea?
It will depend on each individual’s situation. Take this free course through our partner, GreenPath, to find which debt repayment option may be right for you. You can also check out this debt consolidation calculator here.
It will depend on each individual’s situation. Take this free course through our partner, GreenPath, to find which debt repayment option may be right for you. You can also check out this debt consolidation calculator here.
Should I use a personal loan to pay off credit cards?
Take this free course through our partner, GreenPath, to find which debt repayment option may be right for you.
Each individual’s financial situation is unique and readers are encouraged to contact Freedom First or another trusted advisor of your choice directly when seeking financial advice. This FAQ is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.