Take the Credit Quiz


Do you know who looks at your credit score?  What are the factors that are considered in your score?  Knowing how manage your credit so that you can improve your score and get the best rates and even improve access to credit when you need it is important. 

We all know how important credit scores are to obtaining a mortgage, getting a car loan, leasing an apartment, even getting a job.  Just as important is the information contained in a credit report that reflects the way an individual manages credit.  You can find out just how savvy you are by taking a short credit quiz available at http://www.creditscorequiz.org/.  Nationwide the average score for the quiz is 78% in response to 22 questions.  See if you can beat the score and tell us your score!

Once you complete the quiz share your score with your friends on Facebook and Twitter and challenge them to beat you.  Email your score to virginiasaves@gmail.com to get a free money tree seed packet to grow your own money tree!

Money 101, the basics

April is Financial Literacy Month and a free resource is available! Money 101, the basics is a free web-based financial education designed to educate, empower and increase financial knowledge.
The eight modules cover the following subjects:
·         Employment
·         Income
·         Taxes assets
·         Credit cards
·         Debt
·         Expenses
·         Goals
The information in this course is presented as real world practical application. The in-depth assessment report includes a budget, other important financial statements and personalized items, suggestions and strategies that are relevant and specific to the financial situation.
This is a great FREE resource. Sign up today to get started!

Triple Crown Tax Savings for Retirement Contributions

One of the greatest missed opportunities of all time is the tax benefits offered through retirement savings.  A lot of working Americans don’t realize how many layers of benefits there are to retirement plan participation.  Just take a look at all the great things that retirement savings can do for you:
1.        Reduces your taxable income.  Participation in a traditional 401K, 403B or TSP reduces your taxable income as your contribution comes out of pre-tax dollars.  Thus your federal and state tax withholdings are reduced and your taxable income at tax time is less.  More money in your pocket right away because those tax savings go right into your pocket.
2.       Matching benefits.  Many employers match employee contributions.  That is free money that the employee adds to their retirement nest egg.  Free money that otherwise stays in the bosses pocket.    Now who do you think can use it more?
3.       Saver’s Credit.  If you make contributions to an IRA or an employer retirement plan (including Roth contributions) and your income is less than $27,750 ($41,625 head of household or $55,500 married filing joint) you may be eligible for the savers credit which can be as much at 50% of your contributions! 
With so many ways to save on your taxes while you are building your nest egg for the future, there is no reason not to ramp up your savings.  For more great savings ideas and some more reasons to contribute to that retirement fund check out our retirement section at  http://virginiasaves.blogspot.com/