Ifeoma Mbanefoh and Miguel Dominguez of Capital One Bank shared with us some great tips on managing money.  Some interesting points:

  1. Pay off credit bills 10 days before the due date to save interest charges

  2. Pay extra on your mortgage to reduce the principal

  3. Keep track of daily expenses--even small ones

  4. Have only a small amount of cash with you to reduce "little" purchases

  5. Build credit by paying regularly

  6. Paying off the card doesn't negatively impact credit

  7. Car loans are among the most expensive loans. 

  8. You can refinance a car loan with your bank and get a much lower interest rate.

  9. If your mortgage is paid off, make sure to pay the insurances and taxes.  Damages to the house can be really expensive, and you can lose your home if property tax isn't paid.

  10. Banks will work with you to help consolidate your debt if you have financial hardship.  Contact them earlier, not later.

  11. Check the "fine print" on credit applications, insurance policies.  Often one late payment will trigger much higher interest charges.

  12. Your credit usage should be about 30% of the total line of credit.  If you are eligible for a $1,000 credit line, keep spending below $300.  Otherwise, the companies see you as a higher risk, and your credit score goes down.  

  13. Your credit score needs to be 660 or above to qualify for good interest rates.

  14. Many companies and government agencies consider your credit rating and financial history in considering hiring you.  Poor financial management is considered a risk by employers.