Sense & Centsibility Blog

Our Best Personal Finance Tips: Volume 1

We have quite an experienced Financial Counseling team at LSS. So I decided to tap into their knowledge: I asked all of them to tell me their favorite and/or best personal finance tip. Here are just a few tips (to start) that cover budgeting, credit, and savings. Enjoy!


"Save for periodic expenses in a separate savings account. This is the best way to defuse the ticking time bombs." -April


"Your credit score is like a 3 legged stool:

1. The first leg is your secured debt like a car or house. It is called secure because it is attached to something and if you don’t make the payments the lender will take it away.

2. The second leg is your unsecured debt. This could be a signature loan (a loan that they gave you based on your good credit and your signature), a student loan, or even an overdraft protection account on your checking.

3. The third leg is your revolving debt. This can include credit cards, store cards, or lines of credit. Good credit scores have a well-balanced stool; bad credit scores may have a missing leg or a leg that is chewed up and wobbly." -Joanne L


"When crafting a cash flow plan, the ultimate goal is to have savings, expenses and bill paying under net income. For most people, this takes honest self-examination of lifestyle choices & costs. Save receipts and track expenses, or use a check book register to find out where your money goes. Whether you use paper and pencil or one of the many online budgeting tools, creating a balanced budget is an important step in creating a successful financial future!" -Julie

We have a lot more personal finance advice where this came from... this is just the tip of the iceberg. So watch for future posts with more words of wisdom to help you improve your finances. If you need specific advice to build or improve your credit, create a balanced budget, or get options to pay off credit card debt faster, give LSS a call for your free financial counseling session at 888.577.2227. Or GET STARTED ONLINE at your convenience. We're just a call or click away.