Angel Price

•Pay yourself first… Identify a way to save money. We all need to recognize the importance of saving money and know the difference between the types of savings and investment accounts. Saving money will help to improve your standard of living and help to manage your finances better. Savings will assist in times of unexpected events such as a loss of job, car repair and illness. Also, it is wise to save toward events that are planned such as a college education, vacation, retiremen, and down payments for large purchases (house, cars, etc).

•Prepare a personal budget…Take control of your financial situation by establishing a personal spending plan. Understand your income and expenses. This reduces the anxiety of not knowing whether you have enough money to pay your bills when they are due.

•Pay your bills on time… It is important to understand the importance of paying your creditors on time.  Understand the impact of your credit score as it relates to obtaining financing, basic services (insurance, cell phones, etc) and even getting hired for employment. Your credit score can even impact the interest rate on loans. It is used as a measure of the creditor’s risk.

•Review your credit report annually…It is not a bad idea to obtain a copy of your credit report and review it for accuracy. To obtain your annual free credit report from Equifax, Transunion or Experian:  www.annualcreditreport.com;  or Toll Free at 877-322-8228; or write to Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348.

•Know what can impact your credit score… (1) Payment history (2) Amounts owed (3) Level of new debt (4) Types of credit used (5) Length of credit history.

Source: Angel Price,

Vice President First Alliance Bank

464 North Front Street

901-202-6447; fax: 901-202-6454

aprice@fabtn.com