One of the easiest ways to build credit and improve a credit score is to open a secured credit card. Whether youre young and new to credit, or are looking to improve your credit score because of past financial problems, a secured credit card can help.

Instead of providing a high credit limit like an unsecured credit card does, a secured card uses a deposit that you provide"such as $500"as your credit limit. The credit card issuer pulls money from the deposit if you dont make a credit card payment.

For people with no credit history or poor credit history, a secured credit card may be the only type of credit card they can get. Someone with no credit is likely to benefit the most from a secured credit card because there wont be any negative information on their credit report.

For those with bad credit, a secured credit card may help raise their score, but it may be a slower process because of the negative information thats already on their credit report.

To get the most out of it, use as little of the available credit as you can. This will leave you with a low credit utilization rate, which can improve your credit score. The best thing you can do is not miss any payments, since late or missed payments have the biggest impact on a credit score.

The credit reporting agencies will look at a secured credit card with the same criteria as an unsecured card. These include when the card was opened, the credit limit, balance and payment history. The benefit is that a secured credit card should be easier to qualify for so that a consumer can build their credit.

Just like unsecured credit cards, secured cards can have annual fees. Eventually, you should see your credit score improve enough so that you qualify for an unsecured credit card with a higher credit limit. You can then cancel your secured credit card and get your deposit back. And having your $500 or so back in your hands may feel just as good as having a higher credit score.

Published with permission from RISMedia.

Getting ready to walk down the aisle? Congratulations! As you prep for your new life together, it’s important to talk about the big stuff. While hopefully you’ve cleared some topics already"like whether or not kids are in your future"the following conversations can help create a smooth ride should things shift later on.

Location, location, location.How happy are you both where you currently live? If kids enter the picture, would you want to move closer to family? Would either of you be willing to move with the other for a work opportunity? Clear these things now to minimize surprises later when one of you gets a new job offer or wants to leave city (or country) living behind.

Finances. How will marriage impact the way you do your finances? Will you share certain expenses? Merge bank accounts? Keep things separate? Money is the No. 1 cause of dissatisfaction in marriages, so financially clear the table now to save trouble later.

Home sweet home?If you aren’t already homeowners, is owning a home high on your priority list? If so, create a plan together to achieve it. Set a goal for when you would like to make the move from renting to owning. How much money should you each sock away annually to make your goal a reality? What does your dream home look like, and do your wants and needs align?

Hope you found this information helpful! Contact me for more insights and info.

Published with permission from RISMedia.

Putting money in a Health Savings Account, or HSA, can help you and your family pay for health expenses now and in the future, while giving you a tax break for your contributions.

HSAs have been around since 2003 to help people with high-deductible health plans, but they can still be confusing. Here are some tips on how they work:

1. You dont have to spend it all now. HSAs differ from flexible-spending accounts, which many people use to pay for medical expenses. Money in flexible-spending accounts, or FSAs, must be spent by the end of the year. HSAs, however, can be spent during the year or afterward, even into retirement. The money you put in this year continues rolling over to the next year until its used.

2. Enjoy 3 tax breaks in one. HSA contributions have three tax advantages. First, they can be deducted from your taxes. Second, if payments are made through payroll deduction, they can be withdrawn as pretax income. Thirdly, the money grows tax-deferred, and withdrawals used for medical expenses are tax-free. Thats more tax breaks than a 401(k)-retirement plan offers.

3. Use it after retirement. You cant continue making HSA contributions when you sign up for Medicare. But the tax-free money can still be used to pay for medical expenses that aren’t covered by insurance, such as vision and dental care.

An HSA account can also be used in retirement to pay part of any long-term care insurance premiums. It can also be used to pay premiums for Medicare Part B and Part D prescription-drug coverage, or a Medicare Advantage plan.

After age 65, you can use an HSA to pay for non-medical expenses without paying a 20 percent penalty. You will, however, have to pay income tax on the withdrawals.

4. Contribute beyond age 65. If youre still working at age 65, you can continue making HSA contributions and delay signing up for Medicare Part A and Part B.

To do this, and delay Medicare, your employer must have more than 20 employees. If you sign up for Social Security and are automatically enrolled in Medicare, then you cant continue putting money into your HSA.

5. Contribute to both FSA and HSA, if allowed. Double dipping by contributing to an FSA and HSA at the same time in the same year isnt allowed if both accounts are used for medical expenses. Some employers, however, offer limited-purpose flexible-spending accounts for dental and vision costs that aren’t covered by an HSA. The FSA must be designated as an HSA-compatible FSA where the tax-free money is only used for dental and vision expenses until you reach your health insurance plans deductible. After meeting the deductible, you can transfer the money to a regular FSA and use it for out-of-pocket medical expenses.

Published with permission from RISMedia.