Financial Adulting: How to get a credit card

Are you interested in buying a home, a car, going to college, or opening up a business, but don’t have any money to pay for it? You can consider applying for a loan at the bank that will pay for you, and you will slowly pay the lender back in interest over time. Yet, to get a loan in the first place, you need to have a good credit history. 

 

A credit history is a record of how good you are at paying your bills on time, and demonstrates your responsibility with money. One way to build your credit history is to open a credit card. Here are the steps to doing that: 

1) As soon as you’re 18 and have an income, or feel responsible enough to handle money, go to the bank and open up a checking/savings account.

·     If you are younger than 18, you can consider opening a joint account with an adult. 

2) Request to talk to a Personal Banker, and let them know you want to see the available credit card options, and fill out a credit card application. 

·     Choose a card with good perks like: having a high cash back rewards rate with each purchase, no annual fee, or the ability to earn points/miles with each purchase. 

·     When getting approved for a credit card, lenders want to see you have a steady income and can make payments. They will ask you for your employment information, and driver’s license. 

3) If accepted, you will receive the credit card in the mail. You will just need to activate it, and start building your credit. 

·     Build your credit by making small purchases and paying in full, on time, every month. Set up automatic payments, or put a reminder on your phone/calendar to ensure you pay by the payment due date. 

·     Find out what your available line of creditis, and keep your balance low relative to that number. Do not use more than 40% of your available line of credit. 

·     Only buy what you can afford. 

·     Know your Annual Percentage Rate (APR).This number divided by 12 months gives you how much interest will be applied to your outstanding balance on your credit card. The APR can change year to year based on the Federal Reserves lending rate, so keep an eye on it.

4) Check your credit score annually.   

·     Every year, you can check your credit report for free from all three credit collecting and reporting agencies: Equifax, TransUnion, and Experian at annualcreditreport.com. 

·     Your credit score is best when 720 or greater. 

·     You are now well on your way to building credit! Well done. 

How are you helping build your credit score?

Photo source: cafecredit.com

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Examining Your Health and Wellness

Have you ever stopped to self-reflect on your health status, or wanted to create a wellness lifestyle? Here are eight components of health that can help you evaluate your current state of health and empower you to make positive changes. 

For, health is not merely the absence of disease or infirmity, yet a balance obtained amongst many interconnected areas in our life. A balance, that if maintained can give us the means to live our life to the fullest. 

1.    Physical health: This component focuses on how you take care of your body to ensure optimal functioning.  It can include some of the following elements. 

·     Nutrition: Are you eating a wide variety of nutritious foods and consuming the right amount of food and drink that achieve and maintain a healthy body weight?

·     Exercise: Are you physically active and exercising on a regular basis?

·     Sleep: How many hours of sleep do you get every night? How often do you find time to relax and rest your body? 

·     Medical Care: Are you attending regular medical/dental care check ups? Are you getting genetic/sexual health screens? Are you practicing good self-care and body hygiene?

2.    Emotional/Mental Health: This component focuses on your ability to experience, recognize, regulate and express your thoughts, and feelings in ways that are constructive. It can include some of the following elements. 

·     Self-Esteem: How good do you feel about yourself? Do you respect, love, and appreciate yourself? Do you possess confidence, and a strong sense of self? 

·     Coping Skills: How well do you manage or adjust to stressful, unpleasant life situations? Are you able to enjoy life, and bounce back or recover after difficult experiences? How strong is your ability to control your thoughts and behavior to achieve a desired outcome (a.k.a. willpower)?

·     Self- Awareness: Can you self-reflect and recognize/understand your feelings? How often are you being mindful of your circumstances and how it affects your feelings? What ongoing internal conversation or self-talk do you tell yourself?  Do you have healthy thoughts that shape your life and actions? How has societal expectations, cultural influences, or trauma affected you? Are you aware of your boundaries and know when you need to ask for help?

·     Positive Self-Expression: Do you think before you act? Do you express your wide range of feelings in a constructive/productive way? Do you possess a positive outlook and attitude that frequently expresses gratitude for the good things in your life? 

3.    Social/Relationship Health: This component focuses on your ability to feel a positive bond or connection with others at an intimate, personal, and community level. It can include some of the following elements. 

·     Relationships: Do you have family, friends and/or significant other that you feel nurtured and supported with when you interact with them? Do you feel a sense of love, trust, understanding, respect, and belonging? Do you have a healthy dose of independence in thought and action? 

·     Interpersonal skills: Are you able to have open, honest and kind conversations with others? Are you able to get along with others and deal with conflict appropriately? Are you receptive to new interactions and making new friends?

·     Support network: Do you have anyone who can help provide emotional support and practical guidance when you are going through a difficult time or wanting to achieve a certain goal?

·     Community integration: Are you connected to a positive social group that influences you to do things that are good for you and others? Are you able to balance conformity and self-expression (a.k.a. be yourself)? 

4.    Spiritual Health: This component focuses on your ability to find meaning and life purpose. It can include some of the following elements.

·     Beliefs: To whom or what do you put your faith in? What core convictions or opinions do you hold to be true? What rules of conduct govern your behavior in life? 

·     Values: What qualities or characteristics are important to you? What principles or standards do you find essential? 

·     Morals/Ethics: What do you consider to be right or wrong? 

·     Human Soul: Are you at peace with yourself and others? Have you been practicing compassion and forgiveness? Do you forgive yourself for your mistakes? What is the attitude of your heart? Do you feel loved? What is at the core of your identity? What mood, temper or personality characterizes you? Are you honest with yourself? How well do you feel connected to your inner “true self”?  

·     Human spirit: What do you consider transcends material things? Do you possess and display the characteristics of the fruit of the spirit? How do you feel spiritually connected and nurtured?

5.    Environmental Health: This component focuses on how your surroundings affect you. It can include some of the following elements. 

·     Housing: Does your home make you feel happy and peaceful? Are your surroundings pleasant, stimulating, and supportive of your well-being? Have you decluttered and organized your room, car, or other surroundings?

·     Neighborhood: Do you have sidewalks, bike lanes, and public transit availability? Is their access to space, people, communities, and organizations that will help promote health? 

·     Natural surroundings: How clean and “green” is your environment? Do you recycle and take part in conserving earth’s natural resources? How do you enjoy/appreciate nature?

·     Senses: What information is being sent to your brain via your hearing (noise pollution), smell (air pollution), taste (water pollution), touch, and sight senses?

·     Safety: Do you feel safe and secure in your home, community, learning and work surroundings?

6.    Financial/Money Health: This component focuses on how well you are able to plan and manage your current and future finances. It can include some of the following elements.

·     Income: Do you have multiple sources of income? Are you earning more than you spend? Have you invested some of your income and have a strong return on investments (ROI)?

·     Savings: Do you have a budget and keep track of your expenses? Have you started saving for big expenses, or retirement? Do you have an emergency fund?

·     Debt: Do you have a plan to eliminate your debt? Are you living within your means?

·     Knowledge: Do you have a healthy relationship and mindset regarding money? Are you learning to be a good consumer of the products and services you buy? Are you aware of your credit score, insurance options, eligible benefits, and tax deductions? Do you have someone you can reach out for financial information?

7.    Intellectual Health: This component focuses on your engagement in mentally stimulating activities that expand your knowledge and personal growth. It can include some of the following elements.

·     Creativity: Do you recognize your creative abilities, and allow yourself time to imagine new ideas and innovate? Do you feel free to express yourself creatively?

·     Knowledge/Ideas: Are you open to new ideas? How are you expanding your knowledge, skills, and critical thinking? Are you staying curious and engaging in learning new things? What level of education have you acquired? 

·     Experiences: How are you exposing yourself to new experiences, situations, and activities? What challenges have you gone through? 

·     Self-development: How are you developing your talents and potential? What character traits are you working on? What goals do you have for yourself? 

8.    Occupational/Work Health: This component focuses on your engagement in work that you gain enrichment and satisfaction. It can include some of the following elements.

·     Work-life Balance: Do you have enough time for both work and play/rest?

·     Personal Satisfaction: Do you find great pleasure, interest, and happiness in your career?  Is your career rewarding?

·     Meaning: Does your work reflect your values and purpose? What enrichment does your work bring? How does it contribute to the larger society?

What component of health can you improve on as you continue on your wellness journey? 

Photo source: campusrec.illinois.edu

#dimensionsofwellness #assessingwellness #creatingahealthlifestyle 

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