Finances and Daily Living: Credit Scores, Renting vs Buying and more!

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Finances and Daily Living: Credit Scores, Renting vs Buying and more! by Mind Map: Finances and Daily Living: Credit Scores, Renting vs Buying and more!

1. Introduction

1.1. How you manage your money can affect your domestic living situation in a number of ways

1.2. Be sure to consider these important points when you’re encountering finances in your 20s:

2. Credit Scores

2.1. Know and manage your credit score.

2.2. Your credit score is a number that quantifies for lenders how likely you are to repay debts.

2.3. Periodically access your credit reports, which you can do for free, and understand the steps you can take, as needed, to boost your credit score.

2.4. Also take steps to protect your identity.

3. Renting & Buying

3.1. Consider all options before deciding to rent or buy

3.2. Renting and sharing living space can be both economical and fun if you avoid the pitfalls.

3.3. Buying and owning may make sense if you see yourself staying put for an extended period of time.

4. Communication & Planning

4.1. Communicate with your partner about money.

4.1.1. Money is often a source of friction in relationships

4.2. Thinking about money and planning how to manage it upfront with loved ones is usually time well spent.

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