How to revise your household budget each year

Your finances could change in an instant. Be prepared for monetary shifts, which can range from switching to a higher-paying job to making new car payments after your old vehicle breaks down. Make sure to update your household's financial roadmap each year, or more frequently, to keep pace.* 

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Personal and Business CreditOperating a small business can often feel like a deeply personal enterprise. After all, chances are you're pouring loads of time and effort into making your business a success.* However, it's important to know where to draw the line between business and personal for some things. Case in point: credit. Just as it's recommended that you open a separate bank account for your business, it's also suggested that you work on building up a separate credit profile. Still, you may be wondering: What's the difference between personal and business credit?

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Credit Utilization

Credit-reporting companies determine a consumer’s credit rating on how debt is paid down and credit is used. When creditors review an application for a new loan or card, they comb through a credit report, which features the payment history. They want to verify if the applicant was able to keep the debt accrued at a manageable level. To improve chances of approval for new credit, review balances on credit cards. You may need to lower the total credit utilization rate.* 

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SpreadsheetWhen business owners need to update equipment or technology to keep up with company expansion, they have the option to either lease or purchase. While there are plenty of perks to leasing, there are also advantages that only come with owning.* 

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