Facing your Financial First?

Like your first love, financial firsts can be exciting, exhilarating and a little scary. Here are some things to think about before plunging in;

• Applying for the first credit card: It is a good idea to apply for a credit card as long as you have the discipline to pay it off. Look out for 
• Cards that sell you a membership which means you get a card with a balance that you did not actually spend; 
• Cards that have annual fees unless they have a great benefit such as 1% cash back and in this case they should be from a reputable bank
• Cards with a very high interest rate. Even with no credit, it is possible to shop for a low interest rate. Click here to read about a woman who ended up with a 79% interest rate.  

• Renting the first apartment: It is important to research your area and find out about crime rates before renting an apartment. Many police departments have the crime rates posted on a city website and is readily available. It may also be useful to use a free apartment locating service because they are usually familiar with the reputation of the complex. They also help you shop around for the best deal. Make sure to visit your potential home at night before you sign the lease.    
• Buying the first car: If you can, try and save the money to buy your first car. If this is not possible apply for a car loan from a credit union which will usually have a lower interest rate. Most car dealers are willing to finance the car but at a much higher rate. Calculate how much you will spend on the car and make sure it is not so much more than the car is worth. Do not be left holding the bag. 
• Buying the first home: This is a major undertaking and need lots of research. Give yourself a year to learn as much as you can about loans and the housing values in your area before making the purchase. Many counties have free home buying seminars that are usually helpful. Click here for a great article on how to buy your first home. 

While this is a daunting task, there are many resources that can help you through the process. Here is a great article on financial first's on forbes.com. This website is a great financial resource. 

Here's to successful financial firsts that will hold positive memories for a long time to come.