Please contact the Division of Banking,
Please contact the Division of Banking, Insurance and Financial Regulation on St. Croix 1131 King Street, Suite 101, 3rd Floor Christiansted, V.I. 00820 Tel: (340) 773-6459 Fax: (340) 719-3801 or St. Thomas 5049 Kongens Gade St. Thomas, V.I. 00802 Tel: (340) 774-7166 Fax: (340) 774-9458 Business Hours 8:00am to 5:00pm Monday to Friday Visit our website regularly to learn about Banking, Insurance and Financial Regulation services in the Territory. Website: ltg.gov.vi Save a percentage of the salary from your part-time job. Use a portion of the salary from your part-time job to pay off a particular bill. Buy big ticket items such as a stove, TV, washer or dryer, on holidays. Major stores usually mark 50% off these items during holiday sales, such as on the 4th of July, Thanksgiving and Memorial Day. Spend carefully. Limit your credit applica- tions and the amount of credit cards you ob- tain. Pay your bills on time. Build a good credit reputation. For example, purchase a used car initially, pay it off, and buy a new car later. Many jobs require credit reports. …
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Please contact the Division of Banking, Insurance and Financial Regulation on St. Croix 1131 King Street, Suite 101, 3rd Floor Christiansted, V.I. 00820 Tel: (340) 773-6459 Fax: (340) 719-3801 or St. Thomas 5049 Kongens Gade St. Thomas, V.I. 00802 Tel: (340) 774-7166 Fax: (340) 774-9458 Business Hours 8:00am to 5:00pm Monday to Friday Visit our website regularly to learn about Banking, Insurance and Financial Regulation services in the Territory. Website: ltg.gov.vi Save a percentage of the salary from your part-time job. Use a portion of the salary from your part-time job to pay off a particular bill. Buy big ticket items such as a stove, TV, washer or dryer, on holidays. Major stores usually mark 50% off these items during holiday sales, such as on the 4th of July, Thanksgiving and Memorial Day. Spend carefully. Limit your credit applica- tions and the amount of credit cards you ob- tain. Pay your bills on time. Build a good credit reputation. For example, purchase a used car initially, pay it off, and buy a new car later. Many jobs require credit reports. Maintaining good credit can help advance your career. Review your credit card bills and the minimum payment due. Always try to pay more than the minimum amount due on every card, where pos- sible. Select the card that has the highest interest rate and pay more on that bill to reduce the bal- ance, until you pay the balance in full. Manage your bill payments at the same time that you manage and reconcile your account electron- ically. Review all your sources of income to know, after deductions, just how much income you have monthly to pay your bills and for the necessities of life. Needs are your basic necessities for survival, such as housing, food and transportation. Wants are not necessary but are enjoyments, such as buying lunch everyday instead of bringing your lunch to work. Calculate how much you spend for lunch daily, then how much you spend for lunch monthly times twelve. You could have saved this amount with interest in one year, had you eliminated buying lunch everyday. Make every effort to live within your means. Realize that emergency expenditures do come up. Be Prepared. Avoid penalties for 30-day, 60-day, 90-day and 120-day late payments. Improve your credit score by paying your bills on time. Develop good relationships with your creditors by being creditworthy. This will help in the event of a hurricane or other disaster, by allowing you to qualify for a moratorium on a loan payment. Learn about your financial institution’s prod- ucts and services. Select those that meet your needs. If saving to buy a home or car, consider in- vesting in stocks, bonds or real estate/ undeveloped property. Yes, you can save, no matter your income level. Determine an amount that you can save monthly or every pay period. Have a specific amount transferred to your savings account every pay period.