Most people wish they had more money. However, too many of these people don’t have enough financial literacy to make this a reality. If you’re among them, then you know the frustration. Fortunately, obtaining financial wellness requires knowledge and discipline more than anything. Here are a few things you can do to improve your financial health.

Don’t Agree to Anything Too Quickly

Most people can get caught up in the moment when they’re out shopping, and many will agree to deals that aren’t so great for them because of it. This is why it’s important for you to have some discipline when it comes to impulse spending, particularly when you’re making big purchases. Shopping around ensures that you get the best deal. It’s okay to not buy something until you have all of the facts laid out before you.

At the End of the Day It’s Your Money

If you live in the modern world, then it’s likely that you feel like everyone wants a bit of your money. However, when financial difficulties arise, the people asking you for money aren’t going to be the ones to bail you out. That’s why it’s important to remember that it’s your money. You can spend it (or not) any way you choose. Learning to say “No, thank you” is also important. Here’s an example. Say you’re working with a real estate agent to buy a home and need financing. You should know how to break it to them if your agent was the one trying to find you a lender, but you found a better one. It may make the transaction a bit uncomfortable in the short-term. However, not honoring your financial wellness will have detrimental effects for you long after your real estate agent goes away.

Learn to Budget

It turns out that one of the secrets to financial wellness isn’t such a secret at all: budgeting. However, most people detest budgeting,which is why so many people have trouble with their finances. They don’t know how much they bring in nor what they spend their money on. This leads to overdrafts, excessive credit card uses and other financial mishaps. Don’t be one of those people. It’s important to learn how to budget and commit to keeping your spending within the limitations of your budget. Budgeting is the key to having more money and more financial wellness in the end.

Getting control of your finances is a key component of financial wellness. However, that may be easier said than done. It doesn’t have to be this way. Once you realize that it’s your money and what happens to it has a direct effect on you, it becomes easier to take care of it and yourself in the process.

Buying a home is the American dream. Finding the right loan and lender to process your home is not always as easy as finding the right place to hang your hat. Since you are going to be taking on a 30-year commitment, you want to make sure that you get the best bang for your buck. If you're ready to start negotiations on a home to put down roots, then here is an easy guide you can use.

Finding a Lender

Finding a lender seems like a simple task as you just get online or ask a friend for advice. However, different lenders have different requirements. For instance, the threshold to get an FHA loan approved is a credit score of 520. However, most lenders won’t even consider approving a loan unless the FICO is above 580. Why the difference? The underwriting company at each bank has specific guidelines that they use for their loans. Make sure you brush up on lending terms so that you can understand their jargon before going into negotiations. You must find the right company to work with that can use your credit and income to give you the best possible mortgage. You’ll likely receive offers that vary greatly, but don’t be surprised if some banks will match others to vie for your business. Don’t just fall into the trap of going with the first bank you find. Good deals come to those who do their homework.

Possibility to Refinance

It’s common for people to sign for a loan with the hopes of refinancing into a better mortgage later. Refinancing rates change as the interest rate goes up and down. You can lower your payment significantly by switching banks. You might be able to refinance with another lender. However, your credit score, income, and debt to ratio must be adequate for such a transaction to be approved. Your credit situation can change overnight, so you should never get a loan that you can only afford long term with refinancing. Nevertheless, it’s a great option if your credit is worthy.

Choosing the Best Loan for Your Credit

If your credit score is below 620, then you may want to hold off on a purchase. Many lenders will give you a mortgage that requires you to pay some of the principle and interest if you cannot meet the entire 20 percent down payment. Additionally, you may be talked into a loan that has an adjustable rate. While it seems like a good idea at the time, balloon mortgages increase your payment every few years according to the interest rate. Before you buy a house, make sure your credit, income and down payment are all in order. Not only does it make the process easier, but you will get a more affordable mortgage payment and an attractive loan.

When it comes to dealing with lenders, you can certainly negotiate your terms. However, they are more eager to negotiate with those who have an excellent FICO and significant down payment. Don't think you have to settle for the first loan you're offered. You are in the driver’s seat. If you do get a loan with lackluster terms, then you can always refinance later.

(BPT) - You work hard for your money. Unfortunately, crooks work hard as well, attempting various tactics to take your money. If you fall for a scam, little can be done to help you get your money back. In order to keep your financial and personal information safe, it’s necessary to look for red flags and be proactive about security.

Know the red flags

From classic methods to using sophisticated technology, criminals will try a variety of strategies to gain access to your money. If you experience any of the following, consider it a red flag and pause before you act:

• A person calls or emails, pretending to be someone you trust, such as a family member, government official or a well-known business or nonprofit organization. The intention is for you to let your guard down immediately.
• They push you to make decisions in a hurry, ask for personal information such as an authorization code, often threatening legal action or using intimidation tactics to get you to act. They know fast action can mean you won't think things through, causing you to make mistakes.
• They will ask for money through undetectable methods such as wire transfers and gift cards, or they may even send a check and ask you to return some of the money through these methods.

Learn the do's and don'ts

The Bank of America Privacy and Security Center provides key actions you can take to help protect yourself from becoming the victim of a scam:

• Don’t send money or give out your personal information in response to an unsolicited text, phone call or email. Companies will never call you and ask you for an authorization code.
• Don’t be rushed to respond to unexpected requests. If they tell you not to tell anyone or they provide you with talking points to say to your bank or family, you can be absolutely sure it is a scam. Research, validate or talk to someone you trust. Look up the business and phone number online and contact them directly.
• Don’t trust caller ID. Scammers can fake caller ID information so don’t always trust the name and number that appears on-screen. If the caller asks for money or personal information, hang up and call back through a validated number.
• Don’t deposit a check and immediately send back funds. Scammers will send a check and ask you to send a portion of it back by wire transfer, gift card codes or a form of cash payment. You might send the money back right away, but their check could still be returned unpaid, leaving you without any money.
• Don’t fall for work from home scams. No legitimate company will require you to buy things or pay for equipment up front. Car logo, mystery shoppers, baby-sitting services are a few ways consumers are targeted.
• Do protect your devices by keeping your phone, tablet and computer updated with the latest browser, operating system and antivirus software. If you see a Microsoft pop-up claiming you have a virus on your computer and receive a phone call stating they need to take control of your computer to get rid of the malware, absolutely DO NOT fall for it. Take your laptop to a trusted company to physically clean your device.
• Do use secure methods of payment such as Zelle^® and Bill Pay. Zelle is a fast, safe and easy way to send and receive money in minutes¹ with friends and family and others you trust. It only uses your U.S. mobile number or email so your account information remains private. Bill Pay allows you to manage all your bills securely in a single place online, so you can pay bills with confidence.
• Do stay on top of account activity and ensure all contact information is up-to-date. With Bank of America’s mobile app, turn on alerts and enable security features such as Face ID or Fingerprint Scanner to allow for simple and secure login.
• Do trust your gut. If it doesn't feel right, it probably isn't. Your intuition is usually correct, so take the time to pause and evaluate before sharing personal info, sending money or revealing private data.

Learn more and find out about the latest scam and fraud prevention news by visiting www.bankofamerica.com/security.

¹Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.

Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.