Home > 2015 > Personal Finance

4 Lessons Baseball Can Teach You About Money

Advertiser Disclosure Comments 0 Comments

The boys of summer are back and as baseball season begins again, there are some things we can learn. Beyond the rules of America’s favorite pastime, we can also learn some personal finance rules. Here are four ways baseball can help you get your finances in order.

1. 3 Strikes & You’re Out

This phrase is often used as a threat but this can also be seen as multiple opportunities to get it right. In baseball you get nine innings, three outs per inning and three strikes per at bat. Sure, you will fail much of the time but there are many opportunities to try and get it right. By taking this approach to your finances you can avoid getting frustrated. Say you are trying to focus on putting more money into saving for retirement. You may strike out sometimes, splurging too much and not making your saving goal for the month, but you can step back up to the plate! Next month, try again.

2. Hitting a Home Run

The crowd goes wild and the cameras flash whenever the ball flies out of the ballpark. A home run is exciting. This is the same kind of mentality for making a lump sum addition to a financial goal. Many of us just received tax refunds and using that to pay off a debt can help us pay it off more quickly. In addition to tax refunds, bonuses, birthday gifts or unexpected money can be put to good use too. It’s one swing that yields big results.

3. Playing Small Ball

But it doesn’t always have to be about the big hit. You will sometimes hear about “small ball” when it comes to baseball. As opposed to swinging for the fences, this type of play is about small steps to lead to the goal of getting runs. It’s about trying to hit a single, steal a base or make a sacrifice bunt. The point is that these small actions add up. The same is true with your finances. If you make the effort to regularly pay off debt like student loans or contribute to a 401(k) eventually you’ll get there. Credit building is the same way — making an action plan and small changes can make a big impact on your credit over time. You can track your progress by getting your credit scores for free every month on Credit.com.

4. Call to the Bullpen

During a baseball game, a team usually utilizes multiple pitchers. When they are looking to replace the current player on the mound, they make a call to the bullpen, the area where other pitchers warm up. This can be a good strategy for your finances as well. If your current strategy for paying off debt or saving money isn’t working, you may want to change strategies. This could be literally calling someone else in, like a spouse or financial adviser, or it can mean trying a different strategy. You may decide that collecting credit card travel rewards isn’t working for you and instead move to a cash-back program. The important thing is to know you can change the direction of the game, and your financial situation, with one call to the bullpen.

More Money-Saving Reads:

Image: iStock

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Our Owners

Credit.com is owned by Progrexion Holdings Inc. which is the owner and administrator of a number of business related to credit and credit repair, including CreditRepair.com, and eFolks. In addition, Progrexion also provides services to Lexington Law Firm as a third party provider. Despite being owned by Progrexion, it is not the role of the Credit.com editorial team to advocate the use of the company’s other services. In articles, reporters may mention credit repair as an option, for example, but we’ll also be sure to note the various alternatives to that service. Furthermore, you may see ads for credit repair services on Credit.com, but the editorial team isn’t responsible for the creation or implementation of those ads, anymore than reporters for the New York Times or Washington Post are responsible for the ads on their sites.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team