Finance can be a bit scary for most people, but with these three simple suggestions, your wallet can make significant improvement this new year!
Make a Budget You Can Stick to All Year
To create a manageable budget, start by reviewing your current spending habits (in what areas do you spend your money and how much do you spend). After you’ve familiarized yourself with your spending habits, make a decision about how much you think is sensible to spend in each area each month. For instance, if you pay for six different streaming services, but think you could cut back to four, start making calls to cancel.
Build an Emergency Fund
For unplanned expenses, it’s always wise that you have an emergency fund of at least $1000. Experts recommend that it even should hold 3-6 months of take-home salary, but if this is too challenging a month or two by the end of the year can be enough.
Know Your Credit Score (and Improve It if Need Be)
There are three different agencies – Experian, TransUnion and Equifax – which all maintain a credit score for you. While these scores are often similar, they could potentially vary, so it’s a good idea to know all three. Luckily, you can check your score with each of these agencies once a year without negatively affecting your credit score. If your scores aren’t where you want them to be, don’t fret. You can improve them over time. Pay your bills on time, maintain good standing with your creditors and continue to establish your credit.
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