The New Year is upon us! Many individuals will be making resolutions to become more healthy, cutting back on carbs, or exercising more often. Others might be making resolutions to become more financially healthy. This is a great time to take control of your finances. It is a new year, a fresh start, and your financial wellbeing will follow you into your future. There are several steps you can take this year to get your finances in tip top shape!
One way to start improving is to increase your credit score. There are many ways you can increase your credit score. This includes opening a secure credit card which allows you to easily cover the balance on your line of credit. It’s also important to be sure that your credit reports are accurate. This makes it simple to identify what areas need improvement. Lastly, you need to be sure to solve any late payment issues!
Another way to enhance your financial health, is to prepare a budget, and abide by it. It is very helpful to set monthly spending limits. You can create a sheet with all of your necessary expenses, and then set aside an amount for other activities that are non- essentials. Chime can make it simple to track how much money you have spent so far in any given month. They have an excellent mobile banking section which can be found here, this can be very useful for money management! Remember, it is not only setting the budget, it is sticking to it that counts!
Lastly, you can beef up your financial muscles by making investments. It is important that you do your research before deciding where you want to invest. Decide whether or not you want to make a short or long-term investment. This decision can help you determine the best place to put your money. Check out the graphic below for additional financial tips!