![]() The question has always been whether you should you start paying off the balance with the highest interest or knock out the smallest bills first. Although starting with the highest interest rate makes the most sense mathematically, researchers found that people are more motivated to continue with a debt-reduction plan if they knock out a small debt in its entirety rather than merely a chunk of a bigger one. If you want to take advantage of the 0% balance transfer offers that are all over the place, make sure you’ll be able to pay off the transferred balance in full before the promotional period expires - and resist the temptation to run up new debt on the old card.Ĭhip away at that debt. How much do you owe, and how much are you paying the lenders in interest? Comparison shop what you’re paying in interest with what’s available now, and consider refinancing your mortgage or asking your credit card company for a lower interest rate. Here are ten steps for straightening up your finances:Įvaluate your debt load. ![]() Just after tax season is the perfect time to perform an annual evaluation and tidying up of your budget, bank accounts, debts, and investments. But don’t forget about your personal finances. You can opt out of most by visiting or calling the national credit bureau’s hotline at 1-888-5-OPTOUT (67-8688).Follow it comes to spring cleaning, you probably haul the junk out of your garage, scrub your fridge, and wash the rugs and drapes. If you thought it was impossible to avoid credit card and loan solicitations, think again. Check out Bankrate’s reference sheet to determine how long you should keep various types of financial documents. Go through your tax files, shred older files and create a system that keeps your paperwork organized so it is easily accessible. The IRS recommends keeping tax returns and other important documents for at least seven years after you file the return. A lower monthly payment frees up more money in the rest of your budget. When was the last time you took a look at all your insurance policies? Chat with your insurance providers about the possibility of securing lower rates on auto, life or home insurance. Review your insurance policiesĪs your life changes, your insurance needs change, too. Our Credit Counseling is free, confidential and can help you create an action plan for paying off debt. If you feel overwhelmed or don’t know where to start, we can help. Adjust your budget and make a commitment to paying off credit cards and student loans. Create a plan to pay off your debtĭon’t let fear or procrastination get in the way of a debt-free life. Define each person’s role and set reminders to help ensure you pay all your bills on time, every time. An established process is especially important for families, couples or roommates who may need to split bills. Establish a bill-paying process Įnlist in auto-bill pay programs or create a calendar to track bills and due dates. Each has different features based on your needs-some help with budgeting and bill pay, while others assist with paying off debts or monitoring your credit score. Mobile apps like Mint, PocketGuard or Level make it easy and convenient to improve your personal finance habits. How can you adapt spending patterns to free up more money? Is your budget filled with wants or needs? Document your budget on a simple worksheet or online, and review monthly to ensure you’re on track. Take a close look at what you spend now, how much you make and your financial goals. Here are several ways you can review and refresh your financial life: Refresh your budgetĪ realistic and balanced budget is the #1 tool in your financial arsenal. But spring cleaning should go beyond living spaces-your finances can likely use some attention, too. ![]() Spring’s arrival is the perfect time to tackle ambitious spring cleaning projects like purging closets and pantries.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |