How To Stay On Top Of Your Finances This Year
Sunday, January 26, 2014, 1:00 AM | Leave Comment
If one of your new year’s resolutions is to be more financially responsible, there are a few things you can do to make this a reality.
Making sure that you stay organized when it comes to your funds and even choosing to spend your money in different ways can enable you to take control of your finances in a way you may have never been able to do before.
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Keep Up With Your Credit Score
This year, make it a point to know what your credit score is at all times. This is essential if you plan on making a major purchase like a house or car.
If your score is lower than you’d like it to be, spend this year raising your score.
You can do this by applying for a credit card that reports your payment activity to all major credit bureaus or cut back on luxury expenses to that you’ll have more money for bills.
Each year, you’re allowed a free report from all major bureaus. However, to keep up with your score more than once a year, it’s best to join a website that will let you check your score several times a year.
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Use a Budgeting Tool
Use an online budgeting tool this year to keep track of all your expenses. This will allow you to see exactly how much you spend every month on essentials like the mortgage and groceries, but will also make you aware of how much you spend on things you may not need.
There are a number of free budgeting tools that also have mobile apps, so you’ll have your budget with you everywhere you go and can properly track your spending. This could prompt you to make more financially sound decisions, like cooking more instead of eating out or only shopping for clothing and accessories that are on sale.
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Eliminate As Much Debt As Possible
Now that you’ve determined what your monthly budget is, you’ll need to revisit it often to ensure that you’re staying on top of things. Organizations such as Paddon & Yorke Inc can help you find the best solution for you to help wipe our your debt.
These types of companies offer debt consolidation loans, Ontario residents can use. You can look for financial institutions in your area that will help you to combine your debts into one monthly payment to make it easier for you to pay what you owe to creditors at a quicker rate in order to gain financial freedom.
These simple tips can make this year one of your most financially rewarding. Sticking to the goals you’ve set for yourself can put you in a position to accomplish goals that you previously thought were impossible.
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