A Step in the Right Direction – 10 Steps to Improve Your Financial Health
- Create a budget and stick to it.The first step is often the hardest, but you will need to focus on long-term stability rather than short-term fun.
- Pay off debt. Debt can be overwhelming to your financial health as well as your emotional and physical health.
- Invest in yourself. Are you saving for retirement? If you are not, or you are concerned you are not saving enough, contact our Financial Planning pros to learn about your options.
- Plan purchases. Start putting money in a designated savings account to help reduce the amount you will need to borrow for large purchases. If you will need to borrow money, put aside the anticipated loan payment for at least three months prior to making the purchase to be this payment will fit in to your budget.
- Take a class. Interested in learning more about financial management? There are many great publications on how to save and invest money as well as educational classes that are held throughout the community.
- Look for a deal. When borrowing money, take the time to look for the lowest interest rate and fees. When investing money, look for the highest return on your investment. Shop around at multiple banks and credit unions just like you shop around for your new car or pair of jeans.
- Plan for the unexpected. Put money away that you can use in the event of an emergency. Start by saving $1,000 and then work toward the goal of 6 months of your regular expenses.
- Know your credit score. Establish a history of good credit early and you’ll always get the best rate when you need to borrow money.
- Set goals. Set goals for yourself when it comes to saving and paying off debt.
- Review progress. Every six months, look at your debt and savings. Reassess your plans and goals.
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This blog article is for informational purposes only, and is not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.