Here are our tips from our Money Matters radio interview with Christopher Hensley!
5 Tips For Keeping Your Financial Resolutions
- Know Where You Stand – Take a hard look at your finances and make a habit to review them monthly. Set a recurring appointment on your calendar if you have to. Actively tracking what your income and expenses actually look like month-to-month will ensure that you don’t forget about your New Year’s resolution two weeks in.
- Consolidate Debt – If you are carrying interest-bearing debts – like credit card balances and student loans – look into ways you can consolidate your debts and reduce the amount of interest you pay each year.
- Order Your Credit Report – You are entitled to one free credit report every year from any of the three credit reporting agencies: Experian, TransUnion, and Equifax. Make sure you understand what factors determine your score and what you can do to improve it.
- Whittle Down Your Wants – Look at your spending and identify the things you regularly spend money on that are ‘wants’ not ‘needs’. Pick two or three to cut back on or eliminate entirely. Even small things – like daily lattes and dining out regularly – can really add up over time.
- Automate Payments – Set up automatic payments via your online bank account to take some of the work out of being financially prudent. This strategy ensures that your bills are paid on time and that you make more than minimum payments on your debts, reducing the total interest you pay each year.