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A Crash Course in Money Management
This season, make money management a priority! Life can bring unknown and
uncertain challenges, especially when it comes to financial issues. Stick to
good credit habits and you will be reinforcing valuable skills that will last
you a lifetime.
Manage your debt
Late or skipped credit card or loan payments not only subject you to increasing
interest on your balances, but also add penalties that can show up on your
credit report. You can find out today what impact certain factors have on your
own credit score. Get a
FREE Experian Credit Report and Credit Score when you sign up for a free 30-day
credit monitoring trial to Experian Credit Manager PLUS.
Before you bring out the plastic, it’s a good idea to make sure that you are
able to manage your current credit card debt:
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Make a list of all your debts.
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Prioritize the list so that you pay the most money toward the debt with the
highest interest rate, reducing the amount of interest you’ll pay.
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Consider consolidating your balances to the lender with the lowest interest
rate.
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Look for promotional offers from lenders that offer free transfers to cards
that have lower interest rates than the one you currently have. Be sure to read
the fine print for specific details on the offer.
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Continue to make all your payments and make them on time.
Make a budget
It may not be fun, but it’s good for you. Sound dreadful? It doesn’t have to
be! Even though making a budget requires organization and monitoring, once you
get started, a budget plan can actually be a pretty neat thing to have. Stick
with it, and you’ll have lifelong beneficial skills that will pay off for you.
To start, you may want to determine what comes in and what goes out every
month. How far does your income go? You’ll soon find out. Start tracking your
expenses and other categories of spending, and find out where you can cut back,
what’s leftover for savings and other investments, etc. Next, consider how much
money you’ll allocate to each of your categories and make sure you stick to
keeping it at that amount every month. When you develop a budget-conscious
mindset, you’ll be surprised at how much money you’ll save. You can soon look
forward to seeing how responsibly you’ve managed your money every month.
Plan ahead
Now that you have your debt under control and you’re sticking to your budget,
it’s a good idea to start planning ahead for the future. An emergency fund, a
vacation fund, a retirement plan, a new home savings account…put the extra
money that you save each month aside for future plans, and see how quickly it
accumulates! Plus, it is a good feeling to be making interest instead of paying
it.
Now you can see your Experian
Credit Report and Credit Score for FREE when you sign up for a free
30-day trial to Experian Credit Manager PLUS. Start better credit management
today!
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