Did you know that the average American has over $6,000 in credit card debt? This doesn’t include mortgage, car, or personal loans! This can easily sink your financial future if you are consistently increasing your debt – and not your income. There are a few things you can do to manage your finances and get out of debt.
Create a Budget
Creating and sticking to a budget can be tough – but it pays off in the end (in more ways than one!) Budgeting will help give you clarity and transparency in your finances and help you manage your money.
This will help you pay off debt, and save for future expenses – it will help bring balance and peace of mind.
Cut Down Your Expenses
You would be surprised at the amount of money that just flies out of your account before you even touch it. Subscriptions to make-up, or book boxes, multiple music apps, a gym membership for a gym you haven’t been to in 9 months – there is a lot of ways you can save. Don’t forget to check with some of your monthly bill companies too – from your cell phone company, to your internet provider, and even your home and car insurance – you can find some ways to save without compromising service. Make a call! And remember, you get more bees with honey than vinegar!
Create an Emergency Fund
I know everyone says it , but its super important to have an emergency fund! One sickness, one lost job – can financially ruin someone living paycheck to paycheck. You have to be prepared for the worst (and hope for the best).
Consult a Professional
Sometimes even if you have the best of intentions , you can make a mess of your finances and sometimes you need the help of a professional, like Lance Advisors, to help get you back on track.
Keep an Eye on Your Credit Report
Credit reports are an important factor of your life – from getting a loan, to getting a job, you need to know your creditworthiness. Be sure to review your credit report quarterly, and make sure that there aren’t any mistakes (an estimated 2-3% of reports contain errors that could effect your score). Remember, to keep a good credit score, keep your credit card balances low , work on paying off debt, and don’t be late – you can also consult the professionals at Lance Advisors to make sure you are on the right track.
Watch the Pros
As you know, knowledge is power. All the financial professionals and guru’s have started somewhere – they just learn, learn and learn, and educate themselves! Financial pros, (like those at Lance Advisors) can give you some much needed advice on how to manage your finances, and also maybe even inspire you with stories of their own (or their clients) to help keep you focused. Being able to effectively manage your money will make life flow much more smoothly, not to mention help lower your stress levels. Being well-organized will also save you time and save you