Get Your Personal Finances on Track in 2019! | First Volunteer Bank
Now that 2018 is behind you, it’s time to look ahead and see how you can make the most of your personal finances in 2019.
Our team at First Volunteer Bank wants to help you get started on the path to financial freedom this year. Let’s take a look at a few ways you can set your finances up for success in the new year:
Get Your Budget Together
Do you have a household budget? If you don’t, it’s time to consider putting one together. If you do, perhaps it’s time to move some things around.
A budget can be an extremely successful tool in keeping your personal finances on the right track and avoiding debt. When you stick to a budget, you have less chance of spending more than you make. In addition, a budget can help you reach goals you set for yourself, such as saving for a down payment for a new home or establishing an emergency fund.
Check Your Credit Reports
When was the last time you looked at your credit reports? Many times people don’t even think about their credit unless they need it to get a loan on a new home or car. However, it is important to check your credit score often, as you always want to have a good score—whether you need to use it or not.
Also, mistakes happen, even on credit reports. One of the best ways to undo a mistake on your credit report is to find it as early as possible, which is why reviewing your credit reports often is important.
In addition, if your credit score is not where you want it to be, you can take steps to improve your rating.
Work to improve your credit score by:
- Paying bills on time
- Paying off debt
- No longer applying for additional credit cards
- Keeping credit accounts open even when paid off
Pay Off Debt
Have you been carrying debt with you year after year? It’s time to put an end to that vicious cycle by tackling your debt once and for all.
Ways to combat your debt include:
- Cutting unnecessary expenses
- Earning extra money to put toward debt
- Paying as much toward your debt as you can each month
- Limiting the use of credit cards
How do you plan on getting your personal finances back on track? With a savings account, perhaps? Contact the First Volunteer Bank team today to learn how to open a savings account!