Get your Credit Score and Finances back on track for 2020.  Ask yourself,  did you achieve the financial wellness you had hoped for in 2019?  If the answer is “NO” make this New Year, Your year to financial freedom because all those opportunities you missed in 2019 you can make them a reality in 2020.  Below are 4 things you can do to get yourself in a stronger and healthier position for 2020.

 

1. Arrange your debt.

Take a look at what you owe and how much interest you are being charged.  Typically, you want to start knocking down the credit cards that have the higher interest rates.  Once you have gotten a handle on those credit cards, start taking a look at your secured debt, like Personal loans and auto loans.  Make an effort to pay a little more than the regular payment amount towards them.

2. Close subscription accounts you do not use.

Yes, we have all done it.  Close subscription accounts you do not use.  You know, the ones with the 30 day trials we forget to cancel.  Comb through your bank records and looks for those auto pays and get rid of them because you do not need them and you’d be surprised at how much money you would save that you can put towards something else to better your financial standing.

3. Review your financial worthiness

Your credit is a reflection on your ability to repay loans. Make it a habit to review your financial worthiness often.  Lenders will not only look at your score, but  your debt to credit ratio’s play a rather big roll on whether or not a lender will extend a loan. Additionally, it can affect the interest rate you may get on your mortgage loan, insurance premiums and deposits on utilities. So, it is important that you take your credit score seriously, unless you are extremely rich and have the means to pay for everything in cash!   If you need help getting your credit in order give us a call 855-598-0446 or visit or website at www.mycreditgroup.com.

4. Create a budget and execute it. 

Now that your finances are under control, take the time create a budget.  Break out a note pad and pen, your excel spreadsheet or whatever you use to keep notes.  List all the creditors you make monthly payments too, like your mortgage payment or rent, utilities, cell phone bill, clothing, grocery bills, morning coffee, and others.  Take a hard look at what you spend your money on and eliminate those you can live without.  Take those savings and throw it into a savings account, piggy bank or under the mattress.  Make this year, your year to grab hold of your finances and a better credit score!