Committing yourself to your saving goals is a great way to start off the New Year. Whether your goal is to save for a new home or get out of debt, all it takes is a little planning and a lot of dedication to make it happen.
Here are 5 tips to help you save money this year:
Pay Your Bills On Time
Paying your bills on time can improve your credit rating and save you lots of money in fees. Your payment history accounts for a large portion of your credit score. This makes paying your bills on time a must in order to maintain good credit.
Keep it Out of Reach
If you know that saving is not your strong suit, it may help if your money is not easily accessible. Consider opening a separate account designated solely for saving. You may even be able to have a portion of your wages automatically sent to this account.
Start Working Out
Dedicating yourself to a healthier lifestyle can fatten your wallet in a number of ways. First, as you become more health conscious, you are less likely to spend money on things like fast food. Second, healthier people tend to have less health issues. This can mean big savings on your insurance premiums. Lastly, working out regularly make give you the discipline you need to become a successful saver.
Prioritize Your Debt
When it comes to paying off debt, many people start by paying of the largest debt first. While this method may work for some, most financial experts recommend starting with the debt with the highest interest rate. Start by making a list of all of your debts and their interest rates. Call each lender and see if you can negotiate a lower interest rate. Next, re-order your debts placing the largest debt at the top of your list. This is the order that you will want to pay our debts off in order to save the most money.
Know When to Ask for Help
If your debt has gotten out of hand, it may be time to seek professional help. A consultation with a Burbank Bankruptcy Lawyer can help you figure out if filing for bankruptcy is the right choice for you.
Saving money does not have to be difficult. These 5 practical tips can help you save big money without making any drastic changes to your lifestyle. Follow these tips and you will be on your way to meeting your financial goals in no time.