Is one of your New Year’s resolutions to help reduce your debt?
We suggest knocking out one of your larger monthly payments.
Or, if you’re already on the path to becoming consistently financially fit, here’s some great pointers to keep in mind.
Expand your financial knowledge
- Read personal finance books and blogs, attend webinars, and be aware of the evolving state of the economy. This can help you make money decisions from a position of knowledge and power.
Stick to a budget
- Tracking monthly expenses is key to being financially fit. Set aside money from your monthly income for all fixed and discretionary expenses.
- Commit to paying down debt and try to live debt-free. Constant budgeting, ongoing financial education, and planning ahead can help you make it through the month, and through unexpected expenses.
- Prioritize your savings. This will allow you to think ahead and build a comfortable nest egg or emergency fund.
Maintain complete awareness of the state of your finances
- Learn how much money you owe, the accumulated value of your assets, and the complete sum of your fixed and fluctuating expenses. This awareness takes the stress out of money management.
Maintain a healthy credit score
- An excellent credit history and score are crucial factors to long-term financial health. Be careful to pay bills on time, hold onto credit cards for a while, and keep credit utilization low.
Create concrete financial goals
- Create long-term and short-term financial goals that allows you to focus on the big picture when making money choices. If you need help with your goals, check out our Smart Goals Worksheet.
Achieve financial independence
- Become financially independent by sticking to a budget, prioritizing savings, and maintaining an awareness of your finances.
Our Financial Education Partner, BALANCE, can help you stay financially fit. Learn more here.