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Take Control of Your Finances in Four Easy Steps
It is important that you take control of your personal finances. As you gain knowledge about your own monetary situation, it can begin to open up limitless possibilities for your financial future.
1. Make sure to always pay yourself first. You should be putting at least 10% of your pre-tax income into a savings account. This is the money that is going to help get you through an emergency. Do not skip on it and do not forget about it.
2. Know your credit report and keep track of your credit score. You can get your credit report for free every 90 days by being a MyLife Checking account holder! It can cost you money to get your credit score from the big three agencies but the knowledge is invaluable. Knowing your credit score will save you money in buying a car, refinancing your home, even buying life insurance. Make sure to get a new one on a yearly basis to stay up to date.
3. You cannot fix your credit before you get out of debt. The best way to accomplish that goal is to repay credit cards and other loans, which may require some sacrifices. Perhaps you can resolve to eat at home more often and stay in on the weekends. Little things, like bringing a lunch to work or avoiding excess spending on weekends, add up over time and can help you to save enough money to pay off your debts and repair your credit.
4. Your FICO score is affected largely by credit cards. If you have high balances on your cards, your score will likely be lower than it otherwise would. As your balances drop, your credit score will increase. Keeping a balance of 25% or less of the credit maximum is something you should try to do.
As you can see, taking charge of your own financial situation does not have to be a daunting task. You can learn how to understand and use your funds wisely by following the tips given in this guide. You will feel significant relief as you learn how to manage your money well.
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