With the beginning of the New Year, the right would be right to reflect on the good, the bad, and the simply ok financial decisions that you have made during the previous years. The economics professor Robert Frank would lay emphasis on spending some time to think about the future as well. It would be in your best interest to consider the New Year as an opportunity to do better things.
You should look forward to considering the below-mentioned moves for a healthier and stronger financial future.
- Prioritize your debts
You should take stock of what and how much you owe. It would also be pertinent that you have knowledge of how much you would be paying in interest. It would be in your best interest to start with the debt that carries the highest rate of interest. It would usually be inclusive of credit card debt. In the event of you able to pay one loan at a time, economics professor Robert Frank suggests that you should consider the strategy where you pay off the secured debt first and then look forward to paying the unsecured debt.
- Get rid of accounts that you do not need or use
You should keep in mind when you opened that credit card in order to make the most of the latest customer benefit. Try to remember when you opened that additional checking account that you had never used. You should keep a tab on the subscriptions that you forgot to cancel after the trial period had ended. You should also keep a burden of tracking a majority of your accounts and subscriptions carrying various kinds of fees. Research from finance expert Robert deems it to be an unnecessary expense on the account that you do not use.
- Having a good credit score
You should have a good credit score. It has been deemed of great importance than you actually think. You should rest assured that the credit score would affect more than just your ability to seek a loan. It could be used to set your specific insurance premium and for determining your interest rate on the mortgage. It would also be used by landlords for determining if they look forward to renting a home to you. A low credit score could actually cost you money. Therefore, it would be imperative to see where you stand before making a plan to improve your financial situation.
Research from financial expert Robert insists on the need to creating a reasonable budget and sticking to it without fail.