This is a sponsored post written by me on behalf of Credit Repair Review. All opinions are mine alone.
When I got my first job after graduating college, I quickly learned how important it was to effectively manage my money. I read plenty of books & even learned from trial and error how best to allocate my funds. Today, I will be sharing some fundamentally smart financial moves for young adults. From building an emergency fund to repairing your credit, keep reading to find out how to improve your financial picture today.
Brilliant Financial Moves for a Bright Future
1. Build an emergency fund!
Need to repair the transmission on the car? Maybe the roof needs to be replaced in the middle of winter? These types of unexpected expenses can be quite large and very unpredictable. Stay ahead of the game by building an emergency fund that will be used only for unexpected expenses like these.
*TIP: Set up an automatic transfer from your checking account to your savings account every week (or every month). By automating the savings process, you won’t have to worry about remembering anything. Over time, your savings account will grow without any extra effort from you!
set up an automatic transfer…
2. Pay off debt!
When we carry debt from month to month, we are paying interest on the loaned amount. If possible, it’s best to pay off that debt to keep interest in your pocket- not the bank’s! Debts with the highest interest rates should be paid off first. For most people, credit cards should be paid off first.
3. Repair your credit!
Sometimes life gets in the way of a perfect credit report. Maybe you had a few late payments? Maybe there was that hospital bill that went to collections? These events can negatively impact your credit score, which will adversely affect your ability to buy a home, rent an apartment, open accounts and more. However, if your credit report is tainted with negative events, consider utilizing the services of a credit repair company.
These companies will find errors on a credit report and help you dispute these issues with the three national credit bureaus: Equifax, Experian, and TransUnion. It can be overwhelming to find the right credit repair company, but here are some tips on making the process smooth and seamless:
- If you don’t have a strong background in finance, hire a company to help you repair your credit. Otherwise, you may attempt to repair your credit report yourself.
- Choose companies that are honest & straightforward- keep in mind that it’s not possible to remove items from your credit report that are valid & accurate.
- Credit repair works by trying to fix errors on your credit report. Remember that most credit repair companies will only dispute claims with the credit bureaus (not with the actual creditor).
- Take into account that most credit repair programs take between 3 and 9 months. Furthermore, it can take at least 30 days to see results from the credit repair.
- Choose a company that offers a money-back guarantee and prioritizes exceptional customer service.
If you’re looking for a credit repair company, be sure to check out Credit Repair Review to see convenient comparisons of the most popular programs, as well as to learn useful information for consumers.
4. Set a budget!
Setting a budget is a great way to keep track of your spending and keep yourself accountable every month. Don’t feel obligated to delineate every single purchase you make. Simply group your expenses by category: dining, entertainment, housing, etc. Then, at the end of the month, total everything up. Repeat for a few months and look for trends over time. Take note of any unusual trends and find ways to reduce your expenses.
5. Adjust everyday spending!
You might think that one cappuccino in the morning is not too significant, but those coffeehouse habits add up quickly over time. Try making your own brew at home and keep those 5 bucks in your pocket. Also, look for other ways to reduce your everyday expenses. Got a gym membership? Do you visit the gym regularly, or can you go for a run around the neighborhood instead? There are plenty of ways to decrease your spending if you keep an open mind and are willing to make some changes.
I hope these tips have inspired you to re-think your spending. Now, tell me: What is your best financial tip? Do you check your credit report regularly?