Jan
25

Strengthen Your Financial Standing in 2015

January 25, 2015

saving moneyThe start of a new year is when most people set personal, health and financial goals for themselves. If one of your goals for 2015 is to get your finances on track, it can be hard to figure out where to start. It can be even more complicated if you faced a financial setback recently, such as losing your job, having a car wreck or an unexpected illness. However, with the three tips explained in the article “How to Get a Fresh Start on Your Finances” on the Equifax Finance Blog, you can get your finances in order this year.

The first step to strengthening your finances is to examine your lifestyle and determine if there are any areas where you can downsize or cut back. Pay attention to your financial habits and see if there are ways you can save. Some of the most common areas in which to save are by using a commute alternative, renting a smaller home that is more cost effective, determining if you can sell unused items for a profit or eliminating unnecessary spending.

Next, contact your banks and lenders to determine what your options are if your bills are more than you can handle. Often, they will work with you to make your monthly payments more affordable. If you have student loans, ask about a deferment or forbearance to see if your situation qualifies.

Finally, make sure to begin saving no matter how small the amount. Without a savings account, another financial emergency can cause another setback. Once you’ve downsized and determined if you can lower your monthly bills, figure out the amount you can put aside each month. Even if it’s just $25 per month, the savings will begin to add up.

To learn more about how you can solidify your financial standing in 2015, visit the Equifax Finance Blog.

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Courtney Rogers

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