You’ve seen film critics list the Top 10 movies of the year, heard hit songs making the Top 10 charts, and maybe watched David Letterman’s Top 10 list. As key as these rankings may seem, none is more important than the Top 10 ways to handle your finances so you can avoid low credit scores and the need for credit repair:
10. Lunching and dining out may not seem like a big expenditure per meal, but they add up fast. If you brown bag your lunch twice a week and dine out every other weekend, you can save hundreds—perhaps thousands—of dollars a year.
9. Speaking of food, be mindful when you grocery shop. Make it a practice to only purchase items on sale, use coupons, and never go when you’re hungry to avoid purchasing more than you need!
8. Discounts don’t solely apply to groceries. If you’re looking at marked-down merchandise and find the perfect gift for someone months before his/her birthday, wedding or special occasion, buy it and store it for when the time is right. In addition to saving you money, it will save on gas and time since you won’t have to drive around in search of a present days before the big event.
7. With regards to driving, you can lower your gas expenses by carpooling, taking public transportation, or biking and walking, which are actually better for you and the environment. If that’s not your style, check out www.gasbuddy.com and www.gaspricewatch.com two sites that can help you locate inexpensive stations where you can fill up for less.
6. While you’re dealing with car expenses, take a close look at your current insurance coverage. If your car’s value has decreased, you may decide to keep collision (which protects your car if you’re in an accident) as well as liability (which protects you if you damage another driver’s car) but eliminate comprehensive insurance (which covers your car if it’s damaged by something other than an accident). This small change could save you hundreds of dollars each year.
5. Partial insurance coverage isn’t the only thing to cut from your expenses. Consider getting rid of habits such as smoking, drinking, and gambling, which are all unhealthy for your body and your pocketbook.
4. As difficult as it sounds, monthly cable packages are not a necessity of life and nixing your cable plan could have a big financial savings. However, before you pull the plug, call your provider to negotiate a lower rate by implying you will go elsewhere for a more competitive offer.
3. Show an interest in interest. If you can swing it, pay down your credit card debt. Instead of just paying the minimum charges, try to pay the balance. If you don’t, you will continue to accumulate interest and wind up paying much more for an item than it actually cost at the time of purchase.
2. Be sure to check your billing statements. Not all bills are due on the same date each month. Sometimes the deadline falls on a Sunday when you cannot make a payment because the banks are closed. In this case, make sure you pay on the Friday before to avoid an unnecessary late fee.
1. Even when budgeting, maintain a good credit score. This will better qualify you for loans and credit cards that have better interest rates. If you feel it’s already too late, that your lack of finances have put you in need of credit repair, then seek advice from an industry leader such as Ovation. Our experts will work with you personally to build a credit repair and credit re-establishment plan that is tailored solely for your situation. Your path to debt-free, stress-free credit repair begins with a phone call for a free consultation.