No matter your age or stage in life, it pays to know the facts about personal finances. When you understand the basics, you can set yourself up for success and build a healthy financial future. Here are three facts to know about personal finance to get on the right track.
Fact #1 - You Don’t Have to Go it Alone
There are times in life when you might need to get a handle on high credit card balances, understand options when facing financial challenges, or figure out how to get a healthier credit score.
A financial counseling session, working one- on-one with a certified counselor is an excellent first step. Not only will the counselor help you understand your complete financial situation, but they will also help you to develop a customized plan for your unique situation. Call 877-337-3399 and speak with a counselor today.
Whether it’s overwhelming credit card debt, student loan balances, or issues keeping up with housing costs, the path is easier when you work with a trusted resource.
Fact #2 – Good Financial Habits Pay Off
Making it a habit to set aside money each month helps you save to meet both short and long-term goals. For many of us, the big savings goal is purchasing a home and eventually retirement. But people also save to build up an emergency fund, afford a new vehicle, education, and more.
Making regular deposits, no matter how small, will add up over time. Besides setting aside money and ensuring your funds earn a competitive rate of interest, the second most important habit is to control spending. By budgeting wisely, you not only set aside more money for potential savings, but you also develop spending habits that serve you in the long term.
Fact #3 – There’s a Smart Way to Manage Debt
Many people find it helpful to understand the facts of managing debt wisely. For example, making only the minimum payment each month on a credit card extends how long it takes to wipe out your debt and adds to the amount of interest you pay. Minimum monthly payments can be a short-term approach to dealing with financial challenges — because you are keeping up on bills — however, making more than the minimum payment each month helps avoid digging yourself into a financial hole.
If you’ve hit the maximum balance on credit cards or run into issues keeping up with other debt, it is time to take a hard look at where your money is going and make a plan to change any habits that are not beneficial to your financial health.
If you’re unsure how much you can reasonably save each month or need a helping hand getting started, you can
In fact, 90% of people surveyed report feeling better prepared to handle their finances after speaking with a financial counselor. Get ahead of your finances and connect with a counselor today — it’s free, no pressure, and 100% confidential. Call them at 877-337-3399.