We’re getting close to the end of the year! Around this time people start setting goals and writing out their list of new year resolutions. In addition to all of the things you want to gain and increase next year, make sure you leave bad money habits in 2020 and change them into good habits in 2021.
Overdue Student Loans
To date, millennials bank account for over $497.6 billion dollars of student loan debt. If left unpaid for students loans will go into default. At this point, the government is able to garnish your wages. This can include your Social Security check, your federal tax refund, and even your disability benefits. Don’t let this happen to you.
The US Department of Education and offers several options for loan repayment including income-based options. With monthly minimum payment, you can bring your accounts up to date and save yourself from garnishments.
Lack of Financial Knowledge
Though financial literacy can seem overwhelming because it covers a broad list of topics, it is very, very important. Having a better understanding of your personal finances with high-interest charges, financial terminology, and your options will help you make the most informed and effective decisions with all of your financial resources. We highly recommend our guide. It offers a crash course on credit as well as how to raise your score in as little as 45 days.
Forgetting long term financial goals and save money policies spending thousands of dollars because of bad spending habits even average Americans spend those money which they saved for retirement are bad habits.
An Empty Savings Account
A rainy day emergency fund is a real thing! Though you may not be at a stage yet where you’re able to put the full 10% of your paycheck back, you definitely need to start paying yourself first. Before all of the bills are paid, make it a point to put something into your emergency savings account each time you get paid. As your income increases, try to also increase the amount you’re adding to your savings account.
Excessive Credit Card Charges
In addition to being goal setting time the end of the year is also holiday and gift giving time. We don’t want to deflate your holiday spirit or deter you from giving to others, BUT we do want to remind you to spend responsibily.
Putting a smile on someone’s face with a gift they always wanted won’t compare to the frown you’ll have on your impulse buying once you get an enormous credit card debt bill at the beginning of the year.
Don’t let a bad amount of money habits or bad credit be something you carry with you into the new year. Contact us today and let’s start increasing your credit score and your opportunities. Call (833) 752-7334 or visit our website to book your free consultation online.