How healthy are your finances?
If it has been a few months since you’ve assessed your funds and monetary standing, it may be time for a financial check-up!
You will get an accurate assessment of your financial health if you:
Assess Your Debt.
When was the last time you took a comprehensive look at your debts? If you owe money, you may be negatively impacting your credit score. Your credit score plays an important role in your candidacy for apartment rentals and preferable home loan terms; you do not want to be in more debt than you can repay in a timely manner. Your credit card bills, plus the added cost of interest, can take a painful bite out of both your spending and saving power.
Take Stock of Your Savings.
Do you currently have an emergency fund? If you don’t have enough money on hand to cover at least one month’s expenses, set a goal to have a rainy-day fund as soon as you can. When your emergency fund is healthy, take stock of your current savings progress. Without a financial security blanket, you run the risk of losing hard-earned savings progress when costly emergencies arise.
Reflect on Your Goals.
What do you want your finances to do for you? Are you as financially secure as you would like to be? Visualize what you want your money to do for you now and in the future. Be honest with where you stand on your financial goals; do you need to change your spending or saving habits? The more you can save today, the more comfortable your retirement will be.
Assess Your Earning Power.
Would you like to earn more money each month? Boosting your earning power will help you keep your financial foundation healthy and strong. If you’re unhappy with your current income, consider adding a second career to your plate. Even a few extra hours a week can make a difference in your progress and financial comfort!
Ready to get your finances on track? We can help. More tips for establishing your financial foundation are available on the Syncis Money Blog today.