Money-Saving Tips to Put to Work, Now

If this is the year you promised yourself you would get hold of your finances, it’s not too late to get in gear. Check out the seven easy and rewarding strategies laid out for by Chase Slate’s financial education ambassador Brittney Castro:

List your debt - Make a list of every debt you owe, the balance, the interest, the minimum payment. Note the account with the highest interest rate, because you want to pay that down fastest as you plan your attack.

Consider balance transfers - Shifting some of your debt to credit cards with lower interest rates or introductory 0 percent interest rates could help you pay down balances faster.

Know your credit score - Keeping your credit score healthy is crucial for important events like renting a home, securing a mortgage, and leasing or buying a car.  Keep tabs on your credit score and watch it improve as you pay down debt.

Follow the 50-30-20 rule - An ideal to work toward is to spend 50 percent of your income on bills, put 20 percent into savings, and use 30 percent for fun and variable spending.

Have weekly money dates - Just you, if you’re single, or with your spouse or significant other if you co-mingle funds. It’s a time to set, review, or modify your budget and check on your progress on paying down bills and other goals.

Set up automatic savings - As soon as you have your spending under control and your goals set, arrange for automatic transfers of money directly into your savings account. It doesn’t have to be a massive amount. Even one percent or five percent of every paycheck saved will quickly begin to mount up. The important thing is to start!

By Barbara Pronin. Reprinted with permission from RISMedia. ©2019. All rights reserved.

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