Not everyone is great at managing money. Some love it while others hate it. However, if you are someone who hates managing money, that doesn’t mean money management goes away. In fact, ignoring it can only make matters worse and more difficult over time.
Here are five money management moves you can make right now to avoid money problems down the road.
1. Keep an Eye on Credit. Once a year or even a few times a year, you can pull your credit report. Everyone is entitled to one free credit report per year. Some might be hesitant to do this because it might mean bad news, but even if your credit score is poor (scores range from 300 to 900), you are now armed with information needed to improve your score.
Improving your score won’t happen overnight, but if you take the time to pay attention to it, and take necessary steps to improve it (such as making on-time, regular payments), you’ll begin to see an improvement sooner rather than later…or never.
2. Set Savings Goals. We’ve talked many times about how important it is to set savings goals, and stick to them. Discipline is the most challenging aspect of setting and sticking to savings goals. However, setting a savings goal should be like any other goal: exercise and losing weight, obtaining a higher degree, or getting that promotion at work. If you treat your savings goals like any other major goal in your life, you can make it happen.
3. Plan for Your Future. Regardless of what age you are, or what your family situation is, some day you are going to be gone. It sounds morbid, but it’s true. If you have a family, or plan to have a family some day, what would happen to them if something were to happen to you? If you have any form of assets or property, it’s best to make a plan for where those assets go if you were to pass away.
In order to protect your assets and your family, set up a living will. Even if you don’t have property or only a few thousand dollars to your name, leaving that money to someone you love is better than leaving them with nothing. Work with an attorney to name beneficiaries for any assets, accounts or properties, should the worst happen.
4. Change Your Passwords. This might sound a little odd, but changing your passwords every once in awhile can protect your finances more than you think. Identity theft is still a real crime that has financially ruined many. Don’t be one of those victims. Change your passwords from time to time, especially for any online bank accounts, credit card accounts, or retirement savings. This small step can protect you and your future.
5. Get a Title Loan. If you are struggling financially right now, one move you might have to make prior to taking on any of these moves is to acquire a car title loan. Car title loans are loans that are often dispersed in a small lump sum (typically between $3,000 to $5,000) that can be used to pay off debt, pay bills, or get ahead on savings.
Affordable Title Loansoffers competitive rates for title loans that can help struggling individuals take charge on debt management.
Contact Affordable Title Loans today to see how we can help you with your debt management. Contact us at one of our offices in Utah, Eastern Utah, Idaho, or Nevada and make a money management move today.