Getting to grips with your personal financial whirlwind is never easy. It might start off that way -- one bank account, maybe a credit card -- but over time, there’s so much to deal with that it’s easy to lose track. And when you’ve lost track, it can feel nigh-on impossible to right the wrongs that are developing.
Thankfully, there are a few time-honoured techniques that can assist you in this goal. Going through your financial dealings in detail might not be the most exciting thing you have ever done, but it could save you a fortune. When you have all the details laid out in front of you, you can simply focus on how to deal with each one individually. You then have a decision for each facet of your finances: should you repair, replace, or keep them the same?
REPAIR: Your Credit Score
Your credit score can have a huge impact on your life. It’s used not only to decide if you should have access to a range of financial products, but also determines how much those products are going to cost you in terms of your interest rate. It can also be used to decide if you are granted a mobile phone contract, a TV package as reported by consumerist.com, or even a job.
So if your credit isn’t as good as it could be, it’s worth having a browse through creditrepair.co to see if there’s anything you can do to improve it. Even if your credit is generally good, it’s definitely worth looking through your credit report just to ensure there are no errors on it; it’s not uncommon, so definitely spend a few minutes checking the information held about you.
REPLACE: Insurance Policies
If you find yourself in financial stress, then the first thing you should do is check your insurance policies -- every single one of them. Unless you have very recently gone through them with a fine tooth comb, it’s likely there’s significant improvements to make in this area -- improvements that could save you a lot of money.
Go through all your policies and ask yourself:
- Do I need this?
- Is the price worth it compared to the cost of outright replacing what is being insured?
- Is this the best deal available?
- Is the coverage suitable for my needs?
If you have a policy that doesn’t answer those questions to your satisfaction, then replace it with one that does.
KEEP THE SAME: Your Bank Account
Good deals are available on bank accounts, which can sometimes mean it’s worth switching -- but for the most part, it’s not a good idea. Your bank keeps internal records on you, which can mean they are more likely to give you leeway if you exceed your overdraft limit or need to borrow money. They consider these records to be as important, if not more so than your standard credit score.
If you have a decent history of money coming into your bank account and meeting payments, then it makes sense to stick with that account and take advantage of the good will you have bought up.
Financial management is tough, but hopefully by running through the decisions above, you’ll make it that little bit easier on yourself.