(MoneyHippo.com) – Finances can get so far off track they become overwhelming, especially when it comes time to untangle the mess. Still, there’s good news because there are easy ways to get them in order no matter your financial position. It starts by laying everything out and analyzing where you are today.
- Write it Down: If you don’t have a budget, it’s time to make one. Write down the income you make in a month and all the expenses you have to pay during that period. Also, note your total amount of debt by listing each obligation separately — credit cards and other loans. That’s where you are today.
- Trim and Adjust: Looking at all the numbers, cut or reduce anything you can live without in your budget. If you don’t have room for savings, try cutting out unnecessary expenses or calling creditors to negotiate your bills to give you wiggle room. Ideally, divert what you would have paid to fund savings or retirement accounts.
- Pull Your Credit: You can pull your credit report for free once a year without affecting your credit score. Analyze your credit, looking for discrepancies and disputing anything that doesn’t belong there. By keeping an eye on your credit, you can work to make adjustments where necessary and ensure banks will give you the best rate on any loans.
- Side Hustles: If your obligations exceed your income even after making cuts, consider adding another source of income. Use that money to pay down your debt more quickly or build your savings.
Incorporating these easy tips will give you back the financial control you need to move forward.
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