Financial security is an important aspect of a healthy lifestyle. Falling behind on payment, having accounts past due and having a collection agency calling you can be very stressful. This is why, at Eastpoint Recovery Group, Inc. we focus not only on helping our customers become debt-free, but also like to share content around becoming and staying financially healthy.
Make the commitment – Committing to the thought of getting your finances back on track is the first step toward financial security
Set Your Financial Goals – This is a fluid concept, and will vary greatly from person to person. However, creating a roadmap to guide you to financial success in monumental. Some things you can do are: set up direct deposit to a separate savings account, Invest a percentage of your earnings into 401(k), set a budget and adhere to it!
Setting Your Budget – Setting your budget is typically not very difficult. Document all your bills going out, your money coming in and how much you can save, pretty straightforward. Sticking to that budget is an entirely different challenge. It may sound vary, but balancing a check book is a very useful step to hold yourself accountable. Having a debit card and spending on the go is convenient, but if you’re not vigilant in tracking usage, can make it very easy to overspend!
Save, Save, Save – Saving money is much more difficult than spending on things we want. Emphasis on want, not need. After all, who doesn’t love a new outfit, or a better vehicle? Resist the temptation of these indulgences and save all the money you can and keep your debt load as small as possible. Overextending yourself and increasing your debt to income ratio can be mentally stressful and can hurt your credit rating.
while not an easy task, taking these steps will help increase the likelihood of staying financially healthy in 2021.