Disclaimer: The following is a sponsored post by CreditRepair.com.
The key to improving your finances is by learning & taking action. You can do this by creating a budget (and sticking to it!), reducing your monthly bills, and most importantly, improving your credit score. A lot of people don’t know this, but when your credit score is in the good to excellent range, you can save tens of thousands in loans and fees across the course of your life time.
With the money you save from an increased credit score, you can:
- Pay off student loans, credit card debt, etc.
- Contribute more to your retirement accounts
- Set up a comfortable emergency fund
- Create a financial goal (ex. saving to pay a car in cash, saving for a down payment, etc.)
Here are 5 resources to improve your finances today.
1. Check your credit score
54% of Americans say they never check their credit scores. Are you in that statistic? If so, checking does not hurt your credit score, so it doesn’t hurt to see where it’s at.
Once you know your credit score, you can figure out where to go from there. Most likely, you’ll want to improve it which can potentially save you thousands over the course of your life. It’s so worth knowing what your credit score is!
Benefits of a good credit score:
- increased chance of credit card approval (with low-interest rates)
- easier approval for mortgage and rentals
- avoid security deposits on utilities
- better car insurance rates
Here’s a guideline of credit score ranges:
Excellent credit score range is typically: 720-850
Good credit score range is typically 650-719.
Poor credit score range is typically 300-629.
You want to aim for the excellent credit score range area to save the most money on credit card interest rates, loans, mortgages, etc.
2. Increase your credit score
Once you know your credit score, you can work on ways to improve it. You want a high credit score because this can save you tens of thousands of dollars and save you some serious stress over the next few decades of your life.
You can improve your credit score by:
- Set up payment reminders so you don’t forget to pay bills
- Pay off cards that have a high credit utilization rate (ex. credit card with $1,000 limit, the balance should be lower than $300)
- Having different types of accounts open (student loans, car loans, credit cards – but don’t buy a car just to *potentially* increase your credit score)
- Review your credit report with Lexington Law
Are you ready to start the journey of increasing your credit score? You can get help today with CreditRepair.com, who have helped thousands of people with the removal of inaccurate and unverifiable items from credit reports such as late payments, collections, charge-offs, and various other items.
If you need help filing disputes or challenging specific items on your credit report, learn more about CreditRepair.com here and start getting the help you need.
3. Budget Printables
I created the budget printables after graduating from college and paying off $40,000 in debt. I wanted to make something that was accessible to everyone and could help people get started taking charge of their finances right away.
This method of budgeting is really awesome because it keeps things simple and organized. All you need to do is print it out at home or at your local library. I recommend checking in with the planner once a week on Sunday and planning for the week ahead.
Included in the free budget printables is a monthly budget and debt thermometer printable. It’s great for new or experienced budgeters!
4. Reduce your monthly bills
Once you have your monthly budget set, now you can see where you can lower expenses.
A huge goal of mine for 2019 was to max out my retirement accounts and to do that, I needed to lower a few monthly bills. This would be done via negotiating directly with the companies I get bills from.
Fortunately, there are people who can negotiate for you because I never have any luck negotiating with companies like T-Mobile. I used Billshark to see if I could lower my internet and T-Mobile and Spectrum (internet) bill and it worked. You can see a screenshot of my Billshark dashboard here.
Billshark is a MUST for anyone who has a cell phone, cable, internet, or insurance bill and wants to lower their bill. Billshark works by negotiators calling your bill company and negotiating to lower your bill. However much money Billshark saves you, they take 40%. It may be a hefty fee for some, but to me, it’s worth the savings.
5. Get cash back on daily purchases
Everyone shops and spends money, whether it’s on groceries, clothes, household items, pet supplies, etc. You can help improve your finances by making cash back on your daily purchases with Rakuten. I’ve been using Rakuten for years and especially love it because of how easy it is to use.
Rakuten is a website that gives you cash back on doing what you already do – online shop. Rakuten is super simple to use. All you have to do is find the store you want to shop at (they have pretty much every online store) and shop like you usually would. It’s that easy. Sign up here to get $10 in your account and start saving!
An added bonus of Rakuten is the extension button. The Rakuten button will pop up if there’s cash back available at the store you’re shopping at.
For example, I recently went shopping online at Ulta when there was 10% cash back on Rakuten. That means on top of the sales I was already taking advantage of on Black Friday, I also got $10 back for every $100 I spent just for using Rakuten.
Now that you have 5 resources under your belt, you can take action and get started now!
I recommend starting off by going to CreditRepair.com and getting a free 10-minute credit analysis. This includes a personalized credit consultation, credit report summary, and a score evaluation and game plan.
CreditRepair.com can also figure out how much you can save by improving your credit score.
If you’re wondering how credit repair process with CreditRepair.com, here’s how it works:
- Check your credit for questionable negative items
- Challenge those items with all three bureaus. Apply pressure if necessary
- Send letters to your creditors, asking them to prove what they’re reporting
Just one mistake can decrease your credit score by 100+ points. Get started here and create a plan to improve your credit score.
Which resource are you going to use first to improve your finances?
Like this post? Share it!