Money Matters

4 Tips To Improve Your Financial Health This Year

Improving your financial health is far more than a practical goal; it’s also an important step to improve your well-being. If taking charge of your finances is one of your goals this year, these four tips will help you make a great start.

  1. Take Control Of Your Debts

The first step to improving your financial health is taking control of your debts. There are several ways that you can do so:

Consider your interest rates: If you want to take control, it’s advisable to reduce your interest rates if you can. For instance, if you have credit card debt, consider a balance transfer card, and move your existing debt to a card with a reduced interest rate. Preferably choose a card with a 0% interest rate, some banks will offer these as an intro offer for new customers.

Cut costs where possible: Simple but true, the more costs you can cut, the easier it will be to make a dent in your debts! Review your energy suppliers, your car insurance, and your grocery bills. Aim to spend less across all areas of your life, and once you’ve been living thrifty for a while, progress will be made!

DTSS Program: The Debt To Success System offers several programs to help individuals take control of their debt, and more importantly, of their lives. You can Go here for more info about Debt to Success System.

  1. Improve Your Budget

If you’re looking to improve your financial health, it’s crucial to improve your budget first. Your budget should be planned out in detail; you should know exactly how much income you have, and where every dollar will go. To support your progress, try apps like Albert, Mint, or YNAB. With the right budget you’ll be one step closer to achieving financial freedom.

  1. Consider The Future

When most of us worry about money, it’s the future we are concerned with. To reduce the stress and feel more secure, it’s essential to consider your future. Haven’t started paying into your 401K yet? Now’s as good a time as any! Haven’t got an emergency fund? Even a small fund will help you to feel more financially healthy. Our financial commitments change all the time, whether it’s the kids’ college fund or the car that unexpectedly broke down. When it comes to planning your future finances, the sooner, the better!

  1. Start Investing 

It’s never too early or too late to invest, and you could hugely improve your situation by doing so. You don’t even need to invest a large amount of money; there are many ways to start small, including: 

Robo Advisors: A robo advisor is a digital platform that provides investment opportunities and financial planning. These services use algorithms and make auto investments based on your financial info.

Investment Apps: Investment apps are a great place for beginners to start, and Acorns is a top app for newbies. You can get started investing smaller amounts, learn the ropes, and go from there.

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