We all have financial goals, but where should you start? Progress can be small steps but you can improve your finances.
1. Create a household budget: Know how much money comes in, organize your budget and work on repayments.
2. Calculate your net worth: Total assets minus your debts and liabilities is your net worth. Keep the number positive.
3. Review credit reports: This determines your creditworthiness. Check for fraudulent activity and track your accounts.
4. Check your credit score: Your FICO® range is from 300 to 850. The higher the score, the better. Track this often.
5. Set a monthly savings amount: Keep money aside for emergencies. Intentionally save money for the future.
6. Make payments on time: Try to pay your balance in full. If not, at least try to pay a little over the minimum on time.
7. Increase your retirement saving rate by 1%. Start saving if you haven't started yet. Increase it after a raise or a bonus.
8. Open an IRA: An easy and accessible retirement savings platform that helps you invest your income.