To wrap up our series on what you can do to get your finances under control, this week we discuss three tips to get you on the right path. With a plan, you can start saving money and paying off your debts.
1 – Use Apps to Save and Grow Your Money
With apps like Digit, you don’t even need to think about how you can save money. Digit automatically transfers some money from your bank account to your Digit savings, and before you know it, you’re building a financial cushion.
Looking to invest? Put your spare change to work with Acorns. Acorns invests for you and can help you save and regularly invest small amounts into your own diversified portfolio.
2 – Consolidate Your Debt
If you have significant credit card debt, you’re not alone – but if you can consolidate your debt, you can substantially lower the payments you’re currently making. There are several ways you can do this, including transferring high interest credit card balances to a single card with lower APR.
3 – Pay with Points
Have a credit card that rewards with points? Start using them! For example, if you have a credit card that gives back 1.5% cash on every purchase, you can redeem that cash back for a deposit in your bank account or gift cards. In time, those points and savings add up.
And most importantly, remember to pay all your bills on time. This includes your monthly rent payments. With solutions like RentReporters, your on time rent payments are reported to TransUnion, so that you can proactively improve your credit score.