Instead, aim to consolidate your spending onto one or two cards, to make it easier to track. Another tip: Think twice before applying for credit cards at retail stores, even when they offer special discounts. Strive to pay more than your minimum balance each month, and avoid increasing your credit line, which can lead to racking up more debt. ![]() Request your credit report and fix anything that’s harming your score, like mistakes or an inconsistent payment history.īe sure to check your credit card interest rates and call the provider to negotiate a lower annual percentage rate (APR), if possible-especially if you’ve been a long-time customer. One of the best ways to keep your family finances in order is to reduce or eliminate debt and keep your credit in good standing. And instead of buying pricey lattes, why not invest in a quality coffee maker and flavored syrups you can use at home. But the best time to assess where you spend most of your money-and how much you’re willing to cut back-is when you’re doing it voluntarily.įor example, think about “cutting the cord” and opt for lower cost streaming and subscription services. Cut Costs, Even When You Don’t Need toĪdmittedly, sticking to a budget when you don’t have any foreseeable financial hardships doesn’t sound like much fun. If you or your spouse were to pass away, life insurance can help to replace lost income, cover the cost of outstanding obligations (like debt, college tuition, etc.), and funeral costs. Saving money is important, but it’s also critical to protect your family finances and feel confident that your loved ones are taken care of should the unexpected happen. Just think of how grateful and relieved you’ll feel if you ever need to use it. ![]() Creating a fund to be used for emergencies can provide a cushion against challenges when they arise.Įven putting a small amount into a separate account each month is a good place to start. Create an Emergency Fundĭid you know that the average American household has about $8,883 in savings? That may not be enough to cover at least six months-or more-of household expenses, in case an unexpected financial emergency occurs. Here are six meaningful things you can do to help build your confidence in your family’s financial future. While no one can predict the future, there are actions you can take to feel more in control of your finances.
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