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5 Healthy Money Habits
Saving more money, earning more money is always a staple among the lot of new year resolutions. But it’s hard to break bad money habits. Here are
Improve your personal credit score.
Give your credit score a boost. You can start by paying off debt. If you routinely pay late fees on a credit card, request a new due date to ensure on-time payments. Late payments and a high debt-to-credit line ratio can hurt your score.
Spend less on clothing.
Consider shopping (if you must) at second hand stores. And by restricting purchases to off-season gear and clearance at outlet malls, you can save up to 70% on brand names. And try swapping gently used clothes with friends.
Guard against identity theft.
Identity thieves can steal your money and your identity. To protect yourself, decrease what you buy online, never give out your social security number out over the phone and consider a credit monitoring service.
Pay off credit card debt.
By paying above the monthly minimum payment can have a fairly dramatic affect. As little as $20 to $50 more could help you pay off a credit card debt 3.5 to 7 years sooner in some cases. And try to negotiate a lower interest rate after 6-9 months of on-time payments.
Utilize a flexible spending account.
Check with your employer. Most established companies allow you to take money out of your paycheck pre-tax to pay for expenditures such as dependent care and health care. But make sure you only take out what you need — if you don’t spend it you lose it! Choose wisely.
If you want to get ahead of the money game, you have got to be intentional about changing spending and saving behavior. Protecting your financial earnings will go a long way to supporting you if and your earnings wane.