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Money Moves to Ensure Financial Success

While it may not happen overnight, getting financially ahead can take years of discipline, especially considering it takes plenty of payments to put a debt in debt and for savings balance to build. It’s certainly advisable to consult a financial professional or even a family member or friend you can trust to bounce ideas off, there are a few moves you can start making now to ensure your financial success. Remember, the earlier you start, the sooner you can start to feel a sense of accomplishment when you finally see results.

Stay on Top of Credit Score

If you’ve ever applied for a mortgage, loan, or even a credit card, you’ll know that your credit score is the first impression you can give to a potential lender, which will ultimately decide your fate on whether you are not only approved, but at which rate and terms.  The higher the credit score and the more chance you are to take advantage of the best rates on the market. By reviewing your credit report for accuracy and staying up on your credit score (you can view your score buried on monthly credit card statements), you can ensure you’re on the right path to success.

Start Saving Now, Even if it’s Small

When it comes to saving for retirement, while it may even be decades down the road, the reality is, you’re going to need plenty saved up in your nest egg. If you figure even upwards of a million dollars in order to live the same lifestyle you have now without relying on social security that may or not be there, that’s a lot of saving and time is ticking. The more you can start saving now, even if it’s small and you increase each year, the better off you’ll be when you’re finally ready to retire. You can check at work to ensure you’re taking advantage of any company-matching contributions.

Maximize Credit Card Rewards

Using credit cards come with plenty of discipline required, otherwise your balance can skyrocket and you’re stuck paying hundreds of dollars of interest every month until the debt is finally gone. If you’re able to use responsibly, credit cards can actually make financial sense especially when it comes to the rewards they offer.  Even if you figure using on the purchases that you were going to make anyways, you can earn points or even cashback each year that you can use to pay down debt, or even take a needed vacation.

Build Up a Cushion

You never know when a financial burden may appear, or you’re even saving up for a kitchen remodel down the road, having a cushion is important so you don’t have to put on a credit card and risk going into debt. By keeping a few months’ worth of expenses in an account, you can be prepared if you have an auto repair, vet bill, or even worse, be able to float for a few months if you have a sudden job-loss.  While it may take a while to build up, like anything, the earlier the better is key.

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