There are always ways to improve our finances, so celebrating Financial Wellness Month in January is the perfect chance to do
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just that. As much as many would love to have their finances in order, the possible stress and work of it can cause some to procrastinate. Once everything is in order, it's much easier to keep it that way without too much effort. Start off the new year right by getting your finances on the right track; the results can definitely be worth it.
Make a breakdown of your financial information
This is one of the most important steps in getting your finances in order. It's easy to assume you know where all your money is and what it's doing for you, but when you have it all in one place and right in front of you, it's pretty hard to deny the type of shape your finances really are in. One option is to create your own breakdown using a spreadsheet; another is to use money management software.
Ask for your interest rate and debt to be reduced
Many don't realize that they can ask for their interest rates and debts to be reduced. The worst a business can do is say no, so it's worth giving it a shot and asking. Start of by calling your credit card companies and asking if they can reduce your interest rates. For other debts, call up the businesses and ask if they're willing to negotiate with you. No business wants to have the debts go unpaid and are sometimes willing to negotiate if the bill can get paid off in less time.
Change your bank
Changing banks may seem like a big hassle, but it can be worth it in the long run depending on the charges you're currently dealing with. Some banks put a lot of charges and fees on their customers ranging from monthly maintenance charges to ATM fees, all of which can add up and suck the money right out of your account. Do some research during Financial Wellness Month and look around to see what other banks can offer you.
Find ways to make extra cash
Everyone has some type of talent that can earn them extra money, but many don't take advantage of it. If you're good at playing an instrument, offer lessons. If you're good at photography, take photos and sell them on stock photo sites. Decide what talents you have that could be profitable, then take the necessary steps to start earning some extra cash.
Start putting money into savings
You'd be surprised how many people don't have a savings account or have one but with very little money in it. Set up an automatic savings plan so money can be taken out of your bank account weekly without you even thinking about it. Start off small, even if it's a few dollars each week, then gradually build up the amount.
There are so many ways you can improve your finances during Financial Wellness Month in January. It may seem like a hassle, but it can completely change your life, not only in terms of how much your finances improve, but also in terms of your stress level. Make it a positive year where you won't have to worry so much about the state of your finances.