It’s not too late to start your 2018 Resolutions!
More than 25% of people who make a New Year’s Resolution include a financial goal on their list. Here are the four most common finance-related New Year’s Resolutions, and how you can easily follow them throughout the entire year!
1) Monitor Your Credit Score
Don’t put yourself in a situation where you apply for a loan and have to hope your credit score is good enough. Monitoring your credit score is easy to do and should be done every few months. Keeping an eye on your credit is not only beneficial when applying for a home mortgage loan or credit card, but you’ll also be able to see if there are any fraudulent accounts opened in your name. Federal law allows you to get a FREE copy of your credit report every 12 months from each credit reporting company to determine if the information on your credit report is accurate and up to date. You can check your credit for free at www.annualcreditreport.com.
2) Track Your Expenses
The best way to manage your money is to know exactly where it is going. You can start tracking your expenses by writing down where you’re spending your money. You may be surprised to find out how much you’re actually spending, and how those Target runs and extra items at the grocery store really do add up. Once you see your spending habits, you’ll be able to find areas you can cut back and set a realistic budget.
3) Cash Diet
After the holidays, you and your bank account may be feeling a little sluggish. If you’re like me, you’ve indulged in too many cookies and drinks and swiped your card too many times over the last few months. Consider helping your waistline and your budget by going on a cash diet by only paying with cash. When physically handing over cash, you’re seeing the money leaving your possession at that very moment. Unlike when you swipe your card, you generally won’t experience the same feeling until you check your bank statement to see all of the transactions at which point it’s too late.
4) Save
I am fairly sure that there isn’t a single person who hasn’t thought “I wish I would have saved more” at one time in their life. It is never too late to start saving, and it’s ok to start small. The easiest way to start is to set up automatic transfers from your checking account to your savings account every month. Setting a goal will also help you save. It’s great to say, “I’ll save more” but setting a specific goal will make it easier for you to see your progress and achieve your goal.
If your New Year’s Resolution is to save for your next home, ask our Twin Cities mortgage team about our low-down home mortgage payment options. You may only have to save 1% of the home’s value to be approved for a home loan! Rainbow Mortgage Inc. is one of the few independent home mortgage companies in Minnesota to offer this unique program. Learn more about our 1% Down Payment program and start your 2018 New Year’s Resolution today!
Rainbow Mortgage Inc.
3300 Edinborough Way #550
Edina, MN 55435
NMLS# 345827 || 952-405-2090|| www.rainbowmortgageinc.com|| dave@rainbowmortgageinc.com