Find Love for Your Money This Valentine's Day
| Posted in Bank Blogs
Your valentine isn't the only one who should be receiving love this February. Your finances deserve some tender love and care as well. Here are 4 ways to show your money it matters.
Be money aware
One of the best things you can do for your finances is to know where your money is actually going. Reviewing your bank and credit card statements regularly will allow you to not only know your spending each month, but also see where you're prioritizing your spending. For example, you may not realize you're spending $600/month on dining out or that you're paying for subscriptions you no longer use. Awareness is key to saving money and making sure you're spending the way you'd like.
Review your credit score
Credit scores have a significant impact on your finances, affecting whether you are approved for loans, credit cards, and even housing. Your score is a reflection of how reliable you are when it comes to paying back your bills. It also affects how much you pay for services. To improve your credit score, always pay your bills on time, fix past due balances, and keep your balances on your credit cards low in comparison to your limit.
Pay your bills on time
Bills are an inevitable part of life. Avoid late fees, damage to your credit score, disruptions in your service, evictions, and a whole host of other issues by paying your bills on time. If you've had trouble paying your bills in a timely manner before, getting organized can help ensure you don't miss another payment. Write down what bills you have and when they're due, and set reminders so you don't forget. You can also set up automatic payments to ensure you pay on time, every time.
Pay more than the minimum
If possible, pay more than the minimum payments on credit cards and loans to reduce the overall amount of money you owe. For example, if your minimum student loan payment is $300/month and you are able to pay $350/month instead, you're paying $600 more per year, the equivalent of two additional payments. This will reduce the number of payments and the amount you pay in interest over the course of your loan.
Though Valentine's Day only comes once a year, you can show love to your money all year long by making it a priority. Check your progress and stay the course. You and your money are worth it!