TrueCredit understands these are trying times for consumers and their pocketbooks, and offers the following tips to help Americans save money and better manage their finances:
- Pay on time: Pay your bills on time, every month, no exceptions. Mark your calendar, make yourself an appointment in Outlook, or set an alarm on your cell phone. Just make sure you don’t miss a payment due date, even if you can only pay the minimum amount due.
Track expenses: Keep a notebook of your expenses and stick to it. Make a note of the amount paid every time you swipe your card, similar to balancing your checkbook.
Use cash: Go to the ATM and take out the amount of cash you budgeted for the week. Put it in your wallet. When your wallet is empty, stop spending.
Pay in full: Avoid racking up interest charges by paying your credit card balance in full each month. If you can’t, you may be overspending and should take a second look at your budget. The more money you spend on credit, the more real money you will owe in the future.
Limit yourself: If you must use a credit card, try keeping your balances at or below 35 percent of your limits, since lenders evaluate you, in part, based on how much of your available credit you’re using.
Monitor your credit reports like you would monitor your health: Much like your physical health, regular credit health “check-ups” can help you remain in good financial shape down the road. Keeping a close watch on your three credit reports and scores throughout the year via a credit monitoring service can provide you with insight into how lenders are likely to view your credit standing at any point in time. Given the continued prevalence of identity theft, keeping tabs to ensure accuracy can also help you detect potential signs of fraud.
Prepare for the holidays now: The season is just around the corner, so before you start shopping, make a list of people you plan to buy gifts for and set a spending limit for each one. Talk to your friends and family about scaling back on extravagant gifts to ensure the holiday season is more economical for everyone.
