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More Tips for a Financially Prosperous 2009

by Steve Cypher on Monday, January 19th, 2009

AFSA Education Foundation offers eight simple ways to enjoy a more financially stable 2009.

More tips – you must be kidding

No. Here at Auto Credit Express Car Loans we never kid around when it comes to either buying a vehicle or improving your credit so that you can get the best financing possible when it comes time for you to buy a new or used car.

According to the American Financial Services Association Education Foundation, there are a number of simple suggestions that you can follow to create a successful financial plan that will help you manage your money and, in the process, improve your credit rating and raise your FICO score.

Susie Irvine, president and CEO of AFSAEF, says it best: “Sometimes the hardest part is getting started. Taking small steps can yield significant results.”

Here, then, are the financial tips from AFSA:

1. Keep track of your spending for at least one month to realize where your money is going. This exercise will help you identify unnecessary spending. Use your findings to create a realistic budget for the New Year, and review your budget monthly.
2. Pay yourself. Designate a fixed amount of money from each paycheck to automatically transfer into a savings account or 401k.

3. Collect change. This tried and true practice can provide you with a significant amount of money that you can deposit into a savings account or use to pay off balances.

4. Obtain a copy of your credit report (free credit report) at annualcreditreport.com and review it to know where you stand.

5. Comparison shop. In today’s economy, it is more important than ever to compare offers and allow extra time to make the best decision possible.

6. Take advantage of automatic bill pay for loan payments, utilities, etc. to avoid missed payments and late fees.

7. Make a commitment to pay more than the minimum payment on your credit cards if you cannot pay in full. Whether you pay an additional $5 or $50 each month, this strategy will help you pay off balances more quickly.

8. Take advantage of free online financial education resources such as www.afsaef.org, www.ftc.gov/consumer, and www.mymoney.gov.

The Bottom Line

It isn’t too late to start taking charge of your finances in 2009. By following this advice, as well as the advice from TransUnion and the Illinois CPA Society that we wrote about in previous articles, you could be well on your way to a financially healthier and happier 2009.

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