Consumer Car Buying Advice Blog

The Illinois CPA Society offers a number of tips to strengthen your finances in the New Year even for those needing a bad credit auto loan

Sharing the news

At Auto Credit Express we’ve been working with car buyers with bad credit for over two decades. After hearing about the embarrassment and frustration that customers with bad credit often face, we created a web site featuring a bad credit auto loan application. We then match applicants with local dealers that specialize in bad credit car loans. This way, they’ll have their best chance at getting approved for a second chance auto loan.

The alternative – buying from a tote the note dealer – is an issue because normally these dealers don’t report loans or payments to the credit bureaus. This kind of loan can also result in a greater chance of repossession.

We’re also not above passing on someone else’s good ideas, especially when it comes to managing finances and credit repair. We came across this article by the Illinois CPA Society a couple of years ago and we’ve decided to share it with you again.

Here are some excerpts from the article:

Your Financial Fitness

The Illinois CPA Society recommends these nine resolutions to bolster your financial standing and keep it healthy.

1. Slim down your spending

Keep track of the amount of money you spend and take time to think about why you spend the amounts that you spend. Do you spend more when stressed, tired or hungry? Learn to avoid situations which might lead to overspending, and always think twice before buying. It’s not just how much you make but how much you spend that most influences your finances.

2. Be Honest

When estimating monthly expenses, consider typical monthly spending amounts. If you normally spend $300 on groceries, don’t write down “$200″ in your grocery category. Write down “$300″ and then aim for $200. Underestimating will get you in trouble.

3. Stick to a budget

Maintaining a budget and careful tracking of your spending are the only effective ways to keep tabs on your cash flow. Once you see where your money is going, you can make better choices on how best to spend less and save more. Resist the urge to abandon your budget, especially in the face of negative comments from friends and family.

4. Work off debt

Eliminating your debt can seem like an overwhelming task, especially if you’ve been shackled with it for sometime. However, like all tasks, it starts with an action plan and small steps. First, you should outline a very specific strategy for accomplishing this goal. It needs to consist of more than “I am going to spend less.” Second, consider using a credit counseling service or setting personal limits for your credit cards each month. Paying off your debt may end up taking more than a year or two, but having a clear action plan and asking yourself each day what you can do to reduce your dependence on credit cards will go a long way in making your 2009 finances more healthy.

5. Flex your money knowledge

Financial planning is a major step towards achieving financial security. It can help you become better prepared for whatever life throws at you. Make yourself aware of basic issues such as your net worth, when your debts need to be paid off, your retirement goals, and your capital needs to buy house/car/appliances. Get smart about your money and teach your children how to use it and save it.

6. Set Goals and Priorities

You will never hit the target if you don’t know what your goal is. Identify and prioritize your financial goals and when you would like to achieve them by. For instance, do you know when you want to buy a house and its cost, what it will cost you for your child’s education 20 years from now, or your retirement expenses 10 years from now?

7. Exercise caution and emphasize safety

Focus on creating a financial safety net; save for emergencies. Generally, you should have an emergency fund to cover six months worth of living expenses in the event you lose your job or suffer a serious illness.

8. Keep your records in shape

Keeping financial records in order can save you time, money and trouble in the event of an emergency. Have photos and videos of everything you own and keep them in a safe place. Store permanent records such as birth certificates, property deeds, insurance policies, wills, power of attorney and other important documents in a safe, fireproof location. Make sure your spouse, family and executor know where these documents are stored. Copies of these documents and other financial records should be kept in a clearly marked filing system in your home.

9. Get a Finance Coach

January is an ideal time to meet and develop a financial plan with your CPA advisor. Outline some short and long term goals together.

The Bottom Line

We agree with the Illinois CPA Society that the New Year is a good time to step back and assess your financial situation for the coming year and resolve to make it as good as you can.

Auto Credit Express has helped thousands of people with bad credit buy cars and reestablish their car credit at the same time. Our nationwide network of affiliate dealers specializes in bad auto credit.

So if you are serious about getting your car credit back on track, you can begin the process right now by filling out our secure online bad credit car loan application.

Tags: Bad Credit, bad credit auto loan, bad credit car loan, Credit Repair, illinois cpa society

This entry was posted and is filed under Bad Credit, Credit Repair. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.