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I would be a liar if I said quarantining and not traveling hasn’t been good to my pockets. It’s kind of crazy to sit here and think about the money I would spend on a weekend trip [let’s not get started on longer trips] pre Covid-19. Now that I have no choice but to stay at home, I’ve been looking at my financial situation a bit differently and am thankful for having this time to really focus on my goals. My goals have included saving more money, paying off my debt, investing and ultimately increasing my credit score. (I don’t have bad credit, it’s also not excellent.) But to be financially literate, I think good credit is important.
So, while my credit is not bad, there’s room for improvement. I’ve taken measures during these uncertain times to make sure that when the world opens back up I can be ahead of where I was with my financial goals prior to the pandemic. So, without further ado, here are 5 tips on how I’m getting ahead of my financial goals:
1. Budget. Budget. Budget.
This is something that I really didn’t do prior to the pandemic. Now that I’m more vigilant about where my money goes, I’ve put a system in place where I set a weekly budget on food (1 for groceries, and 1 for dining out.) The great part about this is that I don’t have people asking me to go out all the time for dinner or lunch so I can be more strict with myself!
2. Minimal commute.
I know this is probably hard for most people. Luckily, I’ve been working from home since March and have been able to save on gas money. I should probably also note that I’ve saved so much on lunch as well.
3. Paid More Towards Credit Card Debt.
Usually, I’ve paid the minimum on my credit card debt. Now that I have the extra money, I’ve been able to pay more than the minimum on most of my cards. I’ve always been pretty good with credit cards and don’t have a crazy amount of debt, but since March, I’ve been able to pay off one of my credit cards. (Which is a win to me!) In turn, my credit score did increase. (Go me!)
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4. Robinhood
If you’re new to investing, start out easy! Robinhood is a great investing app for those who just want to test the waters before committing. Back in April, I gave Robinhood a try and it turned out great. It takes a while to get accustomed to the app, but there are dozens of Youtube videos that helped me.
Now, I regularly use and monitor my Robinhood account. It’s a great addition to your savings and has even helped me pay off miscellaneous debt that I had. For other advice, CreditRepair.com are trusted leaders in credit repair with over 500,000 clients served. Get a chance to repair your reports!
5. Start an HSA
I actually only started an HSA this month. An HSA is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan. This means saving for any medical emergencies that may arise! If I don’t need to use them for any medical bills, I can take out at the time of retirement to add to my retirement fund!
Again, if you would like guidance to getting your credit score back on track, CreditRepair.com is a leading provider of credit repair services in the United States. Their team is full of credit advisors who educate and empower individuals so that you can achieve the credit score you deserve!
I’m excited to take a step back and refocus my financial goals. Although, I won’t lie and say I’m not waiting for the day I can travel again. I’m truly focusing this time on myself. This has also given me an opportunity to focus on my cooking and baking skills and the Charlotte food scene! 😉
I hope these steps I’ve taken have pushed you to look at your own goals and to take a step back to re-evaluate everything. If there’s anything I’ve learned in 2020, is that it’s extremely unpredictable and to be prepared for anything that comes your way.
Xoxo,
Wynee
