Well we've finished another year and it was a rough one. Foreclosures hit all time highs, the housing market, nationwide, was down more than 10%, personal savings average less than 1% in all US households. Let's thankfully put 2007 in the rear view mirror and look ahead to proactively taking steps in 2008 to improve your credit and personal finances.
1. Get your free annual credit report. Every US citizen is entitled to a free credit report from each of the credit repositories-Experian, Trans Union and Equifax-each year. It's a great idea to start the year by knowing exactly what people are seeing when they look at your report. This also gives you the opportunity to dispute and correct any false or outdated information. The source for this is www.annualcreditreport.com
2. Start to save. The industry standard percentage suggested by most financial planners and personal bankers is to save at least 10% of your gross (before tax) income as a cushion as well as savings for the future. With recent statistics showing that the average US household saves less than 1% of their money it's obvious that not many people are following this advice. In the abscence of being able to save 10%, save SOMETHING but do it consistently & passionately. If you are able to just save $50 every 2 weeks that will add up to $1,300 at the end of the year. That's the key, just start with something.
3. Establish your budget. Just as all companies do, all government agencies do and every household should do, use the beginning of the year to establish your budget. Assess what's coming in and the best way to allocate what's going out. By establishing a budget and setting financial goals, you'll be amazed at what you are able to accomplish by the end of the year by sticking to it and making wise investments along the way.
Happy Financial New Year!
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