Jacqueline Hodges shares her 10 Resolutions to Boost Financial Independence
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10 Resolutions to Boost Financial Independence
1. Get a Free Credit Report
Start the year by understanding your credit standing. A credit report is essential for knowing where you stand financially. It helps in identifying any errors or fraudulent activities that could impact your credit score. You are entitled to a free credit report every year from each of the three major credit reporting agencies. Checking your credit report regularly can help you make informed decisions, improve your credit score, and ensure your well-placed to secure a loan on favourable terms.
2. Evaluate Your Finances and Build a Budget
Financial awareness is the cornerstone of independence. A clear understanding of where your money is going is the first step towards financial independence. Evaluating your finances involves reviewing your income, expenses, debts, and savings. Building a budget is about creating a plan for your money, ensuring you can cover your expenses while saving for the future. It is your roadmap guiding your financial decisions. Use budgeting apps or spreadsheets to track your spending and adjust as needed.
Read 10 Resolutions to Boost Financial Independence in WFO 2024 Jan Issue 1.