Ending the Year Financially Strong as a Single Mom
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As the year begins to wrap up, I’m reviewing my finances and making decisions that will allow me to end the year strong. Today, I’d like to talk to you about how you can do that too! Don’t let single motherhood and overwhelm be the excuse you use to lose control of your financial fitness.
It’s easy as year end approaches to let financial goals slide away with the busyness of the season. This can lead to loosing control of finances, especially during black Friday and in other holiday spending.
I’ve already shared my path toward rebuilding my credit after divorce. With diligent work, I’ve seen good results. Now, I want to make sure I don’t lose the ground I’ve gained during the holidays, so I’ve been researching how to maintain my credit score in order to end the year strong.
Don’t put off credit repair and planning for the New Year.
Don’t be tempted to just wait for new year’s resolutions to get your credit and finances in check.
Did you know that it can take up to four months to get an error corrected on your credit report? Every year millions of Americans are denied loans for items such as cars and homes due to an error on their credit report. Putting off credit repair and planning until the new year could cost valuable time!
Make a plan before holiday spending.
Over spending during the holidays is so easy, so make a plan to keep that spending in check BEFORE you start spending. Figure out your total holiday budget, then break it down by people you’ll shop for. Keep a running tally of what you’ve spent and who you’ve already bought for.
Without a plan, I know I’m apt to buy too much for one child, and then feel the need to make it even by spending more on the others.
Ask an expert.
Finances and credit scores can feel intimidating. I think the easiest way to get on top of your credit is to ask an expert! Lexington Law Firm is a great choice to help you with your credit. As the oldest and most respected name in credit repair, Lexington Law Firm offers experts with a deep knowledge of consumer protection laws. Plus they know how to best leverage those laws for your benefit. You can place your trust in Lexington Law Firm and have peace of mind, knowing that legal experts are going to fight for your rights.
Watch your credit limits.
Don’t spend to the highest limit on all your credit lines. It is bad for your credit score, and you could end up struggling to pay them off.
Credit utilization is your debt verses your total credit – you want to keep that ratio low (30 percent or less) in order to not lower your credit score.
Don’t open lots of new credit cards.
Pulling credit lowers your credit score. Don’t open a new credit card in every store you shop in.
The deal you get for opening a store card, such as the 20% saved, may not be worth the hit to your credit score. You’ll have to decide what it right for your personal situation.
This is a great time to talk to Lexington Law Firm to see where you stand and what steps you need to take concerning your credit. The growth of the credit repair industry has caused a lot of fact versus fiction information which can be confusing. Lexington Law Firm helps it’s clients get educated on the fact that errors can and should be fixed.
I only take advantage of new credit card offers when I’m spending a significant amount of money all at once in one store – such as a new electronic or when my teen boy suddenly outgrows all his clothes at once and I want to shop in only one store to replace it.
Pay your bills on time.
Don’t let your bills pile up in the stack of holiday cards! Remember to pay them on time and in full. Its the best thing for your credit score, plus is a healthy financial habit to have.
Building and maintaining credit during the holidays is a great way to end the year financially strong. Who doesn’t want to start the new year on solid financial footing!? With these tips and the help of Lexington Law Firm you can enjoy your holiday without killing your credit simultaneously! Lexington Law Firm has packages that will meet your needs. Give yourself the holiday gift of strong financial fitness by contacting Lexington Law Firm.