Assess Your Financial Outlook Before a New Year Begins
08 Octubre 2024 - 1:40PM
Business Wire
National nonprofit credit counseling agency
Take Charge America encourages consumers to revisit budgeting, debt
payoff strategies, spending habits and more at year’s end
Settling into fall, it’s an ideal time for individuals and
families to assess their personal finances. This extra attention
will ensure an annual check-in gets the attention it deserves ahead
of the holiday rush.
“Examining spending habits, budgeting practices and where money
can be saved can help people set new, achievable goals for next
year,” said Amy Robbins, associate director of operations with Take
Charge America, a nonprofit credit counseling and debt management
agency. “It’s never too late to make changes — even small
adjustments — that will help set you up for future financial
success.”
Robbins encourages asking these questions to help evaluate
year-end finances:
- Are you following a budget? Comparing your actual
spending against a budget serves as a useful year-end spot check.
Haven’t created a budget? Start with tools like a budgeting
worksheet or mobile app to track expenses. The key is to ensure
your budget reflects realistic goals for both daily living expenses
— such as groceries and gas — and lifestyle and entertainment
costs.
- Have you reviewed monthly bills and subscriptions to
identify overspending? Unused subscriptions can easily fly by
the radar, as nearly 30% of Americans have subscriptions not being
utilized. Reducing subscriptions and their frequency can
significantly reduce spending. Evaluate digital subscriptions and
negotiate rates on services like cable, cell phone and insurance to
ensure you’re not paying more than necessary.
- Are you on track with paying off credit card debt? There
are several ways to pay off credit card debt. You can do it
yourself with the snowball or avalanche methods. Or, you can sign
up for a free and confidential credit counseling session to learn
which debt-payoff strategy is best for your financial
situation.
- Have you stocked your emergency fund? Treat monthly
contributions to an emergency fund like any other bill. Start with
small contributions and use unexpected money, like tax refunds, to
boost your fund. More ways to save include asking family and
friends for cash gifts instead of material gifts, selling unused or
lightly used items and or becoming a gig worker on your own
schedule. Simple habits, like packing a lunch or seeking out free
activities, can also help grow your emergency fund steadily.
For additional financial resources, visit Take Charge America’s
Budget Tools.
About Take Charge America, Inc.
Founded in 1987, Take Charge America, Inc. is a nonprofit agency
offering financial education and counseling services including
credit counseling, debt management, housing counseling and
bankruptcy counseling. It has helped more than 2 million consumers
nationwide manage the personal finances and debts. Learn more at
takechargeamerica.org or call (888) 822-9193.
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Claire Chandler Aker Ink (480) 599-6880
claire.chandler@akerink.com