Building good credit can be done by practicing simple habits that work in your financial favor.
1. Your credit score.
– Keeping your utilization ratios and balances low. – Opening lines of credit strategically. – Paying all of your bills on time. – Keeping an eye on your credit report and score.
These strategies include:
To start saving for retirement, discuss with your employer your tax advantage account options. You can also begin your own investment strategy to plan for retirement.
2. Saving for retirement.
By paying off your debt as soon as possible, you’ll be able to focus more on the things that really matter to you in life.
3. Paying off debt.
4. Establishing an emergency fund.
The general rule of thumb for what you need in your emergency fund is three to six months worth of expenses.
There are a couple of primary ways you can start increasing your income over the next year: - Start a side hustle - Negotiate a raise - Change jobs
5. Increasing your income.
Knowing what to focusing on financially can be difficult, but hopefully you’ll walk away from this post with clarity and new motivation to get your finances in order.
Looking for more information on managing your finances in your 20s? Read more at: www.gentwenty.com