This post is brought to you by a compensated campaign in collaboration with Latina Bloggers Connect and Wells Fargo. All thoughts and content are my own. #WellsFargo #sponsored
Okay it’s time to get serious about finances. Every year I tell myself that I will start protecting my money and investing in my future. Reality is I keep putting it off, once the bills are paid it’s a free for all on where the money goes. I have tried minimally to actually start a nest egg, but it seems that we always have something we want or in fact need that blows the entire money saving idea. I have teamed up with Wells Fargo and Latina Bloggers Connect to share important money saving tips that will also save your credit score.
Wells Fargo recently collaborated with Telemundo for “Conversemos de Tus Finanzas”. The campaign is focused on empowering Hispanics to enhance their financial knowledge and help reach financial goals.
7 Money Saving Tips that will Also Save your Credit Score
1. Set Up Correct Accounts
Make a money management plan starting with bank accounts for this stage in your life. Are you currently thinking about college for your children? Want to start with a simple savings plan for a summer vacation? Are you thinking long term and want to start a retirement savings? Make a realistic plan for yourself by meeting with a bank professional to give you all of the terms and features associated with that specific banks accounts.
- Checking account: offers easy access to your money for daily transactions.
- Savings account: allows you to accumulate interest on funds.
- Certificate of Deposit: or CD allow you to invest your money at a set interest rate for a pre-set period of time.
- Money market account: require you to maintain a higher balance to avoid a monthly fee and used as a savings account.
- Individual Retirement Accounts: or IRAs allow you to save independently for your retirement.
2. Track Your Expenses
Keep track of every penny you are spending by collecting all receipts and bank statements. Talley daily spending with details to show your spending habits. Make a separate log of your fixed expenses. Start curbing your spending to minimize your daily spending habits, like lunch out and frivolous trip. Review your budget monthly often to keep spending in check.
3. Divide Your Paycheck
Divide each paycheck efficiently. Allot for fixed expenses, bills, savings, spending money and paying off debts.
4. Watch Your Debt
Keep debt at no more than 35 percent of your gross monthly income. You should attempt to pay off debt, by paying more than minimum amounts and focusing on debts that can be cleared.
5. Track Bank Activity
keep a close eye on your bank account by visiting it often. Verify purchases and amounts closely to minimize discrepancies and overspending.
6. Set Up Reminders
Set up email and text alerts and turn on autopay, to help ensure that you pay your bills on time.
7. Check Your Credit Yearly
Check your credit report and make sure it contains current and accurate information. Errors could negatively impact your credit score and even be a sign of possible identity theft. Request
a free copy of your credit report at least once a year from AnnualCreditReport.com or call toll-free 1-877-322-8228.