3 Simple Financial Strategies You Aren’t Using

Today, we want to pass along 3 very important but simple financial strategies that you may not be using. These are all pretty basic, and Clearpoint is here to help if you run into any problems. If you can begin to incorporate these financial strategies into your life, you might begin to notice some real positive changes in your finances. Let’s take a look.

#1 Check Your Credit Report

A recent study showed that about 22% of consumers aren’t using one of the most important financial strategies available to consumers today. That’s right, they aren’t checking their credit reports. The statistics are even scarier for young people. Of consumers between the ages of 18 and 24, only 54% have checked their reports. This is alarming, given thenew scoring models and factors that now impact young people’s access to credit. Checking your credit report is free and easy, so there’s no reason not to do it. The benefits:

  • You can get a free report from Equifax, TransUnion, and Experian each year. If you space these out, that’s one free credit report every four months.
  • Check for potential inaccurate information regarding accounts and contact information, and dispute any inaccuracies.
  • If you are being hassled by debt collection agencies for something you don’t owe (like zombie debt), use your credit report to validate your claims.

How Clearpoint can help:

First go to annualcreditreport.com. This website was created in response to the Fair Credit Reporting Act and is backed by the FTC.

Then, come back to us for help with improving your credit habits. Note: we are not a credit repair company. Instead, we educate consumers on how to make positive financial changes and provide personalized action plans and other programs to help consumers pay off debt.

#2 Calculate your debt to income ratio

Your debt to income ratio is a figure that compares how much debt you owe to how much money you make. This can be an indirect factor in your credit score and can say a lot about your financial health. Financial experts recommend a debt to income ratio below 15%. If you are near or above 15%, you may need credit counseling. Don’t worry, though, credit counseling starts with a free budget review.

How Clearpoint can help:

First, use our debt-to-income ratio calculator. It’s a great and free tool. If your ratio is above 15%, let us help you with some free credit counseling.

#3 Make a monthly budget

Being financially healthy includes monitoring your monthly expenses in the form of a budget. It’s certainly not the most flashy or particularly fun activity, but it helps you track where your dollars are going. And, it doesn’t have to be done with pen and paper, since there are a variety of free budget calculators online.

How Clearpoint can help:

Try our free monthly budget calculator, which will help you build a budget from scratch. It’s free and easy to use and helps you account for a wide variety of expenses. Use this tool to help you plan your household budget and look for ways to cut costs.

If you really want to see some savings in your budget, let us help you cut costs on groceries, recipes, and vacation ideas. Check out the following e-books to cash in on even bigger savings:

Make these financial strategies work for you

The 3 financial strategies we covered today are pretty simple to use. So, start using them, and see the results kick in! We hope that over time your credit score will reflect the wise use of credit, your debt-to-income ratio will go down, and your monthly budget will be healthier and allow you to save more! Thanks for reading!

What do you think? Have any of these strategies worked for you? Tell us your thoughts in the comments below. 

Thomas Bright is a longstanding Clearpoint blogger and student loan repayment aficionado who hopes that his writing can simplify complex subjects. When he’s not writing, you’ll find him hiking, running or reading philosophy. You can follow him on Twitter.

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